REGISTERED NUMBER: 10596787 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST JULY 2023 |
FOR |
CANALSIDE FENNY LTD |
REGISTERED NUMBER: 10596787 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST JULY 2023 |
FOR |
CANALSIDE FENNY LTD |
CANALSIDE FENNY LTD (REGISTERED NUMBER: 10596787) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST JULY 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Consolidated Statement of Comprehensive Income | 9 |
Consolidated Balance Sheet | 10 |
Company Balance Sheet | 11 |
Consolidated Statement of Changes in Equity | 12 |
Company Statement of Changes in Equity | 13 |
Consolidated Cash Flow Statement | 14 |
Notes to the Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Financial Statements | 17 |
CANALSIDE FENNY LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST JULY 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants & Statutory Auditor |
Portland House |
11-13 Station Road |
Kettering |
Northamptonshire |
NN15 7HH |
CANALSIDE FENNY LTD (REGISTERED NUMBER: 10596787) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31ST JULY 2023 |
The directors present their strategic report of the company and the group for the year ended 31st July 2023. |
REVIEW OF BUSINESS |
Canalside Fenny Limited develops residential property in the Midlands. In the year ended 31 July 2023 the company sold properties from residential developments in Priors Hall (Corby), Great Horwood and Wavendon. The company is also developing a site in Tattenhoe. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The company's biggest risk continues to be the excessive time taken to obtain final planning permission from local authorities. Rises in interest rates since the start of 2022 has led to increased financing costs impacting final margins on development projects that had already started at that time. |
FINANCIAL KEY PERFORMANCE INDICATORS |
Sales of completed properties generated revenues of £19.8m in the year, compared with £9.8m in the prior year. Gross margins were lower than 2022 reflecting higher input costs incurred. Whilst raw material and labour costs have now somewhat levelled out, the company did suffer significant inflationary increases that could not all be passed on to the house buyers. |
The profit before tax at £0.6m was lower than 2022 reflecting the lower margins and higher financial costs. The directors consider this a satisfactory financial performance given difficult economic circumstances and view the future with confidence. |
NON FINANCIAL KEY PERFORMANCE INDICATORS |
The company closely monitors the availability of raw materials and the impact of supply chain issues on the business. The relationship with key building contractors is crucial in maintaining fully operational sites and is a key focus for the directors. |
ON BEHALF OF THE BOARD: |
CANALSIDE FENNY LTD (REGISTERED NUMBER: 10596787) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31ST JULY 2023 |
The directors present their report with the financial statements of the company and the group for the year ended 31st July 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of residential property development |
DIVIDENDS |
No interim dividend was paid during the year. The directors recommend a final dividend of 3532.455 per share. |
The total distribution of dividends for the year ended 31st July 2023 will be £ 706,491 . |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1st August 2022 to the date of this report. |
DISCLOSURE IN THE STRATEGIC REPORT |
The report of the directors should be read in conjunction with the strategic report. |
DIRECTORS' RESPONSIBILITIES STATEMENT |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
CANALSIDE FENNY LTD (REGISTERED NUMBER: 10596787) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31ST JULY 2023 |
AUDITORS |
The auditors, Bewers Turner & Co LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
CANALSIDE FENNY LTD |
Opinion |
We have audited the financial statements of Canalside Fenny Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31st July 2023 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 31st July 2023 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
CANALSIDE FENNY LTD |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Directors' Responsibilities Statement set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
