Caseware UK (AP4) 2023.0.135 2023.0.135 14054642140000002022-12-01truefalseNo description of principal activity22trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 00392850 2022-12-01 2023-11-30 00392850 2021-12-01 2022-11-30 00392850 2023-11-30 00392850 2022-11-30 00392850 2021-12-01 00392850 1 2021-12-01 2022-11-30 00392850 2 2022-12-01 2023-11-30 00392850 d:Director1 2022-12-01 2023-11-30 00392850 d:Director2 2022-12-01 2023-11-30 00392850 e:FurnitureFittings 2022-12-01 2023-11-30 00392850 e:FurnitureFittings 2023-11-30 00392850 e:FurnitureFittings 2022-11-30 00392850 e:FurnitureFittings e:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 00392850 e:OfficeEquipment 2022-12-01 2023-11-30 00392850 e:OfficeEquipment 2023-11-30 00392850 e:OfficeEquipment 2022-11-30 00392850 e:OfficeEquipment e:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 00392850 e:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 00392850 e:FreeholdInvestmentProperty 2022-12-01 2023-11-30 00392850 e:FreeholdInvestmentProperty 2023-11-30 00392850 e:FreeholdInvestmentProperty 2022-11-30 00392850 e:FreeholdInvestmentProperty 2 2022-12-01 2023-11-30 00392850 e:LeaseholdInvestmentProperty 2022-12-01 2023-11-30 00392850 e:LeaseholdInvestmentProperty 2023-11-30 00392850 e:LeaseholdInvestmentProperty 2022-11-30 00392850 e:LeaseholdInvestmentProperty 2 2022-12-01 2023-11-30 00392850 e:CurrentFinancialInstruments 2023-11-30 00392850 e:CurrentFinancialInstruments 2022-11-30 00392850 e:Non-currentFinancialInstruments 2023-11-30 00392850 e:Non-currentFinancialInstruments 2022-11-30 00392850 e:CurrentFinancialInstruments e:WithinOneYear 2023-11-30 00392850 e:CurrentFinancialInstruments e:WithinOneYear 2022-11-30 00392850 e:Non-currentFinancialInstruments e:AfterOneYear 2023-11-30 00392850 e:Non-currentFinancialInstruments e:AfterOneYear 2022-11-30 00392850 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2023-11-30 00392850 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2022-11-30 00392850 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2023-11-30 00392850 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2022-11-30 00392850 e:Non-currentFinancialInstruments e:MoreThanFiveYears 2023-11-30 00392850 e:Non-currentFinancialInstruments e:MoreThanFiveYears 2022-11-30 00392850 e:ShareCapital 2022-12-01 2023-11-30 00392850 e:ShareCapital 2023-11-30 00392850 e:ShareCapital 2021-12-01 2022-11-30 00392850 e:ShareCapital 2022-11-30 00392850 e:ShareCapital 2021-12-01 00392850 e:RevaluationReserve 2022-12-01 2023-11-30 00392850 e:RevaluationReserve 2023-11-30 00392850 e:RevaluationReserve 2021-12-01 2022-11-30 00392850 e:RevaluationReserve 2022-11-30 00392850 e:RevaluationReserve 2021-12-01 00392850 e:RevaluationReserve 8 2021-12-01 2022-11-30 00392850 e:OtherMiscellaneousReserve 2022-12-01 2023-11-30 00392850 e:OtherMiscellaneousReserve 2023-11-30 00392850 e:OtherMiscellaneousReserve 2021-12-01 2022-11-30 00392850 e:OtherMiscellaneousReserve 2022-11-30 00392850 e:OtherMiscellaneousReserve 2021-12-01 00392850 e:OtherMiscellaneousReserve 1 2021-12-01 2022-11-30 00392850 e:RetainedEarningsAccumulatedLosses 2022-12-01 2023-11-30 00392850 e:RetainedEarningsAccumulatedLosses 2023-11-30 00392850 e:RetainedEarningsAccumulatedLosses 2021-12-01 2022-11-30 00392850 e:RetainedEarningsAccumulatedLosses 2022-11-30 00392850 e:RetainedEarningsAccumulatedLosses 2021-12-01 00392850 e:RetainedEarningsAccumulatedLosses 1 2021-12-01 2022-11-30 00392850 e:AcceleratedTaxDepreciationDeferredTax 2023-11-30 00392850 e:AcceleratedTaxDepreciationDeferredTax 2022-11-30 00392850 e:TaxLossesCarry-forwardsDeferredTax 2023-11-30 00392850 e:TaxLossesCarry-forwardsDeferredTax 2022-11-30 00392850 d:OrdinaryShareClass1 2022-12-01 2023-11-30 00392850 d:OrdinaryShareClass1 2023-11-30 00392850 d:OrdinaryShareClass1 2022-11-30 00392850 d:OrdinaryShareClass2 2022-12-01 2023-11-30 00392850 d:OrdinaryShareClass2 2023-11-30 00392850 d:OrdinaryShareClass2 2022-11-30 00392850 d:FRS102 2022-12-01 2023-11-30 00392850 d:AuditExempt-NoAccountantsReport 2022-12-01 2023-11-30 00392850 d:FullAccounts 2022-12-01 2023-11-30 00392850 d:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 00392850 2 2022-12-01 2023-11-30 00392850 6 2022-12-01 2023-11-30 00392850 f:PoundSterling 2022-12-01 2023-11-30 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 00392850










