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Registration number: 08524939

Shapley Tech Ltd.

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2023

































 

image-name

Abacus Accountants
21 Castlewood Avenue
Highweek
NEWTON ABBOT
Devon
TQ12 1NX

 

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 8

 

Company Information

Director

Mr Anthony Nigel Shapley

Registered office

45 The Churchills
NEWTON ABBOT
Devon
TQ12 1QN

Bankers

Santander
Business Centre
Customer Service Centre
BOOTLE
Merseyside
L30 4GB

Accountants

Abacus Business Management Limited
21 Castlewood Avenue
Highweek
NEWTON ABBOT
Devon
TQ12 1NX

 

Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Shapley Tech Ltd.
for the Year Ended 31 May 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Shapley Tech Ltd. for the year ended 31 May 2023 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.

Although not a member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), wherever possible we have carried out this engagement in accordance with its ethical and other professional requirements.

This report is made solely to the Board of Directors of Shapley Tech Ltd., as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Shapley Tech Ltd. and state those matters that we have agreed to state to the Board of Directors of Shapley Tech Ltd., as a body. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Shapley Tech Ltd. and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Shapley Tech Ltd. has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Shapley Tech Ltd.. You consider that Shapley Tech Ltd. is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Shapley Tech Ltd.. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

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

Abacus Business Management Limited
21 Castlewood Avenue
Highweek
NEWTON ABBOT
Devon
TQ12 1NX

13 September 2023

 

(Registration number: 08524939)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

29,877

13,206

Current assets

 

Debtors

5

33,636

28,570

Cash at bank and in hand

 

237,219

205,818

 

270,855

234,388

Creditors: Amounts falling due within one year

6

(87,586)

(96,343)

Net current assets

 

183,269

138,045

Total assets less current liabilities

 

213,146

151,251

Creditors: Amounts falling due after more than one year

6

(17,500)

(26,500)

Net assets

 

195,646

124,751

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

195,546

124,651

Shareholders' funds

 

195,646

124,751

For the financial year ending 31 May 2023 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 year in question in accordance with section 476; and

The director acknowledges his 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 13 September 2023
 

.........................................
Mr Anthony Nigel Shapley
Director

 

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

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:
45 The Churchills
NEWTON ABBOT
Devon
TQ12 1QN
United Kingdom

These financial statements were authorised for issue by the director on 13 September 2023.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis.

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 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.

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.

 

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

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

Land and buildings

5 years straight line

Furniture and fittings

5 years straight line

Computer equipment

3 years straight line

Motor Vehicles

18% of written down value

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.

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.

 

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2022

1,732

42,274

-

44,006

Additions

-

12,862

14,000

26,862

At 31 May 2023

1,732

55,136

14,000

70,868

Depreciation

At 1 June 2022

1,732

29,068

-

30,800

Charge for the year

-

7,671

2,520

10,191

At 31 May 2023

1,732

36,739

2,520

40,991

Carrying amount

At 31 May 2023

-

18,397

11,480

29,877

At 31 May 2022

-

13,206

-

13,206

Included within the net book value of land and buildings above is £Nil (2022 - £Nil) in respect of freehold land and buildings.
 

5

Debtors

Current

2023
£

2022
£

Trade debtors

29,325

23,577

Prepayments

220

564

Other debtors

4,091

4,429

 

33,636

28,570

 

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

9,000

9,000

Trade creditors

 

36,186

51,518

Taxation and social security

 

40,339

33,926

Accruals and deferred income

 

31

1

Other creditors

 

2,030

1,898

 

87,586

96,343

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

17,500

26,500

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary GBP1 of £1 each

100

100

100

100

         
 

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

17,500

26,500

2023
£

2022
£

Current loans and borrowings

Bank borrowings

9,000

9,000

Bank borrowings

Santander UK PLC Bounce Back Loan is denominated in GBP with a nominal interest rate of 2.5%, and the final instalment is due on 13 May 2026. The carrying amount at year end is £26,000 (2022 - £35,000).

9

Dividends

   

2023

 

2022

   

£

 

£

Final dividend of £20.00 (2022 - £20.00) per ordinary share

 

2,000

 

2,000

Interim dividend of £530.00 (2022 - £480.00) per ordinary share

 

53,000

 

48,000

   

55,000

 

50,000

         

The director is recommending a final dividend of £10.00 (2022 - £20.00) per share totalling £1,000.00 (2022 - £2,000.00). This dividend has not been accrued in the balance sheet.

10

Related party transactions

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

9,695

11,060