Company No: 06679129 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTOR

N A Morris

REGISTERED OFFICE	142 Central Street
	London
	EC1V 8AR
	United Kingdom

COMPANY NUMBER

06679129 (England and Wales)

ACCOUNTANT	S&W Partners LLP
	4th Floor Cumberland House
	15-17 Cumberland Place
	Southampton
	Hampshire
	SO15 2BG

	Note	2024		2023
		£		£
				Restated - note 2
Fixed assets
Tangible assets	4	29,005		24,955
		29,005		24,955
Current assets
Debtors	6	2,989,474		3,143,376
Cash at bank and in hand		1,604,225		1,310,794
		4,593,699		4,454,170
Creditors: amounts falling due within one year	7	( 2,054,233)		( 1,648,249)
Net current assets		2,539,466		2,805,921
Total assets less current liabilities		2,568,471		2,830,876
Creditors: amounts falling due after more than one year	8	( 136,364)		( 318,182)
Provision for liabilities		( 3,551)		( 3,551)
Net assets		2,428,556		2,509,143
Capital and reserves
Called-up share capital	9	233		233
Share premium account		199,961		199,961
Profit and loss account		2,228,362		2,308,949
Total shareholders' funds		2,428,556		2,509,143

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Canvas8 Limited (registered number: 06679129) were approved and authorised for issue by the Director on 29 September 2025. They were signed on its behalf by:

N A Morris Director

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

Canvas8 Limited (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 142 Central Street, London, EC1V 8AR, 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 ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The functional currency of Canvas8 Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

These financial statements are separate financial statements.

Going concern

The financial statements have been prepared on a going concern basis.

The director has made an assessment in preparing these financial statements as to whether the Company is a going concern and have concluded that there are no material uncertainties that may cast significant doubt on the Company's ability to continue as a going concern for a period of at least 12 months from the date of approval of these financial statements.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise on monetary items.

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. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount.

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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on enacted or substantively enacted tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.

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 straight-line basis over its expected useful life, as follows:

Plant and machinery etc.

5 years straight line

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.

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.

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.

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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

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.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.

2. Prior year adjustment

In the financial statements for the year ended 31 December 2022, a gain of £508,303 was incorrectly recognised in respect of the fair value of a financial instrument. This amount was presented as a debtor in the balance sheet and remained as such for the year ended 31 December 2023, with no movement during that year. The recognition of this gain was not in accordance with the requirements of FRS 102 and has been corrected in these financial statements.

The effect of this is a reduction in closing assets and reserves of £508,303 for the year ended 31 December 2023, and a reduction of the same amount for the opening reserves for the same year.

3. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including the director	73		70

4. Tangible assets

	Plant and machinery etc.		Total
	£		£
Cost
At 01 January 2024	248,440		248,440
Additions	11,754		11,754
Disposals	( 500)		( 500)
At 31 December 2024	259,694		259,694
Accumulated depreciation
At 01 January 2024	223,485		223,485
Charge for the financial year	7,704		7,704
Disposals	( 500)		( 500)
At 31 December 2024	230,689		230,689
Net book value
At 31 December 2024	29,005		29,005
At 31 December 2023	24,955		24,955

5. Fixed asset investments

Investments in shares

The Company owns 100% of Canvas8 Inc, a company registered in the United States of America. The holding represents 100 shares with no par value.

On 13 January 2022, Canvas8 PTE Ltd was incorporated with 100% of the shares owned by the Company. The holding represents 1 share with no par value.

6. Debtors

	2024		2023
	£		£
Trade debtors	2,459,224		2,423,288
Amounts owed by Group undertakings	381,531		610,843
Prepayments	83,016		55,646
VAT recoverable	1,052		0
Corporation tax	16,775		0
Other debtors	47,876		53,599
	2,989,474		3,143,376

7. Creditors: amounts falling due within one year

	2024		2023
	£		£
Bank loans	181,818		181,818
Trade creditors	381,371		390,963
Amounts owed to Group undertakings	49,785		0
Accruals	196,975		0
Corporation tax	0		148,511
Other taxation and social security	141,191		173,023
Payments received on account	528,809		270,174
Other creditors	574,284		483,760
	2,054,233		1,648,249

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

	2024		2023
	£		£
Bank loans	136,364		318,182

There is a fixed and floating charge held over the company's assets by Barclays Bank PLC, as per the terms on the Certificate of Registration, dated 06 January 2016 and delivered on 15 January 2016. At the year end, this charge remains outstanding.

9. Called-up share capital

	2024		2023
	£		£
Allotted, called-up and fully-paid
223,220 A ordinary shares of £ 0.001 each	223		223
6,680 B ordinary shares of £ 0.001 each	7		7
285 Deferred ordinary shares of £ 0.01 each	3		3
	233		233

10. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

	2024		2023
	£		£
within one year	138,750		138,750
between one and five years	181,125		319,875
	319,875		458,625

11. Related party transactions

The Company has taken advantage of the exemption in FRS 102 Section 33.1A to not disclose transactions with wholly owned group entities.

As at the year end, the Company owed a director £Nil (2023 - £Nil). During the year the Company accrued interest on this balance of £Nil (2023 - £2,639).