Corinthian Plant Limited 31/12/2019 iXBRL

CORINTHIAN PLANT LTD - Company Information

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Company registration number: 10391225

Corinthian Plant Limited

Unaudited filleted financial statements

31 December 2019

Corinthian Plant Limited

Contents

Directors and other information

Accountants report

Statement of financial position

Notes to the financial statements

Corinthian Plant Limited

Directors and other information


	Director	Mr Simon Wright


	Company number	10391225


	Registered office	Mulberry House
		Pen Y Pound
		Abergavenny
		NP7 5UD


	Business address	Mulberry House
		Pen Y Pound
		Abergavenny
		NP7 5UD


	Accountants	Morgan Hemp
		103-104 Walter Road
		Swansea
		SA1 5QF

Corinthian Plant Limited

Report to the director on the preparation of the

unaudited statutory financial statements of Corinthian Plant Limited

Year ended 31 December 2019

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Corinthian Plant Limited for the year ended 31 December 2019 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.

This report is made solely to the director of Corinthian Plant Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Corinthian Plant Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Corinthian Plant Limited and its director as a body for our work or for this report.

It is your duty to ensure that Corinthian Plant Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Corinthian Plant Limited. You consider that Corinthian Plant Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Corinthian Plant Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Morgan Hemp

103-104 Walter Road

Swansea

SA1 5QF

27 May 2020

Corinthian Plant Limited

Statement of financial position

31 December 2019

		2019		2018
	Note	£	£	£	£

Fixed assets
Tangible assets	4	537,411		505,106
		_______		_______
			537,411		505,106

Current assets
Debtors	5	223,086		91,987
Cash at bank and in hand		45,662		630
		_______		_______
		268,748		92,617
Creditors: amounts falling due
within one year	6	( 281,594)		( 130,032)
		_______		_______
Net current liabilities			( 12,846)		( 37,415)
			_______		_______
Total assets less current liabilities			524,565		467,691

Creditors: amounts falling due
after more than one year	7		( 401,534)		( 451,265)

Provisions for liabilities			( 23,289)		-

			_______		_______
Net assets			99,742		16,426
			_______		_______

Capital and reserves
Called up share capital			100		100
Profit and loss account			99,642		16,326
			_______		_______
Shareholders funds			99,742		16,426
			_______		_______

For the year ending 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The 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 director acknowledges their responsibilities for complying with the requirements of the Act 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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 27 May 2020 , and are signed on behalf of the board by:

Mr Simon Wright

Director

Company registration number: 10391225

Corinthian Plant Limited

Notes to the financial statements

Year ended 31 December 2019

1. General information

The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is Mulberry House, Pen Y Pound, Abergavenny, NP7 5UD.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

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.

Tangible assets

tangible assets are initially recorded at cost, and are 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Plant and machinery	-	15 %	straight line
Motor vehicles	-	25 %	straight line

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a 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. Debt instruments are subsequently measured at amortised cost. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

4. Tangible assets

	Fixtures, fittings and equipment	Motor vehicles	Total
	£	£	£
Cost
At 1 January 2019	463,660	172,821	636,481
Additions	137,397	31,153	168,550
Disposals	-	( 54,351)	( 54,351)
	_______	_______	_______
At 31 December 2019	601,057	149,623	750,680
	_______	_______	_______
Depreciation
At 1 January 2019	70,449	60,926	131,375
Charge for the year	72,646	34,933	107,579
Disposals	-	( 25,685)	( 25,685)
	_______	_______	_______
At 31 December 2019	143,095	70,174	213,269
	_______	_______	_______
Carrying amount
At 31 December 2019	457,962	79,449	537,411
	_______	_______	_______
At 31 December 2018	393,211	111,895	505,106
	_______	_______	_______

5. Debtors

	2019	2018
	£	£
Trade debtors	500	-
Other debtors	222,586	91,987
	_______	_______
	223,086	91,987
	_______	_______

6. Creditors: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	22,339	2,220
Social security and other taxes	21,396	26,861
Other creditors	237,859	100,951
	_______	_______
	281,594	130,032
	_______	_______

7. Creditors: amounts falling due after more than one year

	2019	2018
	£	£
Other creditors	401,534	451,265
	_______	_______

8. Related party transactions

Included in debtors is a balance owed from Corinthian Access Limited of £135,466 (2018: £51,632), the company is connected by the directors. Included in debtors is a balance owed from Hayle Harbour Authority Operations Limited of £1,500 (2018: £1500), the company is connected by the directors. Included in debtors is a balance owed from Sennybridge Limited of £43,120 (2018: £34,544 ), the company is connected by the directors. Included in debtors is a balance owed from Sennybridge Hayle Limited of £35,200 (2018: £nil), the company is connected by the directors.Included in debtors is a balance owed from Hayle Harbour Operations Limited of £7,200 (2018: nil), the company is connected by the directors.