1.
General Information
Canon Search Ltd
is a private company, limited by shares, incorporated in England & Wales, registered number
06279971
. The registered office is 111 Sheen Road, London, TW9 1YJ.
The presentation currency of the financial statements is the Pound Sterling (£).
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2.
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 is reduced for estimated customer returns, rebates and other similar allowances.
2.3.
Tangible Fixed Assets and Depreciation
At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Assets held under finance leases are depreciated in the same way as owned assets.
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Computer Equipment |
|
2.4.
Financial Instruments
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include trade and other debtors and cash and bank balances are measured at transaction price including transaction costs.
Financial assets are derecognised when the contractual rights to cash flows from the asset expire or are settled or when the company transfers the risks and rewards of ownership to another entity.
Basic financial liabilities
Basic financial liabilities, which include trade and other creditors and bank loans payable within one year are not amortised and is recognised at transaction price.
Debt instruments are initially recognised at transaction price plus transaction cost and subsequently carried at amortised cost using the effective interest rate method.
Financial liabilities are derecognised when the company's contractual obligations are discharged.
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
Canon Search Ltd
Notes to the Financial Statements (continued)
For The Year Ended 30 September 2025
2.5.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.6.
Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.7.
Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Statement of Income and Retained Earnings. Where fair value cannot be measured reliably, investments are measured at cost less impairment.
3.
Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2024: 1)
4.
Tangible Assets
| Computer Equipment | |
|---|---|
| £ | |
| Cost | |
| As at 1 October 2024 |
|
| As at 30 September 2025 |
|
| Depreciation | |
| As at 1 October 2024 |
|
| As at 30 September 2025 |
|
| Net Book Value | |
| As at 30 September 2025 |
|
| As at 1 October 2024 |
|
Canon Search Ltd
Notes to the Financial Statements (continued)
For The Year Ended 30 September 2025
5.
Investments
| Listed | |
|---|---|
| £ | |
| Cost or Valuation | |
| As at 1 October 2024 |
|
| Additions |
|
| Disposals |
( |
| Revaluations |
( |
| As at 30 September 2025 |
|
| Provision | |
| As at 1 October 2024 |
|
| As at 30 September 2025 |
|
| Net Book Value | |
| As at 30 September 2025 |
|
| As at 1 October 2024 |
|
|
Cost or valuation at 30 September 2025 is represented by:
|
|
|
Listed
|
|
|
£
|
|
|
Valuation in 2023
|
(51,895)
|
|
Valuation in 2024
|
(12,798)
|
|
Valuation in 2025
|
(57,952)
|
|
Cost
|
239,752
![image](data:image/svg+xml;utf8,<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 80 2" preserveAspectRatio="none">
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|
|
117,107
![image](data:image/svg+xml;utf8,<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 80 5" preserveAspectRatio="none">
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|
6.
Debtors
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Trade debtors |
|
|
|
| Prepayments and accrued income |
|
|
|
| Other debtors |
|
|
|
| Director's loan account |
|
|
|
|
|
|
||
7.
Creditors: Amounts Falling Due Within One Year
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Trade creditors |
|
|
|
| Corporation tax |
|
|
|
| Other taxes and social security |
|
- | |
| VAT |
|
|
|
|
|
|
||
Canon Search Ltd
Notes to the Financial Statements (continued)
For The Year Ended 30 September 2025
8.
Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Not later than one year |
|
|
|
|
|
|
||
9.
Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
| As at 1 October 2024 | Amounts advanced | Amounts repaid | Amounts written off | As at 30 September 2025 | |
|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | |
| Mr Tom Metcalfe |
|
|
( |
- |
|
The above loan is interest free and has no fixed repayment terms.
10.
Ultimate Controlling Party
The controlling party is Mr T Metcalfe.