Silverfin false 31/07/2022 01/06/2022 31/07/2022 M R Cannon 02/06/2023 24/05/2012 C J Mitchell 24/05/2012 23 April 2024 The principal activity of the Company during the financial year was that of property developers. 08081094 2022-07-31 08081094 bus:Director1 2022-07-31 08081094 bus:Director2 2022-07-31 08081094 2022-05-31 08081094 core:CurrentFinancialInstruments 2022-07-31 08081094 core:CurrentFinancialInstruments 2022-05-31 08081094 core:ShareCapital 2022-07-31 08081094 core:ShareCapital 2022-05-31 08081094 core:RetainedEarningsAccumulatedLosses 2022-07-31 08081094 core:RetainedEarningsAccumulatedLosses 2022-05-31 08081094 core:LandBuildings 2022-05-31 08081094 core:LandBuildings 2022-07-31 08081094 core:CostValuation 2022-05-31 08081094 core:CostValuation 2022-07-31 08081094 2022-06-01 2022-07-31 08081094 bus:FullAccounts 2022-06-01 2022-07-31 08081094 bus:SmallEntities 2022-06-01 2022-07-31 08081094 bus:AuditExemptWithAccountantsReport 2022-06-01 2022-07-31 08081094 bus:PrivateLimitedCompanyLtd 2022-06-01 2022-07-31 08081094 bus:Director1 2022-06-01 2022-07-31 08081094 bus:Director2 2022-06-01 2022-07-31 08081094 2021-06-01 2022-05-31 iso4217:GBP xbrli:pure

Company No: 08081094 (England and Wales)

CANPROP I LIMITED

Unaudited Financial Statements
For the financial period from 01 June 2022 to 31 July 2022
Pages for filing with the registrar

CANPROP I LIMITED

Unaudited Financial Statements

For the financial period from 01 June 2022 to 31 July 2022

Contents

CANPROP I LIMITED

BALANCE SHEET

As at 31 July 2022
CANPROP I LIMITED

BALANCE SHEET (continued)

As at 31 July 2022
Note 31.07.2022 31.05.2022
£ £
Fixed assets
Tangible assets 3 1,490 1,490
Investments 4 3,520,462 3,520,462
3,521,952 3,521,952
Current assets
Debtors 5 135,392 124,663
Cash at bank and in hand 693,694 676,945
829,086 801,608
Creditors: amounts falling due within one year 6 ( 3,052,209) ( 3,048,312)
Net current liabilities (2,223,123) (2,246,704)
Total assets less current liabilities 1,298,829 1,275,248
Net assets 1,298,829 1,275,248
Capital and reserves
Called-up share capital 1 1
Profit and loss account 1,298,828 1,275,247
Total shareholder's funds 1,298,829 1,275,248

For the financial period ending 31 July 2022 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Canprop I Limited (registered number: 08081094) were approved and authorised for issue by the Director on 23 April 2024. They were signed on its behalf by:

C J Mitchell
Director
CANPROP I LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 June 2022 to 31 July 2022
CANPROP I LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 June 2022 to 31 July 2022
1. Accounting policies

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

General information and basis of accounting

Canprop I 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, 33 Hendford, Yeovil, BA20 1UN, England, United Kingdom.

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 £.

Reporting period length

The reporting period length has been shortened to 2 months for the period ended 31 July 2022. This was done to better align the gains and expenditure so that these fell into the same 12 month period in the future for corporation tax purposes. Comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.

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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

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 not depreciated

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.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

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.

Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Profit and Loss Account. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

2. Employees

Period from
01.06.2022 to
31.07.2022
Year ended
31.05.2022
Number Number
Monthly average number of persons employed by the Company during the period, including the director/s 2 2

3. Tangible assets

Land and buildings Total
£ £
Cost
At 01 June 2022 1,490 1,490
At 31 July 2022 1,490 1,490
Accumulated depreciation
At 01 June 2022 0 0
At 31 July 2022 0 0
Net book value
At 31 July 2022 1,490 1,490
At 31 May 2022 1,490 1,490

4. Fixed asset investments

Investments in joint ventures Total
£ £
Cost or valuation before impairment
At 01 June 2022 3,520,462 3,520,462
At 31 July 2022 3,520,462 3,520,462
Carrying value at 31 July 2022 3,520,462 3,520,462
Carrying value at 31 May 2022 3,520,462 3,520,462

The company owns a 47.50% equity interest in Kepler Properties LLP, a limited liability partnership incorporated in England & Wales, registration number OC389714.

The company owns a 92.00% equity interest in Tone MCC Developments LLP, a limited liability partnership incorporated in England & Wales, registration number OC393233.

The company owns a 70.00% equity interest in Redcliffe Parade MCC LLP, a limited liability partnership incorporated in England & Wales, registration number OC396961.

Under the provision of section 248 of the Companies Act 1985 the company is exempt from preparing consolidated accounts and has not done so, therefore the accounts show information about the company as an individual entity.

5. Debtors

31.07.2022 31.05.2022
£ £
Other debtors 135,392 124,663

6. Creditors: amounts falling due within one year

31.07.2022 31.05.2022
£ £
Taxation and social security 18,807 14,909
Other creditors 3,033,402 3,033,403
3,052,209 3,048,312

7. Related party transactions

The company was under the control of Mr M R Cannon throughout the current year. Mr M R Cannon was the sole shareholder.

Other Creditors (note 6) includes a loan advanced to the company by Mr M R Cannon of £3,032,262 (31 May 2022 - £3,032,262). This loan is made available on interest free terms with no fixed repayment date.