REGISTERED NUMBER: |
Strategic Report, |
Report of the Directors and |
Financial Statements |
for the Year Ended 31 October 2022 |
for |
CANNON PACKING & LOGISTICS LTD |
REGISTERED NUMBER: |
Strategic Report, |
Report of the Directors and |
Financial Statements |
for the Year Ended 31 October 2022 |
for |
CANNON PACKING & LOGISTICS LTD |
CANNON PACKING & LOGISTICS LTD (REGISTERED NUMBER: 06490909) |
Contents of the Financial Statements |
for the year ended 31 October 2022 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Income Statement | 10 |
Other Comprehensive Income | 11 |
Balance Sheet | 12 |
Statement of Changes in Equity | 13 |
Cash Flow Statement | 14 |
Notes to the Cash Flow Statement | 15 |
Notes to the Financial Statements | 16 |
CANNON PACKING & LOGISTICS LTD |
Company Information |
for the year ended 31 October 2022 |
Directors: |
Registered office: |
Registered number: |
Auditors: |
Chartered Accountants and Statutory Auditor |
3 Danebrook Court |
Langford Lane |
Kidlington |
Oxfordshire |
OX5 1LQ |
CANNON PACKING & LOGISTICS LTD (REGISTERED NUMBER: 06490909) |
Strategic Report |
for the year ended 31 October 2022 |
The directors present their strategic report for the year ended 31 October 2022. |
Review of business and future developments |
The principal activity of the business is that of packaging and logistics. |
The company has had a strong trading performance in the year and sales have risen by 21% to £13.8m . Following Brexit and during Covid a large amount of inbound supply requiring packing was held up for our customers. This was released during this financial year ended 31 October 2022 and consequently the volume of this inbound packing was much larger than was normally expected. This in part led to the significant increase in sales in the year. |
It is expected that during the next financial year inbound packing volumes will fall to pre pandemic levels together with customers reviewing their level of stocks leading to de-stocking and reducing their inbound supply. |
However, any reduction in overall packing business will hopefully in part/full be offset from new inbound packing opportunities that are currently presenting themselves within our existing customer base. |
Principal risks and uncertainties |
The management of the business and the execution of the Company's strategy are subject to a number of risks. The key business risks and uncertainties are considered on a regular basis by the management team. |
Whilst we believe that the majority of our long-standing core packing customers continue to be engaged by the services we offer, we are facing a direct threat from Brexit and the increasing costs of importing goods into the UK. |
Other uncertainties are the same as the majority of British business and include the current high inflation rates, government legislation, war in Europe and the quality of staff. |
Inflation and increasing costs specifically for warehousing and transport services has led to large increases in core costs that we have to pass on to our customer base. The severity of these increase will inevitably lead to customers questioning the way they are conducting their business and looking at alternative suppliers regardless of the quality of the services they currently receive. |
The cost of living and increases in the minimum wage are a risk to all businesses but the company has invested a great deal of development in an Enterprise Production Process System that rewards workers with quality and volume bonuses. This has the effect of productive staff becoming more cost effective, the more that wages are increased by government intervention, in comparison to unincentivised competitors employees. |
Results |
The results for the period show net sales of £13,806,185 (2021 - £11,394,198) and a profit before tax of £946,144 (2021 - £436,038). The retained profit for the period, after dividends paid, was £266,089 (2021 - £197,060). |
CANNON PACKING & LOGISTICS LTD (REGISTERED NUMBER: 06490909) |
Strategic Report |
for the year ended 31 October 2022 |
Key performance indicators |
We use a variety of KPIs to monitor and drive the performance of the business. The key financial and other performance indicators during the year were as follows: |
2022 | 2021 |
£ | £ | % change |
Turnover | 13,806,185 | 11,394,198 | +21% |
Gross Profit | 3,769,440 | 3,258,791 | +16% |
Operating profit | 946,133 | 436,015 | +117% |
On behalf of the board: |
CANNON PACKING & LOGISTICS LTD (REGISTERED NUMBER: 06490909) |
Report of the Directors |
for the year ended 31 October 2022 |
The directors present their report with the financial statements of the company for the year ended 31 October 2022. |
