REGISTERED NUMBER: 02309936 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

Cornwall Canoes Ltd

Page

Balance Sheet

1

to

2

Notes to the Financial Statements

3

to

6

Fixed assets

Tangible assets

4

4,759

5,682

Current assets

Stocks

123,511

115,019

Debtors

5

12,875

16,035

Cash at bank and in hand

173,555

183,184

309,941

314,238

Creditors

Amounts falling due within one year

6

211,452

203,132

Net current assets

98,489

111,106

Total assets less current liabilities

103,248

116,788

Provisions for liabilities

7

-

1,400

Net assets

103,248

115,388

Capital and reserves

Called up share capital

8

5,000

5,000

Retained earnings

98,248

110,388

Shareholders' funds

103,248

115,388

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit & Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 September 2025 and were signed on its behalf by:

Mr C B Dyer - Director

1.	STATUTORY INFORMATION

Cornwall Canoes Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

02309936

Registered office:

Unit 1 & 2 Richmond Place

Central Avenue

Lee Mill Industrial Estate

Ivybridge

Devon

PL21 9RL

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and is recognised when the significant risks and rewards of ownership of goods have transferred to the buyer.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

straight line over the term of the lease

Computer equipment

-

33% on 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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Provisions

Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

Cost

At 1 January 2024

8,511

20,696

29,207

Additions

-

1,165

1,165

At 31 December 2024

8,511

21,861

30,372

Depreciation

At 1 January 2024

8,511

15,014

23,525

Charge for year

-

2,088

2,088

At 31 December 2024

8,511

17,102

25,613

Net book value

At 31 December 2024

-

4,759

4,759

At 31 December 2023

-

5,682

5,682

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

194

-

Other debtors

12,681

16,035

12,875

16,035

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

3,224

4,723

Amounts owed to group undertakings

102,388

134,738

Taxation and social security

3,057

4,598

Other creditors

102,783

59,073

211,452

203,132

7.	PROVISIONS FOR LIABILITIES

2024

2023

£

£

Deferred tax

-

1,400

Deferred

tax

£

Balance at 1 January 2024

1,400

Provided during year

(1,400

)

Balance at 31 December 2024

-

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

5,000

Ordinary shares

£1

5,000

5,000

9.	OTHER FINANCIAL COMMITMENTS

The total amount of financial commitments not included in the balance sheet is £5,500 (2023 - £27,500). This represents rents payable for the period up to 31 March 2025.

10.	ULTIMATE CONTROLLING PARTY

Cornwall Canoes Limited is a 100% subsidiary of The Canoe Shops (Group) Ltd, registered office Unit 1&2 Richmond Place, Central Avenue, Lee Mill Industrial Estate, Ivybridge, Devon, PL21 9RL.

The ultimate controlling party is Mr R J and Mrs H A Dyer by virtue of their majority shareholding in The Canoe Shops (Group) Ltd.