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Company Registration Number: 04549829
 
 
Cornbrook Properties Limited
 
Unaudited Financial Statements
 
for the financial year ended 30 September 2024
Cornbrook Properties Limited
DIRECTOR AND OTHER INFORMATION

 
Director Stephen Callaghan
 
 
Company Secretary Anthony Callaghan
 
 
Company Registration Number 04549829
 
 
Registered Office 8-10 Gatley Road
Cheadle
Cheshire
SK8 1PY
 
 
Business Address Unit 4 Wyvern Avenue, Reddish
Stockport
Cheshire
SK5 7DD
 
 
Accountants Langers
Chartered Certified Accountants
8-10 Gatley Road
Cheadle
Cheshire
SK8 1PY



Cornbrook Properties Limited
Company Registration Number: 04549829
STATEMENT OF FINANCIAL POSITION
as at 30 September 2024

2024 2023
Notes £ £
 
Non-Current Assets
Investment properties 4 558,976 544,304
───────── ─────────
 
Current Assets
Stocks 5 355,145 160,173
Debtors 6 113 45,126
Cash and cash equivalents 5,514 114,765
───────── ─────────
360,772 320,064
───────── ─────────
Creditors: amounts falling due within one year 7 (61,335) (21,140)
───────── ─────────
Net Current Assets 299,437 298,924
───────── ─────────
Total Assets less Current Liabilities 858,413 843,228
 
Creditors:
amounts falling due after more than one year 8 (405,473) (420,148)
 
Provisions for liabilities 9 (46,695) (43,907)
───────── ─────────
Net Assets 406,245 379,173
═════════ ═════════
 
Capital and Reserves
Called up share capital 2 2
Revaluation reserve 199,225 187,341
Retained earnings 207,018 191,830
───────── ─────────
Equity attributable to owners of the company 406,245 379,173
═════════ ═════════
 
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).
           
The company has taken advantage of the exemption under section 444 not to file the Income Statement and Director's Report.
           
For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The director confirms that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The director acknowledges his responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
           
Approved by the Director and authorised for issue on 3 June 2025
           
           
________________________________          
Stephen Callaghan          
Director          
           



Cornbrook Properties Limited
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 30 September 2024

   
1. General Information
 
Cornbrook Properties Limited is a company limited by shares incorporated and registered in the United Kingdom. The registered number of the company is 04549829. The registered office of the company is 8-10 Gatley Road, Cheadle, Cheshire, SK8 1PY. The financial statements have been presented in Pound (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the financial year ended 30 September 2024 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Turnover
Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.
 
Investment properties
Investment property is property held either to earn rental income, or for capital appreciation (including future re-development) or for both, but not for sale in the ordinary course of business. Investment property is initially measured at cost, which includes the purchase cost and any directly attributable expenditure. Investment property is subsequently valued at its fair value at each reporting date, in line with the inflation price index. The difference between the fair value of an investment property at the reporting date and its carrying value prior to the valuation is recognised in the Income Statement as a fair value gain or loss. Any gain or loss on disposal of an investment property (calculated as the difference between the net proceeds from disposal and the carrying amount of the item) is recognised in the Income Statement.
 
Stocks
Stocks are valued at the lower of cost and net realisable value. Stocks are determined on a first-in first-out basis. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition.  Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
 
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.
 
Borrowing costs
Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
 
Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
 
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.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Statement of Financial Position date.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Statement of Financial Position date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Income Statement.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
       
3. Employees
 
The average monthly number of employees, including director, during the financial year was 1, (2023 - 1).
 
  2024 2023
  Number Number
 
Director 1 1
  ═════════ ═════════
     
4. Investment Properties
  Investment
  properties
 
  £
Valuation
At 1 October 2023 544,304
Revaluation 14,672
  ─────────
At 30 September 2024 558,976
  ─────────
Net book value
At 30 September 2024 558,976
  ═════════
At 30 September 2023 544,304
  ═════════
       
5. Stocks 2024 2023
  £ £
 
Raw materials 355,145 160,173
  ═════════ ═════════
 
The replacement cost of stock did not differ significantly from the figures shown.
       
6. Debtors 2024 2023
  £ £
 
Other debtors - 45,000
Prepayments and accrued income 113 126
  ───────── ─────────
  113 45,126
  ═════════ ═════════
       
7. Creditors 2024 2023
Amounts falling due within one year £ £
 
Bank loan 14,688 13,996
Trade creditors - 615
Taxation 5,143 5,759
Director's current account 40,709 -
Accruals 795 770
  ───────── ─────────
  61,335 21,140
  ═════════ ═════════
       
8. Creditors 2024 2023
Amounts falling due after more than one year £ £
 
Bank loan 254,756 269,431
Amounts owed to connected parties (Note 11) 150,717 150,717
  ───────── ─────────
  405,473 420,148
  ═════════ ═════════
 
Loans
Repayable in one year or less, or on demand (Note 7) 14,688 13,996
Repayable between one and two years 15,528 14,829
Repayable between two and five years 52,425 49,992
Repayable in five years or more 186,803 204,610
  ───────── ─────────
  269,444 283,427
  ═════════ ═════════
 
         
9. Provisions for liabilities
 
The amounts provided for deferred taxation are analysed below:
 
  Capital Total Total
  allowances    
       
    2024 2023
  £ £ £
 
At financial year start 43,907 43,907 35,489
Charged to profit and loss 2,788 2,788 8,418
  ───────── ───────── ─────────
At financial year end 46,695 46,695 43,907
  ═════════ ═════════ ═════════
       
10. Capital commitments
 
The company had no material capital commitments at the financial year-ended 30 September 2024.
           
11. Related party transactions
 
The following amounts are due to other connected parties:
      2024 2023
      £ £
 
Amounts falling due after more than one year     150,717 150,717
      ═════════ ═════════
 
At 30th September 2024 the company owed £150,717 to Metalform Limited, company number 03232971, a company in which S Callaghan, the director, is a director and shareholder (2023: £150,717). No interest has been charged to the company in respect of this loan.
   
12. Director's advances, credits and guarantees
 
At 30 September 2024 the company owed £40,709 to the director (2023: £0). No interest has been charged to the company in respect of this loan, which is repayable on demand and classified in creditors due within one year.
   
13. Events After the End of the Reporting Period
 
There have been no significant events affecting the company since the financial year-end.
       
14. Changes in Equity
 
Other Comprehensive Income 2024 2023
  £ £
 
Revaluation reserve unrealised movement on revaluation of property 11,884 35,886
  ═════════ ═════════