IRIS Accounts Production v24.2.0.383 NI627532 director 1.1.23 31.12.23 31.12.23 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhNI6275322022-12-31NI6275322023-12-31NI6275322023-01-012023-12-31NI6275322021-12-31NI6275322022-01-012022-12-31NI6275322022-12-31NI627532ns15:NorthernIreland2023-01-012023-12-31NI627532ns14:PoundSterling2023-01-012023-12-31NI627532ns10:Director12023-01-012023-12-31NI627532ns10:PrivateLimitedCompanyLtd2023-01-012023-12-31NI627532ns10:SmallEntities2023-01-012023-12-31NI627532ns10:AuditExempt-NoAccountantsReport2023-01-012023-12-31NI627532ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-31NI627532ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-31NI627532ns10:FullAccounts2023-01-012023-12-31NI627532ns10:RegisteredOffice2023-01-012023-12-31NI627532ns5:CurrentFinancialInstruments2023-12-31NI627532ns5:CurrentFinancialInstruments2022-12-31NI627532ns5:Non-currentFinancialInstruments2023-12-31NI627532ns5:Non-currentFinancialInstruments2022-12-31NI627532ns5:ShareCapital2023-12-31NI627532ns5:ShareCapital2022-12-31NI627532ns5:RevaluationReserve2023-12-31NI627532ns5:RevaluationReserve2022-12-31NI627532ns5:RetainedEarningsAccumulatedLosses2023-12-31NI627532ns5:RetainedEarningsAccumulatedLosses2022-12-31NI627532ns5:OwnedOrFreeholdAssetsns5:LandBuildings2023-01-012023-12-31NI627532ns5:PlantMachinery2023-01-012023-12-31NI627532ns5:FurnitureFittings2023-01-012023-12-31NI627532ns5:MotorVehicles2023-01-012023-12-31NI627532ns5:ComputerEquipment2023-01-012023-12-31NI627532ns5:LandBuildings2022-12-31NI627532ns5:PlantMachinery2022-12-31NI627532ns5:LandBuildings2023-01-012023-12-31NI627532ns5:LandBuildings2023-12-31NI627532ns5:PlantMachinery2023-12-31NI627532ns5:LandBuildings2022-12-31NI627532ns5:PlantMachinery2022-12-31NI627532ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-31NI627532ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-31NI627532ns5:Secured2023-12-31NI627532ns5:Secured2022-12-31NI627532ns5:RevaluationReserve2022-12-31
REGISTERED NUMBER: NI627532 (Northern Ireland)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

CANAVAN INTERIORS LIMITED

CANAVAN INTERIORS LIMITED (REGISTERED NUMBER: NI627532)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 7


CANAVAN INTERIORS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTOR: J Canavan





REGISTERED OFFICE: 62 Ballynafeagh Road Stewartstown
Dungannon
Co. Tyrone
BT71 5NT





REGISTERED NUMBER: NI627532 (Northern Ireland)





ACCOUNTANTS: Baker Tilly Mooney Moore
17 Clarendon Road
Clarendon Dock
Belfast
BT1 3BG

CANAVAN INTERIORS LIMITED (REGISTERED NUMBER: NI627532)

BALANCE SHEET
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 597,402 539,394

CURRENT ASSETS
Stocks 255,299 375,877
Debtors 5 76,333 70,948
Cash at bank 246,890 288,046
578,522 734,871
CREDITORS
Amounts falling due within one year 6 567,559 676,573
NET CURRENT ASSETS 10,963 58,298
TOTAL ASSETS LESS CURRENT
LIABILITIES

608,365

597,692

CREDITORS
Amounts falling due after more than one
year

7

(20,219

)

(30,275

)

PROVISIONS FOR LIABILITIES (52,525 ) (35,663 )
NET ASSETS 535,621 531,754

CAPITAL AND RESERVES
Called up share capital 4 4
Revaluation reserve 9 35,428 35,428
Retained earnings 500,189 496,322
SHAREHOLDERS' FUNDS 535,621 531,754

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

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

The director acknowledges his 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.

