Caseware UK (AP4) 2023.0.135 2023.0.135 2024-05-312024-05-31true272023-06-01falseNo description of principal activity37trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 07131124 2023-06-01 2024-05-31 07131124 2022-06-01 2023-05-31 07131124 2024-05-31 07131124 2023-05-31 07131124 2022-06-01 07131124 c:Director1 2023-06-01 2024-05-31 07131124 d:Buildings 2023-06-01 2024-05-31 07131124 d:Buildings 2024-05-31 07131124 d:Buildings 2023-05-31 07131124 d:Buildings d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 07131124 d:PlantMachinery 2023-06-01 2024-05-31 07131124 d:PlantMachinery 2024-05-31 07131124 d:PlantMachinery 2023-05-31 07131124 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 07131124 d:ComputerEquipment 2023-06-01 2024-05-31 07131124 d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 07131124 d:Goodwill 2024-05-31 07131124 d:Goodwill 2023-05-31 07131124 d:CurrentFinancialInstruments 2024-05-31 07131124 d:CurrentFinancialInstruments 2023-05-31 07131124 d:CurrentFinancialInstruments d:WithinOneYear 2024-05-31 07131124 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 07131124 d:ShareCapital 2023-06-01 2024-05-31 07131124 d:ShareCapital 2024-05-31 07131124 d:ShareCapital 2022-06-01 2023-05-31 07131124 d:ShareCapital 2023-05-31 07131124 d:ShareCapital 2022-06-01 07131124 d:RetainedEarningsAccumulatedLosses 2023-06-01 2024-05-31 07131124 d:RetainedEarningsAccumulatedLosses 2024-05-31 07131124 d:RetainedEarningsAccumulatedLosses 2022-06-01 2023-05-31 07131124 d:RetainedEarningsAccumulatedLosses 2023-05-31 07131124 d:RetainedEarningsAccumulatedLosses 2022-06-01 07131124 d:AcceleratedTaxDepreciationDeferredTax 2024-05-31 07131124 d:AcceleratedTaxDepreciationDeferredTax 2023-05-31 07131124 c:FRS102 2023-06-01 2024-05-31 07131124 c:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 07131124 c:FullAccounts 2023-06-01 2024-05-31 07131124 c:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 07131124 d:WithinOneYear 2024-05-31 07131124 d:WithinOneYear 2023-05-31 07131124 e:PoundSterling 2023-06-01 2024-05-31 iso4217:GBP xbrli:pure

Registered number: 07131124









CORONA REALTY LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

 
CORONA REALTY LIMITED
REGISTERED NUMBER: 07131124

BALANCE SHEET
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
62,568
79,942

  
62,568
79,942

Current assets
  

Stocks
  
22,551
27,750

Debtors: amounts falling due within one year
 6 
84,445
101,074

Cash at bank and in hand
 7 
45,735
68,170

  
152,731
196,994

Creditors: amounts falling due within one year
 8 
(260,649)
(221,152)

Net current liabilities
  
 
 
(107,918)
 
 
(24,158)

Total assets less current liabilities
  
(45,350)
55,784

Provisions for liabilities
  

Deferred tax
 9 
(8,854)
(11,061)

  
 
 
(8,854)
 
 
(11,061)

Net (liabilities)/assets
  
(54,204)
44,723


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
(54,205)
44,722

  
(54,204)
44,723


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.

Page 1

 
CORONA REALTY LIMITED
REGISTERED NUMBER: 07131124
    
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
James Robert Lee
Director

Date: 26 February 2025

The notes on pages 4 to 10 form part of these financial statements.

Page 2

 

 
CORONA REALTY LIMITED


 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024



Called up share capital
Profit and loss account
Total equity


£
£
£



At 1 June 2022
1
170,065
170,066



Comprehensive income for the year


Loss for the year
-
(125,343)
(125,343)

Total comprehensive income for the year
-
(125,343)
(125,343)





At 1 June 2023
1
44,722
44,723





Loss for the year
-
(98,927)
(98,927)

Total comprehensive income for the year
-
(98,927)
(98,927)



At 31 May 2024
1
(54,205)
(54,204)



The notes on pages 4 to 10 form part of these financial statements.

Page 3

 
CORONA REALTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

Corona Realty Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address are as below:
Registered number: 07131124
Registered office: The Crown Pub, High Street, Bray, Berkshire, England, SL6 2AH.

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.

The following principal accounting policies have been applied:

 
2.2

Revenue

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. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 4

 
CORONA REALTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.3

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
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.

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 5

 
CORONA REALTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.6

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 balance sheet 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 balance sheet 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 except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.8

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.

Page 6

 
CORONA REALTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
10%
Plant and machinery
-
25%
Computer equipment
-
33%

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.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.10

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.

 
2.11

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.

 
2.12

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 27 (2023 - 37).

Page 7

 
CORONA REALTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

4.


Intangible assets




Goodwill

£



Cost


At 1 June 2023
200,000



At 31 May 2024

200,000



Amortisation


At 1 June 2023
200,000



At 31 May 2024

200,000



Net book value



At 31 May 2024
-



At 31 May 2023
-



Page 8

 
CORONA REALTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

5.


Tangible fixed assets





Freehold property
Plant and machinery
Total

£
£
£



Cost or valuation


At 1 June 2023
205,444
357,084
562,528


Additions
-
6,358
6,358



At 31 May 2024

205,444
363,442
568,886



Depreciation


At 1 June 2023
141,856
340,731
482,587


Charge for the year on owned assets
13,641
10,090
23,731



At 31 May 2024

155,497
350,821
506,318



Net book value



At 31 May 2024
49,947
12,621
62,568



At 31 May 2023
63,588
16,354
79,942


6.


Debtors

2024
2023
£
£


Trade debtors
8,581
24,851

Other debtors
49,466
49,466

Prepayments and accrued income
26,398
26,757

84,445
101,074



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
45,735
68,170

45,735
68,170


Page 9

 
CORONA REALTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
123,015
79,903

Corporation tax
6
6

Other taxation and social security
30,762
43,919

Other creditors
81,758
58,029

Accruals and deferred income
25,108
39,295

260,649
221,152



9.


Deferred taxation




2024


£






At beginning of year
(11,061)


Charged to profit or loss
2,207



At end of year
(8,854)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(8,854)
(11,061)

(8,854)
(11,061)


10.


Commitments under operating leases

At 31 May 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
559,566
654,216

559,566
654,216

 
Page 10