Company registration number 09064858 (England and Wales)
CANNINGS (HOLDINGS) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
CANNINGS (HOLDINGS) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
CANNINGS (HOLDINGS) LIMITED
BALANCE SHEET
AS AT 31 MAY 2024
31 May 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
3
2,500
3,000
Current assets
Debtors
4
855,272
830,380
Creditors: amounts falling due within one year
5
(258,093)
(213,062)
Net current assets
597,179
617,318
Net assets
599,679
620,318
Capital and reserves
Called up share capital
6
1,000
1,000
Profit and loss reserves
598,679
619,318
Total equity
599,679
620,318
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 May 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 and signed by the director and authorised for issue on 18 February 2025
Mr B W Cannings
Director
Company registration number 09064858 (England and Wales)
CANNINGS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 2 -
1
Accounting policies
Company information
Cannings (Holdings) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Redlands, Exmouth Road, Clyst St Mary, Exeter, Devon, EX5 1AR.
1.1
Accounting convention
These financial statements have been prepared in accordance with 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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.3
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
2
3
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
2,500
3,000
CANNINGS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
3
Fixed asset investments
(Continued)
- 3 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 June 2023
3,000
Disposals
(500)
At 31 May 2024
2,500
Carrying amount
At 31 May 2024
2,500
At 31 May 2023
3,000
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
790,856
830,380
Other debtors
64,416
855,272
830,380
5
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest
256,593
202,897
Other creditors
1,500
10,165
258,093
213,062
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Class 'A' of £1 each
950
950
950
950
Ordinary Class 'B' of £1 each
50
50
50
50
1,000
1,000
1,000
1,000
The ordinary shares rank equally for voting purposes but rights vary when dividends are declared.
CANNINGS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 4 -
7
Financial commitments, guarantees and contingent liabilities
Bank borrowing of subsidiary companies, totalling £549k (2023: £835k), is secured by an omnibus guarantee over all assets of the group.
8
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Director's Loan Account
2.25
-
82,890
806
(20,000)
63,696
-
82,890
806
(20,000)
63,696
The aforementioned advances are unsecured and repayable on demand.