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Registration number: 13036418

Shine On Ltd

Annual Report and Unaudited Financial Statements

for the Period from 23 November 2020 to 30 November 2021

image-name
 

Shine On Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Shine On Ltd

Company Information

Director

Miss Alison Katherine Heater

Registered office

14 Hillside Crescent
Angmering
Littlehampton
BN16 4AA

Accountants

Lucraft Hodgson & Dawes LLP
2/4 Ash Lane
Rustington
West Sussex
BN16 3BZ

 

Shine On Ltd

(Registration number: 13036418)
Balance Sheet as at 30 November 2021

Note

2021
£

Fixed assets

 

Tangible assets

4

11,280

Current assets

 

Debtors

5

1,771

Cash at bank and in hand

 

775

 

2,546

Creditors: Amounts falling due within one year

6

(3,105)

Net current liabilities

 

(559)

Total assets less current liabilities

 

10,721

Creditors: Amounts falling due after more than one year

6

(9,504)

Provisions for liabilities

(935)

Net assets

 

282

Capital and reserves

 

Called up share capital

7

10

Profit and loss account

272

Shareholders' funds

 

282

For the financial period ending 30 November 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 2 March 2022
 

 

Shine On Ltd

(Registration number: 13036418)
Balance Sheet as at 30 November 2021

.........................................

Miss Alison Katherine Heater
Director

 

Shine On Ltd

Notes to the Unaudited Financial Statements for the Period from 23 November 2020 to 30 November 2021

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
14 Hillside Crescent
Angmering
Littlehampton
BN16 4AA
England

These financial statements were authorised for issue by the director on 2 March 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are presented in Sterling, which is also the company's functional currency. The financial statements are rounded to the nearest £1.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Shine On Ltd

Notes to the Unaudited Financial Statements for the Period from 23 November 2020 to 30 November 2021

2

Accounting policies (continued)

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

20% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Shine On Ltd

Notes to the Unaudited Financial Statements for the Period from 23 November 2020 to 30 November 2021

2

Accounting policies (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Shine On Ltd

Notes to the Unaudited Financial Statements for the Period from 23 November 2020 to 30 November 2021

2

Accounting policies (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 7.

 

Shine On Ltd

Notes to the Unaudited Financial Statements for the Period from 23 November 2020 to 30 November 2021

4

Tangible assets

Motor vehicles
 £

Total
£

Cost or valuation

Additions

14,100

14,100

At 30 November 2021

14,100

14,100

Depreciation

Charge for the period

2,820

2,820

At 30 November 2021

2,820

2,820

Carrying amount

At 30 November 2021

11,280

11,280

5

Debtors

2021
£

Trade debtors

1,771

1,771

6

Creditors

Creditors: amounts falling due within one year

Note

2021
£

Due within one year

 

Loans and borrowings

8

1,899

Taxation and social security

 

2

Accruals and deferred income

 

1,204

 

3,105

Creditors: amounts falling due after more than one year

 

Shine On Ltd

Notes to the Unaudited Financial Statements for the Period from 23 November 2020 to 30 November 2021

6

Creditors (continued)

Note

2021
£

Due after one year

 

Loans and borrowings

8

9,504

 

9,504

7

Share capital

Allotted, called up and fully paid shares

 

2021

 

No.

£

Ordinary shares of £1 each

10

10

     

8

Loans and borrowings

2021
£

Non-current loans and borrowings

Hire purchase contracts

9,504

9,504

2021
£

Current loans and borrowings

Hire purchase contracts

1,730

Other borrowings

169

1,899