Canny Homes Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10412284 (England and Wales)

CANNY HOMES LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M S Fryer

Mrs L A Fryer

REGISTERED OFFICE:

The Old Police House

83 High Street

Sutton Veny

Warminster

Wiltshire

BA12 7AW

REGISTERED NUMBER:

10412284 (England and Wales)

ACCOUNTANTS:

Morris Crocker

Chartered Accountants

Station House

North Street

Havant

Hampshire

PO9 1QU

FIXED ASSETS

Tangible assets

4

3,596

1,633

Investment property

5

760,000

760,000

763,596

761,633

CURRENT ASSETS

Debtors

6

1,474

2,900

Cash at bank

46,078

63,716

47,552

66,616

CREDITORS

Amounts falling due within one year

7

483,700

478,976

NET CURRENT LIABILITIES

(436,148

)

(412,360

)

TOTAL ASSETS LESS CURRENT LIABILITIES

327,448

349,273

CREDITORS

Amounts falling due after more than one year

8

(349,671

)

(388,809

)

PROVISIONS FOR LIABILITIES

(11,104

)

(10,113

)

NET LIABILITIES

(33,327

)

(49,649

)

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

(33,329

)

(49,651

)

(33,327

)

(49,649

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 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 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 20 December 2021 and were signed on its behalf by:

Mrs L A Fryer - Director

M S Fryer - Director

1.	STATUTORY INFORMATION

Canny Homes Ltd 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 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 as modified by the revaluation of certain assets.

Turnover

Turnover consists of rent receivable for the year, excluding value added tax.

Tangible fixed assets

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

Fixtures and fittings

-

25% on cost

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or 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, loans from banks and other third parties and loans to related parties and investments in non-puttable ordinary shares.

Trade and other debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, deposits with banks and other short-term highly liquid investments and bank overdrafts. In the balance sheet, bank overdrafts are shown within borrowings or current liabilities.

Trade and other creditors

Short term trade 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

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2020 - NIL).

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 April 2020

2,178

Additions

3,343

At 31 March 2021

5,521

DEPRECIATION

At 1 April 2020

545

Charge for year

1,380

At 31 March 2021

1,925

NET BOOK VALUE

At 31 March 2021

3,596

At 31 March 2020

1,633

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2020

760,000

Additions

1,175

Disposals

(6,392

)

Revaluations

5,217

At 31 March 2021

760,000

NET BOOK VALUE

At 31 March 2021

760,000

At 31 March 2020

760,000

Fair value at 31 March 2021 is represented by:

£

Valuation in 2019

278,248

Valuation in 2020

(222,072

)

Valuation in 2021

5,217

Cost

698,607

760,000

If investment property had not been revalued it would have been included at the following historical cost:

2021

2020

£

£

Cost

698,607

703,824

Investment property was valued on an open market basis on 31 March 2021 by the directors .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Other debtors

1,474

2,900

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Other creditors

483,700

478,976

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

349,671

388,809

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

349,671

388,809

9.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Bank loans

349,671

388,809