Principal activity |
The principal activity of the company in the year under review was that of The principal activity of the business is that of packaging and logistics. |
Dividends |
No interim dividend was paid during the year. The directors recommend a final dividend of £ |
The total distribution of dividends for the year ended 31 October 2022 will be £ |
Directors |
The directors shown below have held office during the whole of the period from 1 November 2021 to the date of this report. |
Statement of directors' responsibilities |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
Statement as to disclosure of information to auditors |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
CANNON PACKING & LOGISTICS LTD (REGISTERED NUMBER: 06490909) |
Report of the Directors |
for the year ended 31 October 2022 |
Auditors |
The auditors, Haines Watts, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
On behalf of the board: |
Report of the Independent Auditors to the Members of |
Cannon Packing & Logistics Ltd |
Opinion |
We have audited the financial statements of Cannon Packing & Logistics Ltd (the 'company') for the year ended 31 October 2022 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 October 2022 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for qualified opinion |
We were not appointed as auditor until after 1 November 2021 and thus did not observe the counting of physical inventories at the end of the previous year. We were unable to satisfy ourselves by alternative means concerning the inventory quantities of £236,500 held at 31 October 2021. Consequently we were unable to determine whether there was any consequential effect on the cost of sales for the year ended 31 October 2022. Our opinion on the current year's financial statements is modified because of the possible effect of this matter on the current year's figures and the corresponding figures. |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Report of the Independent Auditors to the Members of |
Cannon Packing & Logistics Ltd |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. |
As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves concerning the inventory quantities of £236,500 held at 31 October 2021. We have concluded that where the other information refers to the inventory balances or related balances such as cost of sales, it may be materially misstated for the same reason. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors. |
Arising solely from the limitation on the scope of our work relating to stock, referred to above: |
- we were unable to determine whether adequate accounting records have been kept; and |
- we have not received all the information and explanations we require for our audit. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- returns adequate for our audit have not been received from branches not visited by us; or |
- the financial statements are not in agreement with the accounting records and returns; or |
- certain disclosures of directors' remuneration specified by law are not made; or |
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Cannon Packing & Logistics Ltd |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We obtained an understanding of the legal and regulatory framework applicable to both the company itself and the industry in which it operates. We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our experience and through discussion with the management. The most significant were identified as the Companies Act 2006, UK GAAP (FRS102), GDPR and relevant tax legislation. |
We considered the extent of compliance with those laws and regulations as part of our procedures on the related financial statements. Our audit procedures included: |
- making enquires of directors and management as to where they consider there to be a susceptibility to fraud and whether they have any knowledge or suspicion of fraud; |
- obtaining an understanding of the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations; |
- assessing the design effectiveness of the controls in place to prevent and detect fraud; |
- assessing the risk of management override of internal controls, including identifying and testing journal entries; |
- challenging the assumptions and judgements made by management in its significant accounting estimates. |
- Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Cannon Packing & Logistics Ltd |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants and Statutory Auditor |
3 Danebrook Court |
Langford Lane |
Kidlington |
Oxfordshire |
OX5 1LQ |
