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Company No: 10605190 (England and Wales)

ABSOLUTE CANVAS LIMITED

Unaudited Financial Statements
For the financial year ended 30 April 2022
Pages for filing with the registrar

ABSOLUTE CANVAS LIMITED

Unaudited Financial Statements

For the financial year ended 30 April 2022

Contents

ABSOLUTE CANVAS LIMITED

COMPANY INFORMATION

For the financial year ended 30 April 2022
ABSOLUTE CANVAS LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 30 April 2022
DIRECTOR Mrs T Finch
SECRETARY Mr C Penellum
REGISTERED OFFICE Higher Argal Farm
Budock Water
Falmouth
Cornwall
TR11 5PE
United Kingdom
COMPANY NUMBER 10605190 (England and Wales)
CHARTERED ACCOUNTANTS Bishop Fleming LLP
Chy Nyverow
Newham Road
Truro
TR1 2DP
ABSOLUTE CANVAS LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 April 2022
ABSOLUTE CANVAS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 April 2022
Note 2022 2021
£ £
Fixed assets
Intangible assets 3 13,200 15,400
Tangible assets 4 719,807 646,227
733,007 661,627
Current assets
Stocks 7,821 13,724
Debtors 5 21,160 14,481
Cash at bank and in hand 9,014 14,540
37,995 42,745
Creditors
Amounts falling due within one year 6 ( 603,883) ( 567,463)
Net current liabilities (565,888) (524,718)
Total assets less current liabilities 167,119 136,909
Creditors
Amounts falling due after more than one year 7 ( 101,944) ( 93,679)
Provision for liabilities ( 48,347) ( 32,727)
Net assets 16,828 10,503
Capital and reserves
Called-up share capital 8 100 100
Revaluation reserve 20,815 20,815
Profit and loss account ( 4,087 ) ( 10,412 )
Total shareholders' funds 16,828 10,503

For the financial year ending 30 April 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 financial statements of Absolute Canvas Limited (registered number: 10605190) were approved and authorised for issue by the Director on 23 August 2022. They were signed on its behalf by:

Mrs T Finch
Director
ABSOLUTE CANVAS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2022
ABSOLUTE CANVAS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2022
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Absolute Canvas Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Higher Argal Farm, Budock Water, Falmouth, Cornwall, TR11 5PE, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Statement of Financial Position date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Statement of Financial Position date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Leasehold improvements not depreciated
Plant and machinery 5 - 15 % reducing balance
Vehicles 10 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2022 2021
Number Number
Monthly average number of persons employed by the Company during the year, including the director 6 4

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 May 2021 22,000 22,000
At 30 April 2022 22,000 22,000
Accumulated amortisation
At 01 May 2021 6,600 6,600
Charge for the financial year 2,200 2,200
At 30 April 2022 8,800 8,800
Net book value
At 30 April 2022 13,200 13,200
At 30 April 2021 15,400 15,400

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Total
£ £ £ £
Cost
At 01 May 2021 1,741 641,819 117,016 760,576
Additions 0 76,368 43,643 120,011
Disposals 0 ( 3,556) 0 ( 3,556)
At 30 April 2022 1,741 714,631 160,659 877,031
Accumulated depreciation
At 01 May 2021 0 96,563 17,786 114,349
Charge for the financial year 0 28,613 14,262 42,875
At 30 April 2022 0 125,176 32,048 157,224
Net book value
At 30 April 2022 1,741 589,455 128,611 719,807
At 30 April 2021 1,741 545,256 99,230 646,227

5. Debtors

2022 2021
£ £
Trade debtors 15,021 2,098
Prepayments 6,139 5,874
Other debtors 0 6,509
21,160 14,481

6. Creditors: amounts falling due within one year

2022 2021
£ £
Bank loans and overdrafts 15,208 5,600
Trade creditors 35,761 33,271
Other creditors 203,612 298,425
Accruals and deferred income 289,791 178,457
Other taxation and social security 36,305 32,063
Obligations under finance leases and hire purchase contracts (secured) 23,206 19,647
603,883 567,463

Obligations under finance leases and hire purchase contracts of £23,206 (2021: £19,647) are secured over the assets to which they relate.

7. Creditors: amounts falling due after more than one year

2022 2021
£ £
Bank loans 39,352 44,400
Obligations under finance leases and hire purchase contracts (secured) 62,592 49,279
101,944 93,679

Obligations under finance leases and hire purchase contracts of £62,592 (2021: £49,279) are secured over the assets to which they relate.

8. Called-up share capital

2022 2021
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100