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REGISTERED NUMBER: 02131840 (England and Wales)












Unaudited Financial Statements

for the Year Ended 31 July 2023

for

Shormil Limited

Shormil Limited (Registered number: 02131840)






Contents of the Financial Statements
for the Year Ended 31 July 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Shormil Limited

Company Information
for the Year Ended 31 July 2023







Directors: M C Sutherland
Mrs P J Sutherland-Rose
Mrs P J Sutherland
Mrs C M Gurney
Mrs L M Matthews





Secretary: Mrs P J Sutherland





Registered office: New Mills Industrial Estate
Leadon Way
Ledbury
Herefordshire
HR8 2SR





Registered number: 02131840 (England and Wales)





Accountants: Crowthers Chartered Accountants
10 The Southend
Ledbury
Herefordshire
HR8 2EY

Shormil Limited (Registered number: 02131840)

Statement of Financial Position
31 July 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 145,452 165,525
Investments 5 1 1
Investment property 6 15,511,964 15,206,926
15,657,417 15,372,452

CURRENT ASSETS
Debtors 7 75,936 68,881
Cash at bank 499,315 420,630
575,251 489,511
CREDITORS
Amounts falling due within one year 8 2,420,292 2,274,526
NET CURRENT LIABILITIES (1,845,041 ) (1,785,015 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

13,812,376

13,587,437

PROVISIONS FOR LIABILITIES 1,189,167 894,399
NET ASSETS 12,623,209 12,693,038

CAPITAL AND RESERVES
Called up share capital 9 10,000 10,000
Fair value reserve 7,062,108 7,018,632
Retained earnings 5,551,101 5,664,406
SHAREHOLDERS' FUNDS 12,623,209 12,693,038

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Shormil Limited (Registered number: 02131840)

Statement of Financial Position - continued
31 July 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 October 2023 and were signed on its behalf by:





M C Sutherland - Director


Shormil Limited (Registered number: 02131840)

Notes to the Financial Statements
for the Year Ended 31 July 2023

1. STATUTORY INFORMATION

Shormil Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The company and its subsidiary undertaking comprise a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 not to prepare group accounts. The financial statements therefore present information about the company as an individual undertaking and not about the group.

The functional currency of Shormil Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the company operates.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Therefore actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Within the company, the area where there is significant estimation of uncertainty is Investment Property. The Investment Property has been partly valued by an Independent Valuer at fair value. The remaining properties have been valued by the directors at what they believe to be fair value.

Turnover
Turnover represents the amounts invoiced, excluding value added tax, in respect of rental, management and hire charges.

Tangible fixed assets
Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment.

Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Plant and machinery etc - 25% on reducing balance and 15% on reducing balance.

Residual value represents the estimated amount which would currently be obtained from disposing of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Investment property
Investment property is included at fair value. Gains on sale are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.


Shormil Limited (Registered number: 02131840)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

2. ACCOUNTING POLICIES - continued
Taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Investments
Investments are stated at cost, but are written down to their net realisable value if there has been a permanent diminution of their value. Income on investments is included in the financial statements when amounts are received.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 6 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Plant and
machinery
etc
£   
Cost
At 1 August 2022 307,240
Additions 8,652
Disposals (6,518 )
At 31 July 2023 309,374
Depreciation
At 1 August 2022 141,715
Charge for year 27,890
Eliminated on disposal (5,683 )
At 31 July 2023 163,922
Net book value
At 31 July 2023 145,452
At 31 July 2022 165,525

Shormil Limited (Registered number: 02131840)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

4. PROPERTY, PLANT AND EQUIPMENT - continued

Plant and machinery includes assets at cost of £73,778 (2022: £80,296) and accumulated depreciation of £64,746 (2022: £68,371) in respect of assets held for use in operating leases.

5. FIXED ASSET INVESTMENTS
Other
investments
£   
Cost
At 1 August 2022
and 31 July 2023 1
Net book value
At 31 July 2023 1
At 31 July 2022 1

6. INVESTMENT PROPERTY
Total
£   
Fair value
At 1 August 2022 15,206,926
Additions 261,562
Revaluations 43,476
At 31 July 2023 15,511,964
Net book value
At 31 July 2023 15,511,964
At 31 July 2022 15,206,926

The fair value of fixed assets includes an amount of £15,511,964 (2022: £15,206,926) in respect of investment properties held for use in operating leases.

Fair value at 31 July 2023 is represented by:
£   
Valuation in 2014 2,429,830
Valuation in 2016 2,186,761
Valuation in 2017 (118,097 )
Valuation in 2018 193,110
Valuation in 2019 496,214
Valuation in 2020 293,205
Valuation in 2021 749,231
Valuation in 2022 788,378
Valuation in 2023 43,476
Cost 8,449,856
15,511,964

Shormil Limited (Registered number: 02131840)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

6. INVESTMENT PROPERTY - continued

If investment property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 8,449,856 8,188,294

Investment property was valued on a fair value basis on 31 July 2023 by the directors .

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 53,236 51,029
Prepayments 22,700 17,852
75,936 68,881

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 20,749 23,287
Tax 53,571 57,933
Social security and other taxes 21,362 16,676
Other creditors 13,040 9,138
Directors' current accounts 2,255,095 2,114,000
Accruals and deferred income 56,475 53,492
2,420,292 2,274,526

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
10,000 Ordinary £1 10,000 10,000

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included in creditors is £2,255,095 (2022: £2,114,000) owed to the directors. Interest has been charged on the loans at 7.75%. The loans are repayable on demand and are unsecured.