Silverfin false 31/05/2023 01/06/2022 31/05/2023 C R Gillan 11/05/2015 D C Porter 11/05/2015 30 October 2023 The principal activity of the Company during the financial year was that of manufacturing and wholesale of canes. 09583913 2023-05-31 09583913 bus:Director1 2023-05-31 09583913 bus:Director2 2023-05-31 09583913 2022-05-31 09583913 core:CurrentFinancialInstruments 2023-05-31 09583913 core:CurrentFinancialInstruments 2022-05-31 09583913 core:Non-currentFinancialInstruments 2023-05-31 09583913 core:Non-currentFinancialInstruments 2022-05-31 09583913 core:ShareCapital 2023-05-31 09583913 core:ShareCapital 2022-05-31 09583913 core:CapitalRedemptionReserve 2023-05-31 09583913 core:CapitalRedemptionReserve 2022-05-31 09583913 core:RetainedEarningsAccumulatedLosses 2023-05-31 09583913 core:RetainedEarningsAccumulatedLosses 2022-05-31 09583913 core:PatentsTrademarksLicencesConcessionsSimilar 2022-05-31 09583913 core:PatentsTrademarksLicencesConcessionsSimilar 2023-05-31 09583913 core:LandBuildings 2022-05-31 09583913 core:PlantMachinery 2022-05-31 09583913 core:Vehicles 2022-05-31 09583913 core:FurnitureFittings 2022-05-31 09583913 core:OfficeEquipment 2022-05-31 09583913 core:LandBuildings 2023-05-31 09583913 core:PlantMachinery 2023-05-31 09583913 core:Vehicles 2023-05-31 09583913 core:FurnitureFittings 2023-05-31 09583913 core:OfficeEquipment 2023-05-31 09583913 core:ShareCapital 2021-05-31 09583913 core:CapitalRedemptionReserve 2021-05-31 09583913 2022-06-01 2023-05-31 09583913 bus:FullAccounts 2022-06-01 2023-05-31 09583913 bus:SmallEntities 2022-06-01 2023-05-31 09583913 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 09583913 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 09583913 bus:Director1 2022-06-01 2023-05-31 09583913 bus:Director2 2022-06-01 2023-05-31 09583913 core:PatentsTrademarksLicencesConcessionsSimilar core:TopRangeValue 2022-06-01 2023-05-31 09583913 core:PatentsTrademarksLicencesConcessionsSimilar 2022-06-01 2023-05-31 09583913 core:LandBuildings core:BottomRangeValue 2022-06-01 2023-05-31 09583913 core:LandBuildings core:TopRangeValue 2022-06-01 2023-05-31 09583913 core:PlantMachinery 2022-06-01 2023-05-31 09583913 core:Vehicles 2022-06-01 2023-05-31 09583913 core:FurnitureFittings 2022-06-01 2023-05-31 09583913 core:OfficeEquipment 2022-06-01 2023-05-31 09583913 2021-06-01 2022-05-31 09583913 core:LandBuildings 2022-06-01 2023-05-31 09583913 core:Non-currentFinancialInstruments 2022-06-01 2023-05-31 09583913 core:ShareCapital 1 2022-06-01 2023-05-31 09583913 core:CapitalRedemptionReserve 1 2022-06-01 2023-05-31 09583913 core:ShareCapital 2 2022-06-01 2023-05-31 09583913 core:CapitalRedemptionReserve 2 2022-06-01 2023-05-31 09583913 core:ShareCapital 1 2021-06-01 2022-05-31 09583913 core:CapitalRedemptionReserve 1 2021-06-01 2022-05-31 09583913 core:ShareCapital 2 2021-06-01 2022-05-31 09583913 core:CapitalRedemptionReserve 2 2021-06-01 2022-05-31 iso4217:GBP xbrli:pure

Company No: 09583913 (England and Wales)

CLASSIC CANES LIMITED

Unaudited Financial Statements
For the financial year ended 31 May 2023
Pages for filing with the registrar

CLASSIC CANES LIMITED

Unaudited Financial Statements

For the financial year ended 31 May 2023

Contents

CLASSIC CANES LIMITED

BALANCE SHEET

As at 31 May 2023
CLASSIC CANES LIMITED

BALANCE SHEET (continued)

