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Registration number: SC362533

Canmore Pipe Bags Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

Canmore Pipe Bags Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Canmore Pipe Bags Limited

Company Information

Directors

Mrs E Smith

Mr I Smith

Registered office

 

159a West Main Street
Whitburn
West Lothian
EH47 0QQ

Accountants

Glen Drummond Ltd
Chartered Accountants
Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

 

Canmore Pipe Bags Limited

(Registration number: SC362533)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

16,000

20,000

Tangible assets

5

158,377

160,008

 

174,377

180,008

Current assets

 

Stocks

6

65,547

65,694

Debtors

7

35,122

48,733

Cash at bank and in hand

 

144,985

52,243

 

245,654

166,670

Creditors: Amounts falling due within one year

8

(340,218)

(309,815)

Net current liabilities

 

(94,564)

(143,145)

Net assets

 

79,813

36,863

Capital and reserves

 

Called up share capital

9

2

2

Retained earnings

79,811

36,861

Shareholders' funds

 

79,813

36,863

For the financial year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

Canmore Pipe Bags Limited

(Registration number: SC362533)
Balance Sheet as at 31 October 2023

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 29 July 2024 and signed on its behalf by:
 

.........................................
Mr I Smith
Director

 

Canmore Pipe Bags Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
159a West Main Street
Whitburn
West Lothian
EH47 0QQ

These financial statements were authorised for issue by the Board on 29 July 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There were no material departures from that standard.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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

Going concern

The financial statements have been prepared on a going concern basis.

 

Canmore Pipe Bags Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Revenue recognition

Turnover comprises the fair value of the consideration derived from manufacturing pipe bags. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

Tax

The tax expense for the period comprises current tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

At the balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Expenditure of £200 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the profit and loss account in the period it is incurred.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Other Property, plant and equipment

20% straight line

Furniture, fittings and equipment

25% straight line

 

Canmore Pipe Bags Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 5 (2022 - 4).

 

Canmore Pipe Bags Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 November 2022

56,000

56,000

At 31 October 2023

56,000

56,000

Amortisation

At 1 November 2022

36,000

36,000

Amortisation charge

4,000

4,000

At 31 October 2023

40,000

40,000

Carrying amount

At 31 October 2023

16,000

16,000

At 31 October 2022

20,000

20,000

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 November 2022

162,998

4,306

10,889

178,193

At 31 October 2023

162,998

4,306

10,889

178,193

Depreciation

At 1 November 2022

2,991

4,306

10,889

18,186

Charge for the year

1,630

-

-

1,630

At 31 October 2023

4,621

4,306

10,889

19,816

Carrying amount

At 31 October 2023

158,377

-

-

158,377

At 31 October 2022

160,007

-

1

160,008

 

Canmore Pipe Bags Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Included within the net book value of land and buildings above is £158,378 (2022 - £160,007) in respect of freehold land and buildings.
 

6

Stocks

2023
£

2022
£

Stock

65,547

65,694

7

Debtors

2023
£

2022
£

Trade debtors

30,799

32,658

Prepayments

4,323

3,813

Other debtors

-

12,262

35,122

48,733

 

Canmore Pipe Bags Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

5,565

4,160

Taxation and social security

24,491

505

Other creditors

310,162

305,150

340,218

309,815

9

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

       
 

Canmore Pipe Bags Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

10

Related party transactions

The company operates a loan account with the directors, Mr I Smith and Mrs E Smith .
During the year, the company repaid loans totalling £32,988 to the directors. At the year end, the balance due to the directors was £272,162 (2022 - £305,150). This loan is unsecured, interest free and has no fixed repayment terms.