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REGISTERED NUMBER: 00532980 (England and Wales)










Unaudited Financial Statements

for the Year Ended 30 June 2023

for

Cannons Motor Spares & Accessories
Limited

Cannons Motor Spares & Accessories
Limited (Registered number: 00532980)






Contents of the Financial Statements
for the Year Ended 30 June 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Cannons Motor Spares & Accessories
Limited

Company Information
for the Year Ended 30 June 2023







DIRECTORS: B T Edwards
P A Cannon





REGISTERED OFFICE: St Mary’s Court
The Broadway
Old Amersham
Buckinghamshire
HP7 0UT





REGISTERED NUMBER: 00532980 (England and Wales)





ACCOUNTANTS: Cansdales Business Advisers Limited
St Mary's Court
The Broadway
Old Amersham
Buckinghamshire
HP7 0UT

Cannons Motor Spares & Accessories
Limited (Registered number: 00532980)

Balance Sheet
30 June 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 33,826 26,476

CURRENT ASSETS
Stocks 5 77,990 90,916
Debtors 6 332,389 297,623
Cash at bank and in hand 87,335 185,784
497,714 574,323
CREDITORS
Amounts falling due within one year 7 (189,016 ) (248,917 )
NET CURRENT ASSETS 308,698 325,406
TOTAL ASSETS LESS CURRENT
LIABILITIES

342,524

351,882

CAPITAL AND RESERVES
Called up share capital 8 9,433 9,433
Capital redemption reserve 15,667 15,667
Retained earnings 317,424 326,782
SHAREHOLDERS' FUNDS 342,524 351,882

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 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.

Cannons Motor Spares & Accessories
Limited (Registered number: 00532980)

Balance Sheet - continued
30 June 2023


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 28 March 2024 and were signed on its behalf by:





P A Cannon - Director


Cannons Motor Spares & Accessories
Limited (Registered number: 00532980)

Notes to the Financial Statements
for the Year Ended 30 June 2023

1. STATUTORY INFORMATION

Cannons Motor Spares & Accessories 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.

2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
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 a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

TURNOVER
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes . The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods) , the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered .

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 20% on reducing balance
Plant and machinery etc - 25% on reducing balance and 15% on reducing balance

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Cannons Motor Spares & Accessories
Limited (Registered number: 00532980)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

2. ACCOUNTING POLICIES - continued

STOCKS
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

HIRE PURCHASE AND LEASING COMMITMENTS
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

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.

CASH AND CASH EQUIVALENTS
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2022 - 13 ) .

Cannons Motor Spares & Accessories
Limited (Registered number: 00532980)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

4. TANGIBLE FIXED ASSETS
Fixtures
Short and Motor Computer
leasehold fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 July 2022 7,825 6,927 73,334 30,561 118,647
Additions - - 21,360 - 21,360
Disposals - - (10,100 ) - (10,100 )
At 30 June 2023 7,825 6,927 84,594 30,561 129,907
DEPRECIATION
At 1 July 2022 6,774 6,078 51,162 28,157 92,171
Charge for year 214 127 10,155 601 11,097
Eliminated on disposal - - (7,187 ) - (7,187 )
At 30 June 2023 6,988 6,205 54,130 28,758 96,081
NET BOOK VALUE
At 30 June 2023 837 722 30,464 1,803 33,826
At 30 June 2022 1,051 849 22,172 2,404 26,476

5. STOCKS
2023 2022
£    £   
Stocks 77,990 90,916

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 177,174 159,852
Other debtors 112,687 101,820
Prepayments and accrued income 42,528 35,951
332,389 297,623

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 153,411 185,900
Social security and other tax 13,400 27,821
VAT 8,588 22,854
Other creditors - 1,840
Pension control account 820 -
Accruals and deferred income 12,797 10,502
189,016 248,917

Cannons Motor Spares & Accessories
Limited (Registered number: 00532980)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
9,333 Ordinary share 1 9,333 9,333
100 Ordinary share B 1 100 100
9,433 9,433