Acana Limited 06763968 false 2016-01-01 2016-12-31 2016-12-31 The principal activity of the company is marketing and sales of consumer goods. Digita Accounts Production Advanced 6.18.8247.0 Software true 06763968 2016-01-01 2016-12-31 06763968 2016-12-31 06763968 core:RetainedEarningsAccumulatedLosses 2016-12-31 06763968 core:ShareCapital 2016-12-31 06763968 core:CurrentFinancialInstruments 2016-12-31 06763968 core:CurrentFinancialInstruments core:WithinOneYear 2016-12-31 06763968 core:Non-currentFinancialInstruments 2016-12-31 06763968 core:Non-currentFinancialInstruments core:AfterOneYear 2016-12-31 06763968 core:FurnitureFittingsToolsEquipment 2016-12-31 06763968 core:OtherPropertyPlantEquipment 2016-12-31 06763968 bus:SmallEntities 2016-01-01 2016-12-31 06763968 bus:AuditExemptWithAccountantsReport 2016-01-01 2016-12-31 06763968 bus:FullAccounts 2016-01-01 2016-12-31 06763968 bus:RegisteredOffice 2016-01-01 2016-12-31 06763968 bus:CompanySecretary1 2016-01-01 2016-12-31 06763968 bus:Director1 2016-01-01 2016-12-31 06763968 bus:PrivateLimitedCompanyLtd 2016-01-01 2016-12-31 06763968 bus:Agent1 2016-01-01 2016-12-31 06763968 core:FurnitureFittingsToolsEquipment 2016-01-01 2016-12-31 06763968 core:OtherPropertyPlantEquipment 2016-01-01 2016-12-31 06763968 countries:AllCountries 2016-01-01 2016-12-31 06763968 2015-12-31 06763968 core:FurnitureFittingsToolsEquipment 2015-12-31 06763968 core:OtherPropertyPlantEquipment 2015-12-31 06763968 2015-01-01 2015-12-31 06763968 2015-12-31 06763968 core:RetainedEarningsAccumulatedLosses 2015-12-31 06763968 core:ShareCapital 2015-12-31 06763968 core:CurrentFinancialInstruments 2015-12-31 06763968 core:CurrentFinancialInstruments core:WithinOneYear 2015-12-31 06763968 core:Non-currentFinancialInstruments 2015-12-31 06763968 core:Non-currentFinancialInstruments core:AfterOneYear 2015-12-31 06763968 core:FurnitureFittingsToolsEquipment 2015-12-31 06763968 core:OtherPropertyPlantEquipment 2015-12-31 iso4217:GBP xbrli:pure

Acana Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2016

Gibbons
Chartered Accountants
Lakeland Office
2 Europe Way
Cockermouth
Cumbria
CA13 0RJ

Acana Limited

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3 to 4
Notes to the Financial Statements	5 to 9

Acana Limited

Company Information

Director

Mr SW Anderson

Company secretary

Mr S J F Judd

Registered office

C/o Core Law Llp 4-6 Dudley Road Tunbridge Wells Kent TN1 1LF

Bankers

HSBC Bank plc Nottingham 6 Victoria Street Nottingham NG1 2FF

Accountants

Gibbons Chartered Accountants Lakeland Office 2 Europe Way Cockermouth Cumbria CA13 0RJ

Page 1

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Acana Limited
for the Year Ended 31 December 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Acana Limited for the year ended 31 December 2016 as set out on pages 3 to 9 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 at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Acana Limited, as a body, in accordance with the terms of our engagement letter dated 1 January 2009. Our work has been undertaken solely to prepare for your approval the accounts of Acana Limited and state those matters that we have agreed to state to the Board of Directors of Acana Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Acana Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Acana Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Acana Limited. You consider that Acana 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 accounts of Acana 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 accounts.

......................................

Gibbons
Chartered Accountants
Lakeland Office
2 Europe Way
Cockermouth
Cumbria
CA13 0RJ

27 October 2017

Page 2

Acana Limited

(Registration number: 06763968)
Balance Sheet as at 31 December 2016

	Note	2016 £	2015 £
Fixed assets
Tangible assets	4	80,766	81,246
Current assets
Stocks	5	529,673	624,313
Debtors	6	959,476	744,024
Cash at bank and in hand		94,984	728
		1,584,133	1,369,065
Creditors: Amounts falling due within one year	7	(1,232,383)	(1,057,874)
Net current assets		351,750	311,191
Total assets less current liabilities		432,516	392,437
Creditors: Amounts falling due after more than one year	7	(71,979)	-
Provisions for liabilities		(11,385)	(10,435)
Net assets		349,152	382,002
Capital and reserves
Called up share capital		70,000	70,000
Profit and loss account		279,152	312,002
Total equity		349,152	382,002

The notes on pages 5 to 9 form an integral part of these financial statements.

Page 3

Acana Limited

(Registration number: 06763968)
Balance Sheet as at 31 December 2016

For the financial year ending 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 26 October 2017
 

.........................................

Mr SW Anderson

Director

The notes on pages 5 to 9 form an integral part of these financial statements.

Page 4

Acana Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

1	General information

The company is a private company limited by share capital incorporated in England and Wales.

The address of its registered office is:
C/o Core Law Llp 4-6 Dudley Road
Tunbridge Wells
Kent
TN1 1LF

These financial statements were authorised for issue by the director on 26 October 2017.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements have been presented in sterling. The amounts have been rounded to the nearest pound.

Promotional Costs

Promotional costs are written off to the Profit and Loss Account in the periods which the company is expected to benefit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Office accommodation, furniture and equipment	20% reducing balance basis
Tooling	20% straight line basis

Page 5

Acana Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Page 6

Acana Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Page 7

Acana Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 5 (2015 - 3).

4	Tangible assets

	Office accommodation, furniture & equipment  £	Tooling  £	Total £
Cost or valuation
At 1 January 2016	28,408	147,462	175,870
Additions	2,977	31,876	34,853
At 31 December 2016	31,385	179,338	210,723
Depreciation
At 1 January 2016	14,920	79,704	94,624
Charge for the year	2,653	32,680	35,333
At 31 December 2016	17,573	112,384	129,957
Carrying amount
At 31 December 2016	13,812	66,954	80,766
At 31 December 2015	13,488	67,758	81,246

5

Stocks

	2016 £	2015 £
Other inventories	529,673	624,313

6

Debtors

	Note	2016 £	2015 £
Trade debtors		537,253	536,914
Amounts owed by group undertakings and undertakings in which the company has a participating interest		183,268	124,694
Other debtors		238,955	82,416
Total current trade and other debtors		959,476	744,024

Page 8

Acana Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

7

Creditors

	Note	2016 £	2015 £
Due within one year
Bank loans and overdrafts	8	348,064	149,326
Trade creditors		612,268	778,746
Taxation and social security		71,036	39,754
Other creditors		201,015	90,048
		1,232,383	1,057,874
Due after one year
Loans and borrowings	8	71,979	-