Cornerstone Commercial Insurance Service - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 07464619 (Wales)

CORNERSTONE COMMERCIAL INSURANCE

SERVICES LTD

Unaudited Financial Statements

for the Year Ended 31 December 2022

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

R Hooper-Nash

M I Wayman

D Bennett

REGISTERED OFFICE:

Unit E Copse Walk

Cardiff Gate Business Park

Cardiff

CF23 8RB

REGISTERED NUMBER:

07464619 (Wales)

ACCOUNTANTS:

O'Brien and Partners

Accountants & Business Advisors

Highdale House

7 Centre Court

Treforest Industrial Estate

Pontypridd

Rhondda Cynon Taff

CF37 5YR

FIXED ASSETS

Intangible assets

4

12,251

16,334

Tangible assets

5

3,301

4,153

15,552

20,487

CURRENT ASSETS

Debtors

6

24,724

5,748

Cash at bank

10,877

10,919

35,601

16,667

CREDITORS

Amounts falling due within one year

7

26,344

38,233

NET CURRENT ASSETS/(LIABILITIES)

9,257

(21,566

)

TOTAL ASSETS LESS CURRENT LIABILITIES

24,809

(1,079

)

PROVISIONS FOR LIABILITIES

627

789

NET ASSETS/(LIABILITIES)

24,182

(1,868

)

CAPITAL AND RESERVES

Called up share capital

10,000

10,000

Retained earnings

14,182

(11,868

)

24,182

(1,868

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 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 and authorised for issue on 29 September 2023 and were signed on its behalf by:

M I Wayman - Director

1.	STATUTORY INFORMATION

Cornerstone Commercial Insurance Services Ltd is a private company, limited by shares , registered in Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

The company meets its working capital requirements through the ongoing support of its parent company. If this support is removed, it may not be appropriate for the financial statements to be prepared on a going concern basis and as such the company's assets and liabilities may have to be restated.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2021, is being amortised evenly over its estimated useful life of five years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Computer equipment

-

20% on cost

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.

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 year was 3 (2021 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2022

and 31 December 2022

20,418

AMORTISATION

At 1 January 2022

4,084

Charge for year

4,083

At 31 December 2022

8,167

NET BOOK VALUE

At 31 December 2022

12,251

At 31 December 2021

16,334

5.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 January 2022

and 31 December 2022

6,389

DEPRECIATION

At 1 January 2022

2,236

Charge for year

852

At 31 December 2022

3,088

NET BOOK VALUE

At 31 December 2022

3,301

At 31 December 2021

4,153

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Other debtors

24,724

5,748

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Taxation and social security

10,571

15,031

Other creditors

15,773

23,202

26,344

38,233