Company registration number 13616752 (England and Wales)
CANDA COPYING HOLDINGS LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2022
PAGES FOR FILING WITH REGISTRAR
CANDA COPYING HOLDINGS LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
CANDA COPYING HOLDINGS LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2022
30 November 2022
- 1 -
2022
Notes
£
£
Fixed assets
Investments
6
15,000,000
Capital and reserves
-
Called up share capital
7
15,000,000
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 28 June 2023 and are signed on its behalf by:
Mrs C M E Mosley
Mr N J Wyatt
Director
Director
Company Registration No. 13616752
CANDA COPYING HOLDINGS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 NOVEMBER 2022
- 2 -
Share capital
Notes
£
Balance at 13 September 2021
Period ended 30 November 2022:
Profit and total comprehensive income for the period
-
Issue of share capital
7
21,595,000
Reduction of shares
7
(6,595,000)
Balance at 30 November 2022
15,000,000
CANDA COPYING HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2022
- 3 -
1
Accounting policies
Company information
Canda Copying Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Champion Allwoods Limited, 2nd Floor Refuge House, 33-37 Watergate Row, Chester, CH1 2LE.
1.1
Reporting period
The company was incorporated on 13 September 2021 and prepared accounts for the extended period ending 30 November 2022.
1.2
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 amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.3
Going concern
Atruet 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.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
CANDA COPYING HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2022
- 4 -
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.
3
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2022
Number
Total
4
Intangible fixed assets
Software
Goodwill
Total
£
£
£
Cost
At 13 September 2021
Additions at fair value - Note 8
63,750
5,352,638
5,416,388
Disposals
(63,750)
(5,352,638)
(5,416,388)
At 30 November 2022
Amortisation and impairment
At 13 September 2021 and 30 November 2022
Carrying amount
At 30 November 2022
CANDA COPYING HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2022
- 5 -
5
Tangible fixed assets
Hire machines, fixtures & office equipment
Motor vehicles
Total
£
£
£
Cost
At 13 September 2021
Additions at fair value - note 8
988,740
62,796
1,051,536
Disposals
(988,740)
(62,796)
(1,051,536)
At 30 November 2022
Depreciation and impairment
At 13 September 2021 and 30 November 2022
Carrying amount
At 30 November 2022
On 22 October 2021 the company transferred all its assets to Canda Copying Limited, a standalone company under common ownership, as part of a demerger of the groups copier trading business.
6
Fixed asset investments
2022
£
Shares in group undertakings and participating interests
15,000,000
The company's investments at the balance sheet date in the share capital of group undertakings are carried at cost less accumulated impairment losses and include the following:
Canda Copying (Investments) Limited
Nature of business: Investment company
Class of shares: Ordinary
Holding: 100%
CANDA COPYING HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2022
6
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 13 September 2021
-
Additions
21,595,000
Amounts written off investments
(6,595,000)
At 30 November 2022
15,000,000
Carrying amount
At 30 November 2022
15,000,000
On 22 October 2021 a dividend in specie in the amount of £944,814 was voted by Canda Copying (Investments) Limited, a subsidiary of the company, under which the assets of Canda Copying (Investments) Limited's copier trading business were transferred to Canda Copying Holdings Limited. To reflect acquisition accounting the assets that were included in the dividend at book value were revalued to their fair value.
The carrying value of the company's investment in Canda Copying (Investments) Limited has been reduced by the corresponding total amount of the fair value of the assets received in the dividend in specie to recognise the reduction in the valuation of Canda Copying (Investments) Limited following that dividend in specie.
7
Called up share capital
2022
2022
Ordinary share capital
Number
£
Issued and fully paid
Ordinary Shares of £1 each
15,000,000
15,000,000
On 13 September 2021 one ordinary share of £1 was issued in the company. On 6 October 2021 that share was reclassified as one A ordinary share of £1. On 7 October 2021 6,594,999 A ordinary £1 shares and 15,000,000 B ordinary £1 shares were issued in the company, as part of a share for share exchange whereby the company acquired the entire share capital of Canda Copying (Investments) Limited.
On 22 October 2021, the capital on the 6,595,000 A ordinary shares in the company was repaid to the holders of those shares and the shares were cancelled. The capital of £6,595,000 was repaid to the holders of those A ordinary shares by way of the company transferring the group's copier trading business to Canda Copying Limited in return for the issue of shares in Canda Copying Limited to the holders of those A ordinary shares. Adjustments were made through the company's capital redemption reserve.
On 26 October 2021, the company's B ordinary shares of £1 each were reclassified as ordinary shares of £1 each.
CANDA COPYING HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2022
- 7 -
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Susan Harris MA ACA
Statutory Auditor:
Champion Accountants LLP