Canvasbay Limited 02129802 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is that of confectioners and tobacconists. Digita Accounts Production Advanced 6.30.9574.0 true true 02129802 2023-04-01 2024-03-31 02129802 2024-03-31 02129802 bus:OrdinaryShareClass1 2024-03-31 02129802 core:CurrentFinancialInstruments 2024-03-31 02129802 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 02129802 core:Non-currentFinancialInstruments 2024-03-31 02129802 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 02129802 core:FurnitureFittingsToolsEquipment 2024-03-31 02129802 bus:SmallEntities 2023-04-01 2024-03-31 02129802 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 02129802 bus:FilletedAccounts 2023-04-01 2024-03-31 02129802 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 02129802 bus:RegisteredOffice 2023-04-01 2024-03-31 02129802 bus:CompanySecretaryDirector1 2023-04-01 2024-03-31 02129802 bus:Director1 2023-04-01 2024-03-31 02129802 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 02129802 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 02129802 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 02129802 countries:EnglandWales 2023-04-01 2024-03-31 02129802 2023-03-31 02129802 core:FurnitureFittingsToolsEquipment 2023-03-31 02129802 2022-04-01 2023-03-31 02129802 2023-03-31 02129802 bus:OrdinaryShareClass1 2023-03-31 02129802 core:CurrentFinancialInstruments 2023-03-31 02129802 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 02129802 core:Non-currentFinancialInstruments 2023-03-31 02129802 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 02129802 core:FurnitureFittingsToolsEquipment 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 02129802

Canvasbay Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Canvasbay Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 7

 

Canvasbay Limited

Company Information

Directors

Mr A H Mitha

Mrs Y Mitha

Company secretary

Mrs Y Mitha

Registered office

42-46 Station Road
Edgware
Middlesex
HA8 7AB

Accountants

Richlands Business Advisers Limited
Chartered Accountants
42-46 Station Road
Edgware
Middlesex
HA8 7AB

 

Canvasbay Limited

(Registration number: 02129802)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

187,728

192,028

Current assets

 

Stocks

5

75,242

90,755

Debtors

6

387,690

340,827

Cash at bank and in hand

 

262,868

224,876

 

725,800

656,458

Creditors: Amounts falling due within one year

7

(594,790)

(580,432)

Net current assets

 

131,010

76,026

Total assets less current liabilities

 

318,738

268,054

Creditors: Amounts falling due after more than one year

7

-

(95,000)

Net assets

 

318,738

173,054

Capital and reserves

 

Called up share capital

8

1,000

1,000

Retained earnings

317,738

172,054

Shareholders' funds

 

318,738

173,054

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 16 December 2024 and signed on its behalf by:
 

.........................................
Mr A H Mitha
Director

 

Canvasbay Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
42-46 Station Road
Edgware
Middlesex
HA8 7AB
England

The principal place of business is:
Unit-2, Block-D
1-Eversholt Street , Euston Station
London
NW1 2DN
United Kingdom

These financial statements were authorised for issue by the Board on 16 December 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Canvasbay Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

10% - 25% per annum on reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Canvasbay Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 25 (2023 - 25).

 

Canvasbay Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

350,527

350,527

Additions

18,150

18,150

At 31 March 2024

368,677

368,677

Depreciation

At 1 April 2023

158,499

158,499

Charge for the year

22,450

22,450

At 31 March 2024

180,949

180,949

Carrying amount

At 31 March 2024

187,728

187,728

At 31 March 2023

192,028

192,028

5

Stocks

2024
£

2023
£

Finished goods and goods for resale

75,242

90,755

6

Debtors

Current

2024
£

2023
£

Trade debtors

49,051

53,907

Prepayments

66,737

73,408

Other debtors

271,902

213,512

 

387,690

340,827

 

Canvasbay Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

296,453

512,441

Taxation and social security

 

58,240

34,169

Other creditors

 

874

-

Accrued expenses

 

62,310

7,250

Corporation tax payable

 

49,008

8,493

Directors current account

 

127,905

18,079

 

594,790

580,432

Due after one year

 

Loans and borrowings

9

-

95,000

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

-

95,000

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

-

95,000