Accounts filed on 31-08-2015
Accounts filed on 31-08-2015
trueCANNONCRAFT LIMITED038294122015-08-31209099215391209199215491100100209199215491209199215491119058124492817308619820078821069076005716551093589561138481300799014190999119014090998Basis of accounting
The financial statements have been prepared under the historical cost convention, and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
Turnover
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.
In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.
GoodwillPositive purchased goodwill arising on acquisitions is capitalised, classified as an asset on the Balance Sheet and amortised over its useful economic life. Where a reliable estimate of the useful
life of goodwill or intangible assets cannot be made, the life is presumed not to exceed five years. Useful
ecomonic lives are reviewed at the end of each reporting period and revised if necessary, subject to the
constraint that the revised life shall not exceed 20 years from the date of acquisition. The carrying amount
at the date of revision is depreciated over the revised estimate of remaining useful economic life.Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over
the useful economic life of that asset as follows:
Goodwill-10% straight line
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance
for obsolete and slow moving items.
Operating lease agreements
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.
Fixed Assets
All fixed assets are initially recorded at cost.
Financial Instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.Fixtures & FittingsReducing Balance0.3300Motor VehiclesReducing Balance0.2500EquipmentReducing Balance0.1500250002500024999249992574762499527524167336158954838228247627495275241923351839538382Ordinary1000110001000Ordinary11001001002016-04-28A Fletchertruetruetruetruexbrli:sharesiso4217:GBPxbrli:pureCANNONCRAFT LIMITED2014-09-012015-08-31CANNONCRAFT LIMITED2013-09-012014-08-31CANNONCRAFT LIMITED2013-08-31CANNONCRAFT LIMITED2014-08-31CANNONCRAFT LIMITED2014-08-31CANNONCRAFT LIMITED2015-08-31 2016-04-28
