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Registration number: 10768825

Cornerstone Developments Leek Ltd

Unaudited Filleted Financial Statements

for the Period from 1 June 2023 to 30 May 2024

 

Cornerstone Developments Leek Ltd

Contents

Company Information

1

Director's Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 11

 

Cornerstone Developments Leek Ltd

Company Information

Director

Mr P Hare

Registered office

C/o Armstrongs Accountants
Alexandra House
Queen Street
Leek
Staffordshire
ST13 6LP

 

Cornerstone Developments Leek Ltd

Director's Report for the Period from 1 June 2023 to 30 May 2024

The director presents his report and the financial statements for the period from 1 June 2023 to 30 May 2024.

Directors of the company

The directors who held office during the period were as follows:

Mr P Hare

Mrs L Hare (resignation 5 September 2023)

Principal activity

The principal activity of the company is letting of property

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 27 May 2025
 

.........................................
Mr P Hare
Director

 

Cornerstone Developments Leek Ltd

(Registration number: 10768825)
Balance Sheet as at 30 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

280

314

Investment property

5

209,500

209,500

Investments

6

10

-

 

209,790

209,814

Current assets

 

Stocks

471,547

769,584

Debtors

7

78,093

8,490

Cash at bank and in hand

 

1,569

1,143

 

551,209

779,217

Creditors: Amounts falling due within one year

8

(117,519)

(8,425)

Net current assets

 

433,690

770,792

Total assets less current liabilities

 

643,480

980,606

Creditors: Amounts falling due after more than one year

8

(694,217)

(980,426)

Provisions for liabilities

(1,303)

(1,303)

Net liabilities

 

(52,040)

(1,123)

Capital and reserves

 

Called up share capital

9

1

1

Retained earnings

(52,041)

(1,124)

Shareholders' deficit

 

(52,040)

(1,123)

For the financial period ending 30 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account and Director's Report.

Approved and authorised by the director on 27 May 2025
 

 

Cornerstone Developments Leek Ltd

(Registration number: 10768825)
Balance Sheet as at 30 May 2024

.........................................
Mr P Hare
Director

 

Cornerstone Developments Leek Ltd

Notes to the Unaudited Financial Statements for the Period from 1 June 2023 to 30 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
C/o Armstrongs Accountants
Alexandra House
Queen Street
Leek
Staffordshire
ST13 6LP
England

These financial statements were authorised for issue by the director on 27 May 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The company has make a loss in the year. The director has reviewed the position and forecasts for the next twelve months and in their opinion there are no material uncertainties which cast doubt on the going concern status of the company. The company continues to meet its liabilities as they fall due and has the financial support of the director.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Cornerstone Developments Leek Ltd

Notes to the Unaudited Financial Statements for the Period from 1 June 2023 to 30 May 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

15% reducing balance method

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Cornerstone Developments Leek Ltd

Notes to the Unaudited Financial Statements for the Period from 1 June 2023 to 30 May 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 1 (2023 - 1).

 

Cornerstone Developments Leek Ltd

Notes to the Unaudited Financial Statements for the Period from 1 June 2023 to 30 May 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 June 2023

449

449

At 30 May 2024

449

449

Depreciation

At 1 June 2023

135

135

Charge for the period

34

34

At 30 May 2024

169

169

Carrying amount

At 30 May 2024

280

280

At 31 May 2023

314

314

5

Investment properties

2024
£

At 1 June

209,500

At 30 May

209,500

The property has been valued by the Director as at 31st May 2022 based on current market values.

6

Investments

2024
£

2023
£

Investments in subsidiaries

10

-

Subsidiaries

£

Cost or valuation

Additions

10

Provision

Carrying amount

At 30 May 2024

10

 

Cornerstone Developments Leek Ltd

Notes to the Unaudited Financial Statements for the Period from 1 June 2023 to 30 May 2024

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

Cornerstone Developments (Staffs) Limited

Alexandra House
Queen Street
Leek
Staffordshire
ST13 6LP

England and Wales

Ordinary shares

100%

0%

Subsidiary undertakings

Cornerstone Developments (Staffs) Limited

The principal activity of Cornerstone Developments (Staffs) Limited is property development and letting. Its financial period end is 31 December.

7

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

-

2,660

Amounts owed by related parties

75,000

-

Prepayments

 

3,093

2,493

Other debtors

 

-

3,337

   

78,093

8,490

 

Cornerstone Developments Leek Ltd

Notes to the Unaudited Financial Statements for the Period from 1 June 2023 to 30 May 2024

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

105,000

-

Accruals and deferred income

1,559

3,545

Other creditors

10,960

4,880

117,519

8,425

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

694,217

980,426


Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £434,919 (2023 - £721,129).

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

434,919

721,129

Other borrowings

259,298

259,297

694,217

980,426

The borrowings due after one year comprise a loan provided by the director Mr P Hare. The loan is interest free and repayable with 12 months notice.

 

Cornerstone Developments Leek Ltd

Notes to the Unaudited Financial Statements for the Period from 1 June 2023 to 30 May 2024

11

Parent and ultimate parent undertaking

The ultimate controlling party is Mr P Hare, who owns 100% of the share capital of the company..