Canalta U.K. Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07982450 (England and Wales)

Financial Statements

for the Year Ended 31 March 2020

for

Canalta U.K. Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

D D Newman

D G Clark

M D Clark

REGISTERED OFFICE:

Offices 5 & 6

Keystone Innovation Centre

Croxton Road

Thetford

Norfolk

IP24 1JD

REGISTERED NUMBER:

07982450 (England and Wales)

AUDITORS:

Knights Lowe Limited

Chartered Accountants

and Statutory Auditors

Eldo House, Kempson Way

Suffolk Business Park

Bury St Edmunds

Suffolk

IP32 7AR

FIXED ASSETS

Tangible assets

4

6,548

10,805

CURRENT ASSETS

Debtors

5

156,272

129,069

Cash at bank and in hand

31,844

25,929

188,116

154,998

CREDITORS

Amounts falling due within one year

6

37,594

28,317

NET CURRENT ASSETS

150,522

126,681

TOTAL ASSETS LESS CURRENT LIABILITIES

157,070

137,486

PROVISIONS FOR LIABILITIES

8

-

2,000

NET ASSETS

157,070

135,486

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

156,970

135,386

SHAREHOLDERS' FUNDS

157,070

135,486

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 and authorised for issue on 3 July 2020 and were signed on its behalf by:

D D Newman - Director

1.	STATUTORY INFORMATION

Canalta U.K. 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Office equipment

-

20% on reducing balance

Computer equipment

-

30% on reducing balance and 7 years straight line

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance

sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date

of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

Impairment

At each reporting date, goodwill and other fixed assets, including tangible fixed assets and investments but

excluding investment properties, are assessed to determine whether there is an indication that the carrying

amount of an asset may be more than its recoverable amount and that the asset should be impaired. If there is an

indication of possible impairment, the recoverable amount of an asset, which is the higher of its value in use and

its net realisable value, is estimated and compared with its carrying amount. If the recoverable amount is lower,

the carrying amount of the asset is written down to its estimated recoverable amount and an impairment loss is

recognised in profit and loss.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial

assets and liabilities like trade and other accounts receivable and payable, and loans from banks or other related

parties.

Debt instruments, like loans and other accounts receivable and payable, are initially measured at present value of

the future payments 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, like the payment of a

trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in

case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and

subsequently, at the present value of the future payment discounted at a market rate of interest for a similar debt

instrument.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for

objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised

in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an

asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective

interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is

the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between

an asset's carrying amount and best estimate, which is an approximation of the amount that the company would

receive for the asset if it were to be sold at the balance sheet date.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2019 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2019

and 31 March 2020

48,463

DEPRECIATION

At 1 April 2019

37,658

Charge for year

4,257

At 31 March 2020

41,915

NET BOOK VALUE

At 31 March 2020

6,548

At 31 March 2019

10,805

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Amounts owed by group undertakings

142,977

124,700

Other debtors

13,295

4,369

156,272

129,069

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

14,606

1,302

Taxation and social security

9,194

15,236

Other creditors

13,794

11,779

37,594

28,317

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2020

2019

£

£

Within one year

8,930

8,930

8.	PROVISIONS FOR LIABILITIES

2020

2019

£

£

Deferred tax

Accelerated capital allowances

-

2,000

Deferred

tax

£

Balance at 1 April 2019

2,000

Credit to Income Statement during year

(2,000

)

Balance at 31 March 2020

-

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

1,000

Ordinary

10p

100

100

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

James Knights BSc ACA (Senior Statutory Auditor)

for and on behalf of Knights Lowe Limited

11.	ULTIMATE PARENT COMPANY

Blue Rock Management Limited (incorporated in Canada) is regarded by the directors as being the company's

ultimate parent company.

The directors, however, consider that Canalta Controls Limited (incorporated in Canada) is, in substance, the

company's controlling party. Although not having any direct capital influence, it is a company controlled by D G

Clark, who is the ultimate controlling party.