ACCOUNTS - Final Accounts preparation

Registered number: 09955943

GREAT CANNEY DEVELOPMENTS LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JANUARY 2025

GREAT CANNEY DEVELOPMENTS LIMITED

CONTENTS

	Page
Balance Sheet	1 - 2
Notes to the Financial Statements	3 - 8

GREAT CANNEY DEVELOPMENTS LIMITED

REGISTERED NUMBER: 09955943

BALANCE SHEET

AS AT 31 JANUARY 2025

		2025		2024
Note		£		£

Fixed assets
Tangible assets	4		1,751		1,011
Current assets
Stocks		364,701		569,429
Debtors: amounts falling due within one year	5	33,738		211,039
Cash at bank and in hand		878,169		499,615
		1,276,608		1,280,083
Creditors: amounts falling due within one year	6	(95,864)		(302,228)
Net current assets			1,180,744		977,855

Deferred tax	7		(438)		-
Net assets			1,182,057		978,866

Capital and reserves
Called up share capital	8	2	2
Profit and loss account		1,182,055	978,864
		1,182,057	978,866

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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 income and retained earnings 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:

G R Stripe

Director

Date: 3 December 2025

The notes on pages 3 to 8 form part of these financial statements.

Page 1

GREAT CANNEY DEVELOPMENTS LIMITED

REGISTERED NUMBER: 09955943

BALANCE SHEET (CONTINUED)

AS AT 31 JANUARY 2025

Page 2

GREAT CANNEY DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2025

1.	GENERAL INFORMATION

Great Canney Developments Limited is a private company, limited by shares, and incorporated in England and Wales. The address of its registered office is 18 Roundwood Grove, Hutton, Brentwood, CM13 2NE.

The financial statements are presented in Pound Sterling which is the functional currency of the company.

2.ACCOUNTING POLICIES

2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

2.2

REVENUE

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.

Revenue represents the invoiced value of development and construction works performed during the year and proceeds from property sales and is stated net of value added tax.

Purchases and sales of properties are recognised when legally binding contracts which are irrevocable and effectively unconditional are exchanged and, in the case of disposals, when completion has taken place prior to the date on which the financial statements are approved.

2.3

GOVERNMENT GRANTS

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.

Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

2.4

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.

Page 3

GREAT CANNEY DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2025

2.ACCOUNTING POLICIES (CONTINUED)

2.5

CURRENT AND DEFERRED TAXATION

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.

2.6

TANGIBLE FIXED ASSETS

Tangible fixed 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.

Depreciation is provided on the following basis:

				Plant and machinery	-	25%	reducing balance
				Fixtures and fittings	-	25%	reducing balance

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 the Statement of Income and Retained Earnings.

Page 4

GREAT CANNEY DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2025

2.ACCOUNTING POLICIES (CONTINUED)

2.7

STOCKS AND WORK IN PROGRESS

Stock and work in progress, which comprise properties in the course of development, construction and resale, are valued at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.

Cost includes property purchase costs and all subsequent costs, including the cost of arrangement fees and interest payable on loans attributable to specific properties.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.8

DEBTORS

Short-term debtors are measured at transaction price, less any impairment.

2.9

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

2.10

CREDITORS

Short-term creditors are measured at the transaction price.

2.11

FINANCIAL INSTRUMENTS

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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.

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 debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date.

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GREAT CANNEY DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2025

2.ACCOUNTING POLICIES (CONTINUED)

2.11

FINANCIAL INSTRUMENTS (continued)

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument 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.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

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.

2.12

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 at an annual general meeting.

Page 6

GREAT CANNEY DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2025

EMPLOYEES

The average monthly number of employees, including directors, during the year was 3 (2024 - 3).

4.	TANGIBLE FIXED ASSETS

		Plant and machinery
		£
	Cost or valuation
	At 1 February 2024	1,348
	Additions	1,324
	At 31 January 2025	2,672
	Depreciation
	At 1 February 2024	337
	Charge for the year on owned assets	584
	At 31 January 2025	921
	Net book value
	At 31 January 2025	1,751
	At 31 January 2024	1,011

DEBTORS

					2025	2024
					£	£


Other debtors	32,746	210,114
Prepayments and accrued income	992	925
	33,738	211,039

Page 7

GREAT CANNEY DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2025

6.	CREDITORS: Amounts falling due within one year
		2025	2024
		£	£

Corporation tax	67,981	51,241
Other taxation and social security	657	728
Other creditors	13,260	244,439
Accruals and deferred income	13,966	5,820
	95,864	302,228

7.	DEFERRED TAXATION

		2025
		£

	Charged to profit or loss	(438)
	At end of year	(438)

The deferred taxation balance is made up as follows:
	2025	2024
	£	£

	Accelerated capital allowances	(438)	-
		(438)	-

8.	SHARE CAPITAL
		2025	2024
		£	£

Allotted, called up and fully paid

2 Ordinary shares of £1 each	2	2

9.	RELATED PARTY TRANSACTIONS
	At the year end, an amount of £13,260 was due to a director (2024: £11,462). This balance is interest-free, repayable on demand and secured by a fixed and floating charge over the company’s assets. At the year end, an amount of £25,000 (2024: £Nil) was due from another director, who is also a 50% shareholder. The loan was interest-free and was fully repaid after the year end

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