Company Registration No. 01023609 (England and Wales)
CANONBURY ANTIQUES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2021
PAGES FOR FILING WITH REGISTRAR
Taylor Associates
Chartered Accountants
CANONBURY ANTIQUES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
CANONBURY ANTIQUES LIMITED
BALANCE SHEET
AS AT
31 JULY 2021
31 July 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
4
27,122
28,839
Investment properties
5
2,700,000
2,700,000
2,727,122
2,728,839
Current assets
Stocks
946,450
916,920
Debtors
6
43,318
34,497
989,768
951,417
Creditors: amounts falling due within one year
7
(732,804)
(669,072)
Net current assets
256,964
282,345
Total assets less current liabilities
2,984,086
3,011,184
Creditors: amounts falling due after more than one year
8
(177,798)
(223,525)
Provisions for liabilities
(481,765)
(481,765)
Net assets
2,324,523
2,305,894
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
2,324,423
2,305,794
Total equity
2,324,523
2,305,894
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 July 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
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
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
CANONBURY ANTIQUES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JULY 2021
31 July 2021
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 24 November 2021 and are signed on its behalf by:
M M Worster
P E Worster
Director
Director
Company Registration No. 01023609
CANONBURY ANTIQUES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2021
- 3 -
1
Accounting policies
Company information
Canonbury Antiques Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
1st Floor, Gallery Court, 28 Arcadia Avenue, London, N3 2FG.
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 the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
15% reducing balance
Computer equipment
33% straight Line
Motor vehicles
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
.
1.4
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.
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
CANONBURY ANTIQUES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2021
1
Accounting policies
(Continued)
- 4 -
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash and cash equivalents
Cash at bank and in hand
are basic financial assets
and
include cash in hand
.
1.8
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.
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
debtors
and cash and bank balances, are initially measured at transaction price
.
Classification of 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 deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including
creditors and
bank loans
are
initially recognised at transaction
price
1.9
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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
CANONBURY ANTIQUES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2021
1
Accounting policies
(Continued)
- 5 -
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 and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and 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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Judgements 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.
CANONBURY ANTIQUES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2021
- 6 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
4
3
4
Tangible fixed assets
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
Cost or valuation
At 1 August 2020
39,157
3,573
93,257
135,987
Additions
8,284
8,284
Disposals
(25,000)
(25,000)
At 31 July 2021
47,441
3,573
68,257
119,271
Depreciation and impairment
At 1 August 2020
35,774
1,424
69,949
107,147
Depreciation charged in the year
1,750
1,191
5,415
8,356
Eliminated in respect of disposals
(23,354)
(23,354)
At 31 July 2021
37,524
2,615
52,010
92,149
Carrying amount
At 31 July 2021
9,917
958
16,247
27,122
At 31 July 2020
3,382
2,149
23,308
28,839
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2021
2020
£
£
Motor vehicles
18,051
21,661
18,051
21,661
Depreciation charge for the year in respect of leased assets
3,610
7,220
CANONBURY ANTIQUES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2021
- 7 -
5
Investment property
2021
£
Fair value
At 1 August 2020 and 31 July 2021
2,700,000
The director have considered the position as at 31 July 2020 and believe there has no material change in fair value of the properties.
On an historical cost basis these would have been included at an original cost of £419,639 (2019: £419,639).
6
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
2,640
Other debtors
40,678
34,497
43,318
34,497
7
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
65,616
111,890
Trade creditors
243,332
133,645
Corporation tax
13,427
13,652
Other taxation and social security
64
73,002
Other creditors
410,365
336,883
732,804
669,072
The bank overdraft and the bank loans are secured by way of a charge on the freehold land and buildings.
8
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
177,798
223,525