Registered number
10021296
CANNON (NW) LTD
Filleted Accounts
29 February 2024
CANNON (NW) LTD
Registered number: 10021296
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 1,101,273 1,111,686
Current assets
Debtors 4 74,501 74,501
Cash at bank and in hand 83,645 37,581
158,146 112,082
Creditors: amounts falling due within one year 5 (272,711) (258,952)
Net current liabilities (114,565) (146,870)
Total assets less current liabilities 986,708 964,816
Creditors: amounts falling due after more than one year 6 (147,160) (165,257)
Net assets 839,548 799,559
Capital and reserves
Called up share capital 100 100
Revaluation reserve 7 866,759 866,759
Profit and loss account (27,311) (67,300)
Shareholders' funds 839,548 799,559
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.
Hassim Vorajee
Director
Approved by the board on 11 November 2024
CANNON (NW) LTD
Notes to the Accounts
for the year ended 29 February 2024
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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings No depreciation
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 4 4
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 March 2023 1,070,032 52,068 1,122,100
At 29 February 2024 1,070,032 52,068 1,122,100
Depreciation
At 1 March 2023 - 10,414 10,414
Charge for the year - 10,413 10,413
At 29 February 2024 - 20,827 20,827
Net book value
At 29 February 2024 1,070,032 31,241 1,101,273
At 28 February 2023 1,070,032 41,654 1,111,686
4 Debtors 2024 2023
£ £
Other debtors 74,501 74,501
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 36,143 36,143
Taxation and social security costs 9,980 7,022
Other creditors 226,588 215,787
272,711 258,952
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 147,160 165,257
7 Revaluation reserve 2024 2023
£ £
At 1 March 2023 866,759 866,759
At 29 February 2024 866,759 866,759
8 Other information
CANNON (NW) LTD is a private company limited by shares and incorporated in England. Its registered office is:
47-49 New Hall Lane
Preston
Lancashire
PR1 5NY
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