5 4 Canaan Carbides Limited 01257541 false 2023-10-01 2024-09-30 2024-09-30 The principal activity of the company is selling and manufacturing of tungsten carbide tooling Digita Accounts Production Advanced 6.30.9574.0 true 01257541 2023-10-01 2024-09-30 01257541 2024-09-30 01257541 bus:OrdinaryShareClass2 2024-09-30 01257541 core:CurrentFinancialInstruments 2024-09-30 01257541 core:CurrentFinancialInstruments core:WithinOneYear 2024-09-30 01257541 core:Non-currentFinancialInstruments core:AfterOneYear 2024-09-30 01257541 core:ConstructionInProgressAssetsUnderConstruction 2024-09-30 01257541 core:FurnitureFittings 2024-09-30 01257541 core:MotorVehicles 2024-09-30 01257541 core:PlantMachinery 2024-09-30 01257541 bus:SmallEntities 2023-10-01 2024-09-30 01257541 bus:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 01257541 bus:FilletedAccounts 2023-10-01 2024-09-30 01257541 bus:SmallCompaniesRegimeForAccounts 2023-10-01 2024-09-30 01257541 bus:RegisteredOffice 2023-10-01 2024-09-30 01257541 bus:Director2 2023-10-01 2024-09-30 01257541 bus:OrdinaryShareClass2 2023-10-01 2024-09-30 01257541 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 01257541 core:ComputerEquipment 2023-10-01 2024-09-30 01257541 core:ConstructionInProgressAssetsUnderConstruction 2023-10-01 2024-09-30 01257541 core:FurnitureFittings 2023-10-01 2024-09-30 01257541 core:LeaseholdImprovements 2023-10-01 2024-09-30 01257541 core:MotorVehicles 2023-10-01 2024-09-30 01257541 core:PlantMachinery 2023-10-01 2024-09-30 01257541 core:ToolsEquipment 2023-10-01 2024-09-30 01257541 countries:EnglandWales 2023-10-01 2024-09-30 01257541 2023-09-30 01257541 core:ConstructionInProgressAssetsUnderConstruction 2023-09-30 01257541 core:FurnitureFittings 2023-09-30 01257541 core:MotorVehicles 2023-09-30 01257541 core:PlantMachinery 2023-09-30 01257541 2022-10-01 2023-09-30 01257541 2023-09-30 01257541 bus:OrdinaryShareClass2 2023-09-30 01257541 core:CurrentFinancialInstruments 2023-09-30 01257541 core:CurrentFinancialInstruments core:WithinOneYear 2023-09-30 01257541 core:Non-currentFinancialInstruments core:AfterOneYear 2023-09-30 01257541 core:ConstructionInProgressAssetsUnderConstruction 2023-09-30 01257541 core:FurnitureFittings 2023-09-30 01257541 core:MotorVehicles 2023-09-30 01257541 core:PlantMachinery 2023-09-30 xbrli:pure iso4217:GBP xbrli:shares

Registration number: 01257541

Canaan Carbides Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

Canaan Carbides Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

Canaan Carbides Limited

(Registration number: 01257541)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

15,033

17,136

Current assets

 

Stocks

5

3,599

3,416

Debtors

6

25,644

39,331

Cash at bank and in hand

 

33,476

22,566

 

62,719

65,313

Creditors: Amounts falling due within one year

7

(57,001)

(59,490)

Net current assets

 

5,718

5,823

Total assets less current liabilities

 

20,751

22,959

Creditors: Amounts falling due after more than one year

7

(7,977)

(14,814)

Net assets

 

12,774

8,145

Capital and reserves

 

Called up share capital

8

2,550

2,550

Other reserves

2,450

2,450

Retained earnings

7,774

3,145

Shareholders' funds

 

12,774

8,145

For the financial year ending 30 September 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 29 May 2025
 

.........................................
D Buckland
Director

 

Canaan Carbides Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Briar Close Business Park
Evesham
Worcestershire
WR11 4JT
United Kingdom

These financial statements were authorised for issue by the director on 29 May 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for provision of selling and manufacturing of tungsten carbide tooling in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

 

Canaan Carbides Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold improvements

10% Straight line

Plant and machinery

6.67% Straight line

Fixtures and equipment

33.33% Straight line

Motor vehicles

20% Straight line

Computer equipment

33.33% Straight line

As at 1 October 2021 the company elected to change the depreciation rate of plant and machinery from 10% straight line to 6.67% straight line. This change was adopted to reflect a more accurate view of the useful economic life of the assets held. This change resulted in a reduction of the depreciation charge in the current year of £2,040 and no change has been made to any prior year figures.

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.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

 

Canaan Carbides Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 5 (2023 - 4).

 

Canaan Carbides Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

4

Tangible assets

Leasehold improvements
 £

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Cost or valuation

At 1 October 2023

20,899

12,872

262,185

22,695

At 30 September 2024

20,899

12,872

262,185

22,695

Depreciation

At 1 October 2023

20,899

12,872

245,049

22,695

Charge for the year

-

-

2,103

-

At 30 September 2024

20,899

12,872

247,152

22,695

Carrying amount

At 30 September 2024

-

-

15,033

-

At 30 September 2023

-

-

17,136

-

Total
£

Cost or valuation

At 1 October 2023

318,651

At 30 September 2024

318,651

Depreciation

At 1 October 2023

301,515

Charge for the year

2,103

At 30 September 2024

303,618

Carrying amount

At 30 September 2024

15,033

At 30 September 2023

17,136

5

Stocks

2024
£

2023
£

Finished goods and goods for resale

3,599

3,416

 

Canaan Carbides Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

6

Debtors

Current

2024
£

2023
£

Trade debtors

20,173

34,121

Prepayments

5,471

5,210

 

25,644

39,331

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Loans and borrowings

6,837

6,837

Trade creditors

24,322

30,724

Taxation and social security

13,452

15,719

Accruals and deferred income

4,234

2,465

Other creditors

8,156

3,745

57,001

59,490

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

Loans and borrowings

7,977

14,814

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

2,550

2,550

2,550

2,550