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REGISTERED NUMBER: 10115903 (England and Wales)


Financial Statements for the Year Ended 31 March 2023

for

Canton News Ltd

Canton News Ltd (Registered number: 10115903)






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




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Canton News Ltd

Company Information
for the Year Ended 31 March 2023







DIRECTOR: Mr Jaswinder Singh Beghal





REGISTERED OFFICE: 23-25 Bridge Street
Troedyrhiw
Merthyr Tydfil
Wales
CF48 4DT





REGISTERED NUMBER: 10115903 (England and Wales)





ACCOUNTANTS: Sterling Accounting Services Limited
Bridge House
9-13 Holbrook Lane
Coventry
CV6 4AD

Canton News Ltd (Registered number: 10115903)

Statement of Financial Position
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 92,000 92,000
Property, plant and equipment 5 28,378 31,129
120,378 123,129

CURRENT ASSETS
Inventories 60,615 50,522
Debtors 6 30,000 1,172
Cash at bank and in hand 11,739 46,614
102,354 98,308
CREDITORS
Amounts falling due within one year 7 103,234 92,166
NET CURRENT (LIABILITIES)/ASSETS (880 ) 6,142
TOTAL ASSETS LESS CURRENT
LIABILITIES

119,498

129,271

CREDITORS
Amounts falling due after more than one
year

8

87,743

97,767
NET ASSETS 31,755 31,504

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 31,655 31,404
SHAREHOLDERS' FUNDS 31,755 31,504

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.

Canton News Ltd (Registered number: 10115903)

Statement of Financial Position - 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 27 November 2023 and were signed by:





Mr Jaswinder Singh Beghal - Director


Canton News Ltd (Registered number: 10115903)

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

1. STATUTORY INFORMATION

Canton News Ltd 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.

Turnover
Revenue 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 2021, is being amortised evenly over its estimated useful life of 10 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.
Plant and machinery etc - 25% on reducing balance

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

Canton News Ltd (Registered number: 10115903)

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

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2022
and 31 March 2023 115,000
AMORTISATION
At 1 April 2022
and 31 March 2023 23,000
NET BOOK VALUE
At 31 March 2023 92,000
At 31 March 2022 92,000

5. PROPERTY, PLANT AND EQUIPMENT
Plant and
machinery
etc
£   
COST
At 1 April 2022 61,120
Additions 6,708
At 31 March 2023 67,828
DEPRECIATION
At 1 April 2022 29,991
Charge for year 9,459
At 31 March 2023 39,450
NET BOOK VALUE
At 31 March 2023 28,378
At 31 March 2022 31,129

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 30,000 -
Other debtors - 1,172
30,000 1,172

Canton News Ltd (Registered number: 10115903)

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

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade creditors 14,600 15,619
Taxation and social security 2,256 3,769
Other creditors 86,378 72,778
103,234 92,166

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans 31,643 41,667
Other creditors 56,100 56,100
87,743 97,767

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.23 31.3.22
value: £    £   
100 Ordinary 1 100 100

10. RELATED PARTY DISCLOSURES

During the period, the Company has paid rent of £6,000 (2022: £5,500) in respect of use of business
property owned by the director.