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Registered number: 04875068
Carantan Limited
Unaudited Financial Statements
For The Year Ended 31 August 2024
Wilkinson Accounting Solutions Limited
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 04875068
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 3 113,017 41,362
Tangible Assets 4 179,003 179,844
292,020 221,206
CURRENT ASSETS
Stocks 5 81,443 76,474
Debtors 6 5,617 2,591
Cash at bank and in hand 27,753 16,946
114,813 96,011
Creditors: Amounts Falling Due Within One Year 7 (210,130 ) (218,744 )
NET CURRENT ASSETS (LIABILITIES) (95,317 ) (122,733 )
TOTAL ASSETS LESS CURRENT LIABILITIES 196,703 98,473
NET ASSETS 196,703 98,473
CAPITAL AND RESERVES
Called up share capital 8 1,000 1,000
Profit and Loss Account 195,703 97,473
SHAREHOLDERS' FUNDS 196,703 98,473
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For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr David Dunkling
Director
23/05/2025
The notes on pages 3 to 6 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. Accounting Policies
1.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
1.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
1.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.4. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are amortised to profit and loss account over its estimated economic life of 0 years.
1.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold No depreciation charged
Plant & Machinery 18% Reducing Balance
Motor Vehicles 18% Reducing Balance
Fixtures & Fittings 18% Reducing Balance
Computer Equipment 18% Reducing Balance
1.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
1.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
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1.7. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
1.8. 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.
1.9. 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.
1.10. 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.
2. Average Number of Employees
Average number of employees, including directors, during the year was as follows: 2 (2023: 2)
2 2
3. Intangible Assets
Other
£
Cost
As at 1 September 2023 41,362
Additions 71,655
As at 31 August 2024 113,017
Net Book Value
As at 31 August 2024 113,017
As at 1 September 2023 41,362
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4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 September 2023 161,512 19,311 26,707 3,465
Additions - - 730 2,073
As at 31 August 2024 161,512 19,311 27,437 5,538
Depreciation
As at 1 September 2023 - 14,814 18,588 1,809
Provided during the period - 648 1,593 672
As at 31 August 2024 - 15,462 20,181 2,481
Net Book Value
As at 31 August 2024 161,512 3,849 7,256 3,057
As at 1 September 2023 161,512 4,497 8,119 1,656
Computer Equipment Total
£ £
Cost
As at 1 September 2023 6,719 217,714
Additions - 2,803
As at 31 August 2024 6,719 220,517
Depreciation
As at 1 September 2023 2,659 37,870
Provided during the period 731 3,644
As at 31 August 2024 3,390 41,514
Net Book Value
As at 31 August 2024 3,329 179,003
As at 1 September 2023 4,060 179,844
5. Stocks
2024 2023
£ £
Stock 80,443 75,474
Finished goods 1,000 1,000
81,443 76,474
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6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 3,722 1,012
Prepayments and accrued income 1,057 -
Other debtors 838 1,579
5,617 2,591
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 3,013 (8 )
Corporation tax 10,003 1,539
VAT 5,624 10,661
Net wages - 1,030
Accruals and deferred income - 2,904
Directors' loan accounts 191,490 202,618
210,130 218,744
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1,000 1,000
9. General Information
Carantan Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04875068 . The registered office is Low Cottage 10 Low Cross, Whittlesey, Peterborough, Cambridgeshire, PE7 1HW.
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