Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-312023-04-01falsetrueProperty rental11falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11923666 2023-04-01 2024-03-31 11923666 2022-04-01 2023-03-31 11923666 2024-03-31 11923666 2023-03-31 11923666 2022-04-01 11923666 c:Director1 2023-04-01 2024-03-31 11923666 d:FurnitureFittings 2023-04-01 2024-03-31 11923666 d:FurnitureFittings 2024-03-31 11923666 d:FurnitureFittings 2023-03-31 11923666 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 11923666 d:FreeholdInvestmentProperty 2024-03-31 11923666 d:FreeholdInvestmentProperty 2023-03-31 11923666 d:CurrentFinancialInstruments 2024-03-31 11923666 d:CurrentFinancialInstruments 2023-03-31 11923666 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 11923666 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 11923666 d:ShareCapital 2024-03-31 11923666 d:ShareCapital 2023-03-31 11923666 d:RevaluationReserve 2024-03-31 11923666 d:RevaluationReserve 2023-03-31 11923666 d:RetainedEarningsAccumulatedLosses 2024-03-31 11923666 d:RetainedEarningsAccumulatedLosses 2023-03-31 11923666 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 11923666 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 11923666 d:TaxLossesCarry-forwardsDeferredTax 2024-03-31 11923666 d:TaxLossesCarry-forwardsDeferredTax 2023-03-31 11923666 c:OrdinaryShareClass1 2023-04-01 2024-03-31 11923666 c:OrdinaryShareClass1 2024-03-31 11923666 c:FRS102 2023-04-01 2024-03-31 11923666 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 11923666 c:FullAccounts 2023-04-01 2024-03-31 11923666 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 iso4217:GBP xbrli:shares xbrli:pure
Registered number: 11923666














CORNWALL ROAD PROPERTY LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

 
CORNWALL ROAD PROPERTY LIMITED
 

CONTENTS



Page
Statement of Financial Position
 
1 - 2
Notes to the Financial Statements
 
3 - 7


 
CORNWALL ROAD PROPERTY LIMITED
REGISTERED NUMBER:11923666

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
-
2,879

Investment property
 5 
4,312,500
4,312,500

  
4,312,500
4,315,379

Current assets
  

Debtors: amounts falling due within one year
 6 
16,543
23,763

Bank and cash balances
  
548,042
411,289

  
564,585
435,052

Current liabilities
  

Creditors: amounts falling due within one year
 7 
(4,634,617)
(4,581,675)

Net current (liabilities)/assets
  
 
 
(4,070,032)
 
 
(4,146,623)

Total assets less current liabilities
  
242,468
168,756

Provisions for liabilities
  

Deferred tax
 8 
(8,259)
(8,979)

Net assets
  
234,209
159,777


Capital and reserves
  

Called up share capital 
 9 
1
1

Revaluation reserve
  
24,775
24,775

Profit and loss account
  
209,433
135,001

  
234,209
159,777


Page 1

 
CORNWALL ROAD PROPERTY LIMITED
REGISTERED NUMBER:11923666
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 2 December 2024.




C A Parsons
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
CORNWALL ROAD PROPERTY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Cornwall Road Property Limited is a private limited liability company registered in England and Wales. Its registered office is at 21 Meard Street, London, W1F 0EY. 
The principal activity of the company during the year was that of property investment.
The company's functional and presentational currency is £ sterling.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

At the reporting date the company has net current liabilities. The director has obtained assurance from an entity under common control that funds will be made available to the company so that it will be able to carry on trading and meet its financial obligations as and when they fall due for at least twelve months from the date the accounts are approved. Therefore the accounts have been prepared under the going concern basis.

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable.
Turnover comprises rent receivable during the year.
Rent receivable is recognised in the period to which it relates.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 
CORNWALL ROAD PROPERTY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives on the following basis:

Fixtures and fittings
-
25%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Investment property

Investment property is carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Comprehensive Income.

Page 4

 
CORNWALL ROAD PROPERTY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.8

Basic financial instruments

The company only enters into transactions that result in the recognition of basic financial instruments such as trade and other debtors, trade and other creditors, cash at bank and in hand, loans to/from related parties. 
Trade debtors, other debtors and loans to related parties are recognised initially at transaction price less attributable transaction costs. Trade creditors, other creditors and loans from related parties are recognised initially at transaction price plus attributable transaction costs. Subsequently they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade and other debtors, and loans to related parties. 
Cash and cash equivalents comprise cash balances and call deposits.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2023 - 1).


4.


Tangible fixed assets





Fixtures and fittings

£



Cost


At 1 April 2023
31,627



At 31 March 2024

31,627



Depreciation


At 1 April 2023
28,748


Charge for the year on owned assets
2,879



At 31 March 2024

31,627



Net book value



At 31 March 2024
-



At 31 March 2023
2,879

Page 5

 
CORNWALL ROAD PROPERTY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Investment property


Freehold investment property

£



Valuation


At 1 April 2023
4,312,500



At 31 March 2024
4,312,500

The 2024 valuations were made by the director, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
4,279,466
4,279,466


6.


Debtors

2024
2023
£
£


Other debtors
14,200
13,700

Called up share capital not paid
1
1

Prepayments and accrued income
2,342
10,062

16,543
23,763



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
5,004
5,550

Taxation and social security
27,443
18,214

Other creditors
4,573,578
4,529,016

Accruals and deferred income
28,592
28,895

4,634,617
4,581,675


Page 6

 
CORNWALL ROAD PROPERTY LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Deferred taxation




2024
2023


£

£






At beginning of year
8,979
10,955


Charged to profit or loss
(720)
(1,976)



At end of year
8,259
8,979

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
-
720

On revaluation of investment property
8,259
8,259

8,259
8,979


9.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1 Ordinary share of £1
1
1


 
Page 7