Registered number
10314349
Cornwall Ideas Limited
Filleted Accounts
31 August 2024
Cornwall Ideas Limited
Registered number: 10314349
Balance Sheet
as at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 7,332 7,476
Current assets
Stocks 605 1,194
Debtors 4 4,221 5,869
Cash at bank and in hand 10,448 4,412
15,274 11,475
Creditors: amounts falling due within one year 5 (21,677) (18,579)
Net current liabilities (6,403) (7,104)
Net assets 929 372
Capital and reserves
Called up share capital 2 2
Profit and loss account 927 370
Shareholder's funds 929 372
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Simon Maycock
Director
Approved by the board on 21 March 2025
Cornwall Ideas Limited
Notes to the Accounts
for the year ended 31 August 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Office & photography equipment over 4 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 September 2023 22,710
Additions 4,888
Disposals (1,249)
At 31 August 2024 26,349
Depreciation
At 1 September 2023 15,234
Charge for the year 5,132
On disposals (1,349)
At 31 August 2024 19,017
Net book value
At 31 August 2024 7,332
At 31 August 2023 7,476
4 Debtors 2024 2023
£ £
Trade debtors 4,030 5,666
Other debtors 191 203
4,221 5,869
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 959 1,021
Corporation tax 1,455 464
Other taxes and social security costs 4,666 4,288
Other creditors 14,597 12,806
21,677 18,579
6 Related party transactions
Included in other creditors is an amount owing to the Director of Cornwall Ideas Limited at the year-end. Mr Simon Maycock is owed £383.
7 Controlling party
The company is under the control of the Director, Mr Simon Maycock who own 100% of the share capital.
8 Other information
. Cornwall Ideas Limited is a private company limited by shares and incorporated in England. Its registered office is:
28 Talmena Avenue
Wadebridge
Cornwall
PL27 7RR
Cornwall Ideas Limited 10314349 false 2023-09-01 2024-08-31 2024-08-31 VT Final Accounts April 2024 Mr Simon Maycock No description of principal activity 10314349 2022-09-01 2023-08-31 10314349 core:WithinOneYear 2023-08-31 10314349 core:ShareCapital 2023-08-31 10314349 core:RetainedEarningsAccumulatedLosses 2023-08-31 10314349 2023-09-01 2024-08-31 10314349 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 10314349 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 10314349 bus:Director40 2023-09-01 2024-08-31 10314349 1 2023-09-01 2024-08-31 10314349 2 2023-09-01 2024-08-31 10314349 core:PlantMachinery 2023-09-01 2024-08-31 10314349 countries:England 2023-09-01 2024-08-31 10314349 bus:FRS102 2023-09-01 2024-08-31 10314349 bus:FilletedAccounts 2023-09-01 2024-08-31 10314349 2024-08-31 10314349 core:WithinOneYear 2024-08-31 10314349 core:ShareCapital 2024-08-31 10314349 core:RetainedEarningsAccumulatedLosses 2024-08-31 10314349 core:PlantMachinery 2024-08-31 10314349 2023-08-31 10314349 core:PlantMachinery 2023-08-31 iso4217:GBP xbrli:pure