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Registered number: 00858193 CANNING CONVEYOR CO. LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
CANNING CONVEYOR CO. LIMITED COMPANY INFORMATION
Directors | A Canning
| C Canning
| S Hill
| P Dawson (appointed 30 May 2025)
Company secretary | A Nelthorpe (appointed 25 January 2025) C Nelthorpe (appointed 5 January 2026) O S Canning (appointed 5 January 2026)
Registered number | 00858193
Registered office | Main Office
| Sandy Lane Industrial Estate
| Sandy Lane
| Worksop
| S80 1TN
Independent auditors | Shorts
| Chartered Accountants & Statutory Auditor
| 2 Ashgate Road
| Chesterfield
| Derbyshire
| S40 4AA
Bankers | Barclays Bank Plc
| 2nd Floor
| 1 St Paul's Place
| 121 Norfolk Steet
| Sheffield
| S1 2GW
CANNING CONVEYOR CO. LIMITED CONTENTS
| Page
Strategic Report | 1 - 2
Directors' Report | 3 - 4
Independent Auditors' Report | 5 - 8
Statement of Comprehensive Income | 9
Balance Sheet | 10
Statement of Changes in Equity | 11
Statement of Cash Flows | 12 - 13
Analysis of Net Debt | 14
Notes to the Financial Statements | 15 - 31
CANNING CONVEYOR CO. LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2025
Introduction
The directors present the strategic report for the year ended 31 August 2025.
Review of the business
The principal activity of the business continues to be that of dealing in conveyor belting and components within the belt division, whilst the engineering division operates in the full design, manufacture, installation and commissioning of turnkey bulk handling systems and conveyors including structural components for steel structures certified to BS EB 1090 to execution class 4 level. Products and services are offered across a diverse range of sectors including waste recycling, aggregates industry, power generation, food, and agriculture. Film & entertainment division also remains with high demand for conveyors within the film & TV industry. During the year just ended, the company’s turnover fell by 16% which was reflective of a slowdown in the economy which directly impacted the decision-making and approval process for some of the large-scale projects in the engineering division. That said, the results reflect the company’s ongoing and committed efforts to optimise its operations and adapt to new market conditions and demands, with the belt and film & entertainment divisions continuing to perform well and within budget expectation.
Strategy and risk
Potential risks from cybercrime have been reviewed, and steps implemented to mitigate this concern to reduce risk from cyber security breaches. The company continues to review its strategy within each division, continues to be proactive for improvements with cost effectiveness with controlled growth and increase market share, to giving value for money as a commitment to our customers, worldwide in offering high quality products and services at competitive prices. The company holds extensive stocks of conveyor belting and components, all available off the shelf, including its own well known conveyor belt brand “Cannoflex”, with demand remaining strong having built a reputation with customers worldwide for providing quality products and services. Engineering division continues to offer full turnkey bulk handling systems and conveyors, experienced in handling total projects from start to finish and capable of scaling operations to meet the ability to cater for any size of projects, small, medium, or large. Film & TV division supplies conveyors to the film & entertainment industry having built up a strong and reputative name second to none, providing a good range and selection of conveyors suitably catered for the challenges within this industry. Increase developments in overseas projects both in film work and events are being met with strategic effort to develop and increase activities in this high demand and challenging industry. Development and performance Marketing efforts this year remained focused on sustaining a strong market presence and with increasing market share, with the sales team maintaining close engagement with both existing and new customer. The company continues to hold a competitive edge, supported by its first-class engineering facility and a comprehensive stock of conveyor belting and component spares. Efforts to enhance product offerings and systems are ongoing, aimed at leveraging innovative technologies and capitalizing on emerging opportunities. Backed by a robust balance sheet and excellent support from its bankers and advisors, the company is well positioned to build on the profit growth delivered this year. Page 1
CANNING CONVEYOR CO. LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025
Financial key performance indicators
The reduction in company turnover saw margins remain relatively stable registering a small decrease to 28% (2024: 29%). This report was approved by the board on 30 March 2026 and signed on its behalf.
A Canning Director
Page 2
CANNING CONVEYOR CO. LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 AUGUST 2025 The directors present their report and the financial statements for the year ended 31 August 2025.
Directors' responsibilities statement
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Company's financial statements and then apply them consistently; ∙make judgements and accounting estimates that are reasonable and prudent; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Results and dividends
The profit for the year, after taxation, amounted to £253,594 (2024 - £716,489).
