ACCOUNTS - Final Accounts

Registered number: 03668828

CORNWALL DEVELOPMENT COMPANY LTD

ANNUAL REPORT AND FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2025

CORNWALL DEVELOPMENT COMPANY LTD

REGISTERED NUMBER:03668828

STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2025

		2025		2024
Note		£		£

Fixed assets
Investments	4		2		2
			2		2
Current assets
Debtors: amounts falling due within one year	5	1,016		8,807
Cash at bank and in hand	6	285,979		287,095
		286,995		295,902
Creditors: amounts falling due within one year	7	(2,886)		(7,377)
Net current assets			284,109		288,525
Total assets less current liabilities			284,111		288,527

Net assets			284,111		288,527

Capital and reserves
Profit and loss account	284,111	288,527
	284,111	288,527

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 statement of income and retained earnings 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:

W M Pearce

Director

Date: 15 December 2025

The notes on pages 2 to 4 form part of these financial statements.

Page 1

CORNWALL DEVELOPMENT COMPANY LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1.	GENERAL INFORMATION

The Company (registered number 03668828) is a private company, limited by guarantee and registered in England and Wales.The registered office address is County Hall, Treyew Road, Truro, Cornwall, England, TR1 3AY.

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 following principal accounting policies have been applied:

2.2

EXEMPTION FROM PREPARING CONSOLIDATED FINANCIAL STATEMENTS

The Company, and the group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and group are considered eligible for the exemption to prepare consolidated accounts.

2.3

GOING CONCERN

The company ceased to trade from 31st March 2022. The operations were transferred as follows:

∙Grant and Funding operations transferred and merged with the Economic Development department within Cornwall Council.

∙Jobline and Talent Tide services providing temporary agency staff and recruitment and placement services transferred to Corserv Ltd.

These transfers took place with effect from 1st April 2022.

As a result the financial statements have been prepared on a basis other than going concern. No adjustments to the financial statements have been required as a result of this change.

2.4

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.

2.5

TAXATION

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 reporting date in the countries where the Company operates and generates income.

2.6

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

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CORNWALL DEVELOPMENT COMPANY LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

2.ACCOUNTING POLICIES (CONTINUED)

2.7

DEBTORS

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

2.8

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 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.

2.9

CREDITORS

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

EMPLOYEES

The average monthly number of employees, including directors, during the year was 1 (2024: 5).

4.	FIXED ASSET INVESTMENTS

		Investments in subsidiary companies
		£
	COST
	At 1 April 2024	2
	At 31 March 2025	2

DEBTORS

					2025	2024
					£	£


Amounts owed by group undertakings	1,016	3,000
Other debtors	-	5,807
	1,016	8,807

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CORNWALL DEVELOPMENT COMPANY LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

6.	CASH AND CASH EQUIVALENTS
		2025	2024
		£	£

Cash at bank and in hand	285,979	287,095
	285,979	287,095

7.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
		2025	2024
		£	£

Trade creditors	-	(123)
Corporation tax	36	-
Accruals and deferred income	2,850	7,500
	2,886	7,377

8.	RELATED PARTY TRANSACTIONS
	The company has claimed exemption under FRS102 S33.1A in respect of transactions with companies under the common control of Cornwall Council.

9.	AUDITORS' INFORMATION

The auditors' report on the financial statements for the year ended 31 March 2025 was unqualified.

In their report, the auditors emphasised the following matter without qualifying their report:

We draw attention to note 2.3 to the financial statements which explains that the company has ceased trading and therefore the directors do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern. No adjustments to the financial statements have been required as a result of this change. Our opinion is not modified in respect of this matter.

The audit report was signed on 16 December 2025 by Nathan Coughlin BSc FCA (Senior Statutory Auditor) on behalf of Bishop Fleming Audit Limited.

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