Company registration number 12253253 (England and Wales)
CANONS PARK ASSETS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
PAGES FOR FILING WITH REGISTRAR
CANONS PARK ASSETS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
CANONS PARK ASSETS LIMITED
BALANCE SHEET
AS AT 31 OCTOBER 2024
31 October 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
359,783
359,783
Current assets
Debtors
4
1,100
1,100
Cash at bank and in hand
7,292
11,488
8,392
12,588
Creditors: amounts falling due within one year
5
(131,382)
(121,382)
Net current liabilities
(122,990)
(108,794)
Total assets less current liabilities
236,793
250,989
Creditors: amounts falling due after more than one year
6
(263,949)
(256,276)
Net liabilities
(27,156)
(5,287)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(27,256)
(5,387)
Total equity
(27,156)
(5,287)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
CANONS PARK ASSETS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2024
31 October 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 3 June 2025 and are signed on its behalf by:
Mr A Patel
Director
Company registration number 12253253 (England and Wales)
CANONS PARK ASSETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 3 -
1
Accounting policies
Company information
Canons Park Assets Limited is a private company limited by shares incorporated in England and Wales. The registered office is Elthorne Gate, 64 High Street, Pinner, England, HA5QA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Going concern
The company has net current liability of £122,990 (2023: £108,794) and net liabilities of £27,156 (2023: £5,287). Wellcare Group Limited has confirmed that they will support the company to meet its liabilities and obligations for at least twelve months from the date of approval of these financial statements. For this reason, the directors continue to adopt the going concern basis in preparing the financial statements.true
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.4
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
CANONS PARK ASSETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
3
Investment property
2024
£
Fair value
At 1 November 2023 and 31 October 2024
359,783
The company's investment property was revalued by the directors as of the balance sheet date. The valuation is stated to be at open market value and the full effect of this valuation is included in the financial statements
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Prepayments and accrued income
1,100
1,100
5
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
131,382
121,382
6
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
263,949
256,276
The above bank loan is secured by way of a fixed charge over the assets of the Company.
Amounts included above which fall due after five years are as follows:
Payable other than by instalments
263,949
256,276
CANONS PARK ASSETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 5 -
7
Related party transactions
Transactions with related parties
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due to related parties
£
£
Entities with common controlling shareholders and directors
48,348
38,348
The above disclosed amount is included within the other creditors due in one year. The loan is unsecured, interest free and repayable on demand.