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COMPANY REGISTRATION NUMBER: 02987730
Canterfield Limited
Filleted Unaudited Financial Statements
30 June 2023
Canterfield Limited
Statement of Financial Position
30 June 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
127,772
68,688
Current assets
Stocks
585
275
Debtors
6
625,322
631,456
Cash at bank and in hand
67,797
50,828
---------
---------
693,704
682,559
Creditors: amounts falling due within one year
7
385,817
327,221
---------
---------
Net current assets
307,887
355,338
---------
---------
Total assets less current liabilities
435,659
424,026
Creditors: amounts falling due after more than one year
8
116,101
66,401
---------
---------
Net assets
319,558
357,625
---------
---------
Capital and reserves
Called up share capital
210
210
Profit and loss account
319,348
357,415
---------
---------
Shareholders funds
319,558
357,625
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Canterfield Limited
Statement of Financial Position (continued)
30 June 2023
These financial statements were approved by the board of directors and authorised for issue on 24 April 2024 , and are signed on behalf of the board by:
Mrs T Lazenbury
Director
Company registration number: 02987730
Canterfield Limited
Notes to the Financial Statements
Year ended 30 June 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is TML House, 1a The Anchorage, Gosport, Hampshire, P012 1LY.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixture and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
20 % reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 21 (2022: 18 ).
5. Tangible assets
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 July 2022
8,502
148,901
21,737
179,140
Additions
560
136,697
1,603
138,860
Disposals
( 79,946)
( 79,946)
-------
---------
--------
---------
At 30 June 2023
9,062
205,652
23,340
238,054
-------
---------
--------
---------
Depreciation
At 1 July 2022
6,765
92,671
11,016
110,452
Charge for the year
574
38,729
2,464
41,767
Disposals
( 41,937)
( 41,937)
-------
---------
--------
---------
At 30 June 2023
7,339
89,463
13,480
110,282
-------
---------
--------
---------
Carrying amount
At 30 June 2023
1,723
116,189
9,860
127,772
-------
---------
--------
---------
At 30 June 2022
1,737
56,230
10,721
68,688
-------
---------
--------
---------
6. Debtors
2023
2022
£
£
Trade debtors
378,500
332,000
Other debtors
246,822
299,456
---------
---------
625,322
631,456
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
25,778
30,424
Corporation tax
27,417
27,483
Social security and other taxes
63,295
58,381
Other creditors
269,327
210,933
---------
---------
385,817
327,221
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
38,423
43,982
Other creditors
77,678
22,419
---------
--------
116,101
66,401
---------
--------
9. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mrs T Lazenbury
( 551)
551
----
----
----
2022
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mrs T Lazenbury
84,242
( 84,793)
( 551)
--------
--------
----
10. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value
Balance owed by/(owed to)
2023
2022
2023
2022
£
£
£
£
Trevor Michael Lazenbury Limited
(54,593)
32,200
225,625
( 171,032)
Lazenbury Ltd
(53,634)
95,000
235,122
288,756
BRO UK Limited
1,000
1,700
700
NTL Enterprises Limited
(5,060)
( 18,500)
( 13,440)
Winlaz Property Limited
5,000
5,000
--------
--------
---------
---------
T M Lazenbury Esq is the sole shareholder and managing director of Trevor Michael Lazenbury Limited. Trevor Michael Lazenbury Limited owns twenty per cent of the issued share capital of Canterfield Limited . T M Lazenbury Esq is the sole director and shareholder of Lazenbury Ltd. BRO UK Limited is a wholly owned subsidiary of Trevor Michael Lazenbury Limited. NTL Enterprises Limited is a company under the control of the director's son. T M Lazenbury Esq is the sole director and shareholder of Winlaz Property Limited.