Directors
The directors who served during the year were:
A Canning
C Canning
S Hill
P Dawson (appointed 30 May 2025)
Qualifying third party indemnity provisions
The directors have been granted a qualifying third party indemnity provision under Section 234 of the Companies Act 2006. The indemnity does not provide cover in the event of a director being proven to have acted fraudulently or dishonestly. Page 3
CANNING CONVEYOR CO. LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
Post balance sheet events
There have been no significant events affecting the Company since the year end.
Auditors
The auditors, Shorts, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board on 30 March 2026 and signed on its behalf.
A Canning Director
Page 4
CANNING CONVEYOR CO. LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CANNING CONVEYOR CO. LIMITED
Opinion
We have audited the financial statements of Canning Conveyor Co. Limited (the 'Company') for the year ended 31 August 2025, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: ∙give a true and fair view of the state of the Company's affairs as at 31 August 2025 and of its profit for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. Page 5
CANNING CONVEYOR CO. LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CANNING CONVEYOR CO. LIMITED (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. Page 6
CANNING CONVEYOR CO. LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CANNING CONVEYOR CO. LIMITED (CONTINUED)
Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: ∙the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; ∙through discussions with the directors and other management and from our commercial knowledge and experience of the sector, we identified the laws and regulations applicable to the Company; and ∙focusing on the specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, we assessed the extent of compliance with those laws and regulations identified above through making enquiries of management and inspecting relevant correspondence. We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: ∙making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and ∙considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: ∙performed analytical procedures to identify any unusual or unexpected relationships; ∙considered journal entries to identify unusual transactions; ∙assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and ∙investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: ∙agreeing financial statement disclosures to underlying supporting documentation; ∙enquiring of management as to actual and potential litigation and claims; and ∙considered relationship with HMRC, relevant regulators and the Company’s legal advisors; and review of legal and professional fees for evidence of litigation There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Page 7
CANNING CONVEYOR CO. LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CANNING CONVEYOR CO. LIMITED (CONTINUED) Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
Use of our report
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed. Howard Freeman (Senior Statutory Auditor) for and on behalf of Shorts Chartered Accountants Statutory Auditor 2 Ashgate Road Chesterfield Derbyshire S40 4AA 30 March 2026 Page 8
CANNING CONVEYOR CO. LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 AUGUST 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 12,629,146 | 15,055,343
Cost of sales |  | (9,064,623) | (10,671,673)
Gross profit |  | 3,564,523 | 4,383,670
Distribution costs |  | (1,291,585) | (1,262,556)
Administrative expenses |  | (1,848,742) | (2,247,143)
Other operating income |  | 40,216 | 36,394
Fair value movements on investment properties |  | - | 229,191
Operating profit | 6 | 464,412 | 1,139,556
Interest payable and similar expenses | 10 | (114,701) | (149,298)
Profit before tax |  | 349,711 | 990,258
Tax on profit | 11 | (96,117) | (273,769)
Profit for the financial year |  | 253,594 | 716,489
The notes on pages 15 to 31 form part of these financial statements.
Page 9
CANNING CONVEYOR CO. LIMITED REGISTERED NUMBER: 00858193 BALANCE SHEET AS AT 31 AUGUST 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 13 |  | 4,171,793 |  | 4,304,628
Investment property | 14 |  | 451,941 |  | 451,941
|  |  | 4,623,734 |  | 4,756,569
Current assets |  |  |  |  |
Stocks | 15 | 3,854,169 |  | 3,495,419 |
Debtors: amounts falling due within one year | 16 | 3,262,321 |  | 4,266,909 |
Cash at bank and in hand |  | 109,757 |  | 414,920 |
|  | 7,226,247 |  | 8,177,248 |
Creditors: amounts falling due within one year | 17 | (4,090,118) |  | (4,737,723) |
Net current assets |  |  | 3,136,129 |  | 3,439,525
Total assets less current liabilities |  |  | 7,759,863 |  | 8,196,094
Creditors: amounts falling due after more than one year | 18 |  | (1,360,539) |  | (1,792,367)
Provisions for liabilities |  |  |  |  |
Deferred tax | 21 |  | (634,398) |  | (686,187)
Net assets |  |  | 5,764,926 |  | 5,717,540
Capital and reserves |  |  |  |  |
Called up share capital | 22 |  | 7,510 |  | 7,911
Revaluation reserve | 23 |  | 2,125,912 |  | 2,146,422
Capital redemption reserve | 23 |  | 22,590 |  | 22,189
Profit and loss account | 23 |  | 3,608,914 |  | 3,541,018
|  |  | 5,764,926 |  | 5,717,540
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 March 2026.
