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REGISTERED NUMBER: 08455706 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2023

for

CANVAS AND CREAM LIMITED

CANVAS AND CREAM LIMITED (REGISTERED NUMBER: 08455706)

Contents of the Financial Statements
FOR THE YEAR ENDED 31 MARCH 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


CANVAS AND CREAM LIMITED

Company Information
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTOR: Mr Cem Sabri Pozam





REGISTERED OFFICE: 18 London Road
Forest Hill
London
SE23 3HF





REGISTERED NUMBER: 08455706 (England and Wales)





ACCOUNTANTS: ADPL LLP
Chartered Certified Accountants
& Business Advisers
Ernest House
293 Green Lanes
Palmers Green
London
N13 4XS

CANVAS AND CREAM LIMITED (REGISTERED NUMBER: 08455706)

Balance Sheet
31 MARCH 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 44,000 49,500
Tangible assets 5 17,293 18,940
61,293 68,440

CURRENT ASSETS
Stocks 53,350 19,565
Debtors 6 58,491 45,594
Cash at bank and in hand 26,177 19,126
138,018 84,285
CREDITORS
Amounts falling due within one year 7 108,680 63,023
NET CURRENT ASSETS 29,338 21,262
TOTAL ASSETS LESS CURRENT
LIABILITIES

90,631

89,702

CREDITORS
Amounts falling due after more than one
year

8

(87,091

)

(84,462

)

PROVISIONS FOR LIABILITIES 9 (3,097 ) (3,222 )
NET ASSETS 443 2,018

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 343 1,918
SHAREHOLDERS' FUNDS 443 2,018

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

CANVAS AND CREAM LIMITED (REGISTERED NUMBER: 08455706)

Balance Sheet - continued
31 MARCH 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 26 October 2023 and were signed by:





Mr Cem Sabri Pozam - Director


CANVAS AND CREAM LIMITED (REGISTERED NUMBER: 08455706)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 MARCH 2023


1. STATUTORY INFORMATION

Canvas And Cream Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

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

In carrying out this assessment, the directors have considered the impact of the Covid-19 pandemic on the trade and finances of the company and wider group and they have taken steps to protect liquidity.
The directors are therefore satisfied that there is no significant risk to the ability of the company to continue as a going concern for at least 12 months from the date of approval of these financial statements.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - 10% on cost
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Computer equipment - 15% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.


CANVAS AND CREAM LIMITED (REGISTERED NUMBER: 08455706)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued
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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2022 - 13 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2022
and 31 March 2023 55,000
AMORTISATION
At 1 April 2022 5,500
Charge for year 5,500
At 31 March 2023 11,000
NET BOOK VALUE
At 31 March 2023 44,000
At 31 March 2022 49,500

CANVAS AND CREAM LIMITED (REGISTERED NUMBER: 08455706)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2023


5. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and Computer
leasehold machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 April 2022 9,913 12,405 32,602 9,942 64,862
Additions - - 1,838 - 1,838
At 31 March 2023 9,913 12,405 34,440 9,942 66,700
DEPRECIATION
At 1 April 2022 7,929 8,258 21,385 8,350 45,922
Charge for year 991 297 1,958 239 3,485
At 31 March 2023 8,920 8,555 23,343 8,589 49,407
NET BOOK VALUE
At 31 March 2023 993 3,850 11,097 1,353 17,293
At 31 March 2022 1,984 4,147 11,217 1,592 18,940

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Other debtors 58,491 45,594

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade creditors 16,098 16,936
Taxation and social security 52,495 19,402
Other creditors 40,087 26,685
108,680 63,023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.23 31.3.22
£    £   
Bank loans 44,578 35,817
Other creditors 42,513 48,645
87,091 84,462

9. PROVISIONS FOR LIABILITIES
31.3.23 31.3.22
£    £   
Deferred tax 3,097 3,222

CANVAS AND CREAM LIMITED (REGISTERED NUMBER: 08455706)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2023


9. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 April 2022 3,222
Credit to Income Statement during year (125 )
Balance at 31 March 2023 3,097