Cannon Freeholds Ltd








Unaudited

Financial statements

Information for filing with the registrar

For the year ended 30 November 2023

 
Cannon Freeholds Ltd
Registered number: 00392850

Balance sheet
As at 30 November 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
341
1,220

Investments
 5 
253,069
245,033

Investment property
 6 
7,027,321
7,000,000

  
7,280,731
7,246,253

Current assets
  

Debtors: amounts falling due within one year
 7 
47,939
49,652

Cash at bank and in hand
 8 
336,963
252,497

  
384,902
302,149

Creditors: amounts falling due within one year
 9 
(89,032)
(108,599)

Net current assets
  
 
 
295,870
 
 
193,550

Total assets less current liabilities
  
7,576,601
7,439,803

Creditors: amounts falling due after more than one year
 10 
(218,285)
(220,030)

Provisions for liabilities
  

Deferred tax
 12 
(1,311,166)
(1,307,608)

  
 
 
(1,311,166)
 
 
(1,307,608)

Net assets
  
6,047,150
5,912,165


Capital and reserves
  

Called up share capital 
 14 
10,380
10,380

Revaluation reserve
 15 
5,428,919
5,405,368

Other reserves
 15 
11,199
11,199

Profit and loss account
 15 
596,652
485,218

  
6,047,150
5,912,165


Page 1

 
Cannon Freeholds Ltd
Registered number: 00392850

Balance sheet (continued)
As at 30 November 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 7 March 2024.




R A Nathan
Mrs J R Pearl
Director
Director

The notes on pages 4 to 12 form part of these financial statements.

Page 2

 
Cannon Freeholds Ltd
 

Statement of changes in equity
For the year ended 30 November 2023


Called up share capital
Revaluation reserve
Other reserves
Profit and loss account
Total equity

£
£
£
£
£


At 1 December 2021
10,960
6,021,837
10,619
256,402
6,299,818


Comprehensive income for the year

Loss for the year
-
-
-
(210,525)
(210,525)

Nominal value of shares purchased
(580)
-
580
-
-
Total comprehensive income for the year
(580)
-
580
(210,525)
(210,525)


Contributions by and distributions to owners

Purchase of own shares
-
-
-
(177,128)
(177,128)

Transfer to/from profit and loss account
-
(616,469)
-
616,469
-



At 1 December 2022
10,380
5,405,368
11,199
485,218
5,912,165


Comprehensive income for the year

Profit for the year
-
-
-
134,985
134,985
Total comprehensive income for the year
-
-
-
134,985
134,985

Transfer to/from profit and loss account
-
23,551
-
(23,551)
-


At 30 November 2023
10,380
5,428,919
11,199
596,652
6,047,150


The notes on pages 4 to 12 form part of these financial statements.

Page 3

 
Cannon Freeholds Ltd
 

 
Notes to the financial statements
For the year ended 30 November 2023

1.


General information

The company is a private limited company, incorporated and domiciled in England and Wales. The principal place of business is the same as shown on company information page 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 4

 
Cannon Freeholds Ltd
 

 
Notes to the financial statements
For the year ended 30 November 2023

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other 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 in the countries where the Company operates and generates income.

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.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation 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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
33%
straight line
Office equipment
-
33%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Investment property

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

Page 5

 
Cannon Freeholds Ltd
 

 
Notes to the financial statements
For the year ended 30 November 2023

2.Accounting policies (continued)

 
2.9

Valuation of investments

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

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.

