Cannon Colbeck LLP FILLETED ACCOUNTS COVER
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Registered No. OC316709
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Cannon Colbeck LLP BALANCE SHEET REGISTRAR
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at
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Registered No.
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Notes
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2019
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2018
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£
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£
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Fixed assets
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Tangible assets
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3
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5,083
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6,778
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5,083
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6,778
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Current assets
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Stocks
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4
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4,500
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2,000
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Debtors
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5
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34,956
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30,514
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Cash at bank and in hand
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673
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150
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40,129
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32,664
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Creditors: Amounts falling due within one year
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6
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(41,441)
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(39,196)
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Net current liabilities
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(1,312)
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(6,532)
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Total assets less current liabilities
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3,771
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246
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Net assets attributable to members
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3,771
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246
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Represented by:
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Loans and other debts due to members
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3,771
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246
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Members' other interests
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3,771
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246
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As permitted by section 444 (5A)of the Companies Act 2006 the members have not delivered to the Registrar a copy of the company's profit and loss account.
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Approved by the members on 30 April 2020
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And signed on its behalf by:
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S.J. Cannon
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Designated member
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30 April 2020
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Cannon Colbeck LLP NOTES TO THE ACCOUNTS REGISTRAR
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for the year ended 31 July 2019
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1
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Accounting policies
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Basis of preparation
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Turnover
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Revenue from the sale of goods is recognised when all the following conditions are satisfied: • the Company has transferred to the buyer the significant risks and rewards of ownership of the goods; • the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; • the amount of revenue can be measured reliably; • it is probable that the economic benefits associated with the transaction will flow to the Company; and • the costs incurred or to be incurred in respect of the transaction can be measured reliably. Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed. |
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Members' remuneration and division of profits
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Remuneration is paid to certain members under a contract of employment and is included as an expense in the profit and loss account.
In addition, the LLP agreement provides that fixed amounts, determined for each member each year, be paid to members, irrespective of the profits of the LLP. These amounts are included within members' remuneration charged as an expense. Profits are treated as being available for discretionary division only if the the LLP has an unconditional right to refuse payment of the profits of a particular year unless and until the members agree to divide them. Once agreement has been reached to divide the profits, a members' share in the profit or loss for the year is accounted for as an allocation of profits. Unallocated profits and losses remain included within 'other reserves'. |
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Tangible fixed assets and depreciation
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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. |
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Freehold buildings
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Plant and machinery
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Furniture, fittings and equipment
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Stocks
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When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs. |
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Trade and other debtors
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Trade and other creditors
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Leased assets
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Assets held under finance leases are initially recognised as assets of the Company at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately in profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the Company's policy on borrowing costs (see the accounting policy above). Assets held under finance leases are depreciated in the same way as owned assets. Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis. |
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Taxation
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Pension costs
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2
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Information in relation to members
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2019
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2018
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£
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£
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Automatic division of profits
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16,096
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14,389
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16,096
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14,389
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3
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Tangible fixed assets
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Land and buildings
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Plant and machinery
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Fixtures, fittings and equipment
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Total
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£
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£
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£
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£
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Cost
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At 1 August 2018
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At 31 July 2019
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Depreciation
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At 1 August 2018
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Charge for the year
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At 31 July 2019
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Net book values
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At 31 July 2019
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At 31 July 2018
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4
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Stocks
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2019
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2018
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£
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£
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Work in progress
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5
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Debtors
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2019
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2018
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£
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£
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Trade debtors
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Other debtors
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Prepayments and accrued income
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6
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Creditors:
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amounts falling due within one year
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2019
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2018
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£
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£
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Bank loans and overdrafts
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Trade creditors
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Other taxes and social security
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Other creditors
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Accruals and deferred income
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(
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7
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Loans and other debts due to members
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2019
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2018
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£
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£
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Amounts due to members in respect of profits
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3,771
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246
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3,771
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246
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Amounts falling due within one year
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3,771
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-
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3,771
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246
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8
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Related party disclosures
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Controlling parties
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Immediate controlling party
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Steven Cannon
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Ultimate controlling party
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Steven Cannon
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9
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Additional information
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Its registered number is:
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Its registered office is:
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