Cannon Studios Limited
Unaudited Financial Statements
For the year ended 31 July 2024
For Filing with Registrar
Company Registration No. 05877577 (England and Wales)
Cannon Studios Limited
Company Information
Director
D McGrath
Company number
05877577
Registered office
Charlotte Building
17 Gresse Street
London
W1T 1QL
Accountants
Moore Kingston Smith LLP
Charlotte Building
17 Gresse Street
London
W1T 1QL
Cannon Studios Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 5
Cannon Studios Limited
Balance Sheet
As at 31 July 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
11,306
6,218
Current assets
Debtors
4
352,191
7,596
Cash at bank and in hand
55,434
3,278
407,625
10,874
Creditors: amounts falling due within one year
5
(116,580)
(16,495)
Net current assets/(liabilities)
291,045
(5,621)
Total assets less current liabilities
302,351
597
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
302,251
497
Total equity
302,351
597

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 21 January 2025 and are signed on its behalf by:
D McGrath
Director
Company Registration No. 05877577
Cannon Studios Limited
Notes to the Financial Statements
For the year ended 31 July 2024
Page 2
1
Accounting policies
Company information

Cannon Studios Limited is a private company limited by shares incorporated in England and Wales. The registered office is Charlotte Building, 17 Gresse Street, London, W1T 1QL and the business address is The Orangery, Castle Square, Bletchingley, Surrey, RH1 4LB.

1.1
Accounting convention

These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
25% straight line basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments

The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.

 

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Cannon Studios Limited
Notes to the Financial Statements (Continued)
For the year ended 31 July 2024
1
Accounting policies
(Continued)
Page 3
1.7
Taxation

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

1.8
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was: 1 (2023: 1).

2024
2023
Number
Number
Total
1
1
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 August 2023
51,211
Additions
14,281
Disposals
(51,211)
At 31 July 2024
14,281
Depreciation and impairment
At 1 August 2023
44,993
Depreciation charged in the year
2,975
Eliminated in respect of disposals
(44,993)
At 31 July 2024
2,975
Carrying amount
At 31 July 2024
11,306
At 31 July 2023
6,218
Cannon Studios Limited
Notes to the Financial Statements (Continued)
For the year ended 31 July 2024
Page 4
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
3,150
-
0
Other debtors
348,535
7,596
Prepayments and accrued income
506
-
0
352,191
7,596
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
408
-
0
Corporation tax
115,132
13,440
Other taxation and social security
-
0
1,678
Other creditors
-
617
Accruals and deferred income
1,040
760
116,580
16,495
6
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
100 ordinary shares of £1 each
100
100
7
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
Within one year
4,304
4,304
Between two and five years
4,303
8,607
8,607
12,911
Cannon Studios Limited
Notes to the Financial Statements (Continued)
For the year ended 31 July 2024
Page 5
8
Related party transactions

During the year, a dividend of £45,000 (2023: £45,000) was declared in favour of D McGrath, the shareholder and director of the company.

 

At the year end £343,988 (2023: £3,980) was owed to the business by the director. The balance will be paid within 9 months following the year end date.

 

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