Company registration number 03873042 (England and Wales)
CAN STUDIOS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
PAGES FOR FILING WITH REGISTRAR
CAN STUDIOS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
CAN STUDIOS LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2024
31 October 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
7,648
14,745
Investment property
4
310,000
355,000
317,648
369,745
Current assets
Debtors
5
194,040
146,414
Cash at bank and in hand
3,984
258
198,024
146,672
Creditors: amounts falling due within one year
6
(229,772)
(178,346)
Net current liabilities
(31,748)
(31,674)
Total assets less current liabilities
285,900
338,071
Creditors: amounts falling due after more than one year
7
(214,569)
(266,657)
Provisions for liabilities
(6,500)
(13,250)
Net assets
64,831
58,164
Capital and reserves
Called up share capital
8
4
4
Revaluation reserve
14,218
54,218
Profit and loss reserves
50,609
3,942
Total equity
64,831
58,164
CAN STUDIOS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2024
31 October 2024
- 2 -

For the financial year ended 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he 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 28 October 2025 and are signed on its behalf by:
Mr I Stanyer
Director
Company registration number 03873042 (England and Wales)
CAN STUDIOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 3 -
1
Accounting policies
Company information

Can Studios Limited is a private company limited by shares incorporated in England and Wales. The registered office is 15 South Street, Park Hill, Sheffield, South Yorkshire, S2 5QX.

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 a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment property valued at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

The company has net current liabilities at the balance sheet date. However, at the time of approving the financial statements, the directors based on trading expectations believe that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.true

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for 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. Turnover is accrued or deferred to the extent that it relates to either the current or future financial periods.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings and equipment
25% reducing balance

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.

1.5
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. Changes in fair value are recognised in profit or loss.

Deferred tax in relation to any revaluations is recognised within the revaluation reserve.

1.6
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.

CAN STUDIOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 4 -
1.7
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.

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.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans, 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 paymen ts 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.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts 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.

1.8
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.

1.9
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.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences. Such 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.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

CAN STUDIOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 5 -
1.12
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
10
12
3
Tangible fixed assets
Fixtures, fittings and equipment
£
Cost
At 1 November 2023
151,923
Disposals
(137,278)
At 31 October 2024
14,645
Depreciation and impairment
At 1 November 2023
137,178
Depreciation charged in the year
3,686
Eliminated in respect of disposals
(133,867)
At 31 October 2024
6,997
Carrying amount
At 31 October 2024
7,648
At 31 October 2023
14,745
4
Investment property
2024
£
Fair value
At 1 November 2023
355,000
Revaluations
(45,000)
At 31 October 2024
310,000
CAN STUDIOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
4
Investment property
(Continued)
- 6 -

Investment property comprises of a commercial office previously occupied by the company but was subsequently held for rent or for sale. The fair value of the investment property has been arrived at by way of a directors valuation, which was based on similar properties on an open market basis.

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
96,639
55,409
Other debtors
97,401
91,005
194,040
146,414
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
101,325
101,742
Trade creditors
133
35,322
Corporation tax
2,357
-
0
Other taxation and social security
43,059
32,285
Other creditors
82,898
8,997
229,772
178,346

Included in bank loans and overdrafts is a loan of £17,409 (2023: £17,409) which is secured by way both a personal guarantee over the assets of the directors and a fixed charge to the investment property.

7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
214,569
266,657

Included within bank loans is a loan of £144,650 (2023: £161,155), which is secured by way both a personal guarantee over the assets of the directors and a fixed charge to the investment property.

Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
75,016
91,481
CAN STUDIOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 7 -
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
4
4
4
4
9
Related party transactions

During the year the company provided shareholders with unsecured loans of £52,874 (2023: £45,889). Interest is charged on the loans at 2.25% and the loans are deemed to be repayable upon demand.

10
Directors' transactions

Unsecured loans with no fixed repayment terms have been granted by the company to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Director
2.25
14,647
10,700
304
(11,898)
13,753
Director
-
2,886
23,700
-
(25,148)
1,438
17,533
34,400
304
(37,046)
15,191
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