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Registration number: 04856842

The Canny Company Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2022

 

The Canny Company Limited

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 8

 

The Canny Company Limited

(Registration number: 04856842)
Balance Sheet as at 28 February 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

5

1,288

1,442

Other financial assets

6

57

57

 

1,345

1,499

Current assets

 

Stocks

7

23,949

28,712

Debtors

8

94,776

94,719

Cash at bank and in hand

 

111,510

58,730

 

230,235

182,161

Creditors: Amounts falling due within one year

9

(19,323)

(16,361)

Net current assets

 

210,912

165,800

Net assets

 

212,257

167,299

Capital and reserves

 

Called up share capital

200

200

Retained earnings

212,057

167,099

Shareholders' funds

 

212,257

167,299

 

The Canny Company Limited

(Registration number: 04856842)
Balance Sheet as at 28 February 2022

For the financial year ending 28 February 2022 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 15 August 2022 and signed on its behalf by:
 

.........................................
Mr S McElherron
Company secretary and director

 

The Canny Company Limited

Notes to the Financial Statements for the Year Ended 28 February 2022

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
c/o Thurstons Accountancy Ltd
Suite 15, Business First Centre
Empire Way
Burnley
Lancashire
BB12 6HH
England

These financial statements were authorised for issue by the Board on 15 August 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared in sterling (£) using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Government grants in relation to tangible fixed assets are credited to the profit or loss account over the useful lives of the related assets, where as those in relation to expenditure are credited when the expenditure is charged to the profit and loss.

 

The Canny Company Limited

Notes to the Financial Statements for the Year Ended 28 February 2022

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

33% straight line and 25% straight line

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Patents

10% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

The Canny Company Limited

Notes to the Financial Statements for the Year Ended 28 February 2022

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2021 - 3).

 

The Canny Company Limited

Notes to the Financial Statements for the Year Ended 28 February 2022

4

Intangible assets

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 March 2021

52,073

52,073

At 28 February 2022

52,073

52,073

Amortisation

At 1 March 2021

52,073

52,073

At 28 February 2022

52,073

52,073

Carrying amount

At 28 February 2022

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 March 2021

18,351

18,351

Additions

831

831

At 28 February 2022

19,182

19,182

Depreciation

At 1 March 2021

16,909

16,909

Charge for the year

985

985

At 28 February 2022

17,894

17,894

Carrying amount

At 28 February 2022

1,288

1,288

At 28 February 2021

1,442

1,442

 

The Canny Company Limited

Notes to the Financial Statements for the Year Ended 28 February 2022

6

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 March 2021

57

57

At 28 February 2022

57

57

Impairment

Carrying amount

At 28 February 2022

57

57

7

Stocks

2022
£

2021
£

Other inventories

23,949

28,712

8

Debtors

Current

2022
£

2021
£

Trade debtors

63,943

64,667

Other debtors

30,833

30,052

 

94,776

94,719

9

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Trade creditors

 

6,164

3,656

Amounts owed to group undertakings and undertakings in which the company has a participating interest

10

798

973

Taxation and social security

 

10,845

8,092

Accruals and deferred income

 

1,200

3,203

Other creditors

 

316

437

 

19,323

16,361

 

The Canny Company Limited

Notes to the Financial Statements for the Year Ended 28 February 2022

10

Related party transactions

Transactions with directors

2022

At 1 March 2021
£

Repayments by director
£

At 28 February 2022
£

Mr S McElherron

This is an interest free loan and is repayable on demand.

17,504

(17,504)

-

       
     

 

2021

At 1 March 2020
£

Advances to director
£

Repayments by director
£

At 28 February 2021
£

Mr S McElherron

This is an interest free loan and is repayable on demand.

38,352

17,504

(38,352)

17,504