Caseware UK (AP4) 2023.0.135 2023.0.135 2024-09-302024-09-3022023-10-01falsesale of CBD confectionary2truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 12899267 2023-10-01 2024-09-30 12899267 2022-10-01 2023-09-30 12899267 2024-09-30 12899267 2023-09-30 12899267 c:Director2 2023-10-01 2024-09-30 12899267 d:CurrentFinancialInstruments 2024-09-30 12899267 d:CurrentFinancialInstruments 2023-09-30 12899267 d:CurrentFinancialInstruments d:WithinOneYear 2024-09-30 12899267 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 12899267 d:ShareCapital 2024-09-30 12899267 d:ShareCapital 2023-09-30 12899267 d:RetainedEarningsAccumulatedLosses 2024-09-30 12899267 d:RetainedEarningsAccumulatedLosses 2023-09-30 12899267 d:TaxLossesCarry-forwardsDeferredTax 2024-09-30 12899267 d:TaxLossesCarry-forwardsDeferredTax 2023-09-30 12899267 c:FRS102 2023-10-01 2024-09-30 12899267 c:AuditExempt-NoAccountantsReport 2023-10-01 2024-09-30 12899267 c:FullAccounts 2023-10-01 2024-09-30 12899267 c:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 12899267 e:PoundSterling 2023-10-01 2024-09-30 iso4217:GBP xbrli:pure

Registered number:  12899267














CANAX LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024


 
CANAX LIMITED
REGISTERED NUMBER: 12899267

BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

  

Current assets
  

Stocks
 4 
4,979
4,052

Debtors: amounts falling due within one year
 5 
20,045
5,374

Cash at bank and in hand
 6 
9,070
14,327

  
34,094
23,753

Creditors: amounts falling due within one year
 7 
(95,549)
(41,196)

Net current liabilities
  
 
 
(61,455)
 
 
(17,443)

Total assets less current liabilities
  
(61,455)
(17,443)

  

Net liabilities
  
(61,455)
(17,443)


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
(61,457)
(17,445)

  
(61,455)
(17,443)


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 13 March 2025.




___________________________
S Garner
Page 1

 
CANAX LIMITED
REGISTERED NUMBER: 12899267
    
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024

Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
CANAX LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

The company is a private company limited by shares, which is incorporated under the Companies Act 2006 and registered in England & Wales (no. 12899267). The registered office is 15 Manor Park, Ruddington, Nottingham, England, NG11 6DS.
These financial statements present information about the company as an individual undertaking. The principal activity of the company is the sale of CBD confectionary.
The presentation currency of these financial statements is £ sterling; the financial statements are rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue 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 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.

Page 3

 
CANAX LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.3

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.4

Stocks

Stocks are stated at the lower of cost and net realisable value, being the 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 or loss.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 4

 
CANAX LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.8

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Employees




The average monthly number of employees, including directors, during the year was 2 (2023 - 2).


4.


Stocks

2024
2023
£
£

Finished goods and goods for resale
4,979
4,052

4,979
4,052



5.


Debtors

2024
2023
£
£


Prepayments and accrued income
156
156

Deferred taxation
19,889
5,218

20,045
5,374


Page 5

 
CANAX LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
9,070
14,327

9,070
14,327



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
4,090
693

Other taxation and social security
5,798
2,960

Other creditors
84,661
36,043

Accruals and deferred income
1,000
1,500

95,549
41,196


Page 6

 
CANAX LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

8.


Deferred taxation




2024


£






At beginning of year
5,218


Charged to profit or loss
14,671



At end of year
19,889

The deferred tax asset is made up as follows:

2024
2023
£
£


Tax losses carried forward
19,889
5,218

19,889
5,218


9.


Related party transactions

Included in other creditors is an amount of £84,660 (2023:£36,044) owed to the directors. The loan is repayable on demand and no interest has been charged.


10.


Controlling party

The company is under the control of the directors.

 
Page 7