Registered number
07748810
Cannon Global Logistics Ltd
Filleted Accounts
31 October 2024
Cannon Global Logistics Ltd
Registered number: 07748810
Balance Sheet
as at 31 October 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 199,481 218,659
Current assets
Stocks 33,180 37,415
Debtors 4 288,452 237,954
Cash at bank and in hand 42,293 29,271
363,925 304,640
Creditors: amounts falling due within one year 5 (413,662) (364,769)
Net current liabilities (49,737) (60,129)
Total assets less current liabilities 149,744 158,530
Creditors: amounts falling due after more than one year 6 (4,296) (14,296)
Net assets 145,448 144,234
Capital and reserves
Called up share capital 100 100
Profit and loss account 145,348 144,134
Shareholder's funds 145,448 144,234
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
Mr G T S Sanghera
Director
Approved by the board on 9 July 2025
Cannon Global Logistics Ltd
Notes to the Accounts
for the year ended 31 October 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:
Leasehold land and buildings 10% straight line
Fixtures, fittings, tools and equipment over 5 years
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.
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.
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 November 2023 97,551 271,061 368,612
Additions - 18,837 18,837
At 31 October 2024 97,551 289,898 387,449
Depreciation
At 1 November 2023 41,965 107,988 149,953
Charge for the year 9,755 28,260 38,015
At 31 October 2024 51,720 136,248 187,968
Net book value
At 31 October 2024 45,831 153,650 199,481
At 31 October 2023 55,586 163,073 218,659
4 Debtors 2024 2023
£ £
Trade debtors 32,148 22,456
Other debtors 256,304 215,498
288,452 237,954
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 393,067 347,166
Taxation and social security costs 4,095 1,103
Other creditors 6,500 6,500
413,662 364,769
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 4,296 14,296
7 Other information
Cannon Global Logistics Ltd is a private company limited by shares and incorporated in England. Its registered office is:
250 Station Road
Rowley Regis
West Midlands
B65 0JU
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