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Registration number: 11668359

Canal Water (MCR) Ltd



Filleted Unaudited Financial Statements

for the Year Ended 30 November 2023

 

Canal Water (MCR) Ltd

 

(Registration number: 11668359)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

211,824

249,204

Investments

5

8,211

8,211

 

220,035

257,415

Current assets

 

Debtors

6

1,818,202

1,818,297

Cash at bank and in hand

 

3,583

11,342

 

1,821,785

1,829,639

Creditors: Amounts falling due within one year

7

(1,066,581)

(924,772)

Net current assets

 

755,204

904,867

Total assets less current liabilities

 

975,239

1,162,282

Creditors: Amounts falling due after more than one year

7

(1,860,758)

(1,870,502)

Net liabilities

 

(885,519)

(708,220)

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

(885,619)

(708,320)

Total equity

 

(885,519)

(708,220)

For the financial year ending 30 November 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.

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.

 

Canal Water (MCR) Ltd

 

(Registration number: 11668359)
Balance Sheet as at 30 November 2023

Approved and authorised by the Board on 6 September 2024 and signed on its behalf by:
 

.........................................
Mr J Chen
Director

 

Canal Water (MCR) Ltd

 

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
2nd Floor - Parkgates
Bury New Road
Prestwich
M25 0TL
England

The principal place of business is:
44 Canal Street
Manchester
M1 3WD

These financial statements were authorised for issue by the Board on 6 September 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 Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

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

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Canal Water (MCR) Ltd

 

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

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.

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

Fixtures and fittings

15% reducing balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Canal Water (MCR) Ltd

 

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 15 (2022 - 15).

 

Canal Water (MCR) Ltd

 

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 December 2022

476,896

476,896

At 30 November 2023

476,896

476,896

Depreciation

At 1 December 2022

227,692

227,692

Charge for the year

37,380

37,380

At 30 November 2023

265,072

265,072

Carrying amount

At 30 November 2023

211,824

211,824

At 30 November 2022

249,204

249,204

 

Canal Water (MCR) Ltd

 

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

5

Investments

2023
£

2022
£

Investments in subsidiaries

8,211

8,211

Subsidiaries

£

Cost or valuation

At 1 December 2022

8,211

Provision

Carrying amount

At 30 November 2023

8,211

At 30 November 2022

8,211

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

438

439

Amounts owed by related parties

8

1,599,564

1,599,564

Other debtors

 

218,200

218,294

   

1,818,202

1,818,297

 

Canal Water (MCR) Ltd

 

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

16,500

-

Trade creditors

 

2,746

1,177

Taxation and social security

 

66,951

54,025

Accruals and deferred income

 

189,377

146,227

Other creditors

 

791,007

723,343

 

1,066,581

924,772

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

1,830,258

1,840,002

Other non-current financial liabilities

 

30,500

30,500

 

1,860,758

1,870,502

 

Canal Water (MCR) Ltd

 

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

8

Related party transactions

Loans from related parties

2023

Other related parties
£

Total
£

At start of period

1,815,002

1,815,002

At end of period

1,815,002

1,815,002

2022

Other related parties
£

Total
£

At start of period

1,815,002

1,815,002

At end of period

1,815,002

1,815,002

Terms of loans from related parties



The total amount of money invested by Mr J Chen as a director’s loan is £200,000
The total amount of money invested by Ms Y Fang as a director’s loan is £200,000
The total amount of money invested by Ms J Fu as a director’s loan is £200,000
The total amount of money invested by Ms N Jiang as a director’s loan is £ 200,001
The total amount of money invested by Ms S Li as a director’s loan is £200,000
The total amount of money invested by Ms M Liang as a director’s loan is £200,000
The total amount of money invested by Mr X Ruan as a director’s loan is £200,000
The total amount of money invested by Mr Y K Yu as a director’s loan is £200,000
The total amount of money invested Ms Z Tang asa director's loan is £190,000

All these loans carry interest at 3%