31/03/2018
2018-03-31
false
false
false
false
false
false
false
false
false
false
true
false
false
true
false
false
false
true
false
false
true
false
No description of principal activities is disclosed
2017-04-01
Sage Accounts Production 18.30 - FRS
xbrli:pure
xbrli:shares
iso4217:GBP
SC281066
2017-04-01
2018-03-31
SC281066
2018-03-31
SC281066
2017-03-31
SC281066
2016-04-01
2017-03-31
SC281066
2017-03-31
SC281066
core:LandBuildings
core:OwnedOrFreeholdAssets
2017-04-01
2018-03-31
SC281066
core:FurnitureFittingsToolsEquipment
2017-04-01
2018-03-31
SC281066
bus:RegisteredOffice
2017-04-01
2018-03-31
SC281066
bus:LeadAgentIfApplicable
2017-04-01
2018-03-31
SC281066
bus:Director1
2017-04-01
2018-03-31
SC281066
core:WithinOneYear
2018-03-31
SC281066
core:WithinOneYear
2017-03-31
SC281066
core:AfterOneYear
2018-03-31
SC281066
core:AfterOneYear
2017-03-31
SC281066
core:ShareCapital
2018-03-31
SC281066
core:ShareCapital
2017-03-31
SC281066
core:RetainedEarningsAccumulatedLosses
2018-03-31
SC281066
core:RetainedEarningsAccumulatedLosses
2017-03-31
SC281066
bus:Director1
2017-03-31
SC281066
bus:Director1
2018-03-31
SC281066
bus:Director1
2016-03-31
SC281066
bus:Director1
2017-03-31
SC281066
bus:Director1
2016-04-01
2017-03-31
SC281066
bus:SmallEntities
2017-04-01
2018-03-31
SC281066
bus:AuditExemptWithAccountantsReport
2017-04-01
2018-03-31
SC281066
bus:AbridgedAccounts
2017-04-01
2018-03-31
SC281066
bus:SmallCompaniesRegimeForAccounts
2017-04-01
2018-03-31
SC281066
bus:PrivateLimitedCompanyLtd
2017-04-01
2018-03-31
Statement of consent to prepare abridged abbreviated financial statements
All of the members of Cannon Leisure (Scotland) Limited have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the current year ending 31 March 2018 in accordance with Section 444(2A) of the Companies Act 2006.
Company registration number:
SC281066
Cannon Leisure (Scotland) Limited
Trading as
Cannon Leisure (Scotland) Limited
Unaudited filleted abridged financial statements
31 March 2018
Cannon Leisure (Scotland) Limited
Contents
Directors and other information
Accountants report
Abridged statement of financial position
Notes to the financial statements
Cannon Leisure (Scotland) Limited
Directors and other information
|
|
|
|
Director
|
Mr James Cannon
|
|
|
|
|
|
|
|
Company number
|
SC281066
|
|
|
|
|
|
|
|
Registered office
|
10 Patrick Street
|
|
|
Greenock
|
|
|
Inverclyde
|
|
|
PA16 8UT
|
|
|
|
|
|
|
|
Business address
|
10 Patrick Street
|
|
|
Greenock
|
|
|
Renfrewshire
|
|
|
PA16 8UT
|
|
|
|
|
|
|
|
Accountants
|
Renfrewshire Bookkeeping & Accounting Services Limited
|
|
|
2a New Dock Lane
|
|
|
Custom House Place
|
|
|
Greenock
|
|
|
Inverclyde
|
|
|
PA15 1EJ
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bankers
|
The Royal Bank of Scotland
|
|
|
122 Cathcart Street
|
|
|
Greenock
|
|
|
PA15 1BA
|
|
|
|
Cannon Leisure (Scotland) Limited
accountants report to the director on the preparation of the
unaudited statutory abbreviated financial statements of Cannon Leisure (Scotland) Limited
Year ended 31 March 2018
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Cannon Leisure (Scotland) Limited for the year ended 31 March 2018 as set out on pages to 10 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of AAT, we are subject to its ethical and other professional requirements which are detailed at www.aatethics.org.uk/.
This report is made solely to the director of Cannon Leisure (Scotland) Limited, as a body, in accordance with the terms of our engagement letter dated 29 December 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Cannon Leisure (Scotland) Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of AAT as detailed at www.aat.org.uk To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Cannon Leisure (Scotland) Limited and its director as a body for our work or for this report.
It is your duty to ensure that Cannon Leisure (Scotland) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Cannon Leisure (Scotland) Limited. You consider that Cannon Leisure (Scotland) Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Cannon Leisure (Scotland) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Renfrewshire Bookkeeping & Accounting Services Limited
F.M.A.A.T.
