Company registration number 08658784 (England and Wales)
CARNELLIS STORES (ST IVES) LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
PAGES FOR FILING WITH REGISTRAR
CARNELLIS STORES (ST IVES) LTD
COMPANY INFORMATION
Directors
D Patel
D K Patel
K P D Patel
Company number
08658784
Registered office
Carnellis Stores
Carnellis Road
St. Ives
Cornwall
United Kingdom
TR26 1BW
Accountants
Azets
Woodlands Court
Truro Business Park
Truro
Cornwall
United Kingdom
TR4 9NH
CARNELLIS STORES (ST IVES) LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
CARNELLIS STORES (ST IVES) LTD
BALANCE SHEET
AS AT 31 MARCH 2026
31 March 2026
- 1 -
2026
2025
Notes
£
£
£
£
Fixed assets
Intangible assets
3
8,250
9,350
Tangible assets
4
117,549
122,324
Investment property
5
1,001,471
1,001,471
1,127,270
1,133,145
Current assets
Stocks
73,478
72,946
Debtors falling due after more than one year
6
-
0
22,607
Debtors falling due within one year
6
151,932
153,879
Cash at bank and in hand
191,360
96,463
416,770
345,895
Creditors: amounts falling due within one year
7
(146,656)
(130,633)
Net current assets
270,114
215,262
Total assets less current liabilities
1,397,384
1,348,407
Creditors: amounts falling due after more than one year
8
(220,872)
(232,796)
Net assets
1,176,512
1,115,611
Capital and reserves
Called up share capital
100
100
Non-distributable profits reserve
15,735
15,735
Retained earnings
1,160,677
1,099,776
Total equity
1,176,512
1,115,611
CARNELLIS STORES (ST IVES) LTD
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2026
31 March 2026
- 2 -

For the financial year ended 31 March 2026 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 9 May 2026 and are signed on its behalf by:
D Patel
Director
Company registration number 08658784 (England and Wales)
CARNELLIS STORES (ST IVES) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
- 3 -
1
Accounting policies
Company information

Carnellis Stores (St Ives) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Carnellis Stores, Carnellis Road, St. Ives, Cornwall, United Kingdom, TR26 1BW.

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 pound.

The financial statements have been prepared under the historical cost convention, except for investment properties that are measured at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually at the point of sale), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rental income is recognised over the term of the rental period.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Property improvements
2% on cost
Fixtures and fittings
20% on cost
Computer equipment
33% on cost
CARNELLIS STORES (ST IVES) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 4 -
1.6
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. Changes in fair value are recognised in profit or loss.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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.

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.

1.8
Stocks

Stocks are stated at the lower of cost and net realisable value.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.9
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.

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.

CARNELLIS STORES (ST IVES) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 5 -
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 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.

1.10
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.

1.11
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.

CARNELLIS STORES (ST IVES) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 6 -
1.12
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.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases
As lessor

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

2
Employees

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

2026
2025
Number
Number
Total
5
5
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2025 and 31 March 2026
22,000
Amortisation and impairment
At 1 April 2025
12,650
Amortisation charged for the year
1,100
At 31 March 2026
13,750
Carrying amount
At 31 March 2026
8,250
At 31 March 2025
9,350
CARNELLIS STORES (ST IVES) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 7 -
4
Tangible fixed assets
Property improvements
Fixtures and fittings
Computer equipment
Total
£
£
£
£
Cost
At 1 April 2025
137,448
33,228
1,046
171,722
Additions
-
0
2,667
-
0
2,667
At 31 March 2026
137,448
35,895
1,046
174,389
Depreciation and impairment
At 1 April 2025
30,374
17,978
1,046
49,398
Depreciation charged in the year
2,703
4,739
-
0
7,442
At 31 March 2026
33,077
22,717
1,046
56,840
Carrying amount
At 31 March 2026
104,371
13,178
-
0
117,549
At 31 March 2025
107,074
15,250
-
0
122,324
5
Investment property
2026
£
Fair value
At 1 April 2025 and 31 March 2026
1,001,471

The fair value of the investment property has been determined by the directors at 31 March 2026.

6
Debtors
2026
2025
Amounts falling due within one year:
£
£
Trade debtors
-
0
2,972
Other debtors
149,823
150,907
149,823
153,879
Deferred tax asset
2,109
-
0
151,932
153,879
2026
2025
Amounts falling due after more than one year:
£
£
Deferred tax asset
-
0
22,607
Total debtors
151,932
176,486
CARNELLIS STORES (ST IVES) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 8 -
7
Creditors: amounts falling due within one year
2026
2025
£
£
Bank loans
11,488
10,145
Trade creditors
32,885
31,067
Taxation and social security
2,872
27,154
Other creditors
99,411
62,267
146,656
130,633
8
Creditors: amounts falling due after more than one year
2026
2025
£
£
Bank loans and overdrafts
220,872
232,796
Creditors which fall due after five years are payable as follows:
Payable by instalments
151,373
169,855
9
Secured Debts

The company has provided a debenture to National Westminster bank PLC including a fixed and floating charge over all the property or undertaking of the company.

10
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2026
2025
£
£
266,667
298,667
11
Related party transactions

At the balance sheet date, one director was owed by the company £44,732 (20 25: £22,532). Two other directors were owed by the company £41,930 (2025: £25,930).

Amounts owed to the directors are non-interest bearing and payable on demand.

At the balance sheet date the company was owed £143,500 (20 25: £1 43,500), by Illogan Stores Limited, a company in which the Directors, D Patel, K P D Patel and D K Patel collectively own 100% of the issued share capital, as disclosed within Debtors: Amounts falling due within one year. The loan is interest fee and payable at call.

During the year the company incurred total rental expenses of £32,000 from two of its director/shareholders (20 25: £22,444).

CARNELLIS STORES (ST IVES) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 9 -
12
Ultimate controlling party

D Patel holds the controlling interest in the company by virtue of his majority shareholding in the company's issued share capital.

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