Registered number
04033370
Cannock Resprays Limited
Report and Accounts
31 December 2023
.
Cannock Resprays Limited
Registered number: 04033370
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 7,567 7,621
Current assets
Stocks 28,755 5,500
Debtors 5 51,563 59,674
Cash at bank and in hand 38,236 87,075
118,554 152,249
Creditors: amounts falling due within one year 6 (99,572) (125,726)
Net current assets 18,982 26,523
Total assets less current liabilities 26,549 34,144
Creditors: amounts falling due after more than one year 7 (11,333) (19,333)
Provisions for liabilities (1,905) (1,448)
Net assets 13,311 13,363
Capital and reserves
Called up share capital 57 57
Profit and loss account 13,254 13,306
Shareholders' funds 13,311 13,363
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Sarah Bowman
Director
Approved by the board on 31 January 2024
Cannock Resprays Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Improvements 10 years straight line
Plant and machinery 20% to 25% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 6 6
3 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2023 15,000
At 31 December 2023 15,000
Amortisation
At 1 January 2023 15,000
At 31 December 2023 15,000
Net book value
At 31 December 2023 -
Goodwill has been written off in equal annual instalments over its estimated economic life over 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 January 2023 3,290 14,635 7,000 24,925
Additions - 2,083 - 2,083
At 31 December 2023 3,290 16,718 7,000 27,008
Depreciation
At 1 January 2023 3,290 10,951 3,063 17,304
Charge for the year - 1,153 984 2,137
At 31 December 2023 3,290 12,104 4,047 19,441
Net book value
At 31 December 2023 - 4,614 2,953 7,567
At 31 December 2022 - 3,684 3,937 7,621
5 Debtors 2023 2022
£ £
Trade debtors 25,436 24,874
Other debtors 26,127 34,800
51,563 59,674
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 8,000 8,686
Amounts owed to group undertakings and undertakings in which the company has a participating interest 15,610 36,195
Corporation tax 21,392 26,578
Other taxes and social security costs 28,559 28,140
Other creditors 26,011 26,127
99,572 125,726
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 11,333 19,333
8 Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose related party transactions with wholly owned subsidiaries within the group.
9 Controlling party
The company is 100% owned by Bowman Holdings Limited, a company incorporated in the UK and a company under the control of Mr & Mrs Bowman.
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