Stuart Canvas Group Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05736370 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 July 2018

for

Stuart Canvas Group Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

9

DIRECTORS:

E A Stoddart

N I Coward

SECRETARY:

E A Stoddart

REGISTERED OFFICE:

Unit 6, Hardwick Grange

Woolston

Warrington

Cheshire

WA1 4RF

REGISTERED NUMBER:

05736370 (England and Wales)

ACCOUNTANTS:

Voisey & Co

Chartered Accountants

8 Winmarleigh Street

Warrington

Cheshire

WA1 1JW

FIXED ASSETS

Investments

3

1,258,594

367,715

CURRENT ASSETS

Debtors

4

81,080

169,964

CREDITORS

Amounts falling due within one year

5

520,000

-

NET CURRENT (LIABILITIES)/ASSETS

(438,920

)

169,964

TOTAL ASSETS LESS CURRENT LIABILITIES

819,674

537,679

CREDITORS

Amounts falling due after more than one year

6

280,000

-

NET ASSETS

539,674

537,679

CAPITAL AND RESERVES

Called up share capital

8

377,500

425,500

Capital redemption reserve

9

160,000

112,000

Retained earnings

9

2,174

179

SHAREHOLDERS' FUNDS

539,674

537,679

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 26 March 2019 and were signed on its behalf by:

E A Stoddart - Director

1.	STATUTORY INFORMATION

Stuart Canvas Group Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

These financial statements for the year ended 31st July 2017 are the first financial statements of Kenyon Textiles

Limited prepared in accordance with FRS 102 Section 1A small entities, The Financial Reporting Standard

applicable in the UK and Republic of Ireland. The date of transition to FRS 102 Section 1A small entities was 1st

August 2015. The reported financial position and financial performance for the previous period are not affected by

the transition to FRS 102 Section 1A small entities.

Monetary amounts in these financial statements are rounded to the nearest £.

The principal accounting policies adopted are set out below.

Preparation of consolidated financial statements

The financial statements contain information about Kenyon Textiles Limited as an individual company and do not

contain consolidated financial information as the parent of a group. The company has taken the option under Section

398 of the Companies Act 2006 not to prepare consolidated financial statements on the grounds that it is a small

group.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial

Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with

wholly owned subsidiaries within the group.

Significant judgements and estimates

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.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation 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.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the

extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will

be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with bank, other

short-term liquid investments with original maturities of three months or less, and bank overdrafts.

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 statement of financial position 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 net 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

including transaction costs and are subsequently carried at amortised costs 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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint

ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently

carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity

instruments that are not publically traded and whose fair values cannot be measured reliably are measured at cost less

impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit or loss, are assessed for indicators of impairment at

each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred

after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is

impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated

cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are

settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to

another entity, or if some significant risks and rewards of ownership are retained but control of the asset has

transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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, including creditors, bank loans, loans from fellow group companies and preference shares

that are classified as debt, 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 receipts 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. Amounts 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or

cancelled.

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends

payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Employee benefits

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

required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to

terminate the employment of an employee or to provide termination benefits.

3.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 August 2017

367,715

Additions

890,879

At 31 July 2018

1,258,594

NET BOOK VALUE

At 31 July 2018

1,258,594

At 31 July 2017

367,715

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Amounts owed by group undertakings

81,080

169,964

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Loan Notes

70,000

-

Amounts owed to group undertakings

450,000

-

520,000

-

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Loan notes - 1-2 years

140,000

-

Loan notes - 2-5 years

140,000

-

280,000

-

7.	SECURED DEBTS

The loan notes are secured by a debenture over all assets of the company.

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

333,333

A Ordinary

£1

333,333

333,333

44,167

B Ordinary

£1

44,167

92,167

377,500

425,500

9.

RESERVES

Capital

Retained

redemption

earnings

reserve

Totals

£

£

£

At 1 August 2017

179

112,000

112,179

Profit for the year

75,000

75,000

Purchase of own shares

(73,005

)

48,000

(25,005

)

At 31 July 2018

2,174

160,000

162,174

During the year the company purchased 48,000 £1 Ordinary B shares for a consideration of £72,480.

10.	ULTIMATE CONTROLLING PARTY

The controlling party is E A Stoddart.

Mr E A Stoddart holds 100% of the 'A' ordinary share capital.

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a

Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the

Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial

statements of Stuart Canvas Group Limited for the year ended 31 July 2018 which comprise the Income Statement, Balance

Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information

and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Stuart Canvas Group Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Stuart Canvas Group Limited and state those matters that we have agreed to state to the Board of Directors of Stuart Canvas Group Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Stuart Canvas Group Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Stuart Canvas Group Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Stuart Canvas Group Limited. You consider that Stuart Canvas Group Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Stuart Canvas Group Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Voisey & Co

Chartered Accountants

8 Winmarleigh Street

Warrington

Cheshire

WA1 1JW

26 March 2019