Registered number
08882620
Cannon Fire Sprinklers Contracts Ltd
Filleted Accounts
30 November 2023
Cannon Fire Sprinklers Contracts Ltd
Registered number: 08882620
Balance Sheet
as at 30 November 2023
As re-stated
Notes 2023 2022
£ £
Fixed assets
Intangible assets 5 7,950 10,600
Tangible assets 6 22,881 11,779
30,831 22,379
Current assets
Stocks 45,700 45,700
Debtors 7 559,676 333,505
Cash at bank and in hand 14,875 4,143
620,251 383,348
Creditors: amounts falling due within one year 8 (988,736) (747,752)
Net current assets (368,485) (364,404)
Total assets less current liabilities (337,654) (342,025)
Creditors: amounts falling due after more than one year 9 (17,500) (27,500)
Net liabilities (355,154) (369,525)
Capital and reserves
Called up share capital 100 100
Profit and loss account (355,254) (369,625)
(355,154) (369,525)
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.
N K Jackson
Director
Approved by the board on 23 August 2024
Cannon Fire Sprinklers Contracts Ltd
Notes to the Accounts
for the year ended 30 November 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 (as applied to small entities by section 1A of the standard).
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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulated amortisation and any accumulated impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings & equipment 15% - 20% 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.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Prior year adjustment
The accounts have been restated to incorporate the correction of recognition of revenue and costs related to certain installation projects.
Summary of prior year accounting impact.
£
Reduction of accrued revenue 124,791
Increase in accruals 68,887
Increase amounts owed to group undertakings 84,758
278,436
3 Employees 2023 2022
Number Number
Average number of persons employed by the company 12 10
4 Taxation
Analysis of charge in period
No liability to UK corporation tax arose for the year ended 30 November 2023 nor for the period ended
30 November 2022
Goodwill
5 Intangible fixed assets £
Cost
At 1 December 2022 and 30 November 2023 13,250
Amortisation
At 1 December 2022 2,650
Provided during the year 2,650
At 30 November 2023 5,300
Net book value
At 30 November 2023 7,950
At 30 November 2022 10,600
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
6 Tangible fixed assets
Fixtures,fittings and equipment
£
Cost
At 1 December 2022 14,584
Additions 14,393
At 30 November 2023 28,977
Depreciation
At 1 December 2022 2,805
Charge for the year 3,291
At 30 November 2023 6,096
Net book value
At 30 November 2023 22,881
At 30 November 2022 11,779
As re-stated
7 Debtors 2023 2022
£ £
Trade debtors 458,128 171,708
Amounts owed by group undertakings 35,188 147,415
Other debtors 100 100
Prepayments and accrued income 66,260 14,282
559,676 333,505
As re-stated
8 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 33,347 214,231
Amounts owed to group undertakings 760,672 302,736
Other taxation and social security costs 41,676 69,998
Other creditors and accruals 143,041 150,787
988,736 747,752
9 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 17,500 27,500
17,500 27,500
10 Controlling party
The ultimate controlling party is N K Jackson
Cannon Sprinklers Contracts Ltd is 100% owned by Cannon Fire Life Safety Limited. A company incorporated in England and Wales with the same registered address.
11 Other information
Cannon Fire Sprinklers Contracts Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Suite 2, 720 Mandarin Court
Centre Park
Warrington
WA1 1GG
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