CANALSIDE FENNY LTD |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. |
- We obtained an understanding of the legal and regulatory frameworks that are applicable to the Group and Parent company and determined that the most significant are those that relate to the reporting framework (Financial Reporting Standard 102 and the Companies Act 2006) and the relevant direct and indirect tax compliance regulation in the United Kingdom. In addition, the Company has to comply with laws and regulations relating to its operations and health and safety. |
- We understood how the Group and Parent Company is complying with those frameworks by making enquiries of management to understand how the Group and Parent Company maintains and communicates its policies and procedures in these areas, and corroborated this by reviewing supporting documentation. |
- We assessed the susceptibility of the Group and Parent Company's financial statements to material misstatement, including how fraud might occur by considering the risk of management override and determining revenue to be a fraud risk. We tested transactions identified back to independent evidence or source documentation. |
- Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved review of documentation, testing of specific journals identified based upon risk criteria and enquiries of management for correspondence with the relevant authorities. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
CANALSIDE FENNY LTD |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants & Statutory Auditor |
Portland House |
11-13 Station Road |
Kettering |
Northamptonshire |
NN15 7HH |
CANALSIDE FENNY LTD (REGISTERED NUMBER: 10596787) |
CONSOLIDATED |
STATEMENT OF COMPREHENSIVE |
INCOME |
FOR THE YEAR ENDED 31ST JULY 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER | 3 | 19,778,471 | 9,820,283 |
Cost of sales | 17,664,781 | 8,037,663 |
GROSS PROFIT | 2,113,690 | 1,782,620 |
Administrative expenses | 36,555 | 30,789 |
2,077,135 | 1,751,831 |
Other operating income | 153,000 | 50,000 |
OPERATING PROFIT | 5 | 2,230,135 | 1,801,831 |
Interest receivable and similar income | 7 | 72 |
2,230,142 | 1,801,903 |
Interest payable and similar expenses | 6 | 1,637,618 | 574,919 |
PROFIT BEFORE TAXATION | 592,524 | 1,226,984 |
Tax on profit | 7 | 125,362 | 233,127 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
467,162 |
993,857 |
Profit attributable to: |
Owners of the parent | 467,162 | 993,857 |
Total comprehensive income attributable to: |
Owners of the parent | 467,162 | 993,857 |
CANALSIDE FENNY LTD (REGISTERED NUMBER: 10596787) |
CONSOLIDATED BALANCE SHEET |
31ST JULY 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 10 | 170,748 | - |
Investments | 11 |
Interest in joint venture |
Share of gross assets | 1 | 1 |
170,749 | 1 |
CURRENT ASSETS |
Stocks | 12 | 20,389,766 | 17,756,276 |
Debtors | 13 | 1,136,892 | 2,497,956 |
Cash at bank and in hand | 1,435,482 | 2,354,391 |
22,962,140 | 22,608,623 |
CREDITORS |
Amounts falling due within one year | 14 | 17,191,813 | 12,117,860 |
NET CURRENT ASSETS | 5,770,327 | 10,490,763 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
5,941,076 |
10,490,764 |
CREDITORS |
Amounts falling due after more than one year |
15 |
(5,840,785 |
) |
(10,157,257 |
) |
PROVISIONS FOR LIABILITIES | 19 | (6,113 | ) | - |
NET ASSETS | 94,178 | 333,507 |
CAPITAL AND RESERVES |
Called up share capital | 20 | 200 | 200 |
Retained earnings | 21 | 93,978 | 333,307 |
SHAREHOLDERS' FUNDS | 94,178 | 333,507 |
The financial statements were approved by the Board of Directors and authorised for issue on 28th March 2024 and were signed on its behalf by: |
HS Mighell - Director |
CANALSIDE FENNY LTD (REGISTERED NUMBER: 10596787) |
COMPANY BALANCE SHEET |
31ST JULY 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 10 |
Investments | 11 |
CURRENT ASSETS |
Stocks | 12 |
Debtors | 13 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
15 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 19 | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 20 |
Retained earnings | 21 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 464,061 | 996,226 |
The financial statements were approved by the Board of Directors and authorised for issue on |
CANALSIDE FENNY LTD (REGISTERED NUMBER: 10596787) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31ST JULY 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1st August 2021 | 200 | 189,450 | 189,650 |
