Company No: 13881159 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2026		2025
		£		£
Fixed assets
Tangible assets	3	573		763
		573		763
Current assets
Debtors	4	1,882		618
Cash at bank and in hand		59		2,931
		1,941		3,549
Creditors: amounts falling due within one year	5	( 64,049)		( 63,966)
Net current liabilities		(62,108)		(60,417)
Total assets less current liabilities		(61,535)		(59,654)
Net liabilities		( 61,535)		( 59,654)
Capital and reserves
Called-up share capital	6	150		150
Profit and loss account		( 61,685 )		( 59,804 )
Total shareholders' deficit		( 61,535)		( 59,654)

For the financial year ending 31 January 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 financial statements for the financial year 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Kernowfornia 1 Limited (registered number: 13881159) were approved and authorised for issue by the Board of Directors on 19 October 2026. They were signed on its behalf by:

Benjamin Jack Fullman Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Kernowfornia 1 Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Lowin House, Tregolls Road, Truro, TR1 2NA, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Plant and machinery etc.

25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Employees

	2026		2025
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	0		0

3. Tangible assets

	Plant and machinery etc.		Total
	£		£
Cost
At 01 February 2025	1,344		1,344
At 31 January 2026	1,344		1,344
Accumulated depreciation
At 01 February 2025	581		581
Charge for the financial year	190		190
At 31 January 2026	771		771
Net book value
At 31 January 2026	573		573
At 31 January 2025	763		763

4. Debtors

	2026		2025
	£		£
Other debtors	1,882		618

5. Creditors: amounts falling due within one year

	2026		2025
	£		£
Other creditors	64,049		63,966

6. Called-up share capital

	2026		2025
	£		£
Allotted, called-up and fully-paid
150 Ordinary shares of £ 1.00 each	150		150

7. Related party transactions

Other related party transactions

	2026		2025
	£		£
Kernowfornia 2 Limited (Participating Interest) - balance due from	1,832		568

Kernowfornia 2 Limited is owned and controlled by the directors of Kernowfornia 1 Limited