Company registration number 10417746 (England and Wales)
CORNWALL ESTATE AGENTS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
PAGES FOR FILING WITH REGISTRAR
CORNWALL ESTATE AGENTS LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
CORNWALL ESTATE AGENTS LTD
BALANCE SHEET
AS AT
31 OCTOBER 2024
31 October 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
50,000
75,000
Tangible assets
5
3,506
6,258
53,506
81,258
Current assets
Debtors
6
31,744
31,038
Cash at bank and in hand
250,322
349,555
282,066
380,593
Creditors: amounts falling due within one year
7
(40,974)
(81,388)
Net current assets
241,092
299,205
Total assets less current liabilities
294,598
380,463
Creditors: amounts falling due after more than one year
8
(5,833)
(15,833)
Net assets
288,765
364,630
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
288,665
364,530
Total equity
288,765
364,630
CORNWALL ESTATE AGENTS LTD
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2024
31 October 2024
- 2 -

For the financial year ended 31 October 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 directors acknowledge their 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.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 14 July 2025 and are signed on its behalf by:
Mr C F Pearce
Mrs M Pearce
Director
Director
Company registration number 10417746 (England and Wales)
CORNWALL ESTATE AGENTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 3 -
1
Accounting policies
Company information

Cornwall Estate Agents Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Lakeside Offices The Old Cattle Market, Coronation Park, Helston, Cornwall, United Kingdom, TR13 0SR.

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 recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

Turnover consists of estate agent fees and are recognised following the date of exchange,

1.3
Intangible fixed assets - goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2016, is being amortised evenly over its estimated useful life of ten years.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
20% on cost
Fixtures and fittings
20% on cost
Computers
22% on cost
Motor vehicles
20% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

CORNWALL ESTATE AGENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 4 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.6
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.7
Leases
As lessee

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

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

2024
2023
Number
Number
Total
11
10
CORNWALL ESTATE AGENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 5 -
4
Intangible fixed assets
Goodwill
£
Cost
At 1 November 2023 and 31 October 2024
250,000
Amortisation and impairment
At 1 November 2023
175,000
Amortisation charged for the year
25,000
At 31 October 2024
200,000
Carrying amount
At 31 October 2024
50,000
At 31 October 2023
75,000
5
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 November 2023 and 31 October 2024
5,531
16,325
4,649
24,626
51,131
Depreciation and impairment
At 1 November 2023
5,207
10,391
4,649
24,626
44,873
Depreciation charged in the year
108
2,644
-
0
-
0
2,752
At 31 October 2024
5,315
13,035
4,649
24,626
47,625
Carrying amount
At 31 October 2024
216
3,290
-
0
-
0
3,506
At 31 October 2023
324
5,934
-
0
-
0
6,258
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
19,582
28,415
Other debtors
9,961
804
29,543
29,219
Deferred tax asset
2,201
1,819
31,744
31,038
CORNWALL ESTATE AGENTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 6 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,000
10,000
Trade creditors
284
745
Corporation tax
4,441
38,837
Other taxation and social security
3,205
23,061
Other creditors
15,238
2,536
Accruals and deferred income
7,806
6,209
40,974
81,388
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
5,833
15,833

During 2020, the company took out a bank loan for which the government have provided a 100% guarantee in respect of the outstanding balance. The total balance outstanding at the balance sheet date is £15,833 (2023: £25,833). £10,000 is due within 1 year and £5,833 is due after 1 year.

9
Retirement benefit schemes

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The amount outstanding at the balance sheet date is £816 (2023: £643).

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