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Unaudited Financial Statements for the Year Ended 30 April 2017 |
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Cannell Graphics Limited |
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REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 30 April 2017 |
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for |
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Cannell Graphics Limited |
Cannell Graphics Limited (Registered number: 04691051) |
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Contents of the Financial Statements |
for the Year Ended 30 April 2017 |
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Page |
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Balance Sheet | 1 |
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Notes to the Financial Statements | 3 |
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Cannell Graphics Limited (Registered number: 04691051) |
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Balance Sheet |
30 April 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
Fixed assets |
Intangible assets | 4 |
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Tangible assets | 5 |
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Current assets |
Stocks |
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Debtors | 6 |
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Cash at bank |
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Creditors |
Amounts falling due within one year | 7 |
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Net current liabilities | ( |
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Total assets less current liabilities |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
Called up share capital | 9 |
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Retained earnings |
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Shareholders' funds |
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Cannell Graphics Limited (Registered number: 04691051) |
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Balance Sheet - continued |
30 April 2017 |
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The director acknowledges his 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. |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the director on
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Cannell Graphics Limited (Registered number: 04691051) |
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Notes to the Financial Statements |
for the Year Ended 30 April 2017 |
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1. | Statutory information |
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Cannell Graphics Limited is a
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Wales. The company's registered number and registered office address are as below: |
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Registered number: | 04691051 |
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Registered office: | 85 Church Road |
Hove |
East Sussex |
BN3 2BB |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | Accounting policies |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable and |
represents amounts receivable for goods supplied and services rendered, stated net of |
Value Added Tax. |
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Revenue from the sale of goods is recognised when the significant risks and rewards of |
ownership of the goods have transferred to the buyer, usually on despatch of the goods, the |
amount of revenue can be measured reliably, it is probable that the associated economic |
benefits will flow to the entity, and the costs incurred or to be incurred in respect of the |
transactions can be measured reliably. |
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When the outcome of a transaction involving the rendering of services can be reliably |
estimated, revenue from the rendering of services is measured by reference to the stage of |
completion of the service transaction at the end of the reporting period. |
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When the outcome of a transaction involving the rendering of services cannot be reliably |
estimated, revenue is recognised only to the extent that expenses recognised are |
recoverable. |
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Goodwill |
Amortisation is calculated as to write off the cost of an asset, less its estimated residual |
value, over the useful economic life of that asset as follows: |
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Goodwill - straight line over 5 years |
Cannell Graphics Limited (Registered number: 04691051) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 April 2017 |
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2. | Accounting policies - continued |
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Tangible fixed assets |
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Short leasehold | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Stocks |
Stocks 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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The company uses the first in, first out method of valuation. |
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Financial instruments |
A financial asset or a financial liability is recognised only when the entity becomes a party to |
the contractual provisions of the instrument. |
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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. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and |
Loss Account, except to the extent that it relates to items recognised in other comprehensive |
income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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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. |
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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. |
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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. |
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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. |
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3. | Employees and directors |
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The average number of employees during the year was NIL (2016 - NIL). |
Cannell Graphics Limited (Registered number: 04691051) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 April 2017 |
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4. | Intangible fixed assets |
Goodwill |
£ |
Cost |
At 1 May 2016 |
and 30 April 2017 |
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Amortisation |
At 1 May 2016 |
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Amortisation for year |
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At 30 April 2017 |
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Net book value |
At 30 April 2017 |
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At 30 April 2016 |
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5. | Tangible fixed assets |
Fixtures |
Short | Plant and | and |
leasehold | machinery | fittings | Totals |
£ | £ | £ | £ |
Cost |
At 1 May 2016 |
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Additions |
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At 30 April 2017 |
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Depreciation |
At 1 May 2016 |
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Charge for year |
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At 30 April 2017 |
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Net book value |
At 30 April 2017 |
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At 30 April 2016 |
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6. | Debtors: amounts falling due within one year |
2017 | 2016 |
£ | £ |
Trade debtors |
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Other debtors |
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Cannell Graphics Limited (Registered number: 04691051) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 April 2017 |
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7. | Creditors: amounts falling due within one year |
2017 | 2016 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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8. | Leasing agreements |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2017 | 2016 |
£ | £ |
Within one year |
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Between one and five years |
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9. | Called up share capital |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2017 | 2016 |
value: | £ | £ |
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Ordinary | £1 | - | 20,000 |
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Ordinary 'A' | £1 | 16,000 | - |
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Ordinary 'B' | £1 | 4,000 | - |
20,000 | 20,000 |
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10. | Related party disclosures |
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Within creditors is a balance of £20,693 (2016 - £27,673) owed to the director. During the |
year, rent of £nil (2016 - £8,000) was charged by the director for the use of the company |
premises. |