Company Registration No. 12887493 (England and Wales)
Canonbury Investments Limited
Unaudited financial statements
for the period ended 30 September 2021
Pages for filing with the Registrar
Canonbury Investments Limited
Contents
Page
Statement of financial position
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 7
Canonbury Investments Limited
Statement of financial position
As at 30 September 2021
Page 1
2021
Notes
£
£
Fixed assets
Investment properties
3
859,583
Current assets
Debtors
4
421
Cash at bank and in hand
634
1,055
Creditors: amounts falling due within one year
5
(973,390)
Net current liabilities
(972,335)
Net liabilities
(112,752)
Capital and reserves
Called up share capital
6
2
Profit and loss reserves
(112,754)
Total equity
(112,752)
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial period ended 30 September 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Canonbury Investments Limited
Statement of financial position (continued)
As at 30 September 2021
Page 2
The financial statements were approved by the board of directors and authorised for issue on 14 September 2022 and are signed on its behalf by:
Nadia Khan
Director
Company Registration No. 12887493
Canonbury Investments Limited
Statement of changes in equity
For the period ended 30 September 2021
Page 3
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 17 September 2020
Period ended 30 September 2021:
Loss and total comprehensive income for the period
-
(112,754)
(112,754)
Issue of share capital
6
2
-
2
Balance at 30 September 2021
2
(112,754)
(112,752)
Canonbury Investments Limited
Notes to the financial statements
For the period ended 30 September 2021
Page 4
1
Accounting policies
Company information
Canonbury Investments Limited is a private company limited by shares incorporated in England and Wales. The registered office is 128 City Road, London, EC1V 2NX.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.3
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 current liabilities.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Canonbury Investments Limited
Notes to the financial statements (continued)
For the period ended 30 September 2021
1
Accounting policies (continued)
Page 5
Basic financial assets
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2021
Number
Total
Canonbury Investments Limited
Notes to the financial statements (continued)
For the period ended 30 September 2021
Page 6
3
Investment property
2021
£
Fair value
At 17 September 2020
Additions
859,583
At 30 September 2021
859,583
The fair value of the investment property has been arrived at on 30 September 2021 by the director. The valuation was made on an open market value basis by reference to cost price and market evidence for similar properties.
4
Debtors
2021
Amounts falling due within one year:
£
Other debtors
421
5
Creditors: amounts falling due within one year
2021
£
Bank loans
375,000
Other borrowings
514,501
Other creditors
81,369
Accruals and deferred income
2,520
973,390
Bank loans are secured by fixed and floating charges over investment property.
6
Called up share capital
2021
2021
Ordinary share capital
Number
£
Issued and fully paid
Ordinary shares of £1 each
2
2
Each share has full voting rights and full entitlement to profit and capital distribution.
Canonbury Investments Limited
Notes to the financial statements (continued)
For the period ended 30 September 2021
Page 7
7
Directors' transactions
At the year end within other creditors is an amount due to directors of £81,369.
8
Ultimate controlling party
Nadia Khan is considered to be the ultimate controlling party.