A Canning
Director
The notes on pages 15 to 31 form part of these financial statements. Page 10
CANNING CONVEYOR CO. LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 AUGUST 2025
| Called up share capital | Capital redemption reserve | Revaluation reserve | Profit and loss account | Total equity
| £ | £ | £ | £ | £
At 1 September 2023 | 7,911 | 22,189 | 373,592 | 3,000,586 | 3,404,278
Comprehensive income for the year |  |  |  |  |
Profit for the year | - | - | - | 716,489 | 716,489
Revaluation of tangible fixed assets | - | - | 2,126,044 | - | 2,126,044
Tax relating to other comprehensive income | - | - | (529,271) | - | (529,271)
Total comprehensive income for the year | - | - | 1,596,773 | 716,489 | 2,313,262
Transfers | - | - | (15,530) | 15,530 | -
Transfers related to investment properties | - | - | 191,587 | (191,587) | -
Total transactions with owners | - | - | 176,057 | (176,057) | -
At 1 September 2024 | 7,911 | 22,189 | 2,146,422 | 3,541,018 | 5,717,540
Comprehensive income for the year |  |  |  |  |
Profit for the year | - | - | - | 253,594 | 253,594
Total comprehensive income for the year | - | - | - | 253,594 | 253,594
Contributions by and distributions to owners |  |  |  |  |
Dividends: Equity capital | - | - | - | (118,665) | (118,665)
Purchase of own shares | - | - | - | (87,543) | (87,543)
Transfer to/from profit and loss account | - | - | (20,510) | 20,510 | -
Shares cancelled | (401) | 401 | - | - | -
Total transactions with owners | (401) | 401 | (20,510) | (185,698) | (206,208)
At 31 August 2025 | 7,510 | 22,590 | 2,125,912 | 3,608,914 | 5,764,926
| The notes on pages 15 to 31 form part of these financial statements.
Page 11
CANNING CONVEYOR CO. LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | 253,594 | 716,489
Adjustments for: |  |
Depreciation of tangible assets | 247,098 | 226,921
Loss on disposal of tangible assets | 2,606 | (10,477)
Interest paid | 114,701 | 149,298
Taxation charge | 96,117 | 273,769
(Increase)/decrease in stocks | (358,750) | 478,922
Decrease/(increase) in debtors | 1,004,589 | (691,576)
(Decrease) in creditors | (893,130) | (838,410)
Net fair value losses/(gains) recognised in P&L | - | (229,191)
Corporation tax (paid)/received | (145,500) | -
Net cash generated from operating activities | 321,325 | 75,745
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (148,228) | (83,447)
Sale of tangible fixed assets | 31,361 | 19,550
HP interest paid | (15,135) | (10,255)
Net cash from investing activities | (132,002) | (74,152)
Page 12
CANNING CONVEYOR CO. LIMITED STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025
|  | 2025 | 2024
|  | £ | £
Cash flows from financing activities |  |
New secured loans | - | 1,222,443
Repayment of loans and overdrafts | (119,158) | (629,169)
Repayment of/new finance leases | (69,554) | (43,778)
Dividends paid | (118,665) | -
Interest paid | (99,566) | (139,043)
Repurchase of shares | (87,543) | -
Net cash used in financing activities | (494,486) | 410,453
Net (decrease)/increase in cash and cash equivalents | (305,163) | 412,046
Cash and cash equivalents at beginning of year | 414,920 | 2,874
Cash and cash equivalents at the end of year | 109,757 | 414,920
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 109,757 | 414,920
| 109,757 | 414,920
The notes on pages 15 to 31 form part of these financial statements.
Page 13
CANNING CONVEYOR CO. LIMITED ANALYSIS OF NET DEBT FOR THE YEAR ENDED 31 AUGUST 2025
|  | At 1 September 2024 | Cash flows | At 31 August 2025
|  | £ | £ | £
Cash at bank and in hand | 414,920 | (305,163) | 109,757
Debt due after 1 year | (1,401,347) | 93,209 | (1,308,138)
Debt due within 1 year | (137,539) | 21,399 | (116,140)
Finance leases | (199,144) | 69,554 | (129,590)
| (1,323,110) | (121,001) | (1,444,111)
The notes on pages 15 to 31 form part of these financial statements.
