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REGISTERED NUMBER: 02309936 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

Cornwall Canoes Ltd

Cornwall Canoes Ltd (Registered number: 02309936)






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


Cornwall Canoes Ltd

COMPANY INFORMATION
for the year ended 31 December 2023







Directors: Mr C B Dyer
Mr S D Longdon





Registered office: Unit 1 & 2 Richmond Place
Central Avenue
Lee Mill Industrial Estate
Ivybridge
Devon
PL21 9RL





Business address: Canoe Shops House
Newquay Road
St Columb Road Village
Cornwall
TR9 6PZ





Registered number: 02309936 (England and Wales)





Accountants: Nigel Webster & Co
129 North Hill
Plymouth
Devon
PL4 8JY

Cornwall Canoes Ltd (Registered number: 02309936)

BALANCE SHEET
31 December 2023

2023 2022
Notes £    £    £    £   
Fixed assets
Tangible assets 4 5,682 8,523

Current assets
Stocks 115,019 123,577
Debtors 5 16,035 59,237
Cash at bank and in hand 183,184 158,223
314,238 341,037
Creditors
Amounts falling due within one year 6 203,132 221,062
Net current assets 111,106 119,975
Total assets less current liabilities 116,788 128,498

Provisions for liabilities 7 1,400 1,900
Net assets 115,388 126,598

Capital and reserves
Called up share capital 8 5,000 5,000
Retained earnings 110,388 121,598
Shareholders' funds 115,388 126,598

Cornwall Canoes Ltd (Registered number: 02309936)

BALANCE SHEET - continued
31 December 2023


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 directors acknowledge their 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.

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 Profit & Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 September 2024 and were signed on its behalf by:





Mr C B Dyer - Director


Cornwall Canoes Ltd (Registered number: 02309936)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2023

1. STATUTORY INFORMATION

Cornwall Canoes Limited is a private company, limited by shares, registered in England and Wales. The company's registered number, registered office address and business address can be found on the company information page.

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.

Turnover
Turnover is measured at the fair value of the consideration receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and is recognised when the significant risks and rewards of ownership of goods have transferred to the buyer.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - straight line over the term of the lease
Computer equipment - 33% on reducing balance

Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & Loss Account, 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.

Cornwall Canoes Ltd (Registered number: 02309936)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

2. ACCOUNTING POLICIES - continued

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.

Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
Cost
At 1 January 2023
and 31 December 2023 8,511 20,696 29,207
Depreciation
At 1 January 2023 8,511 12,173 20,684
Charge for year - 2,841 2,841
At 31 December 2023 8,511 15,014 23,525
Net book value
At 31 December 2023 - 5,682 5,682
At 31 December 2022 - 8,523 8,523

Cornwall Canoes Ltd (Registered number: 02309936)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors - 120
Other debtors 16,035 59,117
16,035 59,237

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 4,723 3,351
Amounts owed to group undertakings 134,738 134,285
Taxation and social security 4,598 4,304
Other creditors 59,073 79,122
203,132 221,062

7. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 1,400 1,900

Deferred
tax
£   
Balance at 1 January 2023 1,900
Provided during year (500 )
Balance at 31 December 2023 1,400

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
5,000 Ordinary shares £1 5,000 5,000

9. OTHER FINANCIAL COMMITMENTS

The total amount of financial commitments not included in the balance sheet is £27,500 (2022 - £49,500). This represents rents payable for the period up to 31 March 2025.

Cornwall Canoes Ltd (Registered number: 02309936)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

10. ULTIMATE CONTROLLING PARTY

Cornwall Canoes Limited is a 100% subsidiary of The Canoe Shops (Group) Ltd, registered office Unit 1&2 Richmond Place, Central Avenue, Lee Mill Industrial Estate, Ivybridge, Devon, PL21 9RL.

The ultimate controlling party is Mr R J and Mrs H A Dyer by virtue of their majority shareholding in The Canoe Shops (Group) Ltd.