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REGISTERED NUMBER: 08432081 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

Cannon Freight Limited

Cannon Freight Limited (Registered number: 08432081)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Cannon Freight Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: I Baynham
S J Baynham





REGISTERED OFFICE: 7 Cannon Road
Wombourne
Wolverhampton
WV5 9HR





REGISTERED NUMBER: 08432081 (England and Wales)






Cannon Freight Limited (Registered number: 08432081)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 329,559 297,563

CURRENT ASSETS
Debtors 5 62,550 38,168
Cash at bank - 22,860
62,550 61,028
CREDITORS
Amounts falling due within one year 6 255,789 222,786
NET CURRENT LIABILITIES (193,239 ) (161,758 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

136,320

135,805

PROVISIONS FOR LIABILITIES 40,078 17,749
NET ASSETS 96,242 118,056

CAPITAL AND RESERVES
Called up share capital 7 10 10
Retained earnings 96,232 118,046
SHAREHOLDERS' FUNDS 96,242 118,056

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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.

Cannon Freight Limited (Registered number: 08432081)

Balance Sheet - continued
31 March 2024


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 15 November 2024 and were signed on its behalf by:





I Baynham - Director


Cannon Freight Limited (Registered number: 08432081)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Cannon Freight 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 as modified by the revaluation of certain assets.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Fixtures and fittings - 5% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Cannon Freight Limited (Registered number: 08432081)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 3 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST OR VALUATION
At 1 April 2023 338,588 - 1,345 339,933
Additions 39,750 12,300 - 52,050
At 31 March 2024 378,338 12,300 1,345 391,983
DEPRECIATION
At 1 April 2023 41,593 - 777 42,370
Charge for year 16,837 3,075 142 20,054
At 31 March 2024 58,430 3,075 919 62,424
NET BOOK VALUE
At 31 March 2024 319,908 9,225 426 329,559
At 31 March 2023 296,995 - 568 297,563

Cannon Freight Limited (Registered number: 08432081)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 31 March 2024 is represented by:

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
Valuation in 2022 100,000 - - 100,000
Cost 278,338 12,300 1,345 291,983
378,338 12,300 1,345 391,983

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Fixtures
and
fittings
£   
COST OR VALUATION
At 1 April 2023 73,400
Additions 39,750
At 31 March 2024 113,150
DEPRECIATION
At 1 April 2023 1,770
Charge for year 5,569
At 31 March 2024 7,339
NET BOOK VALUE
At 31 March 2024 105,811
At 31 March 2023 71,630

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 45,348 33,790
Other debtors 17,202 4,378
62,550 38,168

Cannon Freight Limited (Registered number: 08432081)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 39,142 42,852
Hire purchase contracts 92,988 76,212
Trade creditors 38,993 40,647
Taxation and social security 19,225 21,974
Other creditors 65,441 41,101
255,789 222,786

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
10 Ordinary £1 10 10

8. OFF-BALANCE SHEET ARRANGEMENTS

Lease commitments at the year end totalled £109,333.