Page 14
CANNING CONVEYOR CO. LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
1. | General information
Canning Conveyor Co. Limited is a private company limited by shares, incorporated in England and Wales (registered number: 00858193). Its registered office is Main Office, Sandy Lane Industrial Estate, Sandy Lane, Worksop, Nottingham, S80 1TN. The principal activity of the Company throughout the year continued to be dealing in conveyor belts and components and in the design, engineering and manufacture of conveyor equipment for material handling for the extraction, recycling and power generation industries.. 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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3). The Company's functional and presentational currency is pounds sterling The following principal accounting policies have been applied:
| 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, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably. Revenue from long term contracts is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably.
| 2.3 | Operating leases: the Company as lessor
Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term. Page 15
CANNING CONVEYOR CO. LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 2.Accounting policies (continued)
| 2.4 | Operating leases: the Company as lessee
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
| 2.5 | Pension
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
| 2.6 | 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. Page 16
CANNING CONVEYOR CO. LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 2.Accounting policies (continued)
| 2.7 | 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. Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows. Depreciation is provided on the following basis:
|  |  |  | Freehold Land | - | Not depreciated
|  |  |  | Freehold buildings | - | Over 50 years
|  |  |  | Plant and machinery | - | 20% to 40% reducing balance
|  |  |  | Motor vehicles | - | 20% to 40% reducing balance
|  |  |  | Fixtures, fittings and equipment | - | 20% to 40% 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 profit or loss.
| 2.8 | Revaluation of tangible fixed assets
Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date. Fair values are determined from market based evidence normally undertaken by professionally qualified valuers. Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.
| 2.9 | Investment property
Investment property is carried at fair value determined annually by and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss. Page 17
CANNING CONVEYOR CO. LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 2.Accounting policies (continued)
| 2.10 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads. 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.
| 2.11 | Construction contracts
Where the outcome of a long term contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable. When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately. The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.
| 2.12 | Debtors
Short-term debtors are measured at transaction price, less any impairment.
| 2.13 | 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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.
| 2.14 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. Page 18
CANNING CONVEYOR CO. LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 2.Accounting policies (continued)
| 2.15 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.16 | Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as bank and cash balances, trade and other accounts receivable and payable, loans from banks and other third parties and loans to and from related parties. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the transaction price and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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
| 2.17 | 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 19
CANNING CONVEYOR CO. LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Key sources of estimation uncertainty The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows. Long term contracts Revenue from long term contracts is recognised by reference to the stage of completion which is estimated based on costs incurred to date and the estimated cost to complete. Given the level of estimation involved in the costs to complete, actual outcomes could vary significantly from these estimates. Furthermore, had the directors chosen a different judgement for assessing the stage of completion then these outcomes could vary significantly. The company has a number of long term contracts which were in progress at the year end. At the 31 August 2025 the company has in its balance sheet: ∙Gross amounts owed by contract customers of £117,716 (2024: £338,820) ∙Gross amounts owed to contract customers of £716,525 (2024: £288,018) Amounts totalling £3,312,319 (2024: £4,946,141) of contract revenue has been recognised in the period. Property valuation Land and buildings are stated at fair value based on a valuation provided by an independent professional. The valuer used observable market prices adjusted as necessary for any difference in the future use or condition of the specific asset. The latest valuation was dated 10 November 2023 and the directors are of the opinion the valuation has not materially changed since. Given the level of estimation involved in the valuation, and scope for a change in market conditions since that date, actual outcomes could vary significantly from these estimates. Page 20
CANNING CONVEYOR CO. LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
4. | Turnover
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Turnover | 12,629,146 | 15,055,343
Analysis of turnover by country of destination:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| United Kingdom | 12,184,854 | 13,619,400
| Rest of Europe | 111,196 | 1,219,318
| Rest of the world | 333,096 | 216,625
|  | 12,629,146 | 15,055,343
5. | Other operating income
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Rental income arising from investment properties | 40,216 | 36,394
6. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Exchange (gains)/losses | 8,053 | (2,657)
| Depreciation of owned tangible fixed assets | 200,801 | 176,268
| Depreciation of tangible fixed assets held under finance leases | 46,295 | 50,653
| Profit on disposal of tangible fixed assets | 2,606 | (10,477)
| Operating lease charges | 22,767 | 15,305
7. | Auditors' remuneration
| During the year, the Company obtained the following services from the Company's auditors:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the Company's financial statements | 26,000 | 24,000
Page 21
CANNING CONVEYOR CO. LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
8. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 2,967,475 | 2,941,977
| Social security costs | 317,828 | 289,889
| Cost of defined contribution scheme | 109,467 | 167,033
|  | 3,394,770 | 3,398,899
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Administration | 11 | 9
|  | Distribution | 17 | 18
|  | Manufacturing | 34 | 32
|  |  | 62 | 59
9. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 382,573 | 572,199
| Company contributions to defined contribution pension schemes | 74,939 | 77,782
|  | 457,512 | 649,981
| During the year retirement benefits were accruing to 2 directors (2024 - 3) in respect of defined contribution pension schemes.
| The highest paid director received remuneration of £200,457 (2024 - £268,695).
| The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £60,000 (2024 - £42,749).
