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Company No: 13230271 (England and Wales)

CORNISH HARBOUR COMPANY LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2024
Pages for filing with the registrar

CORNISH HARBOUR COMPANY LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

CORNISH HARBOUR COMPANY LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 June 2024
CORNISH HARBOUR COMPANY LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 June 2024
Note 2024 2023
£ £
Fixed assets
Investments 3 172,973 172,973
172,973 172,973
Current assets
Debtors 4 0 24,000
0 24,000
Creditors: amounts falling due within one year 5 ( 3,662) ( 43,038)
Net current liabilities (3,662) (19,038)
Total assets less current liabilities 169,311 153,935
Net assets 169,311 153,935
Capital and reserves
Called-up share capital 6 100 100
Profit and loss account 169,211 153,835
Total shareholders' funds 169,311 153,935

For the financial year ending 30 June 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Cornish Harbour Company Limited (registered number: 13230271) were approved and authorised for issue by the Director on 23 March 2025. They were signed on its behalf by:

Kevin Christopher Sloane Hicks
Director
CORNISH HARBOUR COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
CORNISH HARBOUR COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Cornish Harbour Company Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Saffron Hill, Egloskerry, Launceston, PL15 8RX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Dividend income

Dividend income from investments is recognised when the shareholders' rights to receive payment have been established (provided that it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably).

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so 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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 July 2023 172,973 172,973
At 30 June 2024 172,973 172,973
Carrying value at 30 June 2024 172,973 172,973
Carrying value at 30 June 2023 172,973 172,973

4. Debtors

2024 2023
£ £
Other debtors 0 24,000

5. Creditors: amounts falling due within one year

2024 2023
£ £
Amounts owed to director 1,662 42,514
Accruals 2,000 524
3,662 43,038

6. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
51 A ordinary shares of £ 1.00 each 51 51
25 B ordinary shares of £ 1.00 each 25 25
12 C ordinary shares of £ 1.00 each 12 12
12 D ordinary shares of £ 1.00 each 12 12
100 100