Cornerstone Electronics Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 11762272 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD

11 JANUARY 2019 TO 31 JANUARY 2020

FOR

CORNERSTONE ELECTRONICS LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

R J Green

SECRETARY:

REGISTERED OFFICE:

Unit A17 Admiralty Park

Holton Heath

United Kingdom

Dorset

BH16 6HX

REGISTERED NUMBER:

11762272 (England and Wales)

ACCOUNTANTS:

Elson Geaves Accountants

Chartered Certified Accountants

12 Haviland Road

Ferndown Industrial Estate

Wimborne

Dorset

BH21 7RG

FIXED ASSETS

Tangible assets

4

1,773

CURRENT ASSETS

Stocks

3,549

Debtors

5

3,055

Cash at bank

12,179

18,783

CREDITORS

Amounts falling due within one year

6

20,248

NET CURRENT LIABILITIES

(1,465

)

TOTAL ASSETS LESS CURRENT LIABILITIES

308

CAPITAL AND RESERVES

Called up share capital

1

Retained earnings

307

308

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 January 2020.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 January 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 4 November 2020 and were signed by:

R J Green - Director

1.	STATUTORY INFORMATION

Cornerstone Electronics Ltd 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.

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling

costs in bringing stocks to their present location and condition.

Taxation

Taxation for the period 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 period 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 1 .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

Additions

2,216

At 31 January 2020

2,216

DEPRECIATION

Charge for period

443

At 31 January 2020

443

NET BOOK VALUE

At 31 January 2020

1,773

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Trade debtors

3,055

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Trade creditors

5

Taxation and social security

9,783

Other creditors

10,460

20,248