Caseware UK (AP4) 2021.0.152 2021.0.152 2021-12-31005933972021-12-31false2021-01-01false2817trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 00593397 2021-01-01 2021-12-31 00593397 2020-01-01 2020-12-31 00593397 2021-12-31 00593397 2020-12-31 00593397 1 2021-01-01 2021-12-31 00593397 d:Director2 2021-01-01 2021-12-31 00593397 c:Buildings 2021-01-01 2021-12-31 00593397 c:Buildings 2021-12-31 00593397 c:Buildings 2020-12-31 00593397 c:Buildings c:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 00593397 c:PlantMachinery 2021-01-01 2021-12-31 00593397 c:PlantMachinery 2021-12-31 00593397 c:PlantMachinery 2020-12-31 00593397 c:PlantMachinery c:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 00593397 c:FurnitureFittings 2021-01-01 2021-12-31 00593397 c:FurnitureFittings 2021-12-31 00593397 c:FurnitureFittings 2020-12-31 00593397 c:FurnitureFittings c:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 00593397 c:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 00593397 c:CurrentFinancialInstruments 2021-12-31 00593397 c:CurrentFinancialInstruments 2020-12-31 00593397 c:CurrentFinancialInstruments c:WithinOneYear 2021-12-31 00593397 c:CurrentFinancialInstruments c:WithinOneYear 2020-12-31 00593397 c:ShareCapital 2021-12-31 00593397 c:ShareCapital 2020-12-31 00593397 c:CapitalRedemptionReserve 2021-01-01 2021-12-31 00593397 c:CapitalRedemptionReserve 2021-12-31 00593397 c:CapitalRedemptionReserve 2020-12-31 00593397 c:RetainedEarningsAccumulatedLosses 2021-01-01 2021-12-31 00593397 c:RetainedEarningsAccumulatedLosses 2021-12-31 00593397 c:RetainedEarningsAccumulatedLosses 2020-12-31 00593397 d:OrdinaryShareClass1 2021-01-01 2021-12-31 00593397 d:OrdinaryShareClass1 2021-12-31 00593397 d:OrdinaryShareClass1 2020-12-31 00593397 d:FRS102 2021-01-01 2021-12-31 00593397 d:AuditExempt-NoAccountantsReport 2021-01-01 2021-12-31 00593397 d:FullAccounts 2021-01-01 2021-12-31 00593397 d:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 00593397 4 2021-01-01 2021-12-31 xbrli:shares iso4217:GBP xbrli:pure



















Shonn Brothers (Manchester) Limited

Registered number: 00593397
Information for filing with the Registrar
For the year ended 31 December 2021

 
 00593397
31 December 2021
SHONN BROTHERS (MANCHESTER) LIMITED
REGISTERED NUMBER: 00593397

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2021

2021
2020
Note
£
£

Fixed assets
  

Tangible assets
 5 
196,758
199,044

  
196,758
199,044

Current assets
  

Stocks
 6 
546,607
519,822

Debtors: amounts falling due within one year
 7 
50,786
542,374

Cash at bank and in hand
  
417,705
307,188

  
1,015,098
1,369,384

Creditors: amounts falling due within one year
 8 
(687,634)
(1,044,671)

Net current assets
  
 
 
327,464
 
 
324,713

Total assets less current liabilities
  
524,222
523,757

  

Net assets
  
524,222
523,757


Capital and reserves
  

Called up share capital 
 9 
488
488

Capital redemption reserve
 10 
512
512

Profit and loss account
 10 
523,222
522,757

  
524,222
523,757


- 1 -

 
 00593397
31 December 2021
SHONN BROTHERS (MANCHESTER) LIMITED
REGISTERED NUMBER: 00593397
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2021

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 August 2022.




D S Shonn
Director

The notes on pages 3 to 10 form part of these financial statements.

- 2 -

 
 00593397
31 December 2021
SHONN BROTHERS (MANCHESTER) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

1.


General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Emperor House, 151 Great Ducie Street, Manchester, Greater Manchester, M3 1FB.

The principal activities is that of wholesaling branded domestic products.
These financial statements have been presented in pound sterling which is the functional currency of the company, and rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

These financial statements have been prepared on a going concern basis. The directors, having considered the financial position of the company for a period of at least twelve months from the date of signing these financial statements, have no reason to believe that a material uncertainty exists that may cast doubt about the ability of the company to continue as a going concern.
Accordingly the directors have a reasonable expectation that the company will continue in operational existence and thus they adopt the going concern basis of accounting in preparing the financial statements. The going concern will not be affected by the COVID-19 situation as confirmed by the directors.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

- 3 -

 
 00593397
31 December 2021
SHONN BROTHERS (MANCHESTER) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

  
2.4

Government Grants

The UK government has offered a range of financial support packages to help companies, including government backed financing arrangements, furlough schemes, deferment of VAT payments and, for some sectors, business rates holidays. Of the offered schemes, the company used the furlough scheme. The income from the furlough scheme has been recognised within 'Other operating income'. They are recognised when the entity has reasonable assurance that they will comply with the conditions attaching the grant, and that the grant will be received.

 
2.5

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Freehold property is stated at valuation and not depreciated.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
20%
Fixtures and fittings
-
33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Freehold and long-term leasehold land are not depreciated.

