19 01/09/2023 31/08/2024 2024-08-31 false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2023-09-01 Sage Accounts Production 24.0 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 03293140 2023-09-01 2024-08-31 03293140 2024-08-31 03293140 2023-08-31 03293140 2022-09-01 2023-08-31 03293140 2023-08-31 03293140 2022-08-31 03293140 core:FurnitureFittingsToolsEquipment 2023-09-01 2024-08-31 03293140 core:MotorVehicles 2023-09-01 2024-08-31 03293140 bus:Director3 2023-09-01 2024-08-31 03293140 core:FurnitureFittingsToolsEquipment 2023-08-31 03293140 core:MotorVehicles 2023-08-31 03293140 core:FurnitureFittingsToolsEquipment 2024-08-31 03293140 core:MotorVehicles 2024-08-31 03293140 core:WithinOneYear 2024-08-31 03293140 core:WithinOneYear 2023-08-31 03293140 core:ShareCapital 2024-08-31 03293140 core:ShareCapital 2023-08-31 03293140 core:SharePremium 2024-08-31 03293140 core:SharePremium 2023-08-31 03293140 core:RetainedEarningsAccumulatedLosses 2024-08-31 03293140 core:RetainedEarningsAccumulatedLosses 2023-08-31 03293140 core:FurnitureFittingsToolsEquipment 2023-08-31 03293140 core:MotorVehicles 2023-08-31 03293140 bus:SmallEntities 2023-09-01 2024-08-31 03293140 bus:AuditExempt-NoAccountantsReport 2023-09-01 2024-08-31 03293140 bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 03293140 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 03293140 bus:FullAccounts 2023-09-01 2024-08-31
Company registration number: 03293140
Cornerstone Fire Systems Limited
Unaudited filleted financial statements
31 August 2024
Cornerstone Fire Systems Limited
Contents
Statement of financial position
Notes to the financial statements
Cornerstone Fire Systems Limited
Statement of financial position
31 August 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 8,987 16,402
_______ _______
8,987 16,402
Current assets
Stocks 130,842 24,215
Debtors 6 491,376 860,286
Cash at bank and in hand 206,784 40,830
_______ _______
829,002 925,331
Creditors: amounts falling due
within one year 7 ( 611,317) ( 726,300)
_______ _______
Net current assets 217,685 199,031
_______ _______
Total assets less current liabilities 226,672 215,433
_______ _______
Net assets 226,672 215,433
_______ _______
Capital and reserves
Called up share capital 5,870 5,870
Share premium account 317 317
Profit and loss account 220,485 209,246
_______ _______
Shareholders funds 226,672 215,433
_______ _______
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 26 February 2025 , and are signed on behalf of the board by:
Mr R Langshaw
Director
Company registration number: 03293140
Cornerstone Fire Systems Limited
Notes to the financial statements
Year ended 31 August 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 16 Arlington Business Park, Whittle Way, Stevenage, Hertfordshire, SG1 2FP.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 25 % straight line
Motor vehicles - 20 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 19 (2023: 16 ).
5. Tangible assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1 September 2023 22,935 48,986 71,921
Additions 608 - 608
Disposals - ( 11,750) ( 11,750)
_______ _______ _______
At 31 August 2024 23,543 37,236 60,779
_______ _______ _______
Depreciation
At 1 September 2023 22,902 32,617 55,519
Charge for the year 185 7,642 7,827
Disposals - ( 11,554) ( 11,554)
_______ _______ _______
At 31 August 2024 23,087 28,705 51,792
_______ _______ _______
Carrying amount
At 31 August 2024 456 8,531 8,987
_______ _______ _______
At 31 August 2023 33 16,369 16,402
_______ _______ _______
6. Debtors
2024 2023
£ £
Trade debtors 204,252 472,969
Amounts owed by group undertakings 286,193 297,094
Other debtors 931 90,223
_______ _______
491,376 860,286
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 288,929 372,231
Amounts owed to group undertakings 187,883 184,373
Corporation tax 14,277 16,032
Social security and other taxes 103,428 54,581
Other creditors 16,800 99,083
_______ _______
611,317 726,300
_______ _______