Company registration number 01623988 (England and Wales)
CANDA COPYING (INVESTMENTS) LIMITED
FORMERLY KNOWN AS CANDA COPYING LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
CANDA COPYING (INVESTMENTS) LIMITED
FORMERLY KNOWN AS CANDA COPYING LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 9
CANDA COPYING (INVESTMENTS) LIMITED
FORMERLY KNOWN AS CANDA COPYING LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
61,977
64,547
Investment properties
6
9,452,973
9,456,914
Investments
7
4,759,517
4,663,740
14,274,467
14,185,201
Current assets
Debtors
8
675,412
639,292
Cash at bank and in hand
1,655,090
2,021,354
2,330,502
2,660,646
Creditors: amounts falling due within one year
9
(96,607)
(735,926)
Net current assets
2,233,895
1,924,720
Total assets less current liabilities
16,508,362
16,109,921
Provisions for liabilities
(756,383)
(756,383)
Net assets
15,751,979
15,353,538
Capital and reserves
Called up share capital
500,000
500,000
Fair value reserve
2,852,284
3,100,310
Profit and loss reserves
12,399,695
11,753,228
Total equity
15,751,979
15,353,538
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 1 August 2024 and are signed on its behalf by:
Mrs C M E Mosley
Mr N J Wyatt
Director
Director
Company Registration No. 01623988
CANDA COPYING (INVESTMENTS) LIMITED
FORMERLY KNOWN AS CANDA COPYING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 2 -
Share capital
Fair value reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 23 October 2021
500,000
1,605,417
11,491,082
13,596,499
Period ended 30 November 2022:
Profit
-
-
1,957,040
1,957,040
Other comprehensive income:
Adjustments to fair value of investments
-
1,624,673
-
1,624,673
Tax relating to other comprehensive income
-
(347,416)
(347,416)
Total comprehensive income
-
1,277,257
1,957,040
3,234,297
Dividends
-
-
(200,000)
(200,000)
Transfers
-
217,636
(1,494,893)
(1,277,257)
Balance at 30 November 2022
500,000
3,100,310
11,753,229
15,353,538
Period ended 30 November 2023:
Profit
-
-
498,441
498,441
Other comprehensive income:
Adjustments to fair value of investments
-
(248,026)
-
(248,026)
Total comprehensive income
-
(248,026)
498,441
250,415
Dividends
-
-
(100,000)
(100,000)
Transfers
-
248,026
248,026
Balance at 30 November 2023
500,000
2,852,284
12,399,696
15,751,980
CANDA COPYING (INVESTMENTS) LIMITED
FORMERLY KNOWN AS CANDA COPYING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 3 -
1
Accounting policies
Company information
Canda Copying (Investments) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Champion Allwoods Limited, 2nd Floor Refuge House, 33-37 Watergate Row, Chester, CH1 2LE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention modified to include the revaluation of investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is a subsidiary qualifies as a small group. The financial statements present information about the company as an individual entity and not about the group.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Reporting period
On 22 October 2021, the company divested the photocopier based trading business into a separate standalone business. The prior year financial statements were prepared for the period from 23 October 2021 to 30 November 2022 and, as a result, are not entirely comparable with these financial statements.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold Property
2% on cost
Fixtures, fittings & equipment
25% on cost
Freehold land is not depreciated.
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.
CANDA COPYING (INVESTMENTS) LIMITED
FORMERLY KNOWN AS CANDA COPYING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
Listed investments are initially measured at cost, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in profit or loss.
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
Cash at bank and in hand
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 current liabilities.
1.8
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either 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.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
CANDA COPYING (INVESTMENTS) LIMITED
FORMERLY KNOWN AS CANDA COPYING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at an average rate for the accounting period. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
1.11
During the year, the Company shared certain costs with a related party, Canda Copying Limited, which has directors in common. These shared costs include rates and utilities related to a jointly occupied property and computer costs.
The shared costs were allocated between the Company and Canda Copying Limited based on the company's turnover as a percentage of both companies' combined turnover. The accounting policy for recognising shared costs are consistent between the two entities.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Investment property valuation
Investment property is measured at fair value at the reporting date based on judgements made by the directors regarding the market value of similar properties using information available on the internet.
CANDA COPYING (INVESTMENTS) LIMITED
FORMERLY KNOWN AS CANDA COPYING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 6 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 0 (2022 - 0).
