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Registered number: 06114180









CORNWALLIS ESTATES LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 29 FEBRUARY 2024

 
CORNWALLIS ESTATES LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF CORNWALLIS ESTATES LIMITED
FOR THE YEAR ENDED 29 FEBRUARY 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Cornwallis Estates Limited for the year ended 29 February 2024 which comprise  the Balance Sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of Directors of Cornwallis Estates Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Cornwallis Estates Limited and state those matters that we have agreed to state to the Board of Directors of Cornwallis Estates Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Cornwallis Estates Limited and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that Cornwallis Estates Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Cornwallis Estates Limited. You consider that Cornwallis Estates Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Cornwallis Estates Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Hillier Hopkins LLP
 
Chartered Accountants
  
Ground Floor
45 Pall Mall
St James's
London
SW1Y 5JG
 
27 January 2025
Page 1

 
CORNWALLIS ESTATES LIMITED
REGISTERED NUMBER: 06114180

BALANCE SHEET
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Investment property
 4 
1,293,968
-

  
1,293,968
-

Current assets
  

Debtors: amounts falling due within one year
 5 
100
1

  
100
1

Creditors: amounts falling due within one year
 6 
(596,953)
-

Net current (liabilities)/assets
  
 
 
(596,853)
 
 
1

Total assets less current liabilities
  
697,115
1

Creditors: amounts falling due after more than one year
 7 
(741,229)
-

  

Net (liabilities)/assets
  
(44,114)
1


Capital and reserves
  

Called up share capital 
  
100
1

Profit and loss account
  
(44,214)
-

  
(44,114)
1


Page 2

 
CORNWALLIS ESTATES LIMITED
REGISTERED NUMBER: 06114180
    
BALANCE SHEET (CONTINUED)
AS AT 29 FEBRUARY 2024

The directors consider 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 directors acknowledge their 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 income and retained earnings 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 by: 




A M Collins
Director

Date: 27 January 2025

The notes on pages 4 to 7 form part of these financial statements.

Page 3

 
CORNWALLIS ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

Cornwallis Estates Limited is a company limited by shares incorporated in England and Wales within the United Kingdom. The address of the registered office is 47-49 Burrowfield, Welwyn Garden City, Hertfordshire, AL7 4SS.
The company's principal activity is that of the letting of owned real estate.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest pound.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

 
2.2

Revenue

Revenue represents rent receivable from investment properties. Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

 
2.3

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.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.5

Investment property

Investment property is carried at fair value determined annually by external valuers 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 profit or loss.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 4

 
CORNWALLIS ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees




The average monthly number of employees, including directors, during the year was 2 (2023 - 1).


4.


Investment property





Freehold investment property

£



Valuation


Additions at cost
1,293,968



At 29 February 2024
1,293,968

The 2024 valuations were made by the directors, 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:

29 February
28 February
2024
2023
£
£


Historic cost
1,293,968
-

1,293,968
-

Page 5

 
CORNWALLIS ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

5.


Debtors

29 February
28 February
2024
2023
£
£


Called up share capital not paid
100
1

100
1



6.


Creditors: Amounts falling due within one year

29 February
28 February
2024
2023
£
£

Bank overdrafts
7,158
-

Bank loans
30,000
-

Other taxation and social security
1,418
-

Other creditors
555,877
-

Accruals and deferred income
2,500
-

596,953
-



7.


Creditors: Amounts falling due after more than one year

29 February
28 February
2024
2023
£
£

Bank loans
741,229
-

741,229
-


Page 6

 
CORNWALLIS ESTATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

8.


Loans


Analysis of the maturity of loans is given below:


29 February
28 February
2024
2023
£
£

Amounts falling due within one year

Bank loans
30,000
-


30,000
-



Amounts falling due after more than one year

Bank loans
741,229
-

741,229
-

771,229
-



9.


Related party transactions

At the Balance Sheet date the company owed £543,877 (2023: £Nil) to Easy Mix Concrete Limited, a company under common control, in respect of an interest-free loan repayable on demand.
At the Balance Sheet date the company owed £12,000 
(2023: £Nil) to Collins Haulage Limited, a company under common control, in respect of an interest-free loan repayable on demand.

 
Page 7