REGISTERED NUMBER: SC139593 (Scotland)

Unaudited Financial Statements

for the Year Ended 31st December 2024

for

CANNONTECH LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

Accountants' Report

7

DIRECTOR:

M Goulding

REGISTERED OFFICE:

272 Bath Street

Glasgow

G2 4JR

REGISTERED NUMBER:

SC139593 (Scotland)

ACCOUNTANTS:

TC Group

Office: Croydon - TC SWP

3rd Floor, Suffolk House

George Street

Croydon

CR0 0YN

CURRENT ASSETS

Debtors

5

97,003

143,152

Cash at bank

136,895

56,453

233,898

199,605

CREDITORS

Amounts falling due within one year

6

343,195

349,930

NET CURRENT LIABILITIES

(109,297

)

(150,325

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(109,297

)

(150,325

)

CAPITAL AND RESERVES

Called up share capital

200

200

Share premium

1,227,362

1,227,362

Retained earnings

(1,336,859

)

(1,377,887

)

SHAREHOLDERS' FUNDS

(109,297

)

(150,325

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 22nd September 2025 and were signed by:

M Goulding - Director

1.	STATUTORY INFORMATION

Cannontech Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going Concern

At the 31 December 2024, the company had negative shareholders funds of £109,297. However included in creditors is £304,962 owed to Group Companies and this will only be repaid when the Company has sufficient funds. The Director believe all non group liabilities will be paid when they fall due.

The director believes that with the continuing support of the group and its banking facilities, the company will be able to meet its liabilities as they fall due for a period of at least 12 months from the date the financial statements were authorised for issue.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Profit is recognised on long term contracts if the final outcome can be assessed with reasonable certainty, by including in the profit and loss account turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value which costs to date bear to total expected costs for that contract.

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated deprecation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Deprecation is provided on the following basis:

Improvements to property

- 12.5% straight line

Fixtures and fittings

- 20% straight line

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.

Financial instruments

The company only enters into basic financial instruments that results in the recognition of financial assets and liabilities such as trade and other debtors and creditors and loans to related parties.

Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of comprehensive income.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amounts that the company would receive for the asset if it were to be sold at the balance sheet date.

Taxation

The tax expense for the year comprises current tax. Tax is recognised in the profit or loss account, except that a change attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Pensions

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown in creditors as a liability in the balance sheet. the assets of the plan are held separately from the company in independently administered funds.

Creditors

Short term creditors are measured at the transaction price.

Debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - 1 ).

4.	PROPERTY, PLANT AND EQUIPMENT

Improvements

Fixtures

to

and

property

fittings

Totals

£

£

£

COST

At 1st January 2024

and 31st December 2024

4,465

21,120

25,585

DEPRECIATION

At 1st January 2024

and 31st December 2024

4,465

21,120

25,585

NET BOOK VALUE

At 31st December 2024

-

-

-

At 31st December 2023

-

-

-

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

39,431

85,580

Other debtors

57,572

57,572

97,003

143,152

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade creditors

28,285

76,788

Amounts owed to group undertakings

304,962

243,199

VAT

5,148

23,558

Accrued expenses

4,800

6,385

343,195

349,930

7.	CONTINGENT LIABILITIES

The company is party to a composite guarantee between itself, Cannon Technologies Group Limited, Cannon Technologies Europe Limited, Cannon Technologies Limited, Cannon Telecomms Limited and Cannon Datacom Limited for bank borrowings, but all such borrowings were by Cannon Technologies Limited at the period end. There are no other contingent liabilities at the balance sheet date (31.12.23 - none).

8.	RELATED PARTY DISCLOSURES

No disclosure has been made of transactions with other wholly owned group companies in accordance with FRS 102 Section 1A paragraph 1AC.35, as the company is itself a wholly owned subsidiary of Cannon Technologies Group Limited.

A loan of £57,572 (31st December 2023 - £57,572) is due from the Reddicliffe Family Settlement Trust, an entity under common control. The loan is interest-free and repayable on demand.

9.	ULTIMATE CONTROLLING PARTY

The immediate parent company is Cannon Technologies Europe Ltd and the ultimate parent company is Cannon Technologies Group Limited, a company registered in England and Wales.

The ultimate controlling party is E A Reddicliffe.

Cannon Technologies Group Limited prepares consolidated financial statements and copies can be obtained from 13 Queensway, Stem Lane Industrial Estate, New Milton, Hampshire, BH25 5NU.

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

These financial statements have been prepared in accordance with our terms of engagement and in order to assist you to fulfil your duties under the Companies Acts that relate to preparing the financial statements of the company for the year ended 31st December 2024.

We have prepared these financial statements based on the accounting records, information and explanations provided by you. We do not express any opinion on the financial statements.

On the balance sheet, you have acknowledged your duties under the prevailing Companies Acts to ensure that the company keeps adequate accounting records and prepares financial statements that give "a true and fair view".

You have determined that the company is exempt from the statutory requirement for an audit for this accounting year. Therefore, the financial statements are unaudited.

The financial statements are provided exclusively to the directors for the limited purpose mentioned above, and may not be used or relied upon for any other purpose or by any other person, and we shall not be liable for any other usage or reliance.

TC Group

Office: Croydon - TC SWP

3rd Floor, Suffolk House

George Street

Croydon

CR0 0YN

22nd September 2025