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Registered number: 05133166
CANNON ENGINEERING (YORKSHIRE) LIMITED
Unaudited Financial Statements
For the Period 1 August 2023 to 31 March 2024
QUALITY BUSINESS SERVICES (YORKSHIRE) LIMITED
Association of Accounting Technicians
20 HIGH STREET
QUEENSBURY
BRADFORD
WEST YORKSHIRE
BD13 2PA
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 05133166
31 March 2024 31 July 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 206,325 237,431
206,325 237,431
CURRENT ASSETS
Stocks 5 2,620 2,620
Debtors 6 128,729 154,547
Cash at bank and in hand 371,274 265,707
502,623 422,874
Creditors: Amounts Falling Due Within One Year 7 (261,866 ) (200,000 )
NET CURRENT ASSETS (LIABILITIES) 240,757 222,874
TOTAL ASSETS LESS CURRENT LIABILITIES 447,082 460,305
Creditors: Amounts Falling Due After More Than One Year 8 (122,905 ) (130,906 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (51,581 ) (59,358 )
NET ASSETS 272,596 270,041
CAPITAL AND RESERVES
Called up share capital 10 10 10
Profit and Loss Account 272,586 270,031
SHAREHOLDERS' FUNDS 272,596 270,041
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Page 2
For the period ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 ROBERT SIMMONITE
Director
Mr TIMOTHY SAGAR
Director
Mr DANIEL RUSSELL
Director
23 December 2024
The notes on pages 3 to 7 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Cannon Engineering (Yorkshire) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05133166 . The registered office is Undercliffe Road, Idle, Brdaford, West Yorkshire, BD2 3DD. 
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
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.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
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. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any 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:
Plant & Machinery 20% on reducing balance
Motor Vehicles 25% on reducing balance
Fixtures & Fittings 25% on reducing balance
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2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the period, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the period was: 5 (2023: 5)
5 5
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4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 August 2023 501,944 35,400 15,960 553,304
Additions 3,179 - - 3,179
As at 31 March 2024 505,123 35,400 15,960 556,483
Depreciation
As at 1 August 2023 301,062 5,900 8,911 315,873
Provided during the period 27,211 5,900 1,174 34,285
As at 31 March 2024 328,273 11,800 10,085 350,158
Net Book Value
As at 31 March 2024 176,850 23,600 5,875 206,325
As at 1 August 2023 200,882 29,500 7,049 237,431
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
31 March 2024 31 July 2023
£ £
Motor Vehicles 23,600 29,500
5. Stocks
31 March 2024 31 July 2023
£ £
Stock 2,620 2,620
6. Debtors
31 March 2024 31 July 2023
£ £
Due within one year
Trade debtors 124,643 140,047
Prepayments and accrued income 4,086 14,500
128,729 154,547
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7. Creditors: Amounts Falling Due Within One Year
31 March 2024 31 July 2023
£ £
Net obligations under finance lease and hire purchase contracts 5,597 39,476
Trade creditors 97,415 40,546
Bank loans and overdrafts 43,888 28,333
Other creditors 13,971 3,223
Taxation and social security 100,995 88,422
261,866 200,000
8. Creditors: Amounts Falling Due After More Than One Year
31 March 2024 31 July 2023
£ £
Net obligations under finance lease and hire purchase contracts 22,675 130,906
Bank loans 100,230 -
122,905 130,906
9. Obligations Under Finance Leases and Hire Purchase
31 March 2024 31 July 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 5,597 39,476
Later than one year and not later than five years 22,675 130,906
28,272 170,382
28,272 170,382
10. Share Capital
31 March 2024 31 July 2023
£ £
Allotted, Called up and fully paid 10 10
11. Dividends
31 March 2024 31 July 2023
£ £
On equity shares:
Interim dividend paid 84,999 39,996
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12. Ultimate Controlling Party
The company's ultimate controlling parties are Robert Simmonite, Daniel Russell and Timothy Sagar by virtue of their ownership of 100% of the issued share capital in the holding company.
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