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Registered number: 10542493










CORNWALL CONVENIENCES LTD








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

 
CORNWALL CONVENIENCES LTD
REGISTERED NUMBER: 10542493

BALANCE SHEET
AS AT 31 MARCH 2025

2025
2024
Note
£
£

Fixed assets
  

Tangible assets
 4 
622,013
623,670

  
622,013
623,670

Current assets
  

Stocks
  
89,289
112,539

Debtors
  
105,895
109,208

Cash at bank and in hand
  
55,866
26,205

  
251,050
247,952

Creditors: amounts falling due within one year
 5 
(405,590)
(484,544)

Net current liabilities
  
 
 
(154,540)
 
 
(236,592)

Total assets less current liabilities
  
467,473
387,078

Creditors: amounts falling due after more than one year
 6 
(117,842)
(40,589)

Provisions for liabilities
  

Deferred tax
  
(122,532)
(116,846)

  
 
 
(122,532)
 
 
(116,846)

Net assets
  
227,099
229,643


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
226,999
229,543

  
227,099
229,643

Page 1

 
CORNWALL CONVENIENCES LTD
REGISTERED NUMBER: 10542493
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2025

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Mr P J Bulley
Director

Date: 15 August 2025

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
CORNWALL CONVENIENCES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

1.


General information

Cornwall Conveniences Limited is a private company, limited by shares, which is registered in England and Wales, registration number 10542493. The registered office is 11 Merus Court, Meridian Business Park, Leicester, LE19 1RJ.
Principal activities
The principal activity of the Company during the period was that of providing equipment hire for events.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 Company's functional and presentational currency is British Pound Sterling (£).

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
CORNWALL CONVENIENCES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

 
2.3

Interest income

Interest income is recognised in the Profit and Loss Account using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in the Profit and Loss Account in the year in which they are incurred.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Profit and Loss Account when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
CORNWALL CONVENIENCES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

 
2.7

Current and deferred taxation

The tax expense for the period comprises current and deferred tax.Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
10%
reducing balance per annum
Motor vehicles
-
15%
reducing balance per annum

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Profit and Loss Account.

Page 5

 
CORNWALL CONVENIENCES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Profit and Loss Account.

  
2.10

Debtors

Short term debtors are measured initially at transaction price, less any impairment. Loans receivable are measured initially at transaction price, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

  
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at transaction price, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to the Profit and Loss Account.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 8 (2024 - 6).

Page 6

 
CORNWALL CONVENIENCES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Total

£
£
£



Cost or valuation


At 1 April 2024
598,310
420,740
1,019,050


Additions
20,750
80,988
101,738


Disposals
-
(60,572)
(60,572)



At 31 March 2025

619,060
441,156
1,060,216



Depreciation


At 1 April 2024
241,064
154,316
395,380


Charge for the year
36,688
41,133
77,821


Disposals
-
(34,998)
(34,998)



At 31 March 2025

277,752
160,451
438,203



Net book value



At 31 March 2025
341,308
280,705
622,013



At 31 March 2024
357,246
266,424
623,670

Page 7

 
CORNWALL CONVENIENCES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

5.


Creditors: Amounts falling due within one year

2025
2024
£
£

Bank overdrafts
30,545
2,016

Other loans
10,703
9,697

Trade creditors
5
138,510

Corporation tax
25,938
16,812

Other taxation and social security
17,169
2,809

Obligations under finance lease and hire purchase contracts
32,644
16,320

Other creditors
285,322
290,788

Accruals and deferred income
3,264
7,592

405,590
484,544


Svenska Handelsbanken AB holds a fixed and floating charge over all property and undertakings of the Company in relation to Bank overdrafts.
The hire purchase agreements are secured on the assets to which they relate.


6.


Creditors: Amounts falling due after more than one year

2025
2024
£
£

Other loans
8,751
19,454

Net obligations under finance leases and hire purchase contracts
109,091
21,135

117,842
40,589


The hire purchase agreements are secured on the assets to which they relate.


7.


Prior year adjustment

During the year ended 31 March 2025, the Company reviewed the presentation of certain items in the financial statements and made reclassifications to improve clarity. Motor vehicle running costs totalling £103,834 previously included within administrative expenses in the year ended 31 March 2024 has been reclassified to cost of sales to better reflect the nature of the costs. In addition, an amount of £1,935 previously classified as administrative expenses has been reclassified to loan interest payable, as this more accurately represents the substance of the transaction. These reclassifications have no impact on the reported profit or loss or net asset position for the prior year.

 
Page 8