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REGISTERED NUMBER: 04003288 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 May 2023

for

CAN Builders Limited

CAN Builders Limited (Registered number: 04003288)

Contents of the Financial Statements
for the Year Ended 31 May 2023










Page

Balance Sheet 1

Notes to the Financial Statements 3


CAN Builders Limited (Registered number: 04003288)

Balance Sheet
31 May 2023

31.5.23 31.5.22
Notes £ £
Fixed assets
Tangible assets 5 105,162 73,107

Current assets
Stocks 267,852 513,120
Debtors 6 51,321 13,927
Cash at bank 480,523 137,028
799,696 664,075
Creditors
Amounts falling due within one year 7 (198,911 ) (134,483 )
Net current assets 600,785 529,592
Total assets less current liabilities 705,947 602,699

Creditors
Amounts falling due after more than one
year

8

(27,953

)

(56,840

)

Provisions for liabilities (24,293 ) (18,277 )
Net assets 653,701 527,582

Capital and reserves
Called up share capital 100 100
Retained earnings 653,601 527,482
Shareholders' funds 653,701 527,582

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

CAN Builders Limited (Registered number: 04003288)

Balance Sheet - continued
31 May 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 9 October 2023 and were signed by:





Mr C A Newby - Director


CAN Builders Limited (Registered number: 04003288)

Notes to the Financial Statements
for the Year Ended 31 May 2023


1. Statutory information

CAN Builders Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 04003288

Registered office: 22-26 King Street
King's Lynn
Norfolk
PE30 1HJ

The presentation currency of the financial statements is the Pound Sterling (£).


2. Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Critical accounting judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 15% p.a. reducing balance
Motor vehicles - 25% p.a. reducing balance
Computer equipment - 15% p.a. reducing balance

Tangible assets are initially recorded at cost and subsequently stated at cost less any accumulated depreciation and impairment loss.

CAN Builders Limited (Registered number: 04003288)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023


3. Accounting policies - continued

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.

Work in progress
Work in progress is calculated on the basis of the costs incurred on specific contracts. If the ultimate profitability of the contract can be assessed with reasonable certainty having made a prudent allowance for future costs etc. profit is recognised in proportion to the contract work completed. Immediate provision is made for foreseeable losses.

Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. 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 entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.


CAN Builders Limited (Registered number: 04003288)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023


3. Accounting policies - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4. Employees and directors

The average number of employees during the year was 5 (2022 - 5 ) .

CAN Builders Limited (Registered number: 04003288)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023


5. Tangible fixed assets
Plant and Motor Computer
machinery vehicles equipment Totals
£ £ £ £
Cost
At 1 June 2022 115,642 60,525 1,301 177,468
Additions 33,801 27,499 76 61,376
Disposals - (9,995 ) - (9,995 )
At 31 May 2023 149,443 78,029 1,377 228,849
Depreciation
At 1 June 2022 70,459 33,438 464 104,361
Charge for year 11,848 12,415 139 24,402
Eliminated on disposal - (5,076 ) - (5,076 )
At 31 May 2023 82,307 40,777 603 123,687
Net book value
At 31 May 2023 67,136 37,252 774 105,162
At 31 May 2022 45,183 27,087 837 73,107

6. Debtors: amounts falling due within one year
31.5.23 31.5.22
£ £
Trade debtors 44,639 1,839
Other debtors 6,682 12,088
51,321 13,927

7. Creditors: amounts falling due within one year
31.5.23 31.5.22
£ £
Bank loans and overdrafts 31,720 30,302
Hire purchase contracts - 5,157
Trade creditors 51,619 41,465
Taxation and social security 63,116 18,726
Other creditors 52,456 38,833
198,911 134,483

8. Creditors: amounts falling due after more than one year
31.5.23 31.5.22
£ £
Bank loans 27,953 56,840

CAN Builders Limited (Registered number: 04003288)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023


9. Secured debts

The following secured debts are included within creditors:

31.5.23 31.5.22
£ £
Hire purchase contracts - 5,157

Hire purchase balances are secured over the asset to which the balance relates.

10. Related party disclosures

Transactions with a net value of £18,472 (2022 - £29,313) were undertaken with the director leaving an outstanding balance owed by the company to the director at the balance sheet date of £47,879 (2022 - £29,407).

No further transactions were undertaken that require disclosure under FRS 102 Section 1A.