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Registered number: 04287034
CANNOCK SP LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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CANNOCK SP LIMITED
CONTENTS
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Notes to the financial statements
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CANNOCK SP LIMITED
REGISTERED NUMBER: 04287034
BALANCE SHEET
AS AT 31 DECEMBER 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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CANNOCK SP LIMITED
REGISTERED NUMBER: 04287034
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 3 to 8 form part of these financial statements.
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CANNOCK SP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Cannock SP Limited is a private company limited by shares and incorporated in England and Wales. Registered number 04287034. Its registered head office is located at Chantry House, High Street, Coleshill, Birmingham, B46 3BP.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The following principal accounting policies have been applied:
The director considers that the company has sufficient resources to continue operating as a going concern for a period of at least twelve months from the date of the financial statements. The financial statements have therefore been prepared on the going concern basis.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Rental income arising from operating leases on properties owned by the company is accounted for on a straight line basis over the period commencing on the later of the start of the lease or acquisition of the property by the company, and ending on the end of the lease. Any incentive for lessees to enter into a lease agreement and any costs associated with entering into the lease are spread over the same period.
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CANNOCK SP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation 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.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Investment property is carried at fair value determined annually by directors with valuations performed by external valuers periodically. No depreciation is provided. Changes in fair value are recognised in the statement of comprehensive income.
Investments in subsidiaries are measured at cost less accumulated impairment.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
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CANNOCK SP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
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 amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
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 amount that the Company would receive for the asset if it were to be sold at the balance sheet date.
Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Interest income is recognised in profit or loss using the effective interest method.
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The average monthly number of employees, including directors, during the year was 1 (2023 - 2).
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CANNOCK SP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Long term leasehold investment property
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The investment property was valued by the director at 31 December 2024 on an open market for existing use basis.
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Stock recognised in cost of sales during the year as an expense was £Nil (2020:£Nil)
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CANNOCK SP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Amounts owed by related undertakings
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Prepayments and accrued income
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Amounts owed by group and related undertakings are interest free, unsecured and repayable on demand.
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Creditors: Amounts falling due within one year
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Amounts owed to related undertakings
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Accruals and deferred income
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Amounts owed to related undertakings are interest free, unsecured and repayable on demand.
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CANNOCK SP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Related party transactions
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During the year, the company has traded with companies under common control. Trading balances outstanding and the transactions that occurred during the years to 31 December 2024 and 31 December 2023 are as folows.
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Amounts owed to related parties
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Amounts owed from related parties
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Purchases from related parties
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Cannock Developments Limited
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M J Tracey is a shareholder and director of Cannock SP and is also a director/member of the following companies:
MP Suites LLP
Cannock Developments Limited
Cannock SP Limited owned 100% of the ordinary share capital of BOV Management Limited. During the year, the share capital of BOV Management Limited was transferred to Beeches Property (Tring) Limited.
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The company's ultimate parent company is Stonecombe SP Limited, a company incorporated and registered in England and Wales. Stonecombe SP Limited is ultimately controlled by M J Tracey.
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