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Financial Statements for the Year Ended 29 February 2016 |
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Cannon Glass & Glazing Limited |
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Financial Statements for the Year Ended 29 February 2016 |
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for |
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Cannon Glass & Glazing Limited |
Cannon Glass & Glazing Limited (Registered number: 04077039) |
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Contents of the Financial Statements |
for the Year Ended 29 February 2016 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Cannon Glass & Glazing Limited |
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Company Information |
for the Year Ended 29 February 2016 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
67 Westow Street |
Upper Norwood |
London |
SE19 3RW |
Cannon Glass & Glazing Limited (Registered number: 04077039) |
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Balance Sheet |
29 February 2016 |
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2016 | 2015 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
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CURRENT ASSETS |
Stocks | 6 |
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Debtors | 7 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
9 |
( |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Capital redemption reserve |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their 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. |
Cannon Glass & Glazing Limited (Registered number: 04077039) |
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Balance Sheet - continued |
29 February 2016 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
by: |
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Cannon Glass & Glazing Limited (Registered number: 04077039) |
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Notes to the Financial Statements |
for the Year Ended 29 February 2016 |
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1. | STATUTORY INFORMATION |
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Cannon Glass & Glazing Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Income is recognised during the year when the company provides goods and services. |
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Tangible fixed assets |
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Improvements to property | - |
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Plant and machinery | - |
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Fixtures, fittings and equipment | - |
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Motor vehicles | - |
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Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance |
for obsolete and slow moving items. |
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Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
Deferred tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the |
balance sheet date that are expected to apply to the reversal of the timing difference. |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held |
under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases |
are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital element |
of the future payments is treated as a liability. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to profit or loss in the period to which they relate. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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Cannon Glass & Glazing Limited (Registered number: 04077039) |
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Notes to the Financial Statements - continued |
for the Year Ended 29 February 2016 |
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5. | TANGIBLE FIXED ASSETS |
Fixtures, |
Improvements | fittings |
to | Plant and | and | Motor |
property | machinery | equipment | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 March 2015 |
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Additions |
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Disposals |
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At 29 February 2016 |
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DEPRECIATION |
At 1 March 2015 |
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Charge for year |
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Eliminated on disposal |
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At 29 February 2016 |
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NET BOOK VALUE |
At 29 February 2016 |
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At 28 February 2015 |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
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COST |
At 1 March 2015 |
and 29 February 2016 |
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DEPRECIATION |
At 1 March 2015 |
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Charge for year |
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At 29 February 2016 |
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NET BOOK VALUE |
At 29 February 2016 |
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At 28 February 2015 |
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6. | STOCKS |
2016 | 2015 |
£ | £ |
Stocks |
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Work-in-progress |
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Cannon Glass & Glazing Limited (Registered number: 04077039) |
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Notes to the Financial Statements - continued |
for the Year Ended 29 February 2016 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Trade debtors |
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Other debtors |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts |
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Trade creditors |
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Tax |
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Social security and other taxes |
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VAT | 120,386 | 60,141 |
Deferred income |
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Accrued expenses |
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9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2016 | 2015 |
£ | £ |
Hire purchase contracts |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2016 | 2015 |
£ | £ |
Hire purchase contracts | 18,688 | 29,303 |
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11. | RELATED PARTY DISCLOSURES |
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The directors are also directors and shareholders of Somerland Limited. |
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During the year, Cannon Glass & Glazing Limited was charged £28,920 (2015: £62,250) for rent and services |
by Somerland Limited and charged Somerland Limited £5,000 (2015: £25,000) for management charges. The |
balance owed by Somerland Limited at 28 February 2016 was £6,419 (2015: £109,519) and is included in other |
debtors. |
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12. | POST BALANCE SHEET EVENTS |
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Dividends of £16,800 were proposed after the year end. |