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COMPANY REGISTRATION NUMBER: 12363276
CANNY FINANCE LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 December 2021
CANNY FINANCE LIMITED
FINANCIAL STATEMENTS
Year ended 31 December 2021
CONTENTS
PAGE
Balance sheet
1
Notes to the financial statements
3
CANNY FINANCE LIMITED
BALANCE SHEET
31 December 2021
2021
2020
Note
£
£
FIXED ASSETS
Intangible assets
5
80,189
91,320
CURRENT ASSETS
Stocks
19,681
20,200
Debtors
6
59,750
41,000
Cash at bank and in hand
302,862
49,437
---------
---------
382,293
110,637
CREDITORS: amounts falling due within one year
7
( 121,572)
( 15,508)
---------
---------
NET CURRENT ASSETS
260,721
95,129
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
340,910
186,449
CREDITORS: amounts falling due after more than one year
8
( 34,167)
( 105,715)
---------
---------
NET ASSETS
306,743
80,734
---------
---------
CAPITAL AND RESERVES
Called up share capital
16,069
10,500
Share premium account
687,775
109,250
Profit and loss account
( 397,101)
( 39,016)
---------
---------
SHAREHOLDERS FUNDS
306,743
80,734
---------
---------
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 profit and loss account has not been delivered.
For the year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
CANNY FINANCE LIMITED
BALANCE SHEET (continued)
31 December 2021
These financial statements were approved by the board of directors and authorised for issue on 12 September 2022 , and are signed on behalf of the board by:
Mr S Endacott
Director
Company registration number: 12363276
CANNY FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
Year ended 31 December 2021
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1 Pargate Chase, Rochdale, OL11 5DZ, England.
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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Development costs
-
Over 3 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and development
Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 1 (2020: 1 ).
5. INTANGIBLE ASSETS
Development costs
£
Cost
At 1 January 2021
91,320
Additions
8,225
--------
At 31 December 2021
99,545
--------
Amortisation
Charge for the year
19,356
--------
At 31 December 2021
19,356
--------
Carrying amount
At 31 December 2021
80,189
--------
At 31 December 2020
91,320
--------
6. DEBTORS
2021
2020
£
£
Other debtors
59,750
41,000
--------
--------
The debtors above include the following amounts falling due after more than one year:
2021
2020
£
£
Other debtors
40,000
--------
----
7. CREDITORS: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
10,000
5,618
Trade creditors
40,891
4,620
Social security and other taxes
4,289
590
Other creditors
66,392
4,680
---------
--------
121,572
15,508
---------
--------
8. CREDITORS: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
34,167
44,382
Other creditors
61,333
--------
---------
34,167
105,715
--------
---------
9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
Included within creditors are balances amounting to £61,333 (2020 - £61,333) due to directors. These loans are interest free.
10. RELATED PARTY TRANSACTIONS
During the financial period consultancy fees amounting to £39,593 (2020 - £19,750) were payable to shareholders.