 
2.7

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

- 4 -

 
 00593397
31 December 2021
SHONN BROTHERS (MANCHESTER) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

- 5 -

 
 00593397
31 December 2021
SHONN BROTHERS (MANCHESTER) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.11

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an 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.

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

- 6 -

 
 00593397
31 December 2021
SHONN BROTHERS (MANCHESTER) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Critical judgements in applying the company's accounting policies
The critical judgements that the directors have made in the process of applying the company's accounting policies that have the most significant effect on the statutory financial statements are discussed below.
Assessing indicators of impairment
In assessing whether there have been any indicators of impairment assets, the directors have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience of recoverability. There have been no indicators of impairments identified during the current financial year.
Key sources of estimation uncertainty
Determining useful economic lives of tangible fixed assets
The Company depreciates tangible fixed assets over their estimated useful lives. The estimation of the useful lives of assets is based on historic performance as well as expectations about future use and therefore requires estimates and assumptions to be applied by management. The actual lives of these assets can vary depending on variety of factors, including technological innovation, product life cycles and maintenance programmes.
The judgement is applied by management when determining the residual values for tangible fixed assets. When determining the residual value management aim to assess the amount that the company would currently obtain for the disposal of the asset, if it were already of the condition expected at the end of its useful life. Where possible this is done with reference to external market prices.
Valuation of freehold property
The Company values the freehold property based on estimated market value. Judgements applied by the directors in assessing whether a formal valuation or any movement in valuation is required. 
Recoverability of debtors
The company establishes a provision for debtors that are estimated not to be recoverable. When assessing recoverability the directors have considered factors such as the aging of the debtors, past experience of recoverability, and the credit profile of individual or groups of customers.


4.


Employees

The average monthly number of employees, including directors, during the year was 28 (2020 - 17).

- 7 -

 
 00593397
31 December 2021
SHONN BROTHERS (MANCHESTER) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

5.


Tangible fixed assets





Freehold property
Plant and machinery
Fixtures and fittings
Total

£
£
£
£



Cost


At 1 January 2021
175,997
24,265
14,313
214,575


Additions
-
-
3,043
3,043



At 31 December 2021

175,997
24,265
17,356
217,618



Depreciation


At 1 January 2021
-
7,280
8,251
15,531


Charge for the year
-
2,426
2,903
5,329



At 31 December 2021

-
9,706
11,154
20,860



Net book value



At 31 December 2021
175,997
14,559
6,202
196,758



At 31 December 2020
175,997
16,985
6,062
199,044

The freehold properties were last valued in February 2013. It is deemed by the directors that these valuations were reflective of the market value at the Statement of Financial Position date.


6.


Stocks

2021
2020
£
£

Raw materials and consumables
546,607
519,822


- 8 -

 
 00593397
31 December 2021
SHONN BROTHERS (MANCHESTER) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

7.


Debtors

2021
2020
£
£


Trade debtors
9,792
117,495

Amounts owed by group undertakings
-
379,587

Other debtors
40,994
45,292

50,786
542,374



8.


Creditors: Amounts falling due within one year

2021
2020
£
£

Trade creditors
520,297
499,187

Amounts owed to group undertakings
-
406,521

Other taxation and social security
97,287
76,290

Other creditors
8,685
3,439

Accruals and deferred income
61,365
59,234

687,634
1,044,671



9.


Share capital

2021
2020
£
£
Allotted, called up and fully paid



488 (2020 - 488) ordinary shares of £1.00 each
488
488



10.


Reserves

Capital redemption reserve

This reserve records the nominal value of shares repurchased by the Company.

Profit and loss account

This reserve records retained earnings and accumulated losses less dividends paid.

- 9 -

 
 00593397
31 December 2021
SHONN BROTHERS (MANCHESTER) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

11.


Related party transactions

The Company has taken advantage of the exemption permitted by Section 33 Related Party Disclosures, not to provide disclosures of transactions entered into with other wholly-owned members of the group.
At the balance sheet date 151 Products Limited is owed £NIL (2020: £406,521) which is included within creditors due within one year. 151 Products Limited is a related party by virtue of common directorship (all directors).
At the balance sheet date, the Company owed the directors £839 (2020: £583), and the directors owed the company £76 (2020: £NIL). 
During the year, sales of £21,209 (2020: £39,857) were made to 151 Products Limited and purchases of £981,222 (2020: £1,355,191) were made from 151 Products Limited.


12.


Post balance sheet events

On 24 February 2022 Russian Forces entered Ukraine, resulting in Western Nation reactions including announcements of sanctions against Russia and Russian interests worldwide and an economic ripple effect on the global economy. The Directors have carried out an assessment of the potential impact of Russian Forces entering Ukraine on the business, including the impact of mitigation measures and uncertainties, and have concluded that this is a non-adjusting post balance sheet event with the greatest impact on the business expected to be from the economic ripple effect on the global economy. The Directors have taken account of these potential impacts in their going concern assessment.


13.


Controlling party

The company is a wholly owned subsidiary of Red Bolt Construction Limited, a company incorporated in England and Wales.
There is no single ultimate controlling party.

- 10 -