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REGISTERED NUMBER: 09724620 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 August 2023

for

BORCAN LTD

BORCAN LTD (REGISTERED NUMBER: 09724620)






Contents of the Financial Statements
for the Year Ended 31 August 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


BORCAN LTD

Company Information
for the Year Ended 31 August 2023







DIRECTORS: MR Borkin
M Borkin
D Borkin



REGISTERED OFFICE: Park Road
Padiham
Burnley
Lancashire
BB12 7AN



REGISTERED NUMBER: 09724620 (England and Wales)



ACCOUNTANTS: Keenan Chartered Accountants
The Old Surgery
43 Derbe Road
Lytham St Annes
Lancashire
FY8 1NJ



BANKERS: Barclays Bank plc
1 Churchill Place
Canary Wharf
London
E14 5HP

BORCAN LTD (REGISTERED NUMBER: 09724620)

Balance Sheet
31 August 2023

31.8.23 31.8.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 184,645 178,117

CURRENT ASSETS
Stocks 8,639 130,569
Debtors: amounts falling due within one year 5 458,952 422,497
Cash at bank 332,998 390,055
800,589 943,121
CREDITORS
Amounts falling due within one year 6 423,911 627,603
NET CURRENT ASSETS 376,678 315,518
TOTAL ASSETS LESS CURRENT
LIABILITIES

561,323

493,635

CREDITORS
Amounts falling due after more than one
year

7

(27,735

)

(10,119

)

PROVISIONS FOR LIABILITIES (35,083 ) (33,842 )
NET ASSETS 498,505 449,674

CAPITAL AND RESERVES
Called up share capital 60 60
Capital redemption reserve 40 40
Retained earnings 498,405 449,574
SHAREHOLDERS' FUNDS 498,505 449,674

BORCAN LTD (REGISTERED NUMBER: 09724620)

Balance Sheet - continued
31 August 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 February 2024 and were signed on its behalf by:





M Borkin - Director


BORCAN LTD (REGISTERED NUMBER: 09724620)

Notes to the Financial Statements
for the Year Ended 31 August 2023

1. STATUTORY INFORMATION

Borcan Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 10% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 20% on reducing balance
Computer equipment - 20% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

BORCAN LTD (REGISTERED NUMBER: 09724620)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments
Trade and other debtors that are receivable within one year and do not constitute a financing transaction are recorded at the undiscounted amount expected to be received, net of impairment. Those that are receivable after more than one year or constitute a financing transaction are recorded initially at fair value less transaction costs and subsequently at amortised cost, net of impairment.

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts.
Trade and other creditors are initially recognised at the transaction price and are therefore stated at amortised cost using the effective interest method unless the discounting would be immaterial, in which case they are stated at cost.

Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2022 - 8 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 September 2022 263,985 22,339 11,995 2,233 300,552
Additions 395 - 34,950 - 35,345
Disposals - - (11,995 ) - (11,995 )
At 31 August 2023 264,380 22,339 34,950 2,233 323,902
DEPRECIATION
At 1 September 2022 106,933 11,425 3,044 1,033 122,435
Charge for year 15,693 2,184 3,090 240 21,207
Eliminated on disposal - - (4,385 ) - (4,385 )
At 31 August 2023 122,626 13,609 1,749 1,273 139,257
NET BOOK VALUE
At 31 August 2023 141,754 8,730 33,201 960 184,645
At 31 August 2022 157,052 10,914 8,951 1,200 178,117

BORCAN LTD (REGISTERED NUMBER: 09724620)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 September 2022 66,950 - 66,950
Additions - 34,950 34,950
Transfer to ownership (28,500 ) - (28,500 )
At 31 August 2023 38,450 34,950 73,400
DEPRECIATION
At 1 September 2022 15,433 - 15,433
Charge for year 3,228 1,749 4,977
Transfer to ownership (9,284 ) - (9,284 )
At 31 August 2023 9,377 1,749 11,126
NET BOOK VALUE
At 31 August 2023 29,073 33,201 62,274
At 31 August 2022 51,517 - 51,517

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.23 31.8.22
£    £   
Trade debtors 422,983 404,237
Other debtors 35,969 18,260
458,952 422,497

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.23 31.8.22
£    £   
Hire purchase contracts 18,608 11,535
Trade creditors 282,279 453,636
Taxation and social security 117,880 133,821
Other creditors 5,144 28,611
423,911 627,603

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.8.23 31.8.22
£    £   
Hire purchase contracts 27,735 10,119

BORCAN LTD (REGISTERED NUMBER: 09724620)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

8. SECURED DEBTS

The following secured debts are included within creditors:

31.8.23 31.8.22
£    £   
Hire purchase contracts 46,343 21,654

The hire purchase facilities are secured on the assets to which they relate and by fixed and floating charges held by the bank over the assets of the company.

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 August 2023 and 31 August 2022:

31.8.23 31.8.22
£    £   
MR Borkin
Balance outstanding at start of year - -
Amounts advanced 18,172 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 18,172 -