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Registration number: 07942946

Cannon Irons Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2018

 

Cannon Irons Limited

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 10

 

Cannon Irons Limited

(Registration number: 07942946)
Balance Sheet as at 31 March 2018

Note

2018
£

2017
£

Fixed assets

 

Tangible assets

3

8,068

13,644

Investment property

4

2,340,000

2,150,000

Investments

5

100

100

 

2,348,168

2,163,744

Current assets

 

Debtors

6

120,844

278,366

Cash at bank and in hand

 

5,303

3,007

 

126,147

281,373

Creditors: Amounts falling due within one year

7

(1,153,576)

(735,276)

Net current liabilities

 

(1,027,429)

(453,903)

Total assets less current liabilities

 

1,320,739

1,709,841

Creditors: Amounts falling due after more than one year

7

(504,886)

(977,782)

Provisions for liabilities

(197,961)

(164,915)

Net assets

 

617,892

567,144

Capital and reserves

 

Called up share capital

8

8

Share premium reserve

19,998

19,998

Profit and loss account

597,886

547,138

Total equity

 

617,892

567,144

For the financial year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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.

 

Cannon Irons Limited

(Registration number: 07942946)
Balance Sheet as at 31 March 2018

Approved and authorised by the Board on 20 August 2018 and signed on its behalf by:
 

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

Mr Robin Michael Pilley
Director

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

Mr Daniel Mark Pilley
Director

 

Cannon Irons Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

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:
CXG House
70 High Street
Haverhill
Suffolk
CB9 8AR
England

These financial statements were authorised for issue by the Board on 20 August 2018.

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.

Exemption from preparing group accounts

The company has taken advantage of the exemption in section 398 of the Companies Act 2006 from the requirement to prepare consolidated financial statements, on the grounds that it is a small sized group.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Cannon Irons Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

Furniture and fittings

20% reducing balance

Motor vehicles

25% reducing balance

Office equipment

20% reducing balance

Investment property

Not depreciated

Investment property

Investment properties for which fair value can be measured reliably without undue cost or effort are measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Properties are valued annually by the directors.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

Cannon Irons Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

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.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

 

Cannon Irons Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

3

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2017

20,818

9,000

29,818

Disposals

-

(9,000)

(9,000)

At 31 March 2018

20,818

-

20,818

Depreciation

At 1 April 2017

10,733

5,441

16,174

Charge for the year

2,017

-

2,017

Eliminated on disposal

-

(5,441)

(5,441)

At 31 March 2018

12,750

-

12,750

Carrying amount

At 31 March 2018

8,068

-

8,068

At 31 March 2017

10,085

3,559

13,644

4

Investment properties

2018
£

At 1 April

2,150,000

Additions

75,999

Fair value adjustments

114,001

At 31 March

2,340,000

Investment properties have been valued as at 31 March 2018 by Mr D M Pilley who is internal to the company. The basis of the valuation was open market value.

5

Investments

2018
£

2017
£

Investments in subsidiaries

100

100

 

Cannon Irons Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

Subsidiaries

£

Cost or valuation

At 1 April 2017

100

Provision

Carrying amount

At 31 March 2018

100

At 31 March 2017

100

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2018

2017

Subsidiary undertakings

RDJ Properties Ltd

CXG House
70 High Street
Haverhill
Suffolk
CB9 8AR

Ordinary shares

100%

100%

 

England

     

The principal activity of RDJ Properties Ltd is Letting of residential property.

The profit for the financial period of RDJ Properties Ltd was £32,645 and the aggregate amount of capital and reserves at the end of the period was £81,096.

6

Debtors

Note

2018
£

2017
£

Trade debtors

 

395

-

Amounts owed by group undertakings and undertakings in which the company has a participating interest

9

119,290

274,677

Other debtors

 

1,159

3,689

 

120,844

278,366

 

Cannon Irons Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

7

Creditors

Creditors: amounts falling due within one year

Note

2018
£

2017
£

Due within one year

 

Bank loans and overdrafts

8

947,898

448,447

Trade creditors

 

8,597

354

Amounts owed to group undertakings and undertakings in which the company has a participating interest

9

185,964

283,586

Accruals and deferred income

 

1,933

2,891

Other creditors

 

9,184

(2)

 

1,153,576

735,276

Creditors: amounts falling due after more than one year

Note

2018
£

2017
£

Due after one year

 

Loans and borrowings

8

504,886

977,782

2018
£

2017
£

Due after more than five years

After more than five years by instalments

413,408

438,243

-

-

8

Loans and borrowings

2018
£

2017
£

Non-current loans and borrowings

Bank borrowings

504,886

524,707

Other borrowings

-

453,075

504,886

977,782

 

Cannon Irons Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

2018
£

2017
£

Current loans and borrowings

Bank borrowings

494,824

448,447

Other borrowings

453,074

-

947,898

448,447

Bank borrowings

Bank loan is denominated in pounds with a nominal interest rate of 10.68%, and the final instalment is due on 31 May 2017. The carrying amount at year end is £Nil (2017 - £429,709).

The bank loan is secured on the relevant property.

Bank loan is denominated in pounds with a nominal interest rate of 5.65%, and the final instalment is due on 26 September 2034. The carrying amount at year end is £524,710 (2017 - £543,445).

The bank loan is secured on the relevant property.

Bank loan is denominated in pounds with a nominal interest rate of 10%, and the final instalment is due on 4 June 2018. The carrying amount at year end is £475,000 (2017 - £Nil).

The bank loan is secured on the relevant property.

Other borrowings

Other loans is denominated in pounds with a nominal interest rate of 4.25%, and the final instalment is due on 31 January 2019. The carrying amount at year end is £453,074 (2017 - £453,074).

Other loans are secured on CXG Group Ltd (04454321).

9

Related party transactions

Summary of transactions with other related parties

 

Cannon Irons Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

CXG Group Ltd (100% parent copmpany)
At the year end the company owed CXG Group Ltd £185,964 (2017: £283,586). This loan is interest free and repayable on demand.

RDJ Properties Ltd (100% owned subsidiary)
At the year end RDJ Properties Ltd owed the company £110,813 (2017: £149,013). This loan is interest free and repayable on demand.

CXG Lettings Ltd (fellow 100% owned subsidiaries of CXG Group Ltd)
At the year end CXG lettings Ltd owed the company £Nil (2017: £32,502). This loan is interest free and repayable on demand.

REBI Construction Ltd (fellow 100% owned subsidiaries of CXG Group Ltd)
At the year end REBI Construction Ltd owed the company £Nil (2017: £93,163). This loan is interest free and repayable on demand.

N J Bistros Ltd (fellow 100% owned subsidiaries of CXG Group Ltd)
At the year end N J Bistros Ltd owed the company £8,477 (2017: £nil). This loan is interest free and repayable on demand.