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COMPANY REGISTRATION NUMBER: 04825819
Cantelowes Limited
Filleted Unaudited Financial Statements
31 July 2022
Cantelowes Limited
Statement of Financial Position
31 July 2022
2022
2021
Note
£
£
£
Fixed assets
Tangible assets
5
47,905
52,317
Current assets
Debtors
6
119,448
109,968
Cash at bank and in hand
124,530
177,609
---------
---------
243,978
287,577
Creditors: amounts falling due within one year
7
111,037
203,273
---------
---------
Net current assets
132,941
84,304
---------
---------
Total assets less current liabilities
180,846
136,621
Creditors: amounts falling due after more than one year
8
33,333
41,667
---------
---------
Net assets
147,513
94,954
---------
---------
Capital and reserves
Called up share capital
4,000
4,000
Share premium account
38,856
38,856
Profit and loss account
104,657
52,098
---------
--------
Shareholders funds
147,513
94,954
---------
--------
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 Section 1A of 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.
For the year ending 31 July 2022 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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Cantelowes Limited
Statement of Financial Position (continued)
31 July 2022
These financial statements were approved by the board of directors and authorised for issue on 26 August 2022 , and are signed on behalf of the board by:
Mr. Ashby
Director
Company registration number: 04825819
Cantelowes Limited
Notes to the Financial Statements
Year ended 31 July 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 15 Bowling Green Lane, London, EC1R 0BD.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Revenue recognition
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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
Leasehold Property
-
10% straight line
Fixtures and Fittings
-
33% straight line
Equipment
-
33% straight line
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 15 (2021: 15 ).
5. Tangible assets
Land and buildings
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 August 2021
16,513
23,159
125,097
164,769
Additions
318
3,774
4,092
--------
--------
---------
---------
At 31 July 2022
16,513
23,477
128,871
168,861
--------
--------
---------
---------
Depreciation
At 1 August 2021
10,076
17,319
85,057
112,452
Charge for the year
1,154
2,105
5,245
8,504
--------
--------
---------
---------
At 31 July 2022
11,230
19,424
90,302
120,956
--------
--------
---------
---------
Carrying amount
At 31 July 2022
5,283
4,053
38,569
47,905
--------
--------
---------
---------
At 31 July 2021
6,437
5,840
40,040
52,317
--------
--------
---------
---------
6. Debtors
2022
2021
£
£
Trade debtors
119,448
109,968
---------
---------
7. Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
8,333
8,333
Trade creditors
36,149
99,771
Corporation tax
44,176
34,027
Social security and other taxes
13,639
33,838
Other creditors
8,740
27,304
---------
---------
111,037
203,273
---------
---------
8. Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
33,333
41,667
--------
--------
9. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2022
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr. Ashby
( 25,300)
16,560
( 8,740)
--------
--------
-------
2021
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr. Ashby
( 18,250)
( 7,050)
( 25,300)
--------
-------
--------
10. Related party transactions
The company was under the control of Mr P Ashby throughout the current period. Mr Ashby is the managing director and majority shareholder.