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Company No: 08638337 (England and Wales)

CANOPY SALES LTD

Unaudited Financial Statements
For the financial year ended 31 August 2024
Pages for filing with the registrar

CANOPY SALES LTD

Unaudited Financial Statements

For the financial year ended 31 August 2024

Contents

CANOPY SALES LTD

BALANCE SHEET

As at 31 August 2024
CANOPY SALES LTD

BALANCE SHEET (continued)

As at 31 August 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 2,607 0
Tangible assets 4 1,847 2,462
4,454 2,462
Current assets
Debtors
- due within one year 5 5,732 29,925
- due after more than one year 5 22,500 13,500
Cash at bank and in hand 114,390 114,448
142,622 157,873
Creditors: amounts falling due within one year 6 ( 84,241) ( 60,912)
Net current assets 58,381 96,961
Total assets less current liabilities 62,835 99,423
Creditors: amounts falling due after more than one year 7 ( 3,952) ( 9,107)
Net assets 58,883 90,316
Capital and reserves
Called-up share capital 8 2 2
Profit and loss account 58,881 90,314
Total shareholder's funds 58,883 90,316

For the financial 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.

Directors' responsibilities:

The financial statements of Canopy Sales Ltd (registered number: 08638337) were approved and authorised for issue by the Board of Directors on 04 June 2025. They were signed on its behalf by:

I Butcher
Director
CANOPY SALES LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
CANOPY SALES LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Canopy Sales Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The Oast Bower Farmhouse, Hever Road, Hever, TN8 7LE, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.
Revenue from services is recognised as they are delivered.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Website costs 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a basis over its expected useful life, as follows:

Office equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Intangible assets

Website costs Total
£ £
Cost
At 01 September 2023 0 0
Additions 2,844 2,844
At 31 August 2024 2,844 2,844
Accumulated amortisation
At 01 September 2023 0 0
Charge for the financial year 237 237
At 31 August 2024 237 237
Net book value
At 31 August 2024 2,607 2,607
At 31 August 2023 0 0

4. Tangible assets

Office equipment Total
£ £
Cost
At 01 September 2023 3,618 3,618
At 31 August 2024 3,618 3,618
Accumulated depreciation
At 01 September 2023 1,156 1,156
Charge for the financial year 615 615
At 31 August 2024 1,771 1,771
Net book value
At 31 August 2024 1,847 1,847
At 31 August 2023 2,462 2,462

5. Debtors

2024 2023
£ £
Debtors: amounts falling due within one year
Other debtors 5,732 29,925
Debtors: amounts falling due after more than one year
Other debtors 22,500 13,500

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 5,155 5,028
Trade creditors 15,173 504
Taxation and social security 56,764 53,092
Other creditors 7,149 2,288
84,241 60,912

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 3,952 9,107

There are no amounts included above in respect of which any security has been given by the small entity.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2

9. Financial commitments

Commitments

2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 18,803 26,081

10. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Key management 5,732 29,925

Interest of 2.25% has been charged in line with the HMRC official rate of interest.