REGISTERED NUMBER: 06852129 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

Norfolk Canoes Limited

Page

Balance Sheet

1

to

2

Notes to the Financial Statements

3

to

6

Fixed assets

Tangible assets

4

632

858

Current assets

Stocks

130,823

132,786

Debtors

5

635,803

603,878

Cash at bank and in hand

168,439

165,080

935,065

901,744

Creditors

Amounts falling due within one year

6

673,426

608,525

Net current assets

261,639

293,219

Total assets less current liabilities

262,271

294,077

Capital and reserves

Called up share capital

7

3

3

Retained earnings

262,268

294,074

Shareholders' funds

262,271

294,077

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

Norfolk Canoes Limited 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:

06852129

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

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 3 (2023 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

Cost

At 1 January 2024

and 31 December 2024

1,498

Depreciation

At 1 January 2024

640

Charge for year

226

At 31 December 2024

866

Net book value

At 31 December 2024

632

At 31 December 2023

858

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Amounts owed by group undertakings

624,415

586,115

Other debtors

11,388

17,763

635,803

603,878

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

2,390

3,223

Taxation and social security

8,068

3,796

Other creditors

662,968

601,506

673,426

608,525

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

3

Ordinary shares

£1

3

3

8.	OTHER FINANCIAL COMMITMENTS

The total amount of financial commitments not included in the balance sheet is £68,870 (2023 - £92,482). This represents rents payable for the period up to 4 November 2027.

9.	ULTIMATE CONTROLLING PARTY

Norfolk Canoes Limited is a 100% subsidiary of Canoe Shops UK (2014) Limited, registered office Unit 1&2 Richmond Place, Central Avenue, Lee Mill Industrial Estate, Ivybridge, Devon, PL21 9RL.

The ultimate controlling party is C B Dyer, Mrs J Dyer, S D Longdon and Mrs H Longdon by virtue of their 100% shareholding in Canoe Shops UK (2014) Limited.