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REGISTERED NUMBER: 01374913 (England and Wales)



















Report of the Directors and

Financial Statements

for the Year Ended 31st December 2022

for

CANNON TECHNOLOGIES LIMITED

CANNON TECHNOLOGIES LIMITED (REGISTERED NUMBER: 01374913)






Contents of the Financial Statements
for the year ended 31st December 2022




Page

Company Information 1

Report of the Directors 2

Statement of Directors' Responsibilities 3

Report of the Independent Auditors 4

Statement of Income and Retained Earnings 7

Statement of Financial Position 8

Notes to the Financial Statements 9


CANNON TECHNOLOGIES LIMITED

Company Information
for the year ended 31st December 2022







DIRECTORS: E A Reddicliffe
M Goulding



SECRETARY: E A Reddicliffe



REGISTERED OFFICE: 13 Queensway
Stem Lane Industrial Estate
New Milton
Hampshire
BH25 5NU



REGISTERED NUMBER: 01374913 (England and Wales)



SENIOR STATUTORY AUDITOR: Alasdair Weaks



AUDITORS: Simpson Wreford & Partners
Chartered Accountants & Statutory Auditors
Suffolk House
George Street
Croydon
Surrey
CR0 0YN

CANNON TECHNOLOGIES LIMITED (REGISTERED NUMBER: 01374913)

Report of the Directors
for the year ended 31st December 2022

The directors present their report with the financial statements of the company for the year ended 31st December 2022.

DIRECTORS
The directors shown below have held office during the whole of the period from 1st January 2022 to the date of this report.

E A Reddicliffe
M Goulding

GOING CONCERN AND FUTURE DEVELOPMENTS
The company finances its operations from ongoing trading, investment income and through various financing agreements with their bankers, including overdraft facilities.

The directors prepare annual budgets and forecasts to ensure the group has sufficient reserves in order to meet its liabilities as they fall due.

The company retains headroom on the various financing arrangement with its bankers and the directors consider the company had adequate funds to to meet its liabilities as they fall due for a period of at least 12 months from the date the financial statements were authorised for issue.

In addition, the company has also generated a number of opportunities with both existing and new customers that the directors expect to generate an uplift in revenue and positive cashflow inflow for 2023 and 2024.

In light of the above, the directors believe it is appropriate to adopt the going concern basis of accounting in preparing the financial statements.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Simpson Wreford & Partners, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





M Goulding - Director


31st January 2024

CANNON TECHNOLOGIES LIMITED (REGISTERED NUMBER: 01374913)

Statement of Directors' Responsibilities
for the year ended 31st December 2022

The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Report of the Independent Auditors to the Members of
Cannon Technologies Limited

Opinion
We have audited the financial statements of Cannon Technologies Limited (the 'company') for the year ended 31st December 2022 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31st December 2022 and of its loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors and the Statement of Directors' Responsibilities, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Cannon Technologies Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- We obtained an understanding of the legal and regulatory framework applicable to the company and the sector in which it operates, through discussions with management and those charged with governance, and also from our detailed understanding of the sector. We identified the financial reporting framework including but not limited to (United Kingdom Generally Accepted Accounting Practice and the Companies Act 2006), Data Protection Act 2018, Bribery Act 2010 and tax legislation being of significance in the context of the company and its ongoing activities.

- We made enquiries with management to confirm our understanding that the company continued to comply with the applicable legal and regulatory frameworks, and also to confirm our understanding of the specific policies and procedures enlisted by the company to ensure ongoing compliance.

- We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud may occur, and gained an understanding of the company's policies and procedures on fraud risks through discussion with the company's management.

- We considered the risk of material misstatement due to fraud as a result of possible management override of controls, and improper revenue recognition. To address these risks we tested the appropriateness of journal entries posted, reviewed those judgements made in making accounting estimates, and tested the application of revenue recognition and the cut-off of revenue.

Report of the Independent Auditors to the Members of
Cannon Technologies Limited


- We communicated those laws and regulations considered relevant to the company, and potential fraud risks to all engagement team members, and consider that the engagement team had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations, and remained alert to any indications of fraud throughout the audit.

Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Alasdair Weaks (Senior Statutory Auditor)
for and on behalf of Simpson Wreford & Partners
Chartered Accountants & Statutory Auditors
Suffolk House
George Street
Croydon
Surrey
CR0 0YN

31st January 2024

CANNON TECHNOLOGIES LIMITED (REGISTERED NUMBER: 01374913)

Statement of Income and
Retained Earnings
for the year ended 31st December 2022

31.12.22 31.12.21
Notes £    £   

REVENUE 6,423,686 4,747,416

Cost of sales (5,474,593 ) (4,187,622 )
GROSS PROFIT 949,093 559,794

Administrative expenses (1,792,565 ) (1,583,148 )
(843,472 ) (1,023,354 )

Other operating income - 196,188
OPERATING LOSS 4 (843,472 ) (827,166 )

Interest receivable and similar income 1,065 -
(842,407 ) (827,166 )

Interest payable and similar expenses (49,035 ) (2,216 )
LOSS BEFORE TAXATION (891,442 ) (829,382 )

Tax on loss 385,034 358,553
LOSS FOR THE FINANCIAL YEAR (506,408 ) (470,829 )

Retained earnings at beginning of year 1,914,727 2,385,556

RETAINED EARNINGS AT END OF YEAR 1,408,319 1,914,727

CANNON TECHNOLOGIES LIMITED (REGISTERED NUMBER: 01374913)

Statement of Financial Position
31st December 2022

31.12.22 31.12.21
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 10,803 13,824
Property, plant and equipment 6 274,267 328,217
285,070 342,041

CURRENT ASSETS
Inventories 7 2,022,576 1,539,981
Debtors 8 2,298,678 1,741,984
Cash at bank and in hand 286,161 347,546
4,607,415 3,629,511
CREDITORS
Amounts falling due within one year 9 3,424,166 1,996,825
NET CURRENT ASSETS 1,183,249 1,632,686
TOTAL ASSETS LESS CURRENT LIABILITIES 1,468,319 1,974,727

CAPITAL AND RESERVES
Called up share capital 60,000 60,000
Retained earnings 1,408,319 1,914,727
SHAREHOLDERS' FUNDS 1,468,319 1,974,727

The financial statements have been prepared 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 31st January 2024 and were signed on its behalf by:





M Goulding - Director


CANNON TECHNOLOGIES LIMITED (REGISTERED NUMBER: 01374913)

Notes to the Financial Statements
for the year ended 31st December 2022

1. STATUTORY INFORMATION

Cannon Technologies 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies.

Going concern
The company finances its operations from ongoing trading, investment income and through various financing agreements with their bankers, including overdraft facilities.

The directors prepare annual budgets and forecasts to ensure the company has sufficient reserves in order to meet its liabilities as they fall due.

The company retains headroom on the various financing arrangement with its bankers and the directors consider the company had adequate funds to to meet its liabilities as they fall due for a period of at least 12 months from the date the financial statements were authorised for issue.

In addition, the company has also generated a number of opportunities with both existing and new customers that the directors expect to generate an uplift in revenue and positive cashflow inflow for 2023 and 2024.

In light of the above, the directors believe it is appropriate to adopt the going concern basis of accounting in preparing the financial statements.

Turnover
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Profit is recognised on long-term contracts, if the final outcome can be assessed with reasonable certainty, by including in the profit and loss account turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value which costs to date bear to total expected costs for that contract.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

CANNON TECHNOLOGIES LIMITED (REGISTERED NUMBER: 01374913)

Notes to the Financial Statements - continued
for the year ended 31st December 2022

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated deprecation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Deprecation is provided on the following basis:

Plant and machinery - 10% straight line
Fixtures and fittings - 20% straight line
Motor vehicles - 25% reducing balance
Computer Equipment - 33% straight line

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.

Stocks
Stocks are stated at the lower of cost and net relisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of Income and Retained earnings.

Financial instruments
The company only enters into basic financial instruments that results in the recognition of financial assets and liabilities such as trade and other debtors and creditors and loans to related parties.

Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of comprehensive income.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amounts that the company would receive for the asset if it were to be sold at the balance sheet date.


CANNON TECHNOLOGIES LIMITED (REGISTERED NUMBER: 01374913)

Notes to the Financial Statements - continued
for the year ended 31st December 2022

2. ACCOUNTING POLICIES - continued
Taxation
The tax expenses for the year comprises of current and deferred tax. Tax is recognised in the statement of comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

-The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

-Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Research and development
Expenditure on research is written off in the year in which it is incurred.

Development expenditure is written off in the same year unless the directors are satisfied as to the technical, commercial and financial viability of individual projects. In this situation, the expenditure is deferred and amortised over the period in which the company is expected to derive benefits.

Foreign currency translation
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

The company's functional currency and presentational currency is pound sterling.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pensions
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown in creditors as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

CANNON TECHNOLOGIES LIMITED (REGISTERED NUMBER: 01374913)

Notes to the Financial Statements - continued
for the year ended 31st December 2022

2. ACCOUNTING POLICIES - continued

Debtors
Short term debtors are measured at transaction price, less any impairment.

Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 59 (2021 - 55 ) .

4. OPERATING LOSS

The operating loss is stated after charging:

31.12.22 31.12.21
£    £   
Hire of plant and machinery 10,350 12,520
Depreciation - owned assets 128,231 146,369
Loss on disposal of fixed assets 84 414
Patents and licences amortisation 3,021 3,340
Pension costs 47,066 44,265

The Company incurred £439k (31.12.21: £1,157k ) of research and development expenditure in the year, of which £281k (31.12.21: £220k) relates to total staff costs.

5. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1st January 2022
and 31st December 2022 81,920
AMORTISATION
At 1st January 2022 68,096
Charge for year 3,021
At 31st December 2022 71,117
NET BOOK VALUE
At 31st December 2022 10,803
At 31st December 2021 13,824

CANNON TECHNOLOGIES LIMITED (REGISTERED NUMBER: 01374913)

Notes to the Financial Statements - continued
for the year ended 31st December 2022

6. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1st January 2022 3,512,281 216,433 72,503 645,488 4,446,705
Additions 44,641 1,207 27,000 1,837 74,685
Disposals - - (8,473 ) - (8,473 )
At 31st December 2022 3,556,922 217,640 91,030 647,325 4,512,917
DEPRECIATION
At 1st January 2022 3,241,740 215,046 63,481 598,221 4,118,488
Charge for year 93,512 1,045 6,256 27,418 128,231
Eliminated on disposal - - (8,069 ) - (8,069 )
At 31st December 2022 3,335,252 216,091 61,668 625,639 4,238,650
NET BOOK VALUE
At 31st December 2022 221,670 1,549 29,362 21,686 274,267
At 31st December 2021 270,541 1,387 9,022 47,267 328,217

7. INVENTORIES
31.12.22 31.12.21
£    £   
Stocks 2,022,576 1,539,981

An impairment loss of £409,738 was recognised in the Statement of Comprehensive Income against stock during the year due to slow-moving and obsolete stock.

8. DEBTORS
31.12.22 31.12.21
£    £   
Amounts falling due within one year:
Trade debtors 1,396,974 714,038
Amounts owed by group undertakings 350,829 480,866
Amounts owed by related undertakings 36,750 36,750
Other debtors 20,470 34,485
Tax 386,006 355,271
Prepayments and accrued income 64,603 77,528
2,255,632 1,698,938

Amounts falling due after more than one year:
Amounts owed by related undertakings 43,046 43,046

Aggregate amounts 2,298,678 1,741,984

CANNON TECHNOLOGIES LIMITED (REGISTERED NUMBER: 01374913)

Notes to the Financial Statements - continued
for the year ended 31st December 2022

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.22 31.12.21
£    £   
Bank loans and overdrafts (see note 10) 1,449,701 758,058
Trade creditors 828,444 517,017
Amounts owed to group undertakings 756,500 526,500
Social security and other taxes 54,897 47,928
VAT 85,922 68,160
Other creditors 40,102 28,162
Accruals and deferred income 208,600 51,000
3,424,166 1,996,825

10. LOANS

An analysis of the maturity of loans is given below:

31.12.22 31.12.21
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 1,449,701 707,025
Bank loans - 51,033
1,449,701 758,058

Securities held in relation to the overdrafts are discussed in note 14.

11. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.22 31.12.21
£    £   
Within one year 69,825 63,772
Between one and five years 69,407 66,068
139,232 129,840

CANNON TECHNOLOGIES LIMITED (REGISTERED NUMBER: 01374913)

Notes to the Financial Statements - continued
for the year ended 31st December 2022

12. SECURED DEBTS

The following secured debts are included within creditors:

31.12.22 31.12.21
£    £   
Bank overdrafts 1,449,701 707,025
Bank loans - 51,033
1,449,701 758,058

The bank overdraft is secured by an unscheduled mortgage debenture incorporating a fixed and floating charge over all assets of the company, present and future, and by an unlimited inter-company guarantee jointly given by the company, Cannon Technologies Group Limited, Cannontech Limited, Cannon Technologies (Europe) Limited and Cannon Datacom Limited.

In addition, a charge is held over property owned by Scammell Estates Limited, a company under common control.

13. CONTINGENT LIABILITIES

The company is party to a composite guarantee between itself, Cannon Technologies Group Limited, Cannon Technologies Europe Limited, Cannontech Limited, Cannon Telecomms Limited and Cannon Datacom Limited for bank borrowings, but all such borrowings were by the company itself at the period end. There are no other contingent liabilities at the balance sheet date (31.12.21 - none).

14. RELATED PARTY DISCLOSURES

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.

In the year, the company paid rental costs of £36,000 to Scammell Estates Limited (31.12.21 - £36,000), a company under common control.

15. ULTIMATE CONTROLLING PARTY

The immediate and ultimate parent company is Cannon Technologies Group Limited, a company registered in England and Wales.

The ultimate controlling party is E A Reddicliffe.

Cannon Technologies Group Limited prepares consolidated financial statements and copies can be obtained from 13 Queensway, Stem Lane Industrial Estate, New Milton, Hampshire, BH25 5NU.