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REGISTERED NUMBER: 08949771 (England and Wales)















Unaudited Financial Statements

for the Year Ended 31st January 2024

for

CANVEY ISLAND BINDERY COMPANY
LIMITED

CANVEY ISLAND BINDERY COMPANY
LIMITED (REGISTERED NUMBER: 08949771)

Contents of the Financial Statements
for the year ended 31st January 2024










Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


CANVEY ISLAND BINDERY COMPANY
LIMITED

Company Information
for the year ended 31st January 2024







DIRECTOR: Mr S E Burstein





REGISTERED OFFICE: Monometer House
Rectory Grove
Leigh on Sea
Essex
SS9 2HL





REGISTERED NUMBER: 08949771 (England and Wales)





ACCOUNTANTS: Barrons Limited
Chartered Accountants
Monometer House
Rectory Grove
Leigh on Sea
Essex
SS9 2HN

Chartered Accountants' Report to the Director
on the Unaudited Financial Statements of
Canvey Island Bindery Company
Limited


The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Canvey Island Bindery Company Limited for the year ended 31st January 2024 which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Canvey Island Bindery Company Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Canvey Island Bindery Company Limited and state those matters that we have agreed to state to the director of Canvey Island Bindery Company Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Canvey Island Bindery Company Limited and its director for our work or for this report.

It is your duty to ensure that Canvey Island Bindery Company Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Canvey Island Bindery Company Limited. You consider that Canvey Island Bindery Company Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Canvey Island Bindery Company Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Barrons Limited
Chartered Accountants
Monometer House
Rectory Grove
Leigh on Sea
Essex
SS9 2HN


24th September 2024

CANVEY ISLAND BINDERY COMPANY
LIMITED (REGISTERED NUMBER: 08949771)

Balance Sheet
31st January 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 48,000 82,000
Tangible assets 5 72,115 73,637
120,115 155,637

CURRENT ASSETS
Stocks 331,455 311,965
Debtors 6 77,220 150,038
Cash at bank and in hand 268,524 177,665
677,199 639,668
CREDITORS
Amounts falling due within one year 7 307,859 352,490
NET CURRENT ASSETS 369,340 287,178
TOTAL ASSETS LESS CURRENT
LIABILITIES

489,455

442,815

CREDITORS
Amounts falling due after more than one year 8 1,119,439 1,008,339
NET LIABILITIES (629,984 ) (565,524 )

CANVEY ISLAND BINDERY COMPANY
LIMITED (REGISTERED NUMBER: 08949771)

Balance Sheet - continued
31st January 2024

2024 2023
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings (629,985 ) (565,525 )
SHAREHOLDERS' FUNDS (629,984 ) (565,524 )

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

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

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 and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 24th September 2024 and were signed by:





Mr S E Burstein - Director


CANVEY ISLAND BINDERY COMPANY
LIMITED (REGISTERED NUMBER: 08949771)

Notes to the Financial Statements
for the year ended 31st January 2024


1. STATUTORY INFORMATION

Canvey Island Bindery Company 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.

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
The turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before the revenue is recognised:

Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
- the Company has transferred the significant risks and rewards of ownership to the buyer;
- the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.

Goodwill
Goodwill represents the amount paid in connection with the acquisition of the company's trading activities at the date of acquisition. Subsequent to initial recognition, Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Profit and Loss Account over its useful economic life.

The estimated useful life is as follows:

Goodwill - Straight line over 10 years

CANVEY ISLAND BINDERY COMPANY
LIMITED (REGISTERED NUMBER: 08949771)

Notes to the Financial Statements - continued
for the year ended 31st January 2024


2. ACCOUNTING POLICIES - continued

Intangible assets
Other intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured as cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. The estimated useful life is as follows:

Other intangible assets - Straight line over 10 years

Tangible fixed assets
Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less residual value over their estimated useful lives, using either a straight line or reducing balance method, as indicated below.

Depreciation is provided on the following basis:

Plant and machinery etc -20% & 33% Straight Line

The asset's residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If Stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit and loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and 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.


CANVEY ISLAND BINDERY COMPANY
LIMITED (REGISTERED NUMBER: 08949771)

Notes to the Financial Statements - continued
for the year ended 31st January 2024


2. ACCOUNTING POLICIES - continued
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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Operating lease commitments
Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit and loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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. Such instruments are subsequently carried at amortised cost using effective interest method, less any impairment.

CANVEY ISLAND BINDERY COMPANY
LIMITED (REGISTERED NUMBER: 08949771)

Notes to the Financial Statements - continued
for the year ended 31st January 2024


2. ACCOUNTING POLICIES - continued

Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amount of cash with insignificant risk of change in value.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2023 - 21 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1st February 2023
and 31st January 2024 300,000 40,000 340,000
AMORTISATION
At 1st February 2023 230,000 28,000 258,000
Charge for year 30,000 4,000 34,000
At 31st January 2024 260,000 32,000 292,000
NET BOOK VALUE
At 31st January 2024 40,000 8,000 48,000
At 31st January 2023 70,000 12,000 82,000

CANVEY ISLAND BINDERY COMPANY
LIMITED (REGISTERED NUMBER: 08949771)

Notes to the Financial Statements - continued
for the year ended 31st January 2024


5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1st February 2023 118,359
Additions 17,243
At 31st January 2024 135,602
DEPRECIATION
At 1st February 2023 44,722
Charge for year 18,765
At 31st January 2024 63,487
NET BOOK VALUE
At 31st January 2024 72,115
At 31st January 2023 73,637

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 57,177 122,800
Other debtors 20,043 27,238
77,220 150,038

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,000 10,000
Trade creditors 50,785 58,632
Taxation and social security 18,554 8,896
Other creditors 228,520 274,962
307,859 352,490

CANVEY ISLAND BINDERY COMPANY
LIMITED (REGISTERED NUMBER: 08949771)

Notes to the Financial Statements - continued
for the year ended 31st January 2024


8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 15,833 25,833
Other creditors 1,103,606 982,506
1,119,439 1,008,339

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Other loans more 5yrs non-inst 733,606 612,506

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 54,000 54,000
Between one and five years 157,500 211,500
211,500 265,500

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 25,833 35,833
Other creditors 1,103,605 982,506
1,129,438 1,018,339

Balances payable under other creditors are secured by a fixed and floating charge over the assets of the company.

The bank loan is secured by the Bounce Bank Loan Scheme provided by the government during the coronavirus outbreak.

11. RELATED PARTY DISCLOSURES

As at the balance sheet date there was a director's current account balance totalling £560,000 (2023: £530,000).