Cornerstone Jewellers (Bolsover) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07313968 (England and Wales)

CORNERSTONE JEWELLERS (BOLSOVER) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 JULY 2019

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S Dungworth

Ms L Barratt

REGISTERED OFFICE:

Sidings House

Sidings Court

Lakeside

Doncaster

South Yorkshire

DN4 5NU

REGISTERED NUMBER:

07313968 (England and Wales)

FIXED ASSETS

Tangible assets

4

624

136

CURRENT ASSETS

Stocks

36,800

32,600

Debtors

5

548

-

37,348

32,600

CREDITORS

Amounts falling due within one year

6

59,849

55,209

NET CURRENT LIABILITIES

(22,501

)

(22,609

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(21,877

)

(22,473

)

CREDITORS

Amounts falling due after more than one year

7

-

1,520

NET LIABILITIES

(21,877

)

(23,993

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(21,977

)

(24,093

)

SHAREHOLDERS' FUNDS

(21,877

)

(23,993

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 13 November 2019 and were signed on its behalf by:

S Dungworth - Director

1.	STATUTORY INFORMATION

Cornerstone Jewellers (Bolsover) Limited is a private company, limited by shares , registered in England and

Wales. The company's registered number and registered office address can be found on the Company

Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance and Straight line over 3 years

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2018 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 August 2018

1,522

Additions

671

Disposals

(342

)

At 31 July 2019

1,851

DEPRECIATION

At 1 August 2018

1,386

Charge for year

183

Eliminated on disposal

(342

)

At 31 July 2019

1,227

NET BOOK VALUE

At 31 July 2019

624

At 31 July 2018

136

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Other debtors

548

-

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

71

6,961

Trade creditors

8,916

9,185

Taxation and social security

1,163

1,124

Other creditors

49,699

37,939

59,849

55,209

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Bank loans

-

1,520

None of the amounts due after more than one year are due after more than five years.

8.	CONTROLLING PARTY

The company is controlled by the directors who own 100% of the issued share capital.

9.	GOING CONCERN

The financial statements have been prepared on the going concern basis, notwithstanding net liabilities of

£22,501 (£22,609 - 2018) which the directors believe to be appropriate for the following reasons. The company

is dependent for its working capital on funds provided to it by the directors and the support of the bank. The

directors will continue to provide the company with an undertaking that for at least 12 months from the date of

approval of these financial statements and will not seek repayment of the amounts currently made available. This

should enable the company to continue in operational existence for the foreseeable future by meeting its

liabilities as they fall due for payment.

Based on this assurance the directors believe that it remains appropriate to prepare the financial statements on a

going concern basis. The financial statements do not include any adjustments that would result from the basis of

preparation being inappropriate.