CANNON PACKING & LOGISTICS LTD (REGISTERED NUMBER: 06490909) |
Income Statement |
for the year ended 31 October 2022 |
31/10/22 | 31/10/21 |
Notes | £ | £ |
Turnover | 3 |
Cost of sales | ( |
) | ( |
) |
Gross profit |
Administrative expenses | ( |
) | ( |
) |
792,610 | 306,151 |
Other operating income |
Operating profit | 5 |
Interest receivable and similar income |
Profit before taxation |
Tax on profit | 6 | ( |
) | ( |
) |
Profit for the financial year |
CANNON PACKING & LOGISTICS LTD (REGISTERED NUMBER: 06490909) |
Other Comprehensive Income |
for the year ended 31 October 2022 |
31/10/22 | 31/10/21 |
Notes | £ | £ |
Profit for the year |
Other comprehensive income | - | - |
Total comprehensive income for the year |
CANNON PACKING & LOGISTICS LTD (REGISTERED NUMBER: 06490909) |
Balance Sheet |
31 October 2022 |
31/10/22 | 31/10/21 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 8 |
Current assets |
Stocks | 9 |
Debtors | 10 |
Cash at bank |
Creditors |
Amounts falling due within one year | 11 |
Net current assets |
Total assets less current liabilities |
Provisions for liabilities | 13 |
Net assets |
Capital and reserves |
Called up share capital | 14 |
Retained earnings | 15 |
Shareholders' funds |
The financial statements were approved by the Board of Directors and authorised for issue on |
CANNON PACKING & LOGISTICS LTD (REGISTERED NUMBER: 06490909) |
Statement of Changes in Equity |
for the year ended 31 October 2022 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 November 2020 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 October 2021 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 October 2022 |
CANNON PACKING & LOGISTICS LTD (REGISTERED NUMBER: 06490909) |
Cash Flow Statement |
for the year ended 31 October 2022 |
31/10/22 | 31/10/21 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Interest received |
Net cash from investing activities | ( |
) |
Cash flows from financing activities |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Increase/(decrease) in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
928,894 |
Cash and cash equivalents at end of year | 2 | 1,368,806 | 831,105 |
CANNON PACKING & LOGISTICS LTD (REGISTERED NUMBER: 06490909) |
Notes to the Cash Flow Statement |
for the year ended 31 October 2022 |
1. | Reconciliation of profit before taxation to cash generated from operations |
31/10/22 | 31/10/21 |
£ | £ |
Profit before taxation |
Depreciation charges |
Profit on disposal of fixed assets | ( |
) |
Finance income | (11 | ) | (23 | ) |
1,027,246 | 566,149 |
Decrease/(increase) in stocks | ( |
) |
Increase in trade and other debtors | ( |
) | ( |
) |
Increase in trade and other creditors |
Cash generated from operations |
2. | Cash and cash equivalents |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 October 2022 |
31/10/22 | 1/11/21 |
£ | £ |
Cash and cash equivalents | 1,368,806 | 831,105 |
Year ended 31 October 2021 |
31/10/21 | 1/11/20 |
£ | £ |
Cash and cash equivalents | 831,105 | 928,894 |
3. | Analysis of changes in net funds |
At 1/11/21 | Cash flow | At 31/10/22 |
£ | £ | £ |
Net cash |
Cash at bank | 831,105 | 537,701 | 1,368,806 |
831,105 | 1,368,806 |
Total | 831,105 | 537,701 | 1,368,806 |
CANNON PACKING & LOGISTICS LTD (REGISTERED NUMBER: 06490909) |
Notes to the Financial Statements |
for the year ended 31 October 2022 |
1. | Statutory information |
Cannon Packing & Logistics Ltd is a |
2. | Accounting policies |
Basis of preparing the financial statements |
Significant judgements and estimates |
The preparation of the financial statements in conformity with FRS 102 requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported to revenue and expenses during the period. However the nature of the estimation means that the actual outcomes could differ from those estimates. |
The following judgements or estimates have had the most significant effect on amounts recognised in the financial statements: |
Recoverable value of recognised receivables |
The recoverability of trade and other receivables is regularly reviewed in the light of available economic information specific to each receivable and provisions are recognised for balances considered to be irrecoverable. |
Stocks |
A stock provision is booked at the year end where the realisable value from sale of stock is estimated to be lower than the stock carrying value. The stock provision is estimated taking into account various factors including the age of the stock, the resale price and losses associated with any slow moving stock. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Plant and machinery etc - straight line over 3 years |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
