Company registration number 09896553 (England and Wales)
Canvas Print Studio Limited
Unaudited Financial Statements
For The Year Ended 31 December 2024
Pages For Filing With Registrar
Pinnick Lewis LLP
Chartered Certified Accountants
Handel House
95 High Street
Edgware
HA8 7DB
Canvas Print Studio Limited
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 7
Canvas Print Studio Limited
BALANCE SHEET
As At 31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
6,097
8,127
Current assets
Debtors
4
262,241
271,991
Cash at bank and in hand
366,344
253,934
628,585
525,925
Creditors: amounts falling due within one year
5
(383,346)
(291,419)
Net current assets
245,239
234,506
Total assets less current liabilities
251,336
242,633
Provisions for liabilities
(380)
(321)
Net assets
250,956
242,312
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
250,856
242,212
Total equity
250,956
242,312
The notes on pages 4 to 7 form part of these financial statements.
Canvas Print Studio Limited
BALANCE SHEET (CONTINUED)
As At 31 December 2024
- 2 -
For the financial year ended 31 December 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 of its financial statements for the year in question in accordance with section 476.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 6 June 2025 and are signed on its behalf by:
Mr L J Harvey
Director
Company registration number 09896553 (England and Wales)
Canvas Print Studio Limited
STATEMENT OF CHANGES IN EQUITY
For The Year Ended 31 December 2024
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2023
100
324,897
324,997
Year ended 31 December 2023:
Profit and total comprehensive income
-
162,637
162,637
Dividends
-
(245,322)
(245,322)
Balance at 31 December 2023
100
242,212
242,312
Year ended 31 December 2024:
Profit and total comprehensive income
-
222,362
222,362
Dividends
-
(213,718)
(213,718)
Balance at 31 December 2024
100
250,856
250,956
Canvas Print Studio Limited
NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 December 2024
- 4 -
1
Accounting policies
Company information
Canvas Print Studio Limited is a private company limited by shares incorporated in England and Wales. The registered office is Handel House, 95 High Street, Edgware, HA8 7DB.
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 certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
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.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
2% Straight line
Plant and equipment
25% Straight line
Fixtures and fittings
25% Straight line
Computers
33% Straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
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.
Canvas Print Studio Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For The Year Ended 31 December 2024
1
Accounting policies
(Continued)
- 5 -
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Canvas Print Studio Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For The Year Ended 31 December 2024
1
Accounting policies
(Continued)
- 6 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
As lessee
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
9
9
3
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
Cost
At 1 January 2024 and 31 December 2024
5,906
17,440
2,452
11,936
37,734
Depreciation and impairment
At 1 January 2024
739
17,438
848
10,582
29,607
Depreciation charged in the year
591
614
825
2,030
At 31 December 2024
1,330
17,438
1,462
11,407
31,637
Canvas Print Studio Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For The Year Ended 31 December 2024
3
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
(Continued)
- 7 -
Carrying amount
At 31 December 2024
4,576
2
990
529
6,097
At 31 December 2023
5,167
2
1,604
1,354
8,127
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
169,693
197,967
Other debtors
41,344
33,061
Prepayments and accrued income
51,204
40,963
262,241
271,991
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
151,855
158,444
Corporation tax
75,050
50,040
Other taxation and social security
8,337
6,220
Other creditors
148,104
76,715
383,346
291,419
6
Financial commitments, guarantees and contingent liabilities
The company is committed at the balance sheet date to forward purchase contracts for foreign currency amounting to £179,553 (2023 - £81,500)
7
Operating lease commitments
As lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
Total commitments
41,929
105,342