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Company registration number: 09262097
Cornerstone Security Group (UK) Limited
Unaudited filleted financial statements
31 August 2024
Cornerstone Security Group (UK) Limited
Contents
Statement of financial position
Notes to the financial statements
Cornerstone Security Group (UK) Limited
Statement of financial position
31 August 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 1,620 2,466
Investments 6 330,004 330,004
_______ _______
331,624 332,470
Current assets
Debtors 7 372,923 234,591
Cash at bank and in hand 55,175 9,159
_______ _______
428,098 243,750
Creditors: amounts falling due
within one year 8 ( 705,288) ( 529,133)
_______ _______
Net current liabilities ( 277,190) ( 285,383)
_______ _______
Total assets less current liabilities 54,434 47,087
_______ _______
Net assets 54,434 47,087
_______ _______
Capital and reserves
Called up share capital 118 118
Profit and loss account 54,316 46,969
_______ _______
Shareholders funds 54,434 47,087
_______ _______
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: 09262097
Cornerstone Security Group (UK) 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 & Wales. The address of the registered office is Building 16 Gateway 1000, Whittle Way, Arlington Business Park, Stevenage, 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.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
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.
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:
Plant and machinery - 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.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
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.
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 4 (2023: 4 ).
5. Tangible assets
Plant and machinery Total
£ £
Cost
At 1 September 2023 and 31 August 2024 4,228 4,228
_______ _______
Depreciation
At 1 September 2023 1,762 1,762
Charge for the year 846 846
_______ _______
At 31 August 2024 2,608 2,608
_______ _______
Carrying amount
At 31 August 2024 1,620 1,620
_______ _______
At 31 August 2023 2,466 2,466
_______ _______
6. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 September 2023 and 31 August 2024 330,004 330,004
_______ _______
Impairment
At 1 September 2023 and 31 August 2024 - -
_______ _______
Carrying amount
At 31 August 2024 330,004 330,004
_______ _______
At 31 August 2023 330,004 330,004
_______ _______
7. Debtors
2024 2023
£ £
Trade debtors 34,159 -
Amounts owed by group undertakings 333,769 228,435
Other debtors 4,995 6,156
_______ _______
372,923 234,591
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 18,800 1,537
Amounts owed to group undertakings 17,309 2,309
Corporation tax 9,678 -
Social security and other taxes 13,021 7,431
Other creditors 646,480 517,856
_______ _______
705,288 529,133
_______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr R Langshaw ( 61,420) 4,750 ( 56,670)
Mr J P Cooper - ( 2,000) ( 2,000)
_______ _______ _______
( 61,420) 2,750 ( 58,670)
_______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr R Langshaw ( 29,427) ( 31,993) ( 61,420)
Mr J P Cooper - - -
_______ _______ _______
10. Related party transactions
All amounts are advanced to the company on an interest free basis with no formal repayment terms.
11. Controlling party
The company is controlled by R Langshaw the majority shareholder.