Corbally Group (Perry Barr) Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 09338100 (England and Wales)

CORBALLY GROUP (PERRY BARR) LIMITED

Financial Statements for the Period 31 March 2017 to 31 March 2018

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

D N Kelly

J T Kelly

S A O'Donnell

P J Kelly

REGISTERED OFFICE:

The Mill

One High Street

Henley-In-Arden

Warwickshire

B95 5AA

REGISTERED NUMBER:

09338100 (England and Wales)

AUDITORS:

Lancaster Haskins Limited

Granville House

2 Tettenhall Road

Wolverhampton

West Midlands

WV1 4SB

CURRENT ASSETS

Stocks

1,359,011

Debtors

3

23,587

3,922

1,382,598

1,362,933

CREDITORS

Amounts falling due within one year

4

1,072,464

1,166,126

NET CURRENT ASSETS

310,134

196,807

TOTAL ASSETS LESS CURRENT
LIABILITIES

310,134

196,807

CAPITAL AND RESERVES

Called up share capital

100

Retained earnings

310,034

196,707

SHAREHOLDERS' FUNDS

310,134

196,807

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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 19 December 2018 and were signed on its behalf
by:

P J Kelly - Director

1.	STATUTORY INFORMATION

Corbally Group (Perry Barr) 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.

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

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.

3.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.18

30.3.17

£

Trade debtors

-

2,035

Other debtors

23,587

1,887

23,587

3,922

4.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.18

30.3.17

£

Amounts owed to group undertakings

1,037,429

1,164,091

Other creditors

35,035

2,035

1,072,464

1,166,126

5.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

M Ashton (Senior Statutory Auditor)

for and on behalf of Lancaster Haskins Limited

6.	RELATED PARTY DISCLOSURES

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.

7.	ULTIMATE CONTROLLING PARTY

The controlling party is Corbally Holdings Limited.

The ultimate controlling party is P J Kelly, D N Kelly, J T Kelly.

8.	SIGNIFICANT JUDGEMENTS AND ESTIMATES

Management is required to make judgements, estimates and assumptions about the carrying values of assets and

liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based

on historical experience and other factors that are considered to be relevant. Actual results may differ from these

estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates

are recognised in the period in which the estimate is revised if the revision affects only that period, or in the

period of the revision and future periods if the revision affects both current and future periods.

There are no key sources of estimation uncertainty that have a significant effect on the amounts recognised in the

financial statements.

9.	FINANCIAL RISK MANAGEMENT

The company has exposures to two main areas of risk; liquidity risk and interest rate risk.

Liquidity risk

The objective of the company in managing liquidity risk is to ensure that it can meet its financial obligations as

and when they fall due. The company expects to meet its financial obligations through operating cash flows. In

the event that the operating cash flows would not cover all the financial obligations the company has credit

facilities available.

Interest rate risk

The company may borrows from its bankers using either overdrafts or term loans whose tenure depends on the

nature of the asset and management's view of the future direction of interest rates.