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.14

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. 
Investments in non-derivative instruments that are equity to the issuer are measured:
- at fair value with changes recognised in the Statement of comprehensive income if the shares are publicly traded or their fair value can otherwise be measured reliably;
- at cost less impairment for all other investments.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).

Page 6

 
Cannon Freeholds Ltd
 

 
Notes to the financial statements
For the year ended 30 November 2023

4.


Tangible fixed assets





Fixtures and fittings
Office equipment
Total

£
£
£



Cost or valuation


At 1 December 2022
144,574
2,604
147,178



At 30 November 2023

144,574
2,604
147,178



Depreciation


At 1 December 2022
144,481
1,477
145,958


Charge for the year on owned assets
51
828
879



At 30 November 2023

144,532
2,305
146,837



Net book value



At 30 November 2023
42
299
341



At 30 November 2022
93
1,127
1,220


5.


Fixed asset investments





Listed investments

£



Cost or valuation


At 1 December 2022
245,033


Additions
8,064


Revaluations
(28)



At 30 November 2023
253,069




Page 7

 
Cannon Freeholds Ltd
 

 
Notes to the financial statements
For the year ended 30 November 2023

6.


Investment property


Freehold investment property
Long term leasehold investment property
Total

£
£
£



Valuation


At 1 December 2022
6,700,000
300,000
7,000,000


Additions at cost
13,405
-
13,405


Surplus on revaluation
-
13,916
13,916



At 30 November 2023
6,713,405
313,916
7,027,321

The 2023 valuations were made by the directors, on an open market value for existing use basis.







7.


Debtors

2023
2022
£
£


Trade debtors
26,372
18,317

Other debtors
11,114
8,458

Prepayments and accrued income
10,453
22,877

47,939
49,652



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
336,963
252,497

336,963
252,497


Page 8

 
Cannon Freeholds Ltd
 

 
Notes to the financial statements
For the year ended 30 November 2023

9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
17,306
28,068

Trade creditors
2,523
6,253

Corporation tax
32,328
35,000

Other taxation and social security
53
-

Accruals and deferred income
36,822
39,278

89,032
108,599



10.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
218,285
220,030

218,285
220,030


The following liabilities were secured:

2023
2022
£
£



Bank loan
235,591
248,098

235,591
248,098

Details of security provided:

The bank loan is secured on 16 and 32 Ainger Road, London.

The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:

2023
2022
£
£


Repayable by instalments
149,060
185,563

149,060
185,563

The loan is repayable by November 2033 in equal instalments attracting interest at 2.5% above bank base rate.

Page 9

 
Cannon Freeholds Ltd
 

 
Notes to the financial statements
For the year ended 30 November 2023

11.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
17,306
28,068


17,306
28,068

Amounts falling due 1-2 years

Bank loans
17,306
28,068


17,306
28,068

Amounts falling due 2-5 years

Bank loans
51,919
30,394


51,919
30,394

Amounts falling due after more than 5 years

Bank loans
149,060
161,568

149,060
161,568

235,591
248,098


Page 10

 
Cannon Freeholds Ltd
 

 
Notes to the financial statements
For the year ended 30 November 2023

12.


Deferred taxation




2023
2022


£

£






At beginning of year
(1,307,608)
(993,681)


Charged to the profit or loss
(3,558)
(313,927)



At end of year
(1,311,166)
(1,307,608)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
1,267
1,346

Arising on the revaluation of assets
(1,312,433)
(1,308,954)

(1,311,166)
(1,307,608)


13.


Provisions










At 30 November 2023


14.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



9,480 (2022 - 9,480) A Ordinary Shares shares of £1.00 each
9,480
9,480
1,800 (2022 - 1,800) B Ordinary Shares shares of £0.50 each
900
900

10,380

10,380


Page 11

 
Cannon Freeholds Ltd
 

 
Notes to the financial statements
For the year ended 30 November 2023

15.


Reserves

Non distributable reserve

The company has adopted a revaluation model for the measurement of its investment properties. This reserve is used to record increases in the fair value of investment properties, less any related provision for deferred tax.

Profit and loss account

The reserve comprises all current and prior period retained profits and losses after deducting any distributions made to the company's shareholders 


16.


Related party transactions

At the year end £Nil (2022: £Nil) was due to Bosquet Capital Limited, a company under common control. During the year fees were paid to Bosquet Capital Limited totalling £30,000 (2022: £28,500).


17.


Controlling party

The controlling party is Mrs J R Pearl and her family.


Page 12