As at 31 May 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 1,084 3,523
Tangible assets 4 362,972 374,680
364,056 378,203
Current assets
Stocks 5 449,822 298,335
Debtors 6 101,506 108,691
Cash at bank and in hand 25,000 161,833
576,328 568,859
Creditors: amounts falling due within one year 7 ( 292,665) ( 165,647)
Net current assets 283,663 403,212
Total assets less current liabilities 647,719 781,415
Creditors: amounts falling due after more than one year 8 0 ( 39,244)
Net assets 647,719 742,171
Capital and reserves
Called-up share capital 9 150,300 250,300
Capital redemption reserve 9 200,000 100,000
Profit and loss account 297,419 391,871
Total shareholders' funds 647,719 742,171

For the financial year ending 31 May 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Classic Canes Limited (registered number: 09583913) were approved and authorised for issue by the Director on 30 October 2023. They were signed on its behalf by:

C R Gillan
Director
CLASSIC CANES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2023
CLASSIC CANES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Classic Canes Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Hendford Manor, Yeovil, BA20 1UN, England, United Kingdom. The principal place of business is Warren House, Hinton Park, Hinton ST George, Somerset, TA17 8TQ.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Trademarks, patents and licences 5 years straight line
Trademarks, patents and licences

Separately acquired patents and trademarks are included at cost and amortised in equal annual instalments over a period of 5 years which is their estimated useful economic life. Provision is made for any impairment.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 0 - 25 years straight line
Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 25 % reducing balance
Office equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Share capital

Ordinary shares and redeemable preference 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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 7 5

3. Intangible assets

Trademarks, patents
and licences
Total
£ £
Cost
At 01 June 2022 12,196 12,196
At 31 May 2023 12,196 12,196
Accumulated amortisation
At 01 June 2022 8,673 8,673
Charge for the financial year 2,439 2,439
At 31 May 2023 11,112 11,112
Net book value
At 31 May 2023 1,084 1,084
At 31 May 2022 3,523 3,523

4. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £ £
Cost
At 01 June 2022 359,387 24,253 77,912 1,284 10,092 472,928
Additions 0 0 0 0 3,986 3,986
At 31 May 2023 359,387 24,253 77,912 1,284 14,078 476,914
Accumulated depreciation
At 01 June 2022 28,588 17,495 45,044 692 6,429 98,248
Charge for the financial year 4,084 1,689 8,217 148 1,556 15,694
At 31 May 2023 32,672 19,184 53,261 840 7,985 113,942
Net book value
At 31 May 2023 326,715 5,069 24,651 444 6,093 362,972
At 31 May 2022 330,799 6,758 32,868 592 3,663 374,680

Included within the net book value of land and buildings above is £326,715 (2022 - £330,799) in respect of freehold land and buildings.

5. Stocks

2023 2022
£ £
Stocks 449,822 298,335

6. Debtors

2023 2022
£ £
Trade debtors 48,490 33,014
Other debtors 53,016 75,677
101,506 108,691

7. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 41,752 26,492
Corporation tax 32,172 27,323
Other taxation and social security 30,181 29,318
Obligations under finance leases and hire purchase contracts (secured) 43,486 11,976
Other creditors 145,074 70,538
292,665 165,647

8. Creditors: amounts falling due after more than one year

2023 2022
£ £
Obligations under finance leases and hire purchase contracts (secured) 0 39,244

Hire purchase contracts are secured on the assets concerned, which are included within motor vehicles. At the balance sheet date, the assets concerned had a combined net book value of £24,651 (2022- £32,868).

9. Changes in equity

Called-up share capital Capital redemption reserve
£ £
At 01 June 2022 250,300 100,000
Redemption of preference share capital ( 100,000) 0
Other capital redemption reserve movements - transfer from profit and loss account 0 100,000
At 31 May 2023 150,300 200,000
At 01 June 2021 290,300 60,000
Redemption of preference share capital ( 40,000) 0
Other capital redemption reserve movements - transfer from profit and loss account 0 40,000
At 31 May 2022 250,300 100,000

During the year, 100,000 preference shares were redeemed at par. In the prior year, 40,000 preference shares were redeemed at par.

10. Related party transactions

Transactions with the entity's directors

Advances

D C Porter

Directors loan accounts are repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.

At 1 June 2022, the balance owed by the director was £5,925. During the year, £5,925 was repaid by the director. At 31 May 2023, there was no balance owed by the director.

At 1 June 2021, the balance owed by the director was £nil. During the year, £27,953 was advanced to the director, and £22,028 was repaid by the director. At 31 May 2022, the balance owed by the director was £5,925.