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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: JB Barrett
MD Swan
HS Mighell
DP De Laszlo





REGISTERED OFFICE: 20 Kent Road
Northampton
Northamptonshire
NN5 4DR





REGISTERED NUMBER: 10596787 (England and Wales)





AUDITORS: Bewers Turner & Co LLP
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:





HS Mighell - Director


28th March 2024

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.

JB Barrett
MD Swan
HS Mighell
DP De Laszlo

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:





HS Mighell - Director


28th March 2024

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.




Paul Bewers BSc FCA (Senior Statutory Auditor)
for and on behalf of Bewers Turner & Co LLP
Chartered Accountants & Statutory Auditor
Portland House
11-13 Station Road
Kettering
Northamptonshire
NN15 7HH

28th March 2024

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 467,162 993,857

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 10 170,748 -
Investments 11 101 101
170,849 101

CURRENT ASSETS
Stocks 12 20,389,766 17,756,276
Debtors 13 1,136,759 2,600,335
Cash at bank and in hand 1,435,284 2,198,937
22,961,809 22,555,548
CREDITORS
Amounts falling due within one year 14 17,209,328 12,079,530
NET CURRENT ASSETS 5,752,481 10,476,018
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,923,330

10,476,119

CREDITORS
Amounts falling due after more than one
year

15

(5,840,785

)

(10,157,257

)

PROVISIONS FOR LIABILITIES 19 (6,113 ) -
NET ASSETS 76,432 318,862

CAPITAL AND RESERVES
Called up share capital 20 200 200
Retained earnings 21 76,232 318,662
SHAREHOLDERS' FUNDS 76,432 318,862

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 28th March 2024 and were signed on its behalf by:




HS Mighell - Director


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 200 172,436 172,636

Changes in equity
Dividends - (850,000 ) (850,000 )
Total comprehensive income - 996,226 996,226
Balance at 31st July 2022 200 318,662 318,862

Changes in equity
Dividends - (706,491 ) (706,491 )
Total comprehensive income - 464,061 464,061
Balance at 31st July 2023 200 76,232 76,432

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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Motor vehicles - 20% on cost

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 4 4

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 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

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 100 1 101
NET BOOK VALUE
At 31st July 2023 100 1 101
At 31st July 2022 100 1 101

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 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 - 60,000
Amounts owed by group undertakings - - - 102,859
Other debtors 1,132,736 2,396,869 1,132,736 2,396,869
VAT 4,156 31,087 4,023 30,607
Prepayments - 10,000 - 10,000
1,136,892 2,497,956 1,136,759 2,600,335

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans and overdrafts (see note 16) 4,044,610 - 4,044,610 -
Hire purchase contracts (see note 17) 12,919 - 12,919 -
Trade creditors 1,360,504 981,397 1,352,692 978,668
Amounts owed to group undertakings 245,024 10,671,828 280,165 10,671,828
Corporation tax 119,249 233,127 118,522 221,954
Other creditors 11,211,066 159,785 11,211,066 156,785
Accrued expenses 198,441 71,723 189,354 50,295
17,191,813 12,117,860 17,209,328 12,079,530

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 5,731,705 10,157,257
Hire purchase contracts (see note 17) 109,080 - 109,080 -
5,840,785 10,157,257 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 - 4,044,610 -
Amounts falling due between one and two years:
Bank loans - 1-2 years 5,731,705 1,246,887 5,731,705 1,246,887
Amounts falling due between two and five years:
Bank loans - 2-5 years - 8,910,370 - 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 12,919 -
Between one and five years 109,080 -
121,999 -

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 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 6,113
Balance at 31st July 2023 6,113

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
200 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 318,662
Profit for the year 464,061
Dividends (706,491 )
At 31st July 2023 76,232

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.