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REGISTERED NUMBER: 11802240 (England and Wales)














Unaudited Financial Statements

for the Year Ended 28 February 2023

for

CANBEC LTD

CANBEC LTD (REGISTERED NUMBER: 11802240)

Contents of the Financial Statements
for the year ended 28 February 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


CANBEC LTD

Company Information
for the year ended 28 February 2023







Directors: Mr J G Bowley
Mrs C Bowley





Registered office: 62 Brentwood Place
Brentwood
Essex
CM15 9DW





Registered number: 11802240 (England and Wales)





Accountants: Cooper Parry Advisory Limited
Juniper House
Warley Hill Business Park
The Drive
Brentwood
Essex
CM13 3BE

CANBEC LTD (REGISTERED NUMBER: 11802240)

Statement of Financial Position
28 February 2023

2023 2022
Notes £    £    £    £   
Fixed assets
Tangible assets 4 191,987 195,030
Investment property 5 36,233 36,233
228,220 231,263

Current assets
Debtors 6 674 649
Cash at bank 11,472 7,260
12,146 7,909
Creditors
Amounts falling due within one year 7 241,663 241,222
Net current liabilities (229,517 ) (233,313 )
Total assets less current liabilities (1,297 ) (2,050 )

Capital and reserves
Called up share capital 8 4 4
Retained earnings (1,301 ) (2,054 )
Shareholders' funds (1,297 ) (2,050 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

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 Board of Directors and authorised for issue on 27 November 2023 and were signed on its behalf by:





Mr J G Bowley - Director


CANBEC LTD (REGISTERED NUMBER: 11802240)

Notes to the Financial Statements
for the year ended 28 February 2023


1. Statutory information

Canbec 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.

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


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
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 each asset over its estimated useful life.
Long leasehold - over the length of the lease
Computer equipment - 25% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

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 statement of financial position date.

Going concern
Although the company has net liabilities of £1,297, the directors will continue to support the company and they are confident that the company will be profitable in the future years. The accounts have therefore been prepared on a going concern basis.

CANBEC LTD (REGISTERED NUMBER: 11802240)

Notes to the Financial Statements - continued
for the year ended 28 February 2023


3. Employees and directors

The average number of employees during the year was 2 (2022 - 2 ) .

4. Tangible fixed assets
Long Computer
leasehold equipment Totals
£    £    £   
Cost
At 1 March 2022
and 28 February 2023 203,176 999 204,175
Depreciation
At 1 March 2022 8,708 437 9,145
Charge for year 2,902 141 3,043
At 28 February 2023 11,610 578 12,188
Net book value
At 28 February 2023 191,566 421 191,987
At 28 February 2022 194,468 562 195,030

5. Investment property
Total
£   
Fair value
At 1 March 2022
and 28 February 2023 36,233
Net book value
At 28 February 2023 36,233
At 28 February 2022 36,233

6. Debtors: amounts falling due within one year
2023 2022
£    £   
Other debtors 674 649

7. Creditors: amounts falling due within one year
2023 2022
£    £   
Taxation and social security 915 720
Other creditors 240,748 240,502
241,663 241,222

CANBEC LTD (REGISTERED NUMBER: 11802240)

Notes to the Financial Statements - continued
for the year ended 28 February 2023


8. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
2 Ordinary 1 2 2
2 Ordinary A 1 2 2
4 4

9. Directors' advances, credits and guarantees

The following advances and credits to a director subsisted during the years ended 28 February 2023 and 28 February 2022:

2023 2022
£    £   
Mr J G Bowley
Balance outstanding at start of year (237,802 ) (235,920 )
Amounts advanced 66 406
Amounts repaid (312 ) (2,288 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (238,048 ) (237,802 )