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COMPANY REGISTRATION NUMBER: 11737623
CANAL AND MARKET HOLDINGS LIMITED
Filleted Unaudited Financial Statements
31 December 2023
CANAL AND MARKET HOLDINGS LIMITED
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
4
10,197
Tangible assets
5
628,053
332,448
---------
---------
638,250
332,448
Current assets
Debtors
6
200,641
147,174
Cash at bank and in hand
33
649
---------
---------
200,674
147,823
Creditors: amounts falling due within one year
7
443,456
106,692
---------
---------
Net current (liabilities)/assets
( 242,782)
41,131
---------
---------
Total assets less current liabilities
395,468
373,579
Creditors: amounts falling due after more than one year
8
527,642
470,162
---------
---------
Net liabilities
( 132,174)
( 96,583)
---------
---------
Capital and reserves
Called up share capital
100
1
Share premium account
9,801
Profit and loss account
( 142,075)
( 96,584)
---------
--------
Shareholders deficit
( 132,174)
( 96,583)
---------
--------
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 comprehensive income has not been delivered.
For the year ending 31 December 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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
CANAL AND MARKET HOLDINGS LIMITED
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 29 March 2024 , and are signed on behalf of the board by:
Mr. Roger Payne
Director
Company registration number: 11737623
CANAL AND MARKET HOLDINGS LIMITED
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Psb Accountants Ltd Jubilee House, Townsend Lane,, London, NW9 8TZ, England.
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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
33% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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:
Long leasehold property
-
6% straight line
Plant and machinery
-
25% straight line
Fixtures and fittings
-
25% straight line
Equipment
-
25 % straight line
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.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Intangible assets
Goodwill
£
Cost
Additions
11,460
--------
At 31 December 2023
11,460
--------
Amortisation
Charge for the year
1,263
--------
At 31 December 2023
1,263
--------
Carrying amount
At 31 December 2023
10,197
--------
At 31 December 2022
--------
5. Tangible assets
Long leasehold property
Plant and machinery
Fixtures and fittings
Equipment
Total
£
£
£
£
£
Cost
At 1 January 2023
289,273
42,026
73,611
404,910
Additions
271,594
28,589
33,566
25,000
358,749
---------
--------
---------
--------
---------
At 31 December 2023
560,867
70,615
107,177
25,000
763,659
---------
--------
---------
--------
---------
Depreciation
At 1 January 2023
29,518
15,964
26,980
72,462
Charge for the year
26,816
13,599
21,051
1,678
63,144
---------
--------
---------
--------
---------
At 31 December 2023
56,334
29,563
48,031
1,678
135,606
---------
--------
---------
--------
---------
Carrying amount
At 31 December 2023
504,533
41,052
59,146
23,322
628,053
---------
--------
---------
--------
---------
At 31 December 2022
259,755
26,062
46,631
332,448
---------
--------
---------
--------
---------
6. Debtors
2023
2022
£
£
Trade debtors
3,193
Amounts owed by group undertakings and undertakings in which the company has a participating interest
120,432
106,760
Other debtors
77,016
40,414
---------
---------
200,641
147,174
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
125,897
44,712
Social security and other taxes
727
6,422
Other creditors
316,832
55,558
---------
---------
443,456
106,692
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest
513,088
453,052
Other creditors
14,554
17,110
---------
---------
527,642
470,162
---------
---------
9. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
Balance brought forward and outstanding
2023
2022
£
£
Mr. Roger Payne
( 270,472)
( 25,000)
---------
--------
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
£
£
£
£
Camden Icons Ltd
(116,123)
( 116,123)
Book My Table
(313,259)
( 313,259)
Camden Pub Company Ltd
(3,705)
( 3,706)
26 Promotion and Events Ltd
(50,000)
( 50,000)
Bury Street Locations Ltd
(30,000)
( 30,000)
The Table Services Ltd
48,236
48,237
The Flute Restaurant Ltd
72,195
72,195
---------
----
---------
----
Canal and Market Holding is related party to Book My Table, Camden Pub Company, 26 Promotions and Events Ltd, Bury Street Locations Ltd, City Icon Bars Ltd (Camden Icons Ltd) The Table Services, and The Flute Restaurnat Ltd by Virtue of common directorship.