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Company No: 09583913 (England and Wales)

CLASSIC CANES LIMITED

Unaudited Financial Statements
For the financial year ended 31 May 2024
Pages for filing with the registrar

CLASSIC CANES LIMITED

Unaudited Financial Statements

For the financial year ended 31 May 2024

Contents

CLASSIC CANES LIMITED

BALANCE SHEET

As at 31 May 2024
CLASSIC CANES LIMITED

BALANCE SHEET (continued)

As at 31 May 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 0 1,084
Tangible assets 4 374,150 362,972
374,150 364,056
Current assets
Stocks 5 412,501 449,822
Debtors 6 105,482 101,506
Cash at bank and in hand 21,160 25,000
539,143 576,328
Creditors: amounts falling due within one year 7 ( 166,242) ( 292,665)
Net current assets 372,901 283,663
Total assets less current liabilities 747,051 647,719
Creditors: amounts falling due after more than one year 8 ( 40,554) 0
Net assets 706,497 647,719
Capital and reserves
Called-up share capital 9 80,300 150,300
Capital redemption reserve 9 270,000 200,000
Profit and loss account 356,197 297,419
Total shareholders' funds 706,497 647,719

For the financial year ending 31 May 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Classic Canes Limited (registered number: 09583913) were approved and authorised for issue by the Board of Directors on 17 October 2024. They were signed on its behalf by:

C R Gillan
Director
CLASSIC CANES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
CLASSIC CANES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Classic Canes Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Albert Goodman, Lupin Way, Yeovil, BA22 8WW, United Kingdom. The principal place of business is Warren House, Hinton Park, Hinton ST George, Somerset, TA17 8TQ.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Trademarks, patents and licences 5 years straight line
Trademarks, patents and licences

Separately acquired patents and trademarks are included at cost and amortised in equal annual instalments over a period of 5 years which is their estimated useful economic life. Provision is made for any impairment.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 0 - 25 years straight line
Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 25 % reducing balance
Office equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

All Land and buildings are freehold land and buildings.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Share capital

Ordinary shares and redeemable preference shares are classified as equity.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 7 7

3. Intangible assets

Trademarks, patents
and licences
Total
£ £
Cost
At 01 June 2023 12,196 12,196
At 31 May 2024 12,196 12,196
Accumulated amortisation
At 01 June 2023 11,112 11,112
Charge for the financial year 1,084 1,084
At 31 May 2024 12,196 12,196
Net book value
At 31 May 2024 0 0
At 31 May 2023 1,084 1,084

4. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £ £
Cost
At 01 June 2023 359,387 24,253 77,912 1,284 14,078 476,914
Additions 0 0 56,819 221 0 57,040
Disposals 0 0 ( 77,912) 0 0 ( 77,912)
At 31 May 2024 359,387 24,253 56,819 1,505 14,078 456,042
Accumulated depreciation
At 01 June 2023 32,672 19,184 53,261 840 7,985 113,942
Charge for the financial year 4,084 1,270 14,205 129 1,523 21,211
Disposals 0 0 ( 53,261) 0 0 ( 53,261)
At 31 May 2024 36,756 20,454 14,205 969 9,508 81,892
Net book value
At 31 May 2024 322,631 3,799 42,614 536 4,570 374,150
At 31 May 2023 326,715 5,069 24,651 444 6,093 362,972
Leased assets included above:
Net book value
At 31 May 2024 0 0 42,614 0 0 42,614
At 31 May 2023 0 0 24,651 0 0 24,651

5. Stocks

2024 2023
£ £
Stocks 412,501 449,822

6. Debtors

2024 2023
£ £
Trade debtors 32,725 48,490
Prepayments 72,757 53,016
105,482 101,506

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 7,066 41,752
Amounts owed to directors 47,160 128,225
Accruals and deferred income 25,788 16,275
Corporation tax 51,354 32,172
Other taxation and social security 29,592 30,181
Obligations under finance leases and hire purchase contracts (secured) 4,519 43,486
Other creditors 763 574
166,242 292,665

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Obligations under finance leases and hire purchase contracts (secured) 40,554 0

Hire purchase contracts are secured on the assets concerned, which are included within motor vehicles. At the balance sheet date, the assets concerned had a combined net book value of £42,614 (2023 - £24,651).

9. Changes in equity

Called-up share capital Capital redemption reserve
£ £
At 01 June 2023 150,300 200,000
Redemption of preference share capital ( 70,000) 0
Other capital redemption reserve movements - transfer from profit and loss account 0 70,000
At 31 May 2024 80,300 270,000
At 01 June 2022 250,300 100,000
Redemption of preference share capital ( 100,000)
Other capital redemption reserve movements - transfer from profit and loss account 0 100,000
At 31 May 2023 150,300 200,000

During the year, 70,000 preference shares were redeemed at par. In the prior year, 100,000 preference shares were redeemed at par.

10. Related party transactions

Transactions with the entity's directors

Advances

Directors loan accounts are repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.

D C Porter
During the year to 31 May 2024, the director's loan remained in credit.
At 1 June 2022, the balance owed by the director was £5,925. During the year, £5,925 was repaid by the director. At 31 May 2023, there was no balance owed by the director.