Draft Financial Statements at 16 October 2024 at 16:46:04
Company registration number 14593169 (England and Wales)
CANCANPIZZA LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
Premier House
127 Duckmoor Road
Ashton Gate
Bristol
England
BS3 2BJ
Draft Financial Statements at 16 October 2024 at 16:46:04
CANCANPIZZA LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Statement of changes in equity
4
Notes to the financial statements
5 - 8
Draft Financial Statements at 16 October 2024 at 16:46:04
CANCANPIZZA LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr M A O'Neill
Mr P A Willis
Company number
14593169
Registered office
33a East Street
Bedminster
Bristol
UK
BS3 4HH
Accountants
TC Group
Premier House
127 Duckmoor Road
Ashton Gate
Bristol
England
BS3 2BJ
Draft Financial Statements at 16 October 2024 at 16:46:04
CANCANPIZZA LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 2 -
2024
Notes
£
£
Fixed assets
Tangible assets
4
10,073
Current assets
Stocks
2,600
Debtors
5
572
Cash at bank and in hand
1,760
4,932
Creditors: amounts falling due within one year
6
(4,242)
Net current assets
690
Total assets less current liabilities
10,763
Provisions for liabilities
(1,914)
Net assets
8,849
Capital and reserves
Called up share capital
100
Profit and loss reserves
8,749
Total equity
8,849
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Draft Financial Statements at 16 October 2024 at 16:46:04
CANCANPIZZA LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2024
31 January 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 16 October 2024 and are signed on its behalf by:
Mr P A Willis
Director
Company Registration No. 14593169
Draft Financial Statements at 16 October 2024 at 16:46:04
CANCANPIZZA LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 JANUARY 2024
- 4 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2023
-
Period ended 31 January 2024:
Profit and total comprehensive income for the period
-
8,749
8,749
Issue of share capital
100
-
100
Balance at 31 January 2024
100
8,749
8,849
Draft Financial Statements at 16 October 2024 at 16:46:04
CANCANPIZZA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024
- 5 -
1
Accounting policies
Company information
CanCanPizza Limited is a private company limited by shares incorporated in England and Wales. The registered office is 33a East Street, Bedminster, Bristol, UK, BS3 4HH. . The company was incorporated on 16th January 2023 and commenced trade on 1st March 2023.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
25% Reducing balance
1.4
Stocks
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Draft Financial Statements at 16 October 2024 at 16:46:04
CANCANPIZZA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 6 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Draft Financial Statements at 16 October 2024 at 16:46:04
CANCANPIZZA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2024
- 7 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
In the opinion of the directors there are no significant judgements or areas of estimation uncertainty.
3
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
Number
Total
4
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023
Additions
11,138
At 31 January 2024
11,138
Depreciation and impairment
At 1 January 2023
Depreciation charged in the period
1,065
At 31 January 2024
1,065
Carrying amount
At 31 January 2024
10,073
Draft Financial Statements at 16 October 2024 at 16:46:04
CANCANPIZZA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2024
- 8 -
5
Debtors
2024
Amounts falling due within one year:
£
Other debtors
572
6
Creditors: amounts falling due within one year
2024
£
Taxation and social security
1,096
Other creditors
3,146
4,242