Cornwall Property Solutions Ltd

trading as Lang Llewellyn & Co

Contents

Statement of Financial Position	1 to 2
Notes to the Unaudited Financial Statements	3 to 12

Cornwall Property Solutions Ltd

trading as Lang Llewellyn & Co

(Registration number: 12489325)
Statement of Financial Position as at 31 March 2026

	Note	2026 £	(As restated) 2025 £
Fixed assets
Intangible assets	4	1,803,085	1,717,390
Tangible assets	5	84,229	25,881
Investments	6	197,982	-
		2,085,296	1,743,271
Current assets
Debtors	7	158,774	131,681
Cash at bank and in hand		333,037	164,742
		491,811	296,423
Creditors: Amounts falling due within one year	8	(368,446)	(250,427)
Net current assets		123,365	45,996
Total assets less current liabilities		2,208,661	1,789,267
Creditors: Amounts falling due after more than one year	8	(2,132,984)	(1,636,471)
Provisions for liabilities		(6,489)	(4,570)
Net assets		69,188	148,226
Capital and reserves
Called up share capital		1,000	1,000
Profit and loss account		68,188	147,226
Shareholders' funds		69,188	148,226

Cornwall Property Solutions Ltd

trading as Lang Llewellyn & Co

(Registration number: 12489325)
Statement of Financial Position as at 31 March 2026 (continued)

For the financial year ending 31 March 2026 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 20 July 2026 and signed on its behalf by:
 

R Llewellyn Director

Cornwall Property Solutions Ltd

trading as Lang Llewellyn & Co

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Pendennis Court Falmouth Business Park
Bickland Water Road
Falmouth
Cornwall
TR11 4SZ
England

Principal activity

The principal activity of the company is that of a property sales and management company.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Group accounts not prepared

The company has taken advantage of the option not to prepare consolidated financial statements contained in section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Going concern

The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The validity of this assumptions depends on continued support from the company's directors.

The directors believe that it is appropriate for the financial statements to be prepared on the going concern basis.

Cornwall Property Solutions Ltd

trading as Lang Llewellyn & Co

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026 (continued)

2	Accounting policies (continued)

Reclassification of comparative amounts

The prior period figures have been amended in line with the amortisation policy. This has increased opening retained earnings by £101,013.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

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

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Cornwall Property Solutions Ltd

trading as Lang Llewellyn & Co

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026 (continued)

2	Accounting policies (continued)

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Fixtures and fittings	20% reducing balance
Motor vehicles	25% reducing balance
Office equipment	20% reducing balance

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Goodwill	20 years straight line
Other intangibles	10 years straight line

Cornwall Property Solutions Ltd

trading as Lang Llewellyn & Co

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026 (continued)

2	Accounting policies (continued)

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the statement of comprehensive income and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Cornwall Property Solutions Ltd

trading as Lang Llewellyn & Co

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026 (continued)

2	Accounting policies (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 24 (2025 - 19).

Cornwall Property Solutions Ltd

trading as Lang Llewellyn & Co

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026 (continued)

4	Intangible assets

	Goodwill  £	Other intangible assets  £	Total £
Cost or valuation
At 1 April 2025	2,020,263	39,533	2,059,796
Additions acquired separately	191,459	-	191,459
At 31 March 2026	2,211,722	39,533	2,251,255
Amortisation
At 1 April 2025	330,547	11,859	342,406
Amortisation charge	101,811	3,953	105,764
At 31 March 2026	432,358	15,812	448,170
Carrying amount
At 31 March 2026	1,779,364	23,721	1,803,085
At 31 March 2025	1,689,716	27,674	1,717,390

Cornwall Property Solutions Ltd

trading as Lang Llewellyn & Co

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026 (continued)

5	Tangible assets

	Fixtures and fittings £	Office equipment £	Motor vehicles  £	Total £
Cost or valuation
At 1 April 2025	19,754	7,945	16,000	43,699
Additions	-	7,030	65,458	72,488
Disposals	-	-	(10,000)	(10,000)
At 31 March 2026	19,754	14,975	71,458	106,187
Depreciation
At 1 April 2025	7,242	1,326	9,250	17,818
Charge for the year	2,502	1,976	5,443	9,921
Eliminated on disposal	-	-	(5,781)	(5,781)
At 31 March 2026	9,744	3,302	8,912	21,958
Carrying amount
At 31 March 2026	10,010	11,673	62,546	84,229
At 31 March 2025	12,512	6,619	6,750	25,881

6	Investments

	2026 £	2025 £
Investments in subsidiaries	197,982	-