2a New Dock Lane
Custom House Place
Greenock
Inverclyde
PA15 1EJ
29 December 2018
Cannon Leisure (Scotland) Limited
Abridged statement of financial position
31 March 2018
|
|
|
2018
|
|
|
|
2017
|
|
|
|
|
Note
|
£
|
|
£
|
|
£
|
|
£
|
|
|
|
|
|
|
|
|
|
|
Fixed assets
|
|
|
|
|
|
|
|
|
|
Tangible assets
|
|
5
|
135,573
|
|
|
|
142,233
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
|
|
135,573
|
|
|
|
142,233
|
|
|
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
|
|
Stocks
|
|
|
249
|
|
|
|
194
|
|
|
Debtors
|
|
|
9,420
|
|
|
|
-
|
|
|
Cash at bank and in hand
|
|
|
2,311
|
|
|
|
1,360
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
11,980
|
|
|
|
1,554
|
|
|
Creditors: amounts falling due
|
|
|
|
|
|
|
|
|
|
within one year
|
|
|
(
49,500)
|
|
|
|
(
44,052)
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
Net current liabilities
|
|
|
|
|
(
37,520)
|
|
|
|
(
42,498)
|
|
|
|
|
|
_______
|
|
|
|
_______
|
Total assets less current liabilities
|
|
|
|
|
98,053
|
|
|
|
99,735
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due
|
|
|
|
|
|
|
|
|
|
after more than one year
|
|
6
|
|
|
(
73,248)
|
|
|
|
(
83,648)
|
|
|
|
|
|
|
|
|
|
|
Provisions for liabilities
|
|
|
|
|
(
3,042)
|
|
|
|
(
4,602)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______
|
|
|
|
_______
|
Net assets
|
|
|
|
|
21,763
|
|
|
|
11,485
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
|
|
|
|
|
Capital and reserves
|
|
|
|
|
|
|
|
|
|
Called up share capital
|
|
|
|
|
1,000
|
|
|
|
1,000
|
Profit and loss account
|
|
|
|
|
20,763
|
|
|
|
10,485
|
|
|
|
|
|
_______
|
|
|
|
_______
|
Shareholder funds
|
|
|
|
|
21,763
|
|
|
|
11,485
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
|
|
|
|
|
For the year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
These abbreviated financial statements were approved by the
board of directors
and authorised for issue on
29 December 2018
, and are signed on behalf of the board by:
Mr James Cannon
Director
Cannon Leisure (Scotland) Limited
Notes to the financial statements
Year ended 31 March 2018
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 10 Patrick Street, Greenock, Inverclyde, PA16 8UT.
2.
Statement of compliance
These abbreviated financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The abbreviated financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abbreviated financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
The turnover in the profit and loss account represents the total invoiced value of sales in the year, exclusive of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible fixed assets are stated at cost less depreciation. Cost represents purchase price together with any incidental costs of acquisition.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
|
|
|
|
|
Freehold property
|
-
|
2 %
|
straight line
|
|
Fittings fixtures and equipment
|
-
|
15 %
|
reducing balance
|
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
1
(2017:
1
).
5.
Tangible assets
|
|
|
|
|
|
|
|
|
|
|
£
|
|
|
|
|
|
|
|
Cost
|
|
|
|
|
|
|
|
|
At 1 April 2017 and 31 March 2018
|
251,098
|
|
|
|
|
|
|
|
|
_______
|
|
|
|
|
|
|
|
Depreciation
|
|
|
|
|
|
|
|
|
At 1 April 2017
|
108,866
|
|
|
|
|
|
|
|
Charge for the year
|
6,659
|
|
|
|
|
|
|
|
|
_______
|
|
|
|
|
|
|
|
At 31 March 2018
|
115,525
|
|
|
|
|
|
|
|
|
_______
|
|
|
|
|
|
|
|
Carrying amount
|
|
|
|
|
|
|
|
|
At 31 March 2018
|
135,573
|
|
|
|
|
|
|
|
|
_______
|
|
|
|
|
|
|
|
At 31 March 2017
|
142,232
|
|
|
|
|
|
|
|
|
_______
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.
Creditors: amounts falling due after more than one year
The Royal Bank of Scotland plc has a first Ranking Security over the property at 10 Patrick Street, Greenock in relation to the Bank Term Loan of £74,614 as at 31st March 2018 (At 31st March 2017 - £83,847) and a bond and floating charge of over the assets of the company. The Royal Bank of Scotland also has a personal guarantee from Mr. J. Cannon, director of the company for £100,000 (At 31st March 2017 - £100,000) in relation to
Cannon Leisure (Scotland) Limited
.
7.
Directors advances, credits and guarantees
|
During the year the director entered into the following advances and credits with the company:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2018
|
|
|
|
|
|
|
|
|
|
Balance brought forward
|
Advances /(credits) to the director
|
Balance o/standing
|
|
|
|
|
|
£
|
£
|
£
|
|
|
|
|
Mr James Cannon
|
(
13,805)
|
9,420
|
(
4,385)
|
|
|
|
|
|
_______
|
_______
|
_______
|
|
|
|
|
|
|
|
|
|
|
|
2017
|
|
|
|
|
|
|
|
|
|
Balance brought forward
|
Advances /(credits) to the director
|
Balance o/standing
|
|
|
|
|
|
£
|
£
|
£
|
|
|
|
|
Mr James Cannon
|
(
18,718)
|
4,913
|
(
13,805)
|
|
|
|
|
|
_______
|
_______
|
_______
|
|
|
|
|
|
|
|
|
|
|
|
8.
Controlling party
The company is under the control of Mr. James Cannon by virtue of his 100% shareholding.