Registration number:
Cameron Balloons Limited
for the Year Ended 31 January 2025
Cameron Balloons Limited
Contents
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Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Cameron Balloons Limited
Company Information
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Directors |
Mr DA Cameron Mr CJ Lachenicht Mrs ML Cameron Ms HE Cameron Mr JNH Purvis Mr DJ Cameron Mr SG Whatley Mr CL Moore |
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Company secretary |
Ms HE Cameron |
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Registered office |
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Accountants |
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Auditors |
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Cameron Balloons Limited
(Registration number: 01006715)
Balance Sheet as at 31 January 2025
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Note |
2025 |
2024 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
- |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets/(liabilities) |
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( |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Retained earnings |
202,689 |
52,764 |
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Shareholders' funds |
202,789 |
52,864 |
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These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
.........................................
Director
Cameron Balloons Limited
Notes to the Financial Statements for the Year Ended 31 January 2025
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
These financial statements were authorised for issue by the
The address of its registered office is:
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention. The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
Cameron Balloons Limited
Notes to the Financial Statements for the Year Ended 31 January 2025
Judgements
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Significant judgements |
The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: |
1) For each contract spanning the year-end, to determine whether the contract was sufficiently progressed at year-end that the outcome of the contract could be estimated reliably. If so then, as explained below, an appropriate portion of the forecast contract profit is recognised as at the year-end. This decision is based upon the stage of completeness of each contract at the year-end. Included in debtors is accrued income of £626,343 (2024: £400,600). |
Key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:
1) Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values. The year-end carrying amount is £143,694 (2024 -£145,016).
2) Holiday pay is accrued for all holiday entitlements not taken as at the year end. Where employees have a spouse also working for the company, any unused holiday can be transferred between spouses if legally permitted. In addition to this hourly rates could change prior to any holiday entitlement being taken. In both instances the actual cost of holiday pay could vary to the amount estimated at the year end. The year end liability is £138,655 (2024 -£119,525).
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
For contracts spanning the end of a reporting period, and where the outcome of the contract can be estimated reliably, revenue is recognised according to the stage of completion at the end of the reporting period. When the outcome of a contract cannot be estimated reliably, the company recognises revenue only to the extent of the expenses recognised that are recoverable.
Cameron Balloons Limited
Notes to the Financial Statements for the Year Ended 31 January 2025
Government grants
Money due on government grants are recognised in the profit and loss account in the period to which it relates.
Foreign currency transactions and balances
All translation differences are taken to profit or loss.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Long term leasehold land and buildings |
5% straight line |
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Plant & machinery |
25% straight line |
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Fixtures & fittings |
12.5% straight line |
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Motor vehicles |
25% straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Cameron Balloons Limited
Notes to the Financial Statements for the Year Ended 31 January 2025
Trade debtors
Trade debtors are amounts due from customers for goods sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using an average cost policy.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.
Dividends
Dividend distribution to the company’s shareholders are recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Cameron Balloons Limited
Notes to the Financial Statements for the Year Ended 31 January 2025
Financial instruments
Classification
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Cameron Balloons Limited
Notes to the Financial Statements for the Year Ended 31 January 2025
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Tangible assets |
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Long leasehold land and buildings |
Fixtures and fittings |
Plant and machinery |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 February 2024 |
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Additions |
- |
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- |
- |
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Disposals |
- |
( |
- |
- |
( |
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At 31 January 2025 |
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Depreciation |
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At 1 February 2024 |
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Charge for the year |
- |
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Eliminated on disposal |
- |
( |
- |
- |
( |
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At 31 January 2025 |
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Carrying amount |
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At 31 January 2025 |
- |
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At 31 January 2024 |
- |
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Stocks |
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2025 |
2024 |
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Work in progress |
- |
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Other inventories |
- |
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- |
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The stock has now been transferred to the parent company, Cameron Holdings Limited, and is held there until the point of sale.
Cameron Balloons Limited
Notes to the Financial Statements for the Year Ended 31 January 2025
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Debtors |
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Current |
2025 |
2024 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
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Note |
2025 |
2024 |
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Due within one year |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Included in amounts owed to group undertakings are secured liabilities of £135,192 (2024: £583,962) owing to the parent company. Securities are held against Leasehold property at St Johns Street, Bedminster, Bristol. Fixed and floating charges over the undertaking and all property and assets present and future including goodwill, book debts uncalled, capital, buildings, fixtures, fixed plant and machinery.
Interest is charged at base rate plus 2.5% but there is no fixed repayment date.
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Share capital |
Allotted, called up and fully paid shares
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2025 |
2024 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
Cameron Balloons Limited
Notes to the Financial Statements for the Year Ended 31 January 2025
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Related party transactions |
The trading premises of Cameron Balloons Limited (CBL) are leasing entirely from Cameron Balloons Directors' Pension Fund (CBDPF).
Mr D A Cameron, M L Cameron and H E Cameron are all directors of Cameron Balloons Limited and trustees of CBDPF.
During the year the company paid the following rental payments:
CBDPF £100,000 (2024: £100,000).
During the year the company made the following sales to Cameron Holdings Limited, the parent company of Cameron Balloons Limited:
These sales have been allocated against cost of sales in the statutory profit and loss account.
Sale of stock £4,909,504 (2024; £nil)
Sales of WIP £1,188,774 (2024: £nil)
During the year the company incurred the following costs from Cameron Holdings Limited:
Purchase of materials £2,613,806 (2024: £nil)
Holding charge for stock £80,082 (2024: £nil)
At the year end the company owed £135,192 (2024: £833,962) to Cameron Holdings Limited.
At the year end the company owed £nil (2024: £1,089,363) to Cameron Fabric Engineering Limited, a fellow subsidiary of Cameron Holdings Limited.
Cameron Balloons Limited
Notes to the Financial Statements for the Year Ended 31 January 2025
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Transactions with directors |
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2025 |
At 1 February 2024 |
Advances to director |
Repayments by director |
At 31 January 2025 |
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Mr JNH Purvis |
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Directors Loan Account |
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( |
- |
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2024 |
At 1 February 2023 |
Advances to director |
Repayments by director |
At 31 January 2024 |
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Mr DA Cameron |
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Directors Loan Account |
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- |
( |
- |
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Mr JNH Purvis |
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Directors Loan Account |
- |
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- |
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Parent and ultimate parent undertaking |
The company's immediate parent is
11 Contingent liability
The company is currently involved in a legal dispute relating to damages caused by an item manufactured by the company. The plaintiff is seeking damages of £1,000,000, alleging the company supplied defected goods which caused damage to other property. Management has lodged a counterclaim and is vigorously defending the claim. In order to bring this matter to a close however, the company has made an offer via its legal representatives of £100,000 which it considers to be reasonable and in excess of their actual liability, which has been reflected within these accounts. Management believe that the ultimate outcome will not have a material adverse effect on the financial position of the company.
12 Audit report