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Registration number: 09979835

Cornerstone Group (Turn) Ltd

Unaudited Filleted Financial Statements

for the Period from 1 April 2023 to 30 March 2024

 

Cornerstone Group (Turn) Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Cornerstone Group (Turn) Ltd

Company Information

Director

Mr D P Turner

Registered office

Unit 3
Milton End
Arlingham
Gloucestershire
GL2 7JH

Accountants

Regulatory Accounting Ltd T/A Optimum Professional Services
Vicarage Court
160 Ermin Street
Swindon
Wiltshire
SN3 4NE

 

Cornerstone Group (Turn) Ltd

(Registration number: 09979835)
Balance Sheet as at 30 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

114,103

62,313

Investments

6

375

375

 

114,478

62,688

Current assets

 

Stocks

7

2,916

2,916

Debtors

8

15,536

1,947

Cash at bank and in hand

 

625

62

 

19,077

4,925

Creditors: Amounts falling due within one year

9

(143,773)

(74,765)

Net current liabilities

 

(124,696)

(69,840)

Net liabilities

 

(10,218)

(7,152)

Capital and reserves

 

Called up share capital

1

1

Retained earnings

(10,219)

(7,153)

Shareholders' deficit

 

(10,218)

(7,152)

For the financial period ending 30 March 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 30 March 2025
 

.........................................
Mr D P Turner
Director

 

Cornerstone Group (Turn) Ltd

Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 30 March 2024

1

General information

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

The address of its registered office is:
Unit 3
Milton End
Arlingham
Gloucestershire
GL2 7JH
England

These financial statements were authorised for issue by the director on 30 March 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 presentational currency of these financial statements is pound sterling, rounded to the nearest whole number.

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 Group (Turn) Ltd

Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 30 March 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

Plant and Machinery

25% Reducing balance

Leasehold Improvements

10% Straight line

Fixtures and fittings

20% Reducing balance

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.

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.

 

Cornerstone Group (Turn) Ltd

Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 30 March 2024

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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 Group (Turn) Ltd

Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 30 March 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

66,889

-

3,747

70,636

Additions

58,587

700

-

59,287

At 30 March 2024

125,476

700

3,747

129,923

Depreciation

At 1 April 2023

7,247

-

1,076

8,323

Charge for the period

6,689

140

668

7,497

At 30 March 2024

13,936

140

1,744

15,820

Carrying amount

At 30 March 2024

111,540

560

2,003

114,103

At 31 March 2023

59,642

-

2,671

62,313

Included within the net book value of land and buildings above is £58,587 (2023 - £Nil) in respect of freehold land and buildings and £52,952 (2023 - £59,642) in respect of long leasehold land and buildings.
 

5

Investment properties

2024
£

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

 

Cornerstone Group (Turn) Ltd

Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 30 March 2024

6

Investments

2024
£

2023
£

Investments in subsidiaries

375

375

Subsidiaries

£

Cost or valuation

At 1 April 2023

375

Provision

Carrying amount

At 30 March 2024

375

At 31 March 2023

375

7

Stocks

2024
£

2023
£

Other inventories

2,916

2,916

8

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

1,640

-

Amounts owed by related parties

13,896

1,947

   

15,536

1,947

9

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

251

-

Taxation and social security

6,147

-

Accruals and deferred income

1,800

3,500

Other creditors

135,575

71,265

143,773

74,765