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Unaudited financial statements
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For the year ended 31 December 2024
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Registered number: 09767514
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Canson Ltd - Registered number:09767514
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Balance sheet
As at 31 December 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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Capital redemption reserve
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Canson Ltd - Registered number:09767514
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Balance sheet (continued)
As at 31 December 2024
The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
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 company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 3 to 11 form part of these financial statements.
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Notes to the financial statements
For the year ended 31 December 2024
Canson Ltd is a private company by shares and incorporated in England & Wales. The registered office of
the company and its principal place of business is located 4th Floor 4 Carlton Gardens, London, England,
SW1Y 5AA.The nature of the company operations and its principal activities are set out in the Director's
report on page 1.
2.Significant accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The financial statements have been prepared under FRS102 Section 1A - small entities.
The financial statements are presented in Pound Sterling (£), which is also the functional currency.
The following principal accounting policies have been applied:
After reviewing the forecasts and projections the directors have reasonable expectations that the company
has adequate resources to continue in operational existence for the foreseeable future. The company
therefore continues to adopt the going concern basis in preparing its financial statements.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
All expenses have been accounted for on an accrual basis.
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Income from fixed asset investment
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Income from fixed asset investment represents dividends received during the year.
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Notes to the financial statements
For the year ended 31 December 2024
2.Significant accounting policies (continued)
Other income represents carried interest distribution from the sale of investments.
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but
not reversed by the balance sheet date, except that:
• The recognition of deferred tax assets is limited to the extent that it is probable that they
will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
and;
• Any deferred tax balances are reversed if and when all conditions for retaining associated tax
allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of
business combinations, when deferred tax is recognised on the differences between the fair values
of assets acquired and the future tax deductions available for them and the differences between the
fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is
determined using tax rates and laws that have been enacted or substantively enacted by the balance
sheet date.
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Notes to the financial statements
For the year ended 31 December 2024
2.Significant accounting policies (continued)
Tangible assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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Other tangible fixed assets
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to
market value at each balance sheet date. Gains and losses on remeasurement are recognised in the
Statement of comprehensive income for the period. Where market value cannot be reliably determined, such
investments are stated at historic cost less impairment.
Short-term debtors are measured at transaction price, less any impairment.
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Cash and cash equivalents
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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.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Notes to the financial statements
For the year ended 31 December 2024
2.Significant accounting policies (continued)
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Provisions for liabilities
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Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to profit or loss.
The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS
102 to all of its financial instruments.
The company has elected to apply the recognition and measurement provisions of IFRS 9 Financial
Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections
11 and 12 and the other presentation requirements of FRS 102.
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 trade and other receivables, cash and bank balances, are
initially measured at their transaction price including transaction costs and are subsequently
carried at their amortised cost using the effective interest method, less any provision for
impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash
equivalents, trade and most other receivables due with the operating cycle fall into this category
of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified
as subsidiaries, associates or joint ventures, are initially measured at fair value, which is
normally the recognised transaction price. Such assets are subsequently measured at fair value with
the changes in fair value being recognised in the statement of comprehensive income. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
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Notes to the financial statements
For the year ended 31 December 2024
2.Significant accounting policies (continued)
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Financial instruments (continued)
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Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are
settled, or when the company transfers the asset and substantially all the risks and rewards of
ownership to another party. If significant risks and rewards of ownership are retained after the
transfer to another party, then the company will continue to recognise the value of the portion of
the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are
discharged or cancelled.
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The average monthly number of employees, including directors, during the period was 11 (2023 - 13).
Pursuant to the Financial Conduct Authority Handbook MIFIDPRU 8.6.8(2) the total amount of remuneration paid
to employees and directors by the Company and its affiliates for the period ended 31 December 2024 was
£2,061,034 (2023: £3,063,794) this includes a portion of dividends. The aggregate compensation consisted of
£975,109 (2023: £1,544,190) of fixed remuneration and £1,085,925 (2023: £1,519,604) of variable remuneration.
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Notes to the financial statements
For the year ended 31 December 2024
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Other tangible fixed assets
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Notes to the financial statements
For the year ended 31 December 2024
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Other fixed asset investments
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Prepayments and accrued income
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Cash and cash equivalents
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Notes to the financial statements
For the year ended 31 December 2024
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Fixed asset timing differences
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Allotted, called up and fully paid
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2,000 (2023 - 2,000) Founder shares £1 shares shares of £1.00 each
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32,000 (2023 - 32,000) Share capital A shares shares of £1.00 each
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16,000 (2023 - 16,000) Share capital B shares shares of £1.00 each
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Notes to the financial statements
For the year ended 31 December 2024
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Commitments under operating leases
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At 31 December 2024 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Related party transactions
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During the year, Canson Capital Partners I Limited entered liquidation, Canson Capital Partners I Limited returned capital of £890 (2023: £Nil) to Canson Ltd along with a distribution of £967,017 (2023: £Nil).
During the year, Canson Italia, a company related by common control, charged Canson Ltd consultancy fees of £339,837 (£2023: £439,670). At the balance sheet date, £Nil (£2023: £Nil) was owed to Canson Italia.
During the year, Canson Iberia, a company related by common control, charged Canson Ltd consultancy fees of £196,147 (£2023: £Nil). At the balance sheet date £1,442 (£2023: £Nil) was owed to Canson Iberia.
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