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REGISTERED NUMBER: 00741824 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

ACAN DEVELOPMENTS LIMITED

ACAN DEVELOPMENTS LIMITED (REGISTERED NUMBER: 00741824)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


ACAN DEVELOPMENTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: E A Darby
B T A Darby



SECRETARY: B T A Darby



REGISTERED OFFICE: Eagle House
28 Billing Road
Northampton
Northamptonshire
NN1 5AJ



REGISTERED NUMBER: 00741824 (England and Wales)



ACCOUNTANTS: Shaw Gibbs Limited
Eagle House
28 Billing Road
Northampton
NN1 5AJ



SOLICITORS: Howes Percival
3 The Osiers Business Centre
Leicester
LE19 1DX

ACAN DEVELOPMENTS LIMITED (REGISTERED NUMBER: 00741824)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 19,233 20,705
Investment property 5 1,831,266 1,831,266
1,850,499 1,851,971

CURRENT ASSETS
Debtors 6 5,197 4,997
Cash at bank 11,072 20,454
16,269 25,451
CREDITORS
Amounts falling due within one year 7 194,901 210,765
NET CURRENT LIABILITIES (178,632 ) (185,314 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,671,867

1,666,657

PROVISIONS FOR LIABILITIES 3,654 3,934
NET ASSETS 1,668,213 1,662,723

CAPITAL AND RESERVES
Called up share capital 840 840
Revaluation reserve 8 535,675 535,675
Retained earnings 1,131,698 1,126,208
SHAREHOLDERS' FUNDS 1,668,213 1,662,723

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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.

ACAN DEVELOPMENTS LIMITED (REGISTERED NUMBER: 00741824)

STATEMENT OF FINANCIAL POSITION - continued
31 MARCH 2024


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 approved by the Board of Directors and authorised for issue on 7 October 2024 and were signed on its behalf by:





B T A Darby - Director


ACAN DEVELOPMENTS LIMITED (REGISTERED NUMBER: 00741824)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Acan Developments Limited 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, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

Significant judgements and estimates
The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed within the individual accounting policies below.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Motor vehicles - 15% on reducing balance

Fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Where parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items of property, plant and equipment.

Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The selection of these residual values and estimated lives requires the exercise of judgement. The directors are required to assess whether there is an indication of impairment to the carrying value of assets. In making that assessment, judgements are made in estimating value in use. The directors consider that the individual carrying values of assets are supportable by their value in use.

Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account and then transferred out to a separate non-distributable reserve.

ACAN DEVELOPMENTS LIMITED (REGISTERED NUMBER: 00741824)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less.

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the statement of comprehensive income under administrative expenses.

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 entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

ACAN DEVELOPMENTS LIMITED (REGISTERED NUMBER: 00741824)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


4. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 April 2023 49,884 18,145 68,029
Additions 2,213 - 2,213
At 31 March 2024 52,097 18,145 70,242
DEPRECIATION
At 1 April 2023 33,422 13,902 47,324
Charge for year 3,049 636 3,685
At 31 March 2024 36,471 14,538 51,009
NET BOOK VALUE
At 31 March 2024 15,626 3,607 19,233
At 31 March 2023 16,462 4,243 20,705

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 1,831,266
NET BOOK VALUE
At 31 March 2024 1,831,266
At 31 March 2023 1,831,266

The fair value of the investment property has been arrived at on the basis of a valuation carried out at the year end by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

The historical cost of the above investment property is £1,295,591.

Any changes to the fair value of the above investment property are taken to the profit and loss account, then transferred out to a separate non-distributable reserve, named the revaluation reserve, which directors believe allows for greater transparency of the cumulative balance.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
VAT 141 595
Prepayments and accrued income 5,056 4,402
5,197 4,997

ACAN DEVELOPMENTS LIMITED (REGISTERED NUMBER: 00741824)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 73 1,454
Tax 11,726 7,368
Social security and other taxes 310 -
Other creditors 8,777 8,777
Directors' current accounts 150,064 169,313
Accruals and deferred income 23,951 23,853
194,901 210,765

8. RESERVES
Revaluation
reserve
£   
At 1 April 2023
and 31 March 2024 535,675

9. RELATED PARTY DISCLOSURES

Mr B T A Darby and Mrs E A Darby, the directors, control the company by virtue of their shareholdings.

Creditors: amounts falling due within one year includes £150,064 (2023 - £169,313) due to the directors.