CANAVAN INTERIORS LIMITED (REGISTERED NUMBER: NI627532)

BALANCE SHEET - continued
31 DECEMBER 2023


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 authorised for issue and approved by the director and authorised for issue on 18 September 2024 and were signed by:





J Canavan - Director


CANAVAN INTERIORS LIMITED (REGISTERED NUMBER: NI627532)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Canavan Interiors Limited is a private company, limited by shares , registered in Northern Ireland. 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.

Significant judgements and estimates
In preparing these financial statements the directors have made the following judgements:

Establish whether there are indicators of impairment of the company's tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and the business in general.

Consider the valuation of stock and the requirement for write down provisions. These considerations are undertaken regularly by the directors, and especially at the year end date. Factors taken into account include historical experience and knowledge of the sector. Stock identified as impaired will be written down in value in the relevant period.

The directors also consider the depreciation rates on an annual basis to ensure there is sufficient evidence to support these and that the estimates remains reasonable.

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.
Freehold property - 2% on cost
Plant and machinery - 20% on reducing balance
Fixtures, fittings & equipment - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost and 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.

CANAVAN INTERIORS LIMITED (REGISTERED NUMBER: NI627532)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
All financial instruments of the company are considered to meet the definition of basic financial instruments.

- Short term debtors and creditors
Debtors and creditors with no stated interest rate and are receivable or payable on demand are recognised at transaction price, and subject to annual impairment reviews. Any losses arising on impairment are recognised in the profit and loss account.

- Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.

- Loans and borrowings
All loans and borrowings are initially recorded at the present value of cash payable to the lender in settlement of the liability discounted at the market interest rate. Subsequently loans and borrowings are stated at amortised cost using the effective interest rate method. The computation of amortised cost includes any issue costs, transaction costs and fees, and any discount or premium on settlement, and the effect of this is to amortise these amounts over the expected borrowing period. Loans with no stated interest rate and repayable within one period or on demand are not amortised. Loans and borrowings are classified as current liabilities unless the borrower has an unconditional right to defer settlement of the liability for at least 12 months after the financial period end date.

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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 5 ) .

CANAVAN INTERIORS LIMITED (REGISTERED NUMBER: NI627532)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2023 436,629 442,172 878,801
Additions - 142,314 142,314
Disposals - (205,548 ) (205,548 )
At 31 December 2023 436,629 378,938 815,567
DEPRECIATION
At 1 January 2023 51,654 287,753 339,407
Charge for year 8,732 41,354 50,086
Eliminated on disposal - (171,328 ) (171,328 )
At 31 December 2023 60,386 157,779 218,165
NET BOOK VALUE
At 31 December 2023 376,243 221,159 597,402
At 31 December 2022 384,975 154,419 539,394

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 27,681 57,609
Other debtors 48,652 13,339
76,333 70,948

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 11,364 17,191
Hire purchase contracts 417 5,000
Trade creditors 148,105 82,657
Taxation and social security 11,654 73,770
Other creditors 396,019 497,955
567,559 676,573

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Bank loans 20,219 29,858
Hire purchase contracts - 417
20,219 30,275

CANAVAN INTERIORS LIMITED (REGISTERED NUMBER: NI627532)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


8. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Hire purchase contracts 417 5,417
Bank Loan 715 6,542
1,132 11,959

The bank loans are secured by a fixed and floating charge over all the property or undertaking of the company.

Hire Purchase agreements are secured on the asset to which they relate.

9. RESERVES
Revaluation
reserve
£   
At 1 January 2023
and 31 December 2023 35,428

The revaluation reserve relates to a revaluation of land and buildings under a previous GAAP and was used to determine deemed cost on transition to FRS 102 Section 1A.

10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

At year end the company was owed £3,536 (2022: £1,972) by the director. The amount is unsecured, interest free and repayable on demand.