| CORWINS LIMITED |
| Notes to the Accounts |
| for the year ended 31 March 2025 |
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| 1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Rental income |
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Rental income represents rent receivable, excluding value-added tax. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Plant and machinery |
25% straight line |
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Investment property |
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Investment properties are included at fair values. Any surplus or deficit is dealt with through profit and loss. No depreciation is provided in respect of investment properties. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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| 2 |
Employees |
2025 |
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2024 |
| Number |
Number |
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Average number of persons employed by the company |
1 |
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1 |
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| 3 |
Tangible fixed assets |
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Plant and machinery etc |
| £ |
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Cost |
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At 1 April 2024 |
3,410 |
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Additions |
553 |
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At 31 March 2025 |
3,963 |
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Depreciation |
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At 1 April 2024 |
3,410 |
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Charge for the year |
553 |
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At 31 March 2025 |
3,963 |
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Net book value |
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At 31 March 2025 |
- |
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| 4 |
Investment property |
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| Other |
| investments |
| £ |
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Fair value |
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At 1 April 2024 |
1,109,432 |
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At 31 March 2025 |
1,109,432 |
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Above fair value was estimated by company directors at 31 March 2025 |
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| 5 |
Creditors: amounts falling due within one year |
2025 |
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2024 |
| £ |
£ |
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Trade creditors |
3,159 |
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2,475 |
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Taxation and social security |
23,047 |
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23,321 |
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Directors and family loans |
649,900 |
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657,900 |
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676,106 |
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683,696 |
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| 6 |
Other information |
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CORWINS LIMITED is a private company limited by shares and incorporated in England. Its registered office is: |
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14 Greenhill |
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Wembley Park |
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Middlesex |
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HA9 9HF |