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REGISTERED NUMBER: 08791744 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

CANOPY FINANCIAL SERVICES LTD

CANOPY FINANCIAL SERVICES LTD (REGISTERED NUMBER: 08791744)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 29 February 2024




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


CANOPY FINANCIAL SERVICES LTD

COMPANY INFORMATION
for the year ended 29 February 2024







DIRECTOR: Mr C K Canham





REGISTERED OFFICE: The Clock House
Crockham Park
Main Road
Crockham Hill
Kent
TN8 6SR





REGISTERED NUMBER: 08791744 (England and Wales)





ACCOUNTANTS: Raffingers LLP
Chartered Certified Accountants
19-20 Bourne Court
Southend Road
Woodford Green
Essex
IG8 8HD

CANOPY FINANCIAL SERVICES LTD (REGISTERED NUMBER: 08791744)

ABRIDGED BALANCE SHEET
29 February 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 7,312 2,980

CURRENT ASSETS
Debtors 141,053 156,545
Cash at bank and in hand 401 1,501
141,454 158,046
CREDITORS
Amounts falling due within one year 30,515 49,136
NET CURRENT ASSETS 110,939 108,910
TOTAL ASSETS LESS CURRENT
LIABILITIES

118,251

111,890

CREDITORS
Amounts falling due after more than one year 5 135,925 141,543
NET LIABILITIES (17,674 ) (29,653 )

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings (17,675 ) (29,654 )
SHAREHOLDERS' FUNDS (17,674 ) (29,653 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 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.

CANOPY FINANCIAL SERVICES LTD (REGISTERED NUMBER: 08791744)

ABRIDGED BALANCE SHEET - continued
29 February 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 29 February 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 30 August 2024 and were signed by:





Mr C K Canham - Director


CANOPY FINANCIAL SERVICES LTD (REGISTERED NUMBER: 08791744)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 29 February 2024

1. STATUTORY INFORMATION

Canopy Financial Services Ltd is a private company, limited by shares , registered in England and Wales. 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.

The accounts have been prepared on the going concern basis as the director is of the opinion that the company will meet its liabilities as and when due, due to the continued support of the director.

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.
Computer equipment - 25% on reducing balance

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.

Short term debtors and creditors
Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

CANOPY FINANCIAL SERVICES LTD (REGISTERED NUMBER: 08791744)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 29 February 2024

2. ACCOUNTING POLICIES - continued

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transactions costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

Derivatives and hedging activities
The foreign currency forward contracts employed to hedge foreign exchange exposures for export purchases are measured at fair value and the unrealised gains/losses are recognised in income or loss. Forward contracts applied for committed transactions are also measured at fair value, but the unrealised gains/losses are deffered until the underlying transactions are completed.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 March 2023 13,961
Additions 6,770
At 29 February 2024 20,731
DEPRECIATION
At 1 March 2023 10,981
Charge for year 2,438
At 29 February 2024 13,419
NET BOOK VALUE
At 29 February 2024 7,312
At 28 February 2023 2,980

5. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS
2024 2023
£    £   
Repayable by instalments
Bank loans 50,690 53,873

The bank loans of £158,592 are with Santander UK plc & Funding Circle and are secured by way of a fixed and floating charge over the undertaking and all property and assets present and future.

CANOPY FINANCIAL SERVICES LTD (REGISTERED NUMBER: 08791744)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 29 February 2024

6. RELATED PARTY DISCLOSURES

At the balance sheet date, the company was owed £82,029 (2023: £56,592) by Canopy Wealth Management Ltd, a company in which Mr C Canham is also a director.