Page 22
CANNING CONVEYOR CO. LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
10. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Mortgage interest payable | 99,566 | 139,043
| Finance leases and hire purchase contracts | 15,135 | 10,255
|  | 114,701 | 149,298
11. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 76,755 | 74,353
| Adjustments in respect of previous periods | 71,153 | -
| Total current tax | 147,908 | 74,353
| Deferred tax |  |
| Origination and reversal of timing differences | 19,362 | 168,681
| Adjustment in respect of prior periods | (71,153) | 30,735
| Total deferred tax | (51,791) | 199,416
| Tax on profit | 96,117 | 273,769
Page 23
CANNING CONVEYOR CO. LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 11.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 349,711 | 990,258
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 87,428 | 247,565
| Effects of: |  |
| Fixed asset differences | 21,547 | -
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 6,484 | (4,531)
| Chargeable gains/(losses) | (19,342) | -
| Adjustments to tax charge in respect of prior periods | - | 30,735
| Total tax charge for the year | 96,117 | 273,769
12. | Dividends
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Dividends paid | 118,665 | -
Page 24
CANNING CONVEYOR CO. LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
13. | Tangible fixed assets
|  | Freehold property | Plant and machinery | Motor vehicles | Office equipment | Total
|  | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |
| At 1 September 2024 | 3,808,059 | 978,659 | 198,005 | 289,957 | 5,274,680
| Additions | - | 9,355 | 66,390 | 72,483 | 148,228
| Disposals | - | (31,791) | (83,171) | (5,500) | (120,462)
| At 31 August 2025 | 3,808,059 | 956,223 | 181,224 | 356,940 | 5,302,446
| Depreciation |  |  |  |  |
| At 1 September 2024 | 62,402 | 567,823 | 100,351 | 239,476 | 970,052
| Charge for the year on owned assets | 89,432 | 69,772 | 21,410 | 20,187 | 200,801
| Charge for the year on financed assets | - | 36,237 | 10,058 | - | 46,295
| Disposals | - | (31,143) | (50,520) | (4,832) | (86,495)
| At 31 August 2025 | 151,834 | 642,689 | 81,299 | 254,831 | 1,130,653
| Net book value |  |  |  |  |
| At 31 August 2025 | 3,656,225 | 313,534 | 99,925 | 102,109 | 4,171,793
| At 31 August 2024 | 3,745,657 | 410,836 | 97,654 | 50,481 | 4,304,628
| Freehold land for the company's own use, at valuation, included above but not depreciated amount to £1,640,736 (2024 - £1,640,736)
| The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Plant and machinery | 136,448 | 172,685
| Motor vehicles | 30,312 | 40,370
|  | 166,760 | 213,055
Page 25
CANNING CONVEYOR CO. LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Cost or valuation at 31 August 2025 is as follows:
|  |  | Land and buildings
|  |  | £
|  | At cost | 1,789,062
|  | At valuation: |
|  | 10 November 2023 by Carter Towler on an open market value basis | 2,018,997
|  |  | 3,808,059
| If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cost | 1,789,062 | 1,789,062
| Accumulated depreciation | (420,701) | (397,865)
| Net book value | 1,368,361 | 1,391,197
14. | Investment property
|  | Freehold investment property
|  | £
| Valuation |
| At 1 September 2024 | 451,941
| At 31 August 2025 | 451,941
The 2025 valuations were based on the valuations made by Carter Towler, a firm of Chartered Surveyors, on 10 November 2023 on an open market value for existing use basis. The directors are of the opinion that the fair value of the property has not materially changed.
