Registered number
02902288
Shaw Corporation Ltd
Filleted Accounts
31 March 2023
Shaw Corporation Ltd
Registered number: 02902288
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 6,511,624 6,486,222
Investment 5 1,315,004 -
7,826,628 6,486,222
Current assets
Debtors 6 63,251 123,954
Cash at bank and in hand 652,057 1,408,800
715,308 1,532,754
Creditors: amounts falling due within one year 7 (1,100,530) (432,423)
Net current (liabilities)/assets (385,222) 1,100,331
Total assets less current liabilities 7,441,406 7,586,553
Provisions for liabilities - (6,050)
Net assets 7,441,406 7,580,503
Capital and reserves
Called up share capital 75 75
Share premium 75 75
Revaluation reserve 8 6,159,934 6,159,934
Profit and loss account 1,281,322 1,420,419
Shareholders' funds 7,441,406 7,580,503
The Directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime within part 15 of the Companies Act 2006. The profit and loss account has not been delivered to the Registrar of Companies.
Richard George Norris Martin Peters
Director Director
Approved by the board of directors on 23 June 2023
Shaw Corporation Ltd
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Office equipment 25% reducing balance
Motor vehicles 25% reducing balance
Long leasehold property Periodic re-valuation
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Work in progress
Where the substance of the contract is that the contractual obligations are performed gradually over time, revenue is recognised as contract services progresses to reflect the partial performance of our contractual obligation. The amount of the revenue included reflects the accrual of the right to consideration as contract services progress.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Taxation 2023 2022
£ £
Analysis of charge in period
Current tax:
UK corporation tax (recoverable on losses) on profits (30,906) 82,124
Deferred tax:
Origination and reversal of timing differences (6,050) (3,795)
Prior year adjustment (103) 18
(37,059) 78,347
Factors affecting tax charge for period
The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows:
2023 2022
£ £
Loss on ordinary activities before tax (176,156) 405,109
Standard rate of corporation tax in the UK 19.00% 19.00%
£ £
Profit (loss) on ordinary activities multiplied by the standard rate of corporation tax (33,470) 76,971
Effects of:
Expenses not deductible for tax purposes 2,564 5,153
Current tax (recoverable) charge for period (30,906) 82,124
3 Employees 2023 2022
Number Number
Average number of persons employed (including Directors) by the company 6 6
4 Tangible fixed assets
Long leasehold properties Furniture, fittings and equipment Total
£ £ £
Revaluation and cost
At 1 April 2022 6,454,381 419,284 6,873,665
Additions 25,745 10,157 35,902
At 31 March 2023 6,480,126 429,441 6,909,567
Depreciation
At 1 April 2022 - 387,443 387,443
Charge for the year - 10,500 10,500
At 31 March 2023 - 397,943 397,943
Net book value
At 31 March 2023 6,480,126 31,498 6,511,624
At 31 March 2022 6,454,381 31,841 6,486,222
The first long leasehold property is held at the professional valuation made for the purpose of, and close to the time of, the acquisition in October 2019. The Company, as Chartered Surveyors, have reviewed the valuation and concluded that there has been no impairment of the £6,250,000 valuation as at 31 March 2023 or at the time of approval of these accounts. The Directors will in due course consider whether an updated professional valuation is required for the Balance Sheet at 31 March 2024.
The second leasehold property purchased during the year to 31 March 2022 is held at cost and Directors consider no impairment has arisen.
5 Investments Investments in
subsidiary
undertaking
£
Cost
Share in Shaw (CMN) Ltd 1
Loan to Shaw (CMN) Ltd 1,315,003
At 31 March 2023 1,315,004
The company owns 100% of ordinary shares in Shaw (CMN) Limited, a company incorporated in England and Wales, Company no: 14073424.
Consolidated accounts have not been prepared as the Directors consider they would be of limited value to the Directors or Member.
Shaw(CMN) Limited
Balance sheet as at 31 March 2023 £
Property in course of development 1,301,043
Debtors 13,961
Loan from Shaw Corporation Limited (1,315,003)
Net assets 1
Capital and reserves
Called up share capital 1
Shareholder's funds 1
6 Debtors 2023 2022
£ £
Trade debtors 10,000 110,454
Other debtors 22,345 13,500
Corporation tax refund 30,906
63,251 123,954
7 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 18,295 876
Loan from related party 1,000,000 -
Taxation and social security costs 24,457 216,838
Other creditors 57,778 214,709
1,100,530 432,423
8 Revaluation reserve 2023 2022
£ £
At 1 April 2022 6,159,934 6,159,934
At 31 March 2023 6,159,934 6,159,934
9 Capital commitments
There were no capital commitments contracted at 31 March 2023 (2022-£0).
10 Related party transactions
C J Shaw is a director of Shaw Corporation (Gibraltar) Limited and Regent Enterprise Limited, to which direct costs and consultancy fees totalling £150,000 and £15,000 respectively were paid during the year to 31 March 2023 (2022: £550,000 and £375,00).
During the year an unsecured loan for £1,000,000 was taken from Regent Enterprises Limited at an interest rate of 10% pa, repayable within 12 months.
11 Controlling party
The entire share capital of the company is owned by Shaw Corporation (Gibraltar) Limited, a Gibraltar incorporated company of which C J Shaw is the ultimate controlling party.
12 Other information
Shaw Corporation Ltd is a private company limited by shares and incorporated in England and Wales. Its registered office is:
42 Langham Street
London
W1W 7AT
Shaw Corporation Ltd 02902288 false 2022-04-01 2023-03-31 2023-03-31 VT Final Accounts October 2023 Richard George Norris No description of principal activity 02902288 2021-04-01 2022-03-31 02902288 core:WithinOneYear 2022-03-31 02902288 core:ShareCapital 2022-03-31 02902288 core:SharePremium 2022-03-31 02902288 core:OtherReservesSubtotal 2022-03-31 02902288 core:RetainedEarningsAccumulatedLosses 2022-03-31 02902288 core:RevaluationReserve 2021-03-31 02902288 2022-04-01 2023-03-31 02902288 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 02902288 bus:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 02902288 bus:Director40 2022-04-01 2023-03-31 02902288 1 2022-04-01 2023-03-31 02902288 2 2022-04-01 2023-03-31 02902288 core:LandBuildings 2022-04-01 2023-03-31 02902288 core:PlantMachinery 2022-04-01 2023-03-31 02902288 countries:England 2022-04-01 2023-03-31 02902288 bus:FRS102 2022-04-01 2023-03-31 02902288 bus:FullAccounts 2022-04-01 2023-03-31 02902288 2023-03-31 02902288 core:WithinOneYear 2023-03-31 02902288 core:ShareCapital 2023-03-31 02902288 core:SharePremium 2023-03-31 02902288 core:OtherReservesSubtotal 2023-03-31 02902288 core:RetainedEarningsAccumulatedLosses 2023-03-31 02902288 core:LandBuildings 2023-03-31 02902288 core:PlantMachinery 2023-03-31 02902288 core:AdditionsToInvestments 2023-03-31 02902288 core:RevaluationsIncreaseDecreaseInInvestments 2023-03-31 02902288 core:RevaluationReserve 2023-03-31 02902288 2022-03-31 02902288 core:LandBuildings 2022-03-31 02902288 core:PlantMachinery 2022-03-31 02902288 core:RevaluationReserve 2022-03-31 iso4217:GBP xbrli:pure