Company registration number 07099005 (England and Wales)
CORNERSTONE GLOBAL ASSOCIATES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
CORNERSTONE GLOBAL ASSOCIATES LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
CORNERSTONE GLOBAL ASSOCIATES LTD
BALANCE SHEET
AS AT
30 DECEMBER 2024
30 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
12,377
8,026
Current assets
Debtors
5
40,672
50,066
Cash at bank and in hand
18,526
21,016
59,198
71,082
Creditors: amounts falling due within one year
6
(79,322)
(143,566)
Net current liabilities
(20,124)
(72,484)
Total assets less current liabilities
(7,747)
(64,458)
Creditors: amounts falling due after more than one year
7
(4,139)
(14,274)
Net liabilities
(11,886)
(78,732)
Capital and reserves
Called up share capital
8
1,600
1,600
Profit and loss reserves
(13,486)
(80,332)
Total equity
(11,886)
(78,732)

For the financial year ended 30 December 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 his 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 director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 12 August 2025
G Nuseibeh
Director
Company registration number 07099005 (England and Wales)
CORNERSTONE GLOBAL ASSOCIATES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2024
- 2 -
1
Accounting policies
Company information

Cornerstone Global Associates Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 1st Floor Arthur Stanley House, 40-50 Tottenham Street, London, United Kingdom, W1T 4RN.

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
Going concern

The company meets its day to day working capital requirements through loans and an overdraft facility. The directors consider that funds will be available for the next 12 months and therefore consider it appropriate to prepare the accounts on a going concern basis.true

1.3
Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

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 machinery
33% Reducing Balance
Fixtures, fittings & equipment
33% Reducing Balance

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
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

CORNERSTONE GLOBAL ASSOCIATES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

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

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.

CORNERSTONE GLOBAL ASSOCIATES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
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.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

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
3
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
9,813
-
0

The company has estimated losses of £nil (2023: £42,201) available for carry forward against future trading profits.

CORNERSTONE GLOBAL ASSOCIATES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2024
- 5 -
4
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
Cost
At 31 December 2023
21,574
21,624
43,198
Additions
-
0
7,000
7,000
At 30 December 2024
21,574
28,624
50,198
Depreciation and impairment
At 31 December 2023
19,417
15,755
35,172
Depreciation charged in the year
712
1,937
2,649
At 30 December 2024
20,129
17,692
37,821
Carrying amount
At 30 December 2024
1,445
10,932
12,377
At 30 December 2023
2,157
5,869
8,026
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
40,672
50,066
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,648
10,648
Trade creditors
6,265
510
Corporation tax
9,813
-
0
Other taxation and social security
30,922
-
0
Other creditors
21,674
132,408
79,322
143,566
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
4,139
14,274

 

CORNERSTONE GLOBAL ASSOCIATES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2024
- 6 -
8
Called up share capital
2024
2023
Ordinary share capital
£
£
Issued and fully paid
1,600 Ordinary Shares of £1 each
1,600
1,600
9
Parent company

The company is controlled by the director.

10
Related party transactions

At the year end, the company owed £17,350 (2023: £128,533) to the director. No interest is being charged on this balance.

 

During the year the company made sales of £nil (2023: £1,042,280) to a related company in Dubai. At the year end, the company owed £324 (2023: £nil) to this company which is under common control.

 

During the year the company made sales of £338,168 (2023: £nil) to a company under common control, Tyger International Ltd. At year end, the company was owed £10,673 (2023: £9,673).

CORNERSTONE GLOBAL ASSOCIATES LTD
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF CORNERSTONE GLOBAL ASSOCIATES LTD FOR THE YEAR ENDED 30 DECEMBER 2024
- 7 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Cornerstone Global Associates Ltd for the year ended 30 December 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of Cornerstone Global Associates Ltd, as a body, in accordance with the terms of our engagement letter dated 25 November 2019. Our work has been undertaken solely to prepare for your approval the financial statements of Cornerstone Global Associates Ltd and state those matters that we have agreed to state to the board of directors of Cornerstone Global Associates Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Cornerstone Global Associates Ltd and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Cornerstone Global Associates Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Cornerstone Global Associates Ltd. You consider that Cornerstone Global Associates Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Cornerstone Global Associates Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Goodman Jones LLP
Chartered Accountants
1st Floor Arthur Stanley House
40-50 Tottenham Street
London
W1T 4RN
12 August 2025
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