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Historic cost | 131,515 | 131,515
|  | 131,515 | 131,515
Page 26
CANNING CONVEYOR CO. LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
15. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Finished goods and goods for resale | 3,854,169 | 3,495,419
16. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 2,850,611 | 3,643,064
| Other debtors | - | 415
| Prepayments and accrued income | 411,710 | 623,430
|  | 3,262,321 | 4,266,909
17. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 93,209 | 119,159
| Trade creditors | 2,049,284 | 2,210,967
| Corporation tax | 76,759 | 74,353
| Other taxation and social security | 605,568 | 535,450
| Obligations under finance lease and hire purchase contracts | 77,189 | 69,534
| Other creditors | 303,634 | 823,314
| Accruals and deferred income | 884,475 | 904,946
|  | 4,090,118 | 4,737,723
| Included in creditors falling due within one year are bank loans amounting to £93,209 (2024: £119,159) on which security has been given by a fixed and floating charge on the freehold and investment properties. The obligations under finance leases are secured on the assets to which the finance relates.
Page 27
CANNING CONVEYOR CO. LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
18. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 1,308,138 | 1,401,347
| Net obligations under finance leases and hire purchase contracts | 52,401 | 129,610
| Other creditors | - | 261,410
|  | 1,360,539 | 1,792,367
| IIncluded in creditors falling due after more than one year are bank loans amounting to £1,308,138 (2024: £1,401,347) on which security has been given by a fixed and floating charge on the freehold and investment properties. The obligations under finance leases are secured on the assets to which the finance relates.
19. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts falling due within one year |  |
| Bank loans | 93,209 | 119,159
| Amounts falling due 1-2 years |  |
| Bank loans | 1,308,138 | 1,401,347
|  | 1,401,347 | 1,520,506
| The bank loans are secured by a fixed charge over the freehold and investment land and buildings. There are two loans outstanding at the year end; The first is for a mortgage of £1.4m, which is repayable over 36 monthly instalments of £13,520 with repayments starting in August 2024 and a final lump sum to pay the balance after the 3 year term. Interest is charged at a rate of 2.75% above base rate. The second is a CBIL's loan repayable over 72 months with repayments starting in April 2022, and an interest rate of 8.9% above base rate.
Page 28
CANNING CONVEYOR CO. LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
20. | Hire purchase and finance leases
| Minimum lease payments under hire purchase fall due as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Within one year | 77,189 | 77,610
| Between 1-5 years | 52,401 | 121,534
|  | 129,590 | 199,144
21. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | 686,187
| Charged to profit or loss | (51,789)
| At end of year | 634,398
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | 100,646 | 124,600
| Pension surplus | (13,782) | (5,300)
| Revaluations | 547,534 | 566,887
|  | 634,398 | 686,187
22. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 6,628 (2024 - 7,911) Ordinary shares of £1.00 each | 6,628 | 7,911
|  | 882 (2024 - £nil) Deferred shares of £1.00 each | 882 | -
|  |  | 7,510 | 7,911
Page 29
CANNING CONVEYOR CO. LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 22.Share capital (continued)
| During the year 401 shares were repurchased by the company and then cancelled. 882 Ordinary shares were redesignated to be deferred shares. Post year end, 93 Ordinary shares of £1 each were issued by the company at £50 per £1 ordinary share.
23. | Reserves
Revaluation reserve Revaluation reserve represents the surplus or deficit arising on the valuation of certain assets by the company. The revaluation reserve is split as follows, Freehold Land and Buildings: £1,843,090 (2024: £1,863,600), Investment Property: £282,822 (2024: £282,822). Capital redemption reserve The capital redemption reserve represents the amount of money the company must retain within reserves when it buys back company shares and is all considered to be non distributable reserve. Profit and loss account Profit and loss account represents all current and prior period retained profits and losses and is all considered to be distributable.
24. | Pension commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund amounted to £68,066 (2024: £167,033). Contributions totalling £22,931 (2024: £18,380) were payable to the fund at the balance sheet date and are included in creditors. Page 30
CANNING CONVEYOR CO. LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
25. | Commitments under operating leases
| At 31 August 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 18,028 | 22,767
| Later than 1 year and not later than 5 years | 31,977 | 49,574
|  | 50,005 | 72,341
| At 31 August 2025 the future aggregate minimum rentals receivable under non-cancellable operating leases are as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 12,183 | 24,662
| Later than 1 year and not later than 5 years | 13,017 | 22,751
|  | 25,200 | 47,413
26. | Related party transactions
| The following amounts were outstnading at the year end:
|  | 2025 | 2024
|  | £ | £
| Other related parties | 28,591 | 2,300
| Other related parties include close family members of directors of the company, or companies controlled by those family members.
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