Registered number
05883085
Can-am Chains (Europe) Limited
Unaudited Accounts
28 February 2025
Can-am Chains (Europe) Limited
Registered number: 05883085
Amended Balance Sheet
as at 28 February 2025
Notes 2025 2024
£ £
Fixed assets
Tangible assets 3 123,192 166,038
Current assets
Stocks 1,102,710 1,231,201
Debtors 4 325,114 286,948
Cash at bank and in hand 258,640 204,847
1,686,464 1,722,996
Creditors: amounts falling due within one year 5 (198,006) (274,556)
Net current assets 1,488,458 1,448,440
Total assets less current liabilities 1,611,650 1,614,478
Creditors: amounts falling due after more than one year 6 (1,281,547) (1,324,564)
Provisions for liabilities (28,233) (29,474)
Net assets 301,870 260,440
Capital and reserves
Called up share capital 1 1
Profit and loss account 301,869 260,439
Shareholders' funds 301,870 260,440
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
R Gibb
Director
Approved by the board on 26 June 2025
Can-am Chains (Europe) Limited
Notes to the Amended Accounts
for the year ended 28 February 2025
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% reducing balance
Motor vehicles 30% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Exceptional items
Material items or transactions deriving from events falling within the ordinary activities of the company but which need to be disclsosed separately by virtue of their size or incidence in order to give a true an fair view are shown as Exceptional Items. They are shown after Operating Profit in the Profit and Loss Account.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2025 2024
Number Number
Average number of persons employed by the company 9 10
3 Tangible fixed assets
Plant & machinery Motor vehicles Total
£ £ £
Cost
At 1 March 2024 162,382 102,954 265,336
Additions 590 - 590
Disposals (740) - (740)
At 28 February 2025 162,232 102,954 265,186
Depreciation
At 1 March 2024 81,565 17,733 99,298
Charge for the year 17,665 25,566 43,231
On disposals (535) - (535)
At 28 February 2025 98,695 43,299 141,994
Net book value
At 28 February 2025 63,537 59,655 123,192
At 29 February 2024 80,817 85,221 166,038
4 Debtors 2025 2024
£ £
Trade debtors 268,460 236,934
Other debtors and prepayments 56,654 50,014
325,114 286,948
5 Creditors: amounts falling due within one year 2025 2024
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 97,800 199,461
Corporation tax 24,526 30,706
Other taxes and social security costs 56,527 28,901
Other creditors 9,153 5,488
198,006 274,556
6 Creditors: amounts falling due after one year 2025 2024
£ £
Bank loans 8,333 19,102
Trade creditors 1,069,897 1,102,613
Amounts owed to group undertakings and undertakings in which the company has a participating interest 203,317 202,849
1,281,547 1,324,564
7 Controlling party
The company is under the control of the director.
8 Other information
Can-am Chains (Europe) Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 11, Kingfisher Boulevard
Newburn Riverside
Newcastle upon Tyne
NE15 8NZ
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