Changes in equity |
Dividends | - | (850,000 | ) | (850,000 | ) |
Total comprehensive income | - | 993,857 | 993,857 |
Balance at 31st July 2022 | 200 | 333,307 | 333,507 |
Changes in equity |
Dividends | - | (706,491 | ) | (706,491 | ) |
Total comprehensive income | - | 467,162 | 467,162 |
Balance at 31st July 2023 | 200 | 93,978 | 94,178 |
CANALSIDE FENNY LTD (REGISTERED NUMBER: 10596787) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31ST JULY 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1st August 2021 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31st July 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31st July 2023 |
CANALSIDE FENNY LTD (REGISTERED NUMBER: 10596787) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31ST JULY 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 2,095,672 | (6,209,564 | ) |
Interest paid | (1,635,280 | ) | (574,919 | ) |
Interest element of hire purchase payments paid |
(2,338 |
) |
- |
Tax paid | (233,127 | ) | (250,035 | ) |
Net cash from operating activities | 224,927 | (7,034,518 | ) |
Cash flows from investing activities |
Purchase of tangible fixed assets | (53,180 | ) | - |
Interest received | 7 | 72 |
Net cash from investing activities | (53,173 | ) | 72 |
Cash flows from financing activities |
New loans in year | - | 10,157,257 |
Loan repayments in year | (380,942 | ) | (1,570,910 | ) |
Capital repayments in year | (3,230 | ) | - |
Equity dividends paid | (706,491 | ) | (850,000 | ) |
Net cash from financing activities | (1,090,663 | ) | 7,736,347 |
(Decrease)/increase in cash and cash equivalents | (918,909 | ) | 701,901 |
Cash and cash equivalents at beginning of year |
2 |
2,354,391 |
1,652,490 |
Cash and cash equivalents at end of year |
2 |
1,435,482 |
2,354,391 |
CANALSIDE FENNY LTD (REGISTERED NUMBER: 10596787) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31ST JULY 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
£ | £ |
Profit before taxation | 592,524 | 1,226,984 |
Depreciation charges | 7,661 | - |
Finance costs | 1,637,618 | 574,919 |
Finance income | (7 | ) | (72 | ) |
2,237,796 | 1,801,831 |
Increase in stocks | (2,633,490 | ) | (7,733,251 | ) |
Decrease in trade and other debtors | 1,361,064 | 932,759 |
Increase/(decrease) in trade and other creditors | 1,130,302 | (1,210,903 | ) |
Cash generated from operations | 2,095,672 | (6,209,564 | ) |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31st July 2023 |
31/7/23 | 1/8/22 |
£ | £ |
Cash and cash equivalents | 1,435,482 | 2,354,391 |
Year ended 31st July 2022 |
31/7/22 | 1/8/21 |
£ | £ |
Cash and cash equivalents | 2,354,391 | 1,652,490 |
CANALSIDE FENNY LTD (REGISTERED NUMBER: 10596787) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31ST JULY 2023 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
Other |
non-cash |
At 1/8/22 | Cash flow | changes | At 31/7/23 |
£ | £ | £ | £ |
Net cash |
Cash at bank |
and in hand | 2,354,391 | (918,909 | ) | 1,435,482 |
2,354,391 | (918,909 | ) | 1,435,482 |
Debt |
Finance leases | - | 3,230 | (125,229 | ) | (121,999 | ) |
Debts falling due |
within 1 year | - | (4,044,610 | ) | - | (4,044,610 | ) |
Debts falling due |
after 1 year | (10,157,257 | ) | 4,425,552 | - | (5,731,705 | ) |
(10,157,257 | ) | 384,172 | (125,229 | ) | (9,898,314 | ) |
Total | (7,802,866 | ) | (534,737 | ) | (125,229 | ) | (8,462,832 | ) |
CANALSIDE FENNY LTD (REGISTERED NUMBER: 10596787) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST JULY 2023 |
1. | STATUTORY INFORMATION |
Canalside Fenny Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
The assets, liabilities, costs and revenues of the individual consolidated companies are fully consolidated on a line-by-line basis, while the carrying value of consolidated investment held by the Holding Company is eliminated against the related share of equity. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
Significant judgements and estimates |
In the application of the group's accounting policies management are required to make judgements, estimates and assumptions about carrying values of assets liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. |
The directors consider that the following judgements and key sources of estimation uncertainty have had |
