Registered number
04033370
Cannock Resprays Limited
Report and Accounts
31 December 2024
.
Cannock Resprays Limited
Registered number: 04033370
Balance Sheet
as at 31 December 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 3,692 7,567
Current assets
Stocks 35,000 28,755
Debtors 5 44,267 51,563
Cash at bank and in hand 938 38,236
80,205 118,554
Creditors: amounts falling due within one year 6 (68,791) (99,572)
Net current assets 11,414 18,982
Total assets less current liabilities 15,106 26,549
Creditors: amounts falling due after more than one year 7 (3,333) (11,333)
Provisions for liabilities (922) (1,905)
Net assets 10,851 13,311
Capital and reserves
Called up share capital 57 57
Profit and loss account 10,794 13,254
Shareholders' funds 10,851 13,311
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.
Sarah Bowman
Director
Approved by the board on 17 April 2025
Cannock Resprays Limited
Notes to the Accounts
for the year ended 31 December 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.
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:
Improvements 10 years straight line
Plant and machinery 20% to 25% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 6 6
3 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2024 15,000
At 31 December 2024 15,000
Amortisation
At 1 January 2024 15,000
At 31 December 2024 15,000
Net book value
At 31 December 2024 -
Goodwill has been written off in equal annual instalments over its estimated economic life over 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 January 2024 3,290 16,718 7,000 27,008
Disposals - - (7,000) (7,000)
At 31 December 2024 3,290 16,718 - 20,008
Depreciation
At 1 January 2024 3,290 12,104 4,047 19,441
Charge for the year - 922 738 1,660
On disposals - - (4,785) (4,785)
At 31 December 2024 3,290 13,026 - 16,316
Net book value
At 31 December 2024 - 3,692 - 3,692
At 31 December 2023 - 4,614 2,953 7,567
5 Debtors 2024 2023
£ £
Trade debtors 24,180 25,436
Other debtors 20,087 26,127
44,267 51,563
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 8,000 8,000
Amounts owed to group undertakings and undertakings in which the company has a participating interest 15,558 15,610
Corporation tax 13,127 21,392
Other taxes and social security costs 26,975 28,559
Other creditors 5,131 26,011
68,791 99,572
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 3,333 11,333
8 Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose related party transactions with wholly owned subsidiaries within the group.
9 Controlling party
The company is 100% owned by Bowman Holdings Limited, a company incorporated in the UK and a company under the control of Mr & Mrs Bowman.
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