1.
General Information
Corazon Living Ltd
is a private company, limited by shares, incorporated in England & Wales, registered number
16336716
. The registered office is Lodge Farm Worthenbury Road, Crewe By Farndon, Chester, CH3 6PA.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
2.2.
Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4.
Tangible Fixed Assets and Depreciation
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Fixtures, fittings and furnishing |
|
2.5.
Investment Properties
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.6.
Financial Instruments
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 entity after deducting all of its financial liabilities.
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Corazon Living Ltd
Notes to the Financial Statements (continued)
For the Period 24 March 2025 to 31 March 2026
2.7.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
3.
Average Number of Employees
Average number of employees, including directors, during the period was: 2
4.
Tangible Assets
| Fixtures, fittings and furnishing | |
|---|---|
| £ | |
| Cost or Valuation | |
| As at 24 March 2025 |
|
| Additions |
|
| As at 31 March 2026 |
|
| Depreciation | |
| As at 24 March 2025 |
|
| Provided during the period |
|
| As at 31 March 2026 |
|
| Net Book Value | |
| As at 31 March 2026 |
|
| As at 24 March 2025 |
|
5.
Investment Property
| 31 March 2026 | |
|---|---|
| £ | |
| Fair Value | |
| As at 24 March 2025 |
|
| Additions |
|
| Fair value adjustments |
|
| As at 31 March 2026 |
|
If investment property had been accounted for under historical cost accounting rules, the amounts would be:
| 31 March 2026 | |
|---|---|
| £ | |
| Cost | 485,438 |
The directors have valued the investment properties on an open market basis as at the reporting date, which they consider accurately reflects their fair value.
Corazon Living Ltd
Notes to the Financial Statements (continued)
For the Period 24 March 2025 to 31 March 2026
6.
Debtors
| 31 March 2026 | |
|---|---|
| £ | |
| Due within one year | |
| Trade debtors |
|
| Other debtors | 13,785 |
|
|
|
7.
Creditors: Amounts Falling Due Within One Year
| 31 March 2026 | |
|---|---|
| £ | |
| Trade creditors |
|
| Other creditors | 540,290 |
|
|
|
8.
Secured Creditors
Of the creditors the following amounts are secured by way of a fixed charge over freehold property owned by the company.
| 31 March 2026 | |
|---|---|
| £ | |
| Other Creditors | 200,000 |
10.
Directors Advances, Credits and Guarantees
No director received advances, credits or guarantees during the current or previous accounting periods.
11.
Reserves
The profit and loss reserve account records retained earnings and accumulated losses, including the revaluation reserve which records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income. The profit and loss reserve account includes both distributable and non distributable as follows:
|
2026
|
||
|
£
|
||
|
Profit and (loss) distributable
|
(19,641)
|
|
|
Profit and (loss) non-distributable
|
15,088
|
|
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|
||
|
(4,552)
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|
Corazon Living Ltd
Notes to the Financial Statements (continued)
For the Period 24 March 2025 to 31 March 2026
12.
Related Party Transactions
The following related party transactions were undertaken during the year:
A director withdrew amounts totalling £4,500 and introduced amounts totalling £95,584. At the balance sheet date the amount payable to the director was £91,084.
A director withdrew amounts totalling £Nil and introduced amounts totalling £247,980. At the balance sheet date the amount payable to the director was £247,980.
Dividends were paid to the director in respect of their shareholdings totalling £Nil.
During the period, the company received loans of £200,000 from a company under common control. £200,000 remained outstanding at the period end.
No further transactions with related parties were undertaken such as are required to be disclosed in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
13.
Going Concern
The company is able to meet its day to day working capital requirements through the support of its director. Therefore, the director considers it appropriate to prepare the financial statements on the going concern basis.