Company registration number 08201905 (England and Wales)
CORNWELL ASSETS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
PAGES FOR FILING WITH REGISTRAR
CORNWELL ASSETS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
3 - 6
CORNWELL ASSETS LIMITED
BALANCE SHEET
AS AT
30 APRIL 2025
30 April 2025
- 1 -
2025
2024
as restated
Notes
£
£
£
£
Current assets
Debtors
3
121
239
Investments
4
3,277,282
3,702,392
Cash at bank and in hand
54,919
53,765
3,332,322
3,756,396
Creditors: amounts falling due within one year
5
(90,390)
(53,234)
Net current assets
3,241,932
3,703,162
Creditors: amounts falling due after more than one year
6
(1,759,628)
(2,209,228)
Provisions for liabilities
(168,514)
(236,061)
Net assets
1,313,790
1,257,873
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
1,312,790
1,256,873
Total equity
1,313,790
1,257,873

For the financial year ended 30 April 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he 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 28 October 2025 and are signed on its behalf by:
Mr H Cornwell
Director
Company registration number 08201905 (England and Wales)
CORNWELL ASSETS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2025
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
As restated for the period ended 30 April 2024:
Balance at 1 May 2023
1,000
1,126,622
1,127,622
Effect of prior period adjustment
-
(187,271)
(187,271)
As restated
1,000
939,351
940,351
Year ended 30 April 2024:
Profit and total comprehensive income
-
319,322
319,322
Dividends
-
(1,800)
(1,800)
Balance at 30 April 2024
1,000
1,256,873
1,257,873
Year ended 30 April 2025:
Profit and total comprehensive income
-
56,317
56,317
Dividends
-
(400)
(400)
Balance at 30 April 2025
1,000
1,312,790
1,313,790
CORNWELL ASSETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
- 3 -
1
Accounting policies
Company information

Cornwell Assets Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Oaks, 3 Village Road, West Kirby, Wirral, CH48 3JN.

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 a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Prior period adjustment

The year ended 30 April 2024 financial statements have been restated. The prior period adjustment relates to a provision for deferred tax, which was not previously accounted for.

A reconciliation of how this has affected the reported financial position for the prior period is given in the notes to the accounts.

1.3
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.

1.4
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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Investments

Investments in equity based financial instruments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in profit or loss. Transaction costs are expensed to profit or loss as incurred.

CORNWELL ASSETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 4 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.5
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.

1.6
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.

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.

CORNWELL ASSETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 5 -
1.7
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.

1.8
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.

1.9

Dividend income

Dividend income from investments is recognised when the shareholders' rights to receive payment have been established, provided that it is probable that the economic benefits will flow to the company and the amount of revenue can be measured reliably.

2
Employees

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

2025
2024
Number
Number
Total
-
0
-
0
3
Debtors
2025
2024
Amounts falling due within one year:
£
£
Other debtors
121
239
4
Current asset investments
2025
2024
£
£
Listed investments - at fair value
3,220,624
3,665,557
Monies held by broker
56,658
36,835
3,277,282
3,702,392
CORNWELL ASSETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
- 6 -
5
Creditors: amounts falling due within one year
2025
2024
£
£
Corporation tax
82,540
45,683
Other creditors
7,850
7,551
90,390
53,234
6
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Shareholder loans
1,759,628
2,209,228
Amounts included above which fall due after five years are as follows:
Payable other than by instalments
1,759,628
2,209,228
7
Prior period adjustment
Reconciliation of changes in equity
1 May
30 April
2023
2024
£
£
Adjustments to prior year
Recognition of deferred tax
(187,271)
(236,061)
Equity as previously reported
1,127,622
1,493,934
Equity as adjusted
940,351
1,257,873
Analysis of the effect upon equity
Profit and loss reserves
(187,271)
(236,061)
2025-04-30 2024-05-01 false false false 28 October 2025 CCH Software CCH Accounts Production 2025.100 No description of principal activity Mrs B D Cornwell Mr M Cornwell Mr H Cornwell 08201905 2024-05-01 2025-04-30 08201905 2025-04-30 08201905 2024-04-30 08201905 core:ShareCapital 2025-04-30 08201905 core:ShareCapital 2024-04-30 08201905 core:RetainedEarningsAccumulatedLosses 2025-04-30 08201905 core:RetainedEarningsAccumulatedLosses 2024-04-30 08201905 core:RetainedEarningsAccumulatedLosses core:PriorPeriodIncreaseDecrease 2023-04-30 08201905 core:ShareCapital 2023-04-30 08201905 core:RetainedEarningsAccumulatedLosses 2023-04-30 08201905 bus:Director3 2024-05-01 2025-04-30 08201905 core:RetainedEarningsAccumulatedLosses 2023-05-01 2024-04-30 08201905 2023-05-01 2024-04-30 08201905 core:RetainedEarningsAccumulatedLosses 2024-05-01 2025-04-30 08201905 core:WithinOneYear 2025-04-30 08201905 core:WithinOneYear 2024-04-30 08201905 core:CurrentFinancialInstruments 2025-04-30 08201905 core:CurrentFinancialInstruments 2024-04-30 08201905 core:Non-currentFinancialInstruments 2025-04-30 08201905 core:Non-currentFinancialInstruments 2024-04-30 08201905 bus:PrivateLimitedCompanyLtd 2024-05-01 2025-04-30 08201905 bus:SmallCompaniesRegimeForAccounts 2024-05-01 2025-04-30 08201905 bus:FRS102 2024-05-01 2025-04-30 08201905 bus:AuditExemptWithAccountantsReport 2024-05-01 2025-04-30 08201905 bus:Director1 2024-05-01 2025-04-30 08201905 bus:Director2 2024-05-01 2025-04-30 08201905 bus:FullAccounts 2024-05-01 2025-04-30 xbrli:pure xbrli:shares iso4217:GBP