2023
2022
Number
Number
Total
4
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
93,554
85,771
Adjustments in respect of prior periods
(4,070)
Total current tax
93,554
81,701
Deferred tax
Origination and reversal of timing differences
354,879
Total tax charge
93,554
436,580
5
Tangible fixed assets
Freehold Property
Fixtures, fittings & equipment
Total
£
£
£
Cost
At 1 December 2022
110,000
55,658
165,658
Additions
1,080
1,080
At 30 November 2023
110,000
56,738
166,738
Depreciation and impairment
At 1 December 2022
49,987
51,124
101,111
Depreciation charged in the year
1,800
1,850
3,650
At 30 November 2023
51,787
52,974
104,761
Carrying amount
At 30 November 2023
58,213
3,764
61,977
At 30 November 2022
60,013
4,534
64,547
Included in the cost of freehold property is freehold land of £20,000 (2022 - £20,000) which is not depreciated.
CANDA COPYING (INVESTMENTS) LIMITED
FORMERLY KNOWN AS CANDA COPYING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 7 -
6
Investment property
2023
£
Fair value
At 1 December 2022
9,456,914
Disposals
(3,941)
At 30 November 2023
9,452,973
Investment property comprises £9,456,914. The fair value of the investment property has been arrived at on the basis of the directors valuation derived from similar property values obtained from information available on the internet.
Historical cost
At 1 December 2022 £5,827,085
Cost of additions to revalued assets £Nil
Cost of disposals to revalued assets -£3,941
At 30 November 2023 £5,823,144
7
Fixed asset investments
2023
2022
£
£
Investments
4,759,517
4,663,740
Fixed asset investments not carried at market value
The company's investments at the balance sheet date in the share capital of group undertakings are carried at cost less accumulated impairment losses and include the following:
Streamfolder Limited
Nature of business: Dormant
Class of shares: Ordinary
Holding: 51.6%
Severn Industrial Estates Limited
(Wholly owned by Streamfolder Limited)
Canda Villas Costa Blanca SL
Country of incorporation: Spain
Nature of business: Property Rental
Class of Shares: Ordinary
Holding: 100%
In accordance with FRS 102, listed investments are revalued to market value at the year end. The revaluation amount of £248,026 has been included in the fair value reserve within equity.
The historical cost of the listed investments at 30 November 2023 was £5,068,151 (2022 - £4,724,350).
CANDA COPYING (INVESTMENTS) LIMITED
FORMERLY KNOWN AS CANDA COPYING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
7
Fixed asset investments
(Continued)
- 8 -
Movements in fixed asset investments
Shares in group undertakings
Listed investments
Total
£
£
£
Cost or valuation
At 1 December 2022
196,558
4,467,182
4,663,740
Additions
-
343,803
343,803
Valuation changes
-
(248,026)
(248,026)
At 30 November 2023
196,558
4,562,959
4,759,517
Carrying amount
At 30 November 2023
196,558
4,562,959
4,759,517
At 30 November 2022
196,558
4,467,182
4,663,740
8
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
8,825
6,420
Amounts owed by group undertakings
620,096
608,607
Other debtors
44,564
21,651
Prepayments and accrued income
1,927
2,614
675,412
639,292
9
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,222
Corporation tax
37,640
24,701
Other creditors
14,976
665,617
Accruals and deferred income
43,991
44,386
96,607
735,926
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
CANDA COPYING (INVESTMENTS) LIMITED
FORMERLY KNOWN AS CANDA COPYING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
10
Audit report information
(Continued)
- 9 -
Senior Statutory Auditor:
Susan Harris MA ACA
Statutory Auditor:
Champion Accountants LLP
Date of audit report:
15 August 2024
11
Related Party Transactions
Canda Villas Costa Blanca SL
At 30 November 2023, £621,863 (2022: £609,578) was due from Canda Villas Costa Blanca SL, a subsidiary of Canda Copying (Investments) Limited, in respect of a loan designated in Euros. No interest has been charged on this balance.
Canda Copying Limited
Included in other creditors is £10,195 (2022: £663,758) due to Canda Copying Limited, a company with directors in common with Canda Copying (Investments) Limited. No interest has been charged on this balance.
12
Parent company
Canda Copying Holdings Limited became the 100% shareholder of the company on 7 October 2021. The registered office address of Canda Copying Holdings Limited is Champion Allwoods Limited, 2nd Floor Refuge House, 33-37 Watergate Row, Chester, CH1 2LE.
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