CANNON PACKING & LOGISTICS LTD (REGISTERED NUMBER: 06490909) |
Notes to the Financial Statements - continued |
for the year ended 31 October 2022 |
2. | Accounting policies - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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. |
Going concern |
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have considered a period of twelve months from the date of approval of the financial statements. Having taken account of all available information about the future, including the company’s most recent trading results, budgets and cash flow forecasts, the directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
3. | Turnover |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
The turnover all arose in the United Kingdom. |
4. | Employees and directors |
31/10/22 | 31/10/21 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
CANNON PACKING & LOGISTICS LTD (REGISTERED NUMBER: 06490909) |
Notes to the Financial Statements - continued |
for the year ended 31 October 2022 |
4. | Employees and directors - continued |
The average number of employees during the year was as follows: |
31/10/22 | 31/10/21 |
Management | 5 | 5 |
Logistics | 130 | 116 |
There were no retirement benefits accruing to the Directors (2021 - None) under money purchase pension |
schemes run by the company. |
31/10/22 | 31/10/21 |
£ | £ |
Directors' remuneration |
Information regarding the highest paid director is as follows: |
31/10/22 | 31/10/21 |
£ | £ |
Emoluments etc |
5. | Operating profit |
The operating profit is stated after charging/(crediting): |
31/10/22 | 31/10/21 |
£ | £ |
Other operating leases |
Depreciation - owned assets |
Profit on disposal of fixed assets | ( |
) |
Auditors' remuneration |
Foreign exchange differences | ( |
) |
6. | Taxation |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31/10/22 | 31/10/21 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax | ( |
) | ( |
) |
Tax on profit |
CANNON PACKING & LOGISTICS LTD (REGISTERED NUMBER: 06490909) |
Notes to the Financial Statements - continued |
for the year ended 31 October 2022 |
6. | Taxation - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
31/10/22 | 31/10/21 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2021 - |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | - | ( |
) |
Depreciation in excess of capital allowances | - |
Movement in deferred taxation in the year | (17,576 | ) | (327 | ) |
Total tax charge | 180,055 | 78,978 |
7. | Dividends |
31/10/22 | 31/10/21 |
£ | £ |
Ordinary shares of £1 each |
Final |
8. | Tangible fixed assets |
Fixtures |
Plant and | and | Computer |
machinery | fittings | equipment | Totals |
£ | £ | £ | £ |
Cost |
At 1 November 2021 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) | ( |
) |
At 31 October 2022 |
Depreciation |
At 1 November 2021 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) | ( |
) |
At 31 October 2022 |
Net book value |
At 31 October 2022 |
At 31 October 2021 |
CANNON PACKING & LOGISTICS LTD (REGISTERED NUMBER: 06490909) |
Notes to the Financial Statements - continued |
for the year ended 31 October 2022 |
9. | Stocks |
31/10/22 | 31/10/21 |
£ | £ |
Stocks |
10. | Debtors: amounts falling due within one year |
31/10/22 | 31/10/21 |
£ | £ |
Trade debtors |
Staff loans | 4,740 | 4,305 |
Prepayments |
11. | Creditors: amounts falling due within one year |
31/10/22 | 31/10/21 |
£ | £ |
Trade creditors |
Corporation tax |
Social security and other taxes |
VAT | 470,746 | 478,006 |
Other creditors |
Class 1A NIC | 1,630 | 1,635 |
Accruals and deferred income |
12. | Leasing agreements |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31/10/22 | 31/10/21 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
13. | Provisions for liabilities |
31/10/22 | 31/10/21 |
£ | £ |
Deferred tax | 21,398 | 38,974 |
Repair provision | 16,900 | 16,900 |
CANNON PACKING & LOGISTICS LTD (REGISTERED NUMBER: 06490909) |
Notes to the Financial Statements - continued |
for the year ended 31 October 2022 |
13. | Provisions for liabilities - continued |
Deferred tax |
£ |
Balance at 1 November 2021 |
Provided during year | ( |
) |
Balance at 31 October 2022 |
14. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31/10/22 | 31/10/21 |
value: | £ | £ |
Ordinary | £1 | 12,500 | 12,500 |
15. | Reserves |
Retained |
earnings |
£ |
At 1 November 2021 |
Profit for the year |
Dividends | ( |
) |
At 31 October 2022 |
16. | Ultimate controlling party |
During the year the company was under control of Ian Doye and John Alder, directors of the company, by virtue of their 100% shareholding. |