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COMPANY REGISTRATION NUMBER: SC360372
Canongate Design Limited
Filleted Unaudited Financial Statements
For the year ending
31 May 2024
Canongate Design Limited
Statement of Financial Position
31 May 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
2,922
3,554
Current assets
Debtors
6
638
8,785
Cash at bank and in hand
1,310
16,241
-------
--------
1,948
25,026
Creditors: amounts falling due within one year
7
63,188
76,904
--------
--------
Net current liabilities
61,240
51,878
--------
--------
Total assets less current liabilities
( 58,318)
( 48,324)
--------
--------
Net liabilities
( 58,318)
( 48,324)
--------
--------
Capital and reserves
Called up share capital
8
2
2
Profit and loss account
( 58,320)
( 48,326)
--------
--------
Shareholders deficit
( 58,318)
( 48,324)
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 25 February 2025 , and are signed on behalf of the board by:
K Craig
Director
Company registration number: SC360372
Canongate Design Limited
Notes to the Financial Statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Crookston Cottage, 5 Crookston Road, Inveresk, East Lothian, EH21 7TQ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements have been prepared on a going concern basis. The director has assessed the Company's ability to continue as a going concern and is aware that the company has negative reserves. The company has sufficient funds to pay external creditors as and when bills are due. The director will not repay his loan accounts until sufficient funds are available. Thus he continue to adopt the going concern basis of accounting in preparing the financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. The turnover shown in the Profit and Loss Account represents amounts earned during the year.
Taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is provided on the liability method to take account of timing differences between the treatment for certain items for financial statements purposes and the treatment for tax purposes. Tax deferred is accounted for in respect of all material timing differences. Deferred tax assets are only recognised to the extent that they are regarded as recoverable.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Office Equipment
-
33% straight line
Computer Equipment
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial assets, which include trade and other debtors, taxes receivable and cash at bank, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Basic financial liabilities, which include trade and other creditors, bank and other loans and taxes due are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. At each reporting date the company assesses whether there is objective evidence that any financial asset has been impaired. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due. The amount of the provision is recognised immediately in profit or loss.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 June 2023 and 31 May 2024
1,151
14,410
15,561
-------
--------
--------
Depreciation
At 1 June 2023
1,151
10,856
12,007
Charge for the year
632
632
-------
--------
--------
At 31 May 2024
1,151
11,488
12,639
-------
--------
--------
Carrying amount
At 31 May 2024
2,922
2,922
-------
--------
--------
At 31 May 2023
3,554
3,554
-------
--------
--------
6. Debtors
2024
2023
£
£
Other debtors
638
8,785
----
-------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
601
7,032
Other creditors
62,587
69,872
--------
--------
63,188
76,904
--------
--------
8. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
2
2
2
2
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----
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