Cornvalley Limited - Accounts to registrar (filleted) - small 18.2
Cornvalley Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 NOVEMBER 2020 |
| FOR |
| CORNVALLEY LIMITED |
| CORNVALLEY LIMITED (REGISTERED NUMBER: 03273122) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 NOVEMBER 2020 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 4 |
| CORNVALLEY LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 30 NOVEMBER 2020 |
| DIRECTOR: |
| SECRETARY: |
| REGISTERED OFFICE: |
| BUSINESS ADDRESS: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 34 Waterloo Road |
| Wolverhampton |
| West Midlands |
| WV1 4DG |
| CORNVALLEY LIMITED (REGISTERED NUMBER: 03273122) |
| STATEMENT OF FINANCIAL POSITION |
| 30 NOVEMBER 2020 |
| 2020 | 2019 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investment property | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Prepayments and accrued income |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Revaluation reserve | 10 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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. |
| CORNVALLEY LIMITED (REGISTERED NUMBER: 03273122) |
| STATEMENT OF FINANCIAL POSITION - continued |
| 30 NOVEMBER 2020 |
| 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 |
| CORNVALLEY LIMITED (REGISTERED NUMBER: 03273122) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 NOVEMBER 2020 |
| 1. | STATUTORY INFORMATION |
| Cornvalley Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Tangible fixed assets |
| Plant and machinery | - |
| Investment property |
| Investment property is shown at most recent valuation. The freehold property is being depreciated over a period of 50 years. |
| Financial instruments |
| Financial assets |
| Financial assets comprise cash at bank and in hand and trade debtors; these are initially recorded at cost on the date they originate and are subsequently recorded at cost less provisions for impairment. The company considers evidence of impairment for all individual trade, and any subsequent impairment is recognised in the statement of income and retained earnings. |
| Impairment of financial assets |
| Impairment provisions are recognised where there is objective evidence that a financial asset or group of financial assets is impaired. Objective evidence includes significant financial difficulties of the counterparty. default or significant delays in payment. |
| Impairment provisions represent the difference between the net carrying amount of a financial asset and the value of the expected future cash receipts from that asset. |
| 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 statement of financial position date. |
| CORNVALLEY LIMITED (REGISTERED NUMBER: 03273122) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 NOVEMBER 2020 |
| 2. | ACCOUNTING POLICIES - continued |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 NIL (2019 - |
| 4. | TANGIBLE FIXED ASSETS |
| Plant and |
| machinery |
| £ |
| COST |
| At 1 December 2019 |
| and 30 November 2020 |
| DEPRECIATION |
| At 1 December 2019 |
| Charge for year |
| At 30 November 2020 |
| NET BOOK VALUE |
| At 30 November 2020 |
| At 30 November 2019 |
| 5. | INVESTMENT PROPERTY |
| Total |
| £ |
| COST OR VALUATION |
| At 1 December 2019 |
| Revaluations |
| At 30 November 2020 |
| NET BOOK VALUE |
| At 30 November 2020 |
| At 30 November 2019 |
| CORNVALLEY LIMITED (REGISTERED NUMBER: 03273122) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 NOVEMBER 2020 |
| 5. | INVESTMENT PROPERTY - continued |
| Cost or valuation at 30 November 2020 is represented by: |
| £ |
| Valuation in 2012 | 605,927 |
| Valuation in 2017 | 409,379 |
| Valuation in 2020 | 689,999 |
| Cost | 13,194,695 |
| 14,900,000 |
| If investment property had not been revalued it would have been included at the following historical cost: |
| 2020 | 2019 |
| £ | £ |
| Cost | 13,194,695 | 13,194,695 |
| Investment property has been valued by the director at open market value as at 30th November 2020. |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Trade debtors |
| Cash in hand of agent | 84,334 | 55,417 |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Bank loans and overdrafts (see note 9) |
| Other loans (see note 9) |
| Trade creditors |
| Corporation tax payable |
| Social security and other taxes |
| Directors' current accounts | - | 1,678,683 |
| Accrued expenses |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Bank loans (see note 9) |
| Other loans (see note 9) |
| Directors' loan accounts | 1,523,698 | - |
| CORNVALLEY LIMITED (REGISTERED NUMBER: 03273122) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 NOVEMBER 2020 |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
| 2020 | 2019 |
| £ | £ |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans repayable after more than 5 years | 718,707 | 927,912 |
| 9. | LOANS |
| An analysis of the maturity of loans is given below: |
| 2020 | 2019 |
| £ | £ |
| Amounts falling due within one year or on demand: |
| Bank loans |
| Other loans |
| Amounts falling due between one and two years: |
| Bank loans - 1-2 years |
| Other loans - 1-2 years | 1,373,989 |
| Amounts falling due between two and five years: |
| Bank loans repayable between 2 - 5 years |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans repayable after more than 5 years | 718,707 | 927,912 |
| The bank loans are secured against Investment properties of the company. The loans are repayable as stated above. Interest is calculated at various rates. |
| 10. | RESERVES |
| Revaluation |
| reserve |
| £ |
| At 1 December 2019 |
| Surplus arising in year | 689,999 |
| At 30 November 2020 |