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Registered number: 10184732
Alex Cannon Ltd
Unaudited Financial Statements
For The Year Ended 31 May 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 10184732
2024 2023
as restated
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 299,072 204,755
Tangible Assets 5 219,291 229,001
Investments 6 10,001 10,001
528,364 443,757
CURRENT ASSETS
Debtors 7 668,626 311,250
Cash at bank and in hand 1,054,066 760,163
1,722,692 1,071,413
Creditors: Amounts Falling Due Within One Year 8 (3,706 ) (9,317 )
NET CURRENT ASSETS (LIABILITIES) 1,718,986 1,062,096
TOTAL ASSETS LESS CURRENT LIABILITIES 2,247,350 1,505,853
PROVISIONS FOR LIABILITIES
Deferred Taxation - (95,660 )
NET ASSETS 2,247,350 1,410,193
CAPITAL AND RESERVES
Called up share capital 9 2 2
Profit and Loss Account 2,247,348 1,410,191
SHAREHOLDERS' FUNDS 2,247,350 1,410,193
Page 1
Page 2
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr A Cannon
Director
12 November 2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Alex Cannon Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 10184732 . The registered office is Hanover Buildings, 11-13 Hanover Street, Liverpool, Merseyside, L1 3DN.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are valued at cost with no amortisation applied due to its indefinite life.
2.4. Tangible Fixed Assets and Depreciation
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures and fittings 15% Reducing balance
2.5. Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
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4. Intangible Assets
Other
£
Cost or Valuation
As at 1 June 2023 204,755
Additions 123,850
Disposals (29,533 )
As at 31 May 2024 299,072
Net Book Value
As at 31 May 2024 299,072
As at 1 June 2023 204,755
The directors believe that the intangible assets valuation of £265,372 accurately reflects the fair value as at the balance sheet date. 
5. Tangible Assets
Fixtures and fittings Other tangible fixed assets Total
£ £ £
Cost or Valuation
As at 1 June 2023 1,250 228,600 229,850
Additions - 350 350
Revaluation - (10,000 ) (10,000 )
As at 31 May 2024 1,250 218,950 220,200
Depreciation
As at 1 June 2023 849 - 849
Provided during the period 60 - 60
As at 31 May 2024 909 - 909
Net Book Value
As at 31 May 2024 341 218,950 219,291
As at 1 June 2023 401 228,600 229,001
If the following tangible fixed assets had been accounted for under historical cost accounting rules, the amounts would be:
Other tangible fixed assets
£
Cost 228,950
Accumulated depreciation and impairment 10,000
Carrying amount 218,950
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6. Investments
Other
£
Cost
As at 1 June 2023 10,001
As at 31 May 2024 10,001
Provision
As at 1 June 2023 -
As at 31 May 2024 -
Net Book Value
As at 31 May 2024 10,001
As at 1 June 2023 10,001
As of 1st February 2020 the company acquired 50% ordinary share capital of Craftd London Ltd, a company registered in England and Wales. Craftd London Ltd registered office address is Hanover Building, 11-13 Hanover Buildings, Liverpool, L1 3DN.
Craftd London Ltd financial information for period ended 31 December 2023:
Capital and reserves £109,522
Profit for the period £1,905,928
7. Debtors
2024 2023
as restated
£ £
Due within one year
Other debtors 460,000 310,000
Gingo Bingo Loan 1,250 1,250
Craftd Intercompany 6,595 -
Deferred tax current asset 200,781 -
668,626 311,250
8. Creditors: Amounts Falling Due Within One Year
2024 2023
as restated
£ £
Trade creditors - 1
Other taxes and social security 1,031 1,143
Accruals and deferred income 1,492 2,100
Director's loan account 1,183 6,073
3,706 9,317
9. Share Capital
2024 2023
as restated
£ £
Allotted, Called up and fully paid 2 2
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10. Directors Advances, Credits and Guarantees
No director received advances, credits or guarantees during the current or previous accounting periods.
11. Related Party Transactions
The following related party transactions were undertaken during the year:
The director withdrew funds totalling £659,456 (2023: £768,459), introduced funds totalling £34,565 (2023: £46,916) and received dividends totalling £620,000 (2023: £700,000). At the balance sheet date the amount payable to the director was £1,183 (2023: £6,073).
Dividends were paid to the shareholders in accordance with his shareholding totalling £620,000 (2023: £700,000).
The aggregate remuneration paid to key management personnel for the year was £10,000 (2023: £10,000).
No further transactions with related parties were undertaken such as are required to be disclosed in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
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