Company Registration No. 09177205 (England and Wales)
CANNON ESTATES RETAIL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2017
PAGES FOR FILING WITH REGISTRAR
CANNON ESTATES RETAIL LIMITED
COMPANY INFORMATION
Directors
Mr R G Williams
Mr S Marks
Mr R N Harris
Mr R M Harris
Company number
09177205
Registered office
Westbury 2nd Floor
145-157 St John Street
London
United Kingdom
EC1V 4PY
Accountants
Haines Watts (Westbury) LLP
145-157 St. John Street
London
EC1V 4PY
CANNON ESTATES RETAIL LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
CANNON ESTATES RETAIL LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2017
31 August 2017
- 1 -
2017
2016
Notes
£
£
£
£
Current assets
Debtors
2
25,524
52,340
Cash at bank and in hand
5,319
14,095
30,843
66,435
Creditors: amounts falling due within one year
3
(21,627)
(48,652)
Net current assets
9,216
17,783
Capital and reserves
Called up share capital
4
300
300
Profit and loss reserves
8,916
17,483
Total equity
9,216
17,783
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 August 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors and authorised for issue on 31 May 2018 and are signed on its behalf by:
Mr S Marks
Director
Company Registration No. 09177205
CANNON ESTATES RETAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2017
- 2 -
1
Accounting policies
Company information
Cannon Estates Retail Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Westbury 2nd Floor, 145-157 St John Street, London, United Kingdom, EC1V 4PY.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
CANNON ESTATES RETAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2017
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
Taxation
The tax expense represents the tax currently payable
.
2
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
25,224
28,027
Other debtors
300
24,313
25,524
52,340
3
Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
-
1,488
Corporation tax
2,785
17,121
Other taxation and social security
6,028
12,259
Other creditors
12,814
17,784
21,627
48,652
4
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and not fully paid
300 of £1 each
300
300
300
300
CANNON ESTATES RETAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2017
- 4 -
5
Related party transactions
At the year end the company owed £9,794 to Eagle Crest Arden. The amount is included in other creditors.