the most significant effect on amounts recognised in the financial statements: |
Work in Progress and cost of sales:- |
Work in progress is valued by taking total build costs to date and deducting the estimated cost of sales in respect of the number of units sold. |
The amount taken to cost of sales in relation to units sold is estimated as a percentage of the total build cost of the project based on the square footage of the units sold. The total build costs may fluctuate over time due to changes in the costs of materials/labour etc.The directors constantly monitor material prices and update cost projections as necessary in oder to be as accurate as possible. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
CANALSIDE FENNY LTD (REGISTERED NUMBER: 10596787) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST JULY 2023 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Motor vehicles | - |
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
Stocks |
Work in progress is valued at the lower of cost and net realisable value. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
Financial instruments |
The company is party to only basic financial instruments such as cash, trade debtors and creditors and loans. Instruments such as trade debtors and trade creditors are initially recognised at their transaction cost and reviewed at the year end for impairment. Debt instruments not repayable on demand or due within one year, such as bank loans, are measured at amortised cost using the effective interest rate. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, 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. |
Investment in joint ventures |
Investments in joint ventures are shown at cost. |
CANALSIDE FENNY LTD (REGISTERED NUMBER: 10596787) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST JULY 2023 |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by geographical market is given below: |
2023 | 2022 |
£ | £ |
United Kingdom | 19,778,471 | 9,820,283 |
19,778,471 | 9,820,283 |
4. | EMPLOYEES AND DIRECTORS |
There were no staff costs for the year ended 31st July 2023 nor for the year ended 31st July 2022. |
The average number of employees during the year was as follows: |
2023 | 2022 |
Directors |
2023 | 2022 |
£ | £ |
Directors' remuneration | - | - |
5. | OPERATING PROFIT |
The operating profit is stated after charging: |
2023 | 2022 |
£ | £ |
Depreciation - owned assets | 7,661 | - |
Auditors' remuneration | 5,000 | 5,000 |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Other loan interest | 1,635,280 | 574,919 |
Hire purchase | 2,338 | - |
1,637,618 | 574,919 |
CANALSIDE FENNY LTD (REGISTERED NUMBER: 10596787) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST JULY 2023 |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax | 119,249 | 233,127 |
Deferred tax | 6,113 | - |
Tax on profit | 125,362 | 233,127 |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
Profit before tax | 592,524 | 1,226,984 |
Profit multiplied by the standard rate of corporation tax in the UK of 20.987 % (2022 - 19 %) |
124,353 |
233,127 |
Effects of: |
Effect of different tax rates | 1,009 | - |
Total tax charge | 125,362 | 233,127 |
8. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
9. | DIVIDENDS |
2023 | 2022 |
£ | £ |
Ordinary shares of £1 each |
Final | 706,491 | 850,000 |
CANALSIDE FENNY LTD (REGISTERED NUMBER: 10596787) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST JULY 2023 |
10. | TANGIBLE FIXED ASSETS |
Group |
Motor |
vehicles |
£ |
COST |
Additions | 178,409 |
At 31st July 2023 | 178,409 |
DEPRECIATION |
Charge for year | 7,661 |
At 31st July 2023 | 7,661 |
NET BOOK VALUE |
At 31st July 2023 | 170,748 |
Company |
Motor |
vehicles |
£ |
COST |
Additions |
At 31st July 2023 |
DEPRECIATION |
Charge for year |
At 31st July 2023 |
NET BOOK VALUE |
At 31st July 2023 |
CANALSIDE FENNY LTD (REGISTERED NUMBER: 10596787) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST JULY 2023 |
11. | FIXED ASSET INVESTMENTS |
Group |
Interest |
in joint |
venture |
£ |
COST |
At 1st August 2022 |
and 31st July 2023 | 1 |
NET BOOK VALUE |
At 31st July 2023 | 1 |
At 31st July 2022 | 1 |
Company |
Shares in | Interest |
group | in joint |
undertakings | venture | Totals |
£ | £ | £ |
COST |
At 1st August 2022 |
and 31st July 2023 | 101 |
NET BOOK VALUE |
At 31st July 2023 | 101 |
At 31st July 2022 | 101 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiary |
