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CPM Cornwall Ltd

Annual Report and Unaudited Financial Statements
Year Ended 30 September 2024

Registration number: 12141163

 

CPM Cornwall Ltd

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 5

 

CPM Cornwall Ltd

Balance Sheet

30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

1,350,000

1,350,000

Current assets

 

Debtors

5

1,027

1,074

Cash at bank and in hand

 

12,457

31,777

 

13,484

32,851

Creditors: Amounts falling due within one year

6

(120,077)

(115,295)

Net current liabilities

 

(106,593)

(82,444)

Total assets less current liabilities

 

1,243,407

1,267,556

Creditors: Amounts falling due after more than one year

6

(784,328)

(838,084)

Provisions for liabilities

(56,199)

(56,199)

Net assets

 

402,880

373,273

Capital and reserves

 

Called up share capital

8

2

2

Fair value reserve

168,597

168,597

Profit and loss account

234,281

204,674

Shareholders' funds

 

402,880

373,273

For the financial year ending 30 September 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 3 June 2025 and signed on its behalf by:
 

.........................................
Mr N R Whitworth
Director

   
     

Company Registration Number: 12141163

 

CPM Cornwall Ltd

Notes to the Unaudited Financial Statements

Year Ended 30 September 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:
64 Edgcumbe Avenue
Newquay
Cornwall
TR7 2NL
United Kingdom

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. There are no material departures from FRS 102.

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.

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 value added tax, returns, rebates and discounts and after eliminating sales within the company.

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.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

CPM Cornwall Ltd

Notes to the Unaudited Financial Statements

Year Ended 30 September 2024

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The directors 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.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2023 - 0).

 

CPM Cornwall Ltd

Notes to the Unaudited Financial Statements

Year Ended 30 September 2024

4

Investment properties

2024
£

At 1 October

1,350,000

At 30 September

1,350,000

There has been no valuation of investment property by an independent valuer.

5

Debtors

2024
£

2023
£

Prepayments

1,027

1,074

1,027

1,074

6

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

53,756

52,289

Trade creditors

 

-

233

Taxation and social security

 

16,562

23,190

Accruals and deferred income

 

1,750

1,575

Other creditors

 

48,009

38,008

 

120,077

115,295


 

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

784,328

838,084


Creditors include bank borrowings repayable by instalments of £Nil (2023 - £8,191) due after more than five years.

 

CPM Cornwall Ltd

Notes to the Unaudited Financial Statements

Year Ended 30 September 2024

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

178,678

232,434

Other borrowings

605,650

605,650

784,328

838,084

Current loans and borrowings

2024
£

2023
£

Bank borrowings

53,756

52,289

Bank borrowings are secured against the investment property held by the company.

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2