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REGISTERED NUMBER: 01032862 (England and Wales)















Financial Statements for the Year Ended 31 July 2024

for

Stuart Canvas Limited

Stuart Canvas Limited (Registered number: 01032862)






Contents of the Financial Statements
for the Year Ended 31 July 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Stuart Canvas Limited

Company Information
for the Year Ended 31 July 2024







DIRECTOR: E A Stoddart





SECRETARY: E A Stoddart





REGISTERED OFFICE: Unit 6, Hardwick Grange
Woolston
Warrington
Cheshire
WA1 4RF





REGISTERED NUMBER: 01032862 (England and Wales)





AUDITORS: Voisey & Co LLP
8 Winmarleigh Street
Warrington
Cheshire
WA1 1JW

Stuart Canvas Limited (Registered number: 01032862)

Balance Sheet
31 July 2024

31.7.24 31.7.23
Notes £    £   
FIXED ASSETS
Tangible assets 5 217,835 148,054

CURRENT ASSETS
Stocks 514,732 442,539
Debtors 6 1,554,622 2,156,928
Cash at bank and in hand 503,721 321,680
2,573,075 2,921,147
CREDITORS
Amounts falling due within one year 7 (1,233,656 ) (1,684,117 )
NET CURRENT ASSETS 1,339,419 1,237,030
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,557,254

1,385,084

CREDITORS
Amounts falling due after more than one year 8 (44,812 ) (121,776 )

PROVISIONS FOR LIABILITIES 11 (144,459 ) (120,657 )
NET ASSETS 1,367,983 1,142,651

CAPITAL AND RESERVES
Called up share capital 12 312,750 312,750
Share premium 13 1,850 1,850
Retained earnings 13 1,053,383 828,051
SHAREHOLDERS' FUNDS 1,367,983 1,142,651

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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 11 February 2025 and were signed by:





E A Stoddart - Director


Stuart Canvas Limited (Registered number: 01032862)

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

1. STATUTORY INFORMATION

Stuart Canvas 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Monetary amounts in these financial statements are rounded to the nearest £.

The principal accounting policies adopted are set out below.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates
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.

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts and derives from the company's principal activity of the manufacture and sale of industrial tarpaulins and sports ground covers. Income is recognised on the delivery of goods.

Stuart Canvas Limited (Registered number: 01032862)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

3. ACCOUNTING POLICIES - continued

Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Plant and machinery10%-20% on a reducing balance basis
Fixtures, fittings & equipment25% on a reducing balance basis
Motor vehicles25% on a reducing balance basis

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 balance sheet date.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Stuart Canvas Limited (Registered number: 01032862)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

3. ACCOUNTING POLICIES - continued

Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with bank, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

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 statement of financial position 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 net asset and settle the liability simultaneously.

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 costs 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.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publically traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Stuart Canvas Limited (Registered number: 01032862)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

3. ACCOUNTING POLICIES - continued

Impairment of financial assets
Financial assets, other than those held at fair value through profit or loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, 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.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 48 (2023 - 43 ) .

Stuart Canvas Limited (Registered number: 01032862)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 August 2023 355,543 79,126 216,277 650,946
Additions 78,453 765 56,551 135,769
Disposals (6,098 ) - (45,038 ) (51,136 )
At 31 July 2024 427,898 79,891 227,790 735,579
DEPRECIATION
At 1 August 2023 292,540 59,146 151,206 502,892
Charge for year 14,574 4,444 29,623 48,641
Eliminated on disposal (1,446 ) - (32,343 ) (33,789 )
At 31 July 2024 305,668 63,590 148,486 517,744
NET BOOK VALUE
At 31 July 2024 122,230 16,301 79,304 217,835
At 31 July 2023 63,003 19,980 65,071 148,054

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Trade debtors 1,096,235 1,122,568
Amounts owed by group undertakings 256,423 881,314
Other debtors 52,481 40,768
Prepayments and accrued income 149,483 112,278
1,554,622 2,156,928

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Bank loans and overdrafts 51,022 50,832
Hire purchase contracts (see note 9) 115,069 12,294
Trade creditors 596,327 487,243
Amounts owed to group undertakings - 722,901
Tax 29,795 17,337
Social security and other taxes 275,660 214,972
Other creditors 8,245 4,241
Accruals and deferred income 157,538 174,297
1,233,656 1,684,117

Stuart Canvas Limited (Registered number: 01032862)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.7.24 31.7.23
£    £   
Bank loans - 1-2 years 44,812 95,538
Hire purchase contracts (see note 9) - 26,238
44,812 121,776

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.7.24 31.7.23
£    £   
Net obligations repayable:
Within one year 115,069 12,294
Between one and five years - 26,238
115,069 38,532

Non-cancellable operating leases
31.7.24 31.7.23
£    £   
Within one year 216,286 245,236
Between one and five years 625,878 717,701
In more than five years 31,116 124,464
873,280 1,087,401

10. SECURED DEBTS

The bank loan and overdraft is secured by a debenture over all assets of the company.

11. PROVISIONS FOR LIABILITIES
31.7.24 31.7.23
£    £   
Deferred tax 54,459 30,657
Other provisions 90,000 90,000
144,459 120,657

Stuart Canvas Limited (Registered number: 01032862)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

11. PROVISIONS FOR LIABILITIES - continued

Deferred Other
tax provisions
£    £   
Balance at 1 August 2023 30,657 90,000
Provided during year 23,802 -
Balance at 31 July 2024 54,459 90,000

The deferred tax movement in the year is in respect of calculated accelerated capital allowances.

The other provision is a dilapidation provision in relation to the ongoing wear and tear of the company's premises, in order to spread the cost of repair over the lease term of the premises.

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.7.24 31.7.23
value: £    £   
312,750 Ordinary £1 312,750 312,750

13. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 August 2023 828,051 1,850 829,901
Profit for the year 225,332 225,332
At 31 July 2024 1,053,383 1,850 1,055,233

14. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Jonathan Urmston BA ACA (Senior Statutory Auditor)
for and on behalf of Voisey & Co LLP

15. ULTIMATE CONTROLLING PARTY

Stuart Canvas Group Limited is regarded by the directors as being the company's ultimate parent company.

Copies of the consolidated accounts are available from the registered office of that company - Unit 6 Hardwick Grange, Woolston, Warrington, Cheshire, WA1 4RF.

The address of the principal place of business is Unit 6 Hardwick Grange, Woolston, Warrington, Cheshire, WA1 4RF.

The ultimate controlling party of the company is considered to be E Stoddart by virtue of his majority shareholding in Stuart Canvas Group Limited.