At the balance sheet date, the company owns 100% of the total share capital of the company listed below. The company has the same registered office as Canalside Fenny Ltd: |
Shefford Developments Limited - Residential property development. |
12. | STOCKS |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Work-in-progress | 20,389,766 | 17,756,276 |
The company's bank loans are secured against work in progress. |
CANALSIDE FENNY LTD (REGISTERED NUMBER: 10596787) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST JULY 2023 |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Trade debtors | - | 60,000 |
Amounts owed by group undertakings | - | - |
Other debtors | 1,132,736 | 2,396,869 |
VAT | 4,156 | 31,087 |
Prepayments | - | 10,000 |
1,136,892 | 2,497,956 |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 16) | 4,044,610 | - |
Hire purchase contracts (see note 17) | 12,919 | - |
Trade creditors | 1,360,504 | 981,397 |
Amounts owed to group undertakings | 245,024 | 10,671,828 |
Corporation tax | 119,249 | 233,127 |
Other creditors | 11,211,066 | 159,785 |
Accrued expenses | 198,441 | 71,723 |
17,191,813 | 12,117,860 |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank loans (see note 16) | 5,731,705 | 10,157,257 |
Hire purchase contracts (see note 17) | 109,080 | - |
5,840,785 | 10,157,257 |
CANALSIDE FENNY LTD (REGISTERED NUMBER: 10596787) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST JULY 2023 |
16. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Amounts falling due within one year or on | demand: |
Bank loans | 4,044,610 | - |
Amounts falling due between one and two | years: |
Bank loans - 1-2 years | 5,731,705 | 1,246,887 |
Amounts falling due between two and five | years: |
Bank loans - 2-5 years | - | 8,910,370 |
17. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase | contracts |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year | 12,919 | - |
Between one and five years | 109,080 | - |
121,999 | - |
Company |
Hire purchase | contracts |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
CANALSIDE FENNY LTD (REGISTERED NUMBER: 10596787) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST JULY 2023 |
18. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank loans | 9,776,315 | 10,157,257 |
The bank loans are secured against the assets of the company, and by personal guarantees provided by directors Mr JB Barrett and Mr MD Swan. |
19. | PROVISIONS FOR LIABILITIES |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Deferred tax | 6,113 | - | 6,113 | - |
Group |
Deferred |
tax |
£ |
Provided during year | 6,113 |
Balance at 31st July 2023 | 6,113 |
Company |
Deferred |
tax |
£ |
Provided during year |
Balance at 31st July 2023 |
20. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 200 | 200 |
The ordinary shares have full voting and dividend rights, and full entitlement to assets on winding up. |
CANALSIDE FENNY LTD (REGISTERED NUMBER: 10596787) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST JULY 2023 |
21. | RESERVES |
Group |
Retained |
earnings |
£ |
At 1st August 2022 | 333,307 |
Profit for the year | 467,162 |
Dividends | (706,491 | ) |
At 31st July 2023 | 93,978 |
Company |
Retained |
earnings |
£ |
At 1st August 2022 |
Profit for the year |
Dividends | ( |
) |
At 31st July 2023 |
Retained earnings represents cumulative profits net of dividends paid. |
22. | ULTIMATE PARENT COMPANY |
Foinavon Sicav PLC (incorporated in Malta ) is regarded by the directors as being the company's ultimate parent company. |
23. | RELATED PARTY DISCLOSURES |
Entities with control, joint control or significant influence over the entity |
2023 | 2022 |
£ | £ |
Amount due to related party | 245,024 | 10,671,828 |
Other related parties |
2023 | 2022 |
£ | £ |
Purchases | 14,126,926 | 8,727,602 |
Amount due from related party | 1,086,176 | 2,236,809 |
Amount due to related party | 12,271,552 | 958,725 |
CANALSIDE FENNY LTD (REGISTERED NUMBER: 10596787) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST JULY 2023 |
24. | ULTIMATE CONTROLLING PARTY |
The controlling party is Foinavon Sicav PLC. |
The smallest and largest undertaking for which the company is a member and for which group financial statements are prepared is Foinavon Sicav PLC. |
The directors do not consider there to be an ultimate controlling party. |