Company registration number 14221342 (England and Wales)
CORNERSTONE CLOSE LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
CORNERSTONE CLOSE LTD
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 3
CORNERSTONE CLOSE LTD
STATEMENT OF FINANCIAL POSITION
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Stocks
2,079,760
1,182,330
Debtors
7,893
45,229
2,087,653
1,227,559
Creditors: amounts falling due within one year
(2,087,453)
(1,227,359)
Net current assets
200
200
Capital and reserves
Called up share capital
3
200
200

For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 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.

In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).

The director of the company has elected not to include a copy of the income statement within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 26 June 2025
Mrs L C G Morgan
Director
Company registration number 14221342 (England and Wales)
CORNERSTONE CLOSE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
1
Accounting policies
Company information

Cornerstone Close Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 72, Rhosmaen Street, Llandeilo, Wales, SA19 6EN.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue is recognised at the point of invoicing.

1.3
Stocks

Work in progress is valued at the lower of cost and net realisable value.

 

Cost is calculated using the first-in, first-out method and includes all purchase, transport and handling costs in bringing stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.4
Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
1
1
CORNERSTONE CLOSE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
3
Called up share capital
2024
2023
Ordinary share capital
£
£
Issued and fully paid
Ordinary shares of £1 each
200
200
4
Related party transactions

Harrington Grounds Limited

Parent company

In a previous period, the company loaned the related party various sums as working capital. During the year, this amount was repaid in full and the related party loaned the company various sums. The amount due to the related party at the year end was £1,031,745 (2023 amount due from related party: £200). The amount is unsecured, interest-free and repayable on demand.

 

OTH Limited

A company under common control

In a previous period, the related party loaned the company various sums as working capital. During the year, the company repaid the related party various sums. The amount due to the related party at the year end was £717,408 (2023: £1,227,009). The amount is unsecured, interest-free and repayable on demand.

 

Cawdor Estates Limited

A company under common control

During the period, the related party raised invoices to the company for work done totalling £897,429 (2023: £392,320) on an arms length basis. The amount due to the related party at the year end was £337,900 (2023: £nil). The amount is unsecured, interest-free and repayable on demand.

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