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REGISTERED NUMBER: 01633798 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

FOR

CORNAVIN SHIPPING LIMITED

CORNAVIN SHIPPING LIMITED (REGISTERED NUMBER: 01633798)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


CORNAVIN SHIPPING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTORS: C W T Gamon
Mrs M S Gamon
W F C Gamon



SECRETARY: Mrs M S Gamon



REGISTERED OFFICE: The Galleries
Charters Road
Sunningdale
Ascot
Berkshire
SL5 9QJ



REGISTERED NUMBER: 01633798 (England and Wales)



ACCOUNTANTS: Davis Burton Sellek
Chartered Accountants
The Galleries
Charters Road
Sunningdale
Berkshire
SL5 9QJ



BANKERS: Handelsbanken
50 - 52 London Road
Bligh's Meadow
Sevenoaks
Kent
TN13 1AS

CORNAVIN SHIPPING LIMITED (REGISTERED NUMBER: 01633798)

BALANCE SHEET
31 MAY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 652,912 654,329

CURRENT ASSETS
Debtors 6 867 543
Cash at bank and in hand 6,524 7,605
7,391 8,148
CREDITORS
Amounts falling due within one year 7 472,586 473,226
NET CURRENT LIABILITIES (465,195 ) (465,078 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

187,717

189,251

CAPITAL AND RESERVES
Called up share capital 10,000 10,000
Other reserves 419,160 419,160
Retained earnings (241,443 ) (239,909 )
SHAREHOLDERS' FUNDS 187,717 189,251

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 February 2025 and were signed on its behalf by:





C W T Gamon - Director


CORNAVIN SHIPPING LIMITED (REGISTERED NUMBER: 01633798)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024


1. STATUTORY INFORMATION

Cornavin Shipping Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The directors believe that the preparation of the financial statements on a going concern basis is applicable. The company is however reliant on the directors' continued financial support.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance
Computer equipment - 25% on cost

The freehold property, used by the company as its business premises, is measured at fair value at each reporting date with changes in fair value recognised in the non distributable reserves.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

CORNAVIN SHIPPING LIMITED (REGISTERED NUMBER: 01633798)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


3. ACCOUNTING POLICIES - continued

Short term debtors and creditors
Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold and Computer
property fittings equipment Totals
£    £    £    £   
COST OR VALUATION
At 1 June 2023
and 31 May 2024 650,000 20,010 4,735 674,745
DEPRECIATION
At 1 June 2023 - 18,456 1,960 20,416
Charge for year - 233 1,184 1,417
At 31 May 2024 - 18,689 3,144 21,833
NET BOOK VALUE
At 31 May 2024 650,000 1,321 1,591 652,912
At 31 May 2023 650,000 1,554 2,775 654,329

Cost or valuation at 31 May 2024 is represented by:

Fixtures
Freehold and Computer
property fittings equipment Totals
£    £    £    £   
Valuation in 1999 113,088 - - 113,088
Valuation in 2001 125,000 - - 125,000
Valuation in 2010 75,000 - - 75,000
Valuation in 2016 (25,000 ) - - (25,000 )
Valuation in 2022 50,000 - - 50,000
Cost 311,912 20,010 4,735 336,657
650,000 20,010 4,735 674,745

CORNAVIN SHIPPING LIMITED (REGISTERED NUMBER: 01633798)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


5. TANGIBLE FIXED ASSETS - continued

If the freehold property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 311,912 311,912
Aggregate depreciation 135,160 130,800

Value of land in freehold land and buildings 93,912 93,912

The freehold property was valued on a fair value basis on 31 May 2024 by the directors .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 867 543

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Tax - 80
Directors' loan accounts 468,746 468,747
Accrued expenses 3,840 4,399
472,586 473,226

8. ULTIMATE CONTROLLING PARTY

The company is under the control of Mr and Mrs C W T Gamon by virtue of their directorships and shareholdings.