W Shipsey & Sons Limited 02122973 false 2022-02-01 2023-01-31 2023-01-31 The principal activity of the company is provision of catering supplies and the hire of marquees and catering equipment. Digita Accounts Production Advanced 6.30.9574.0 true 02122973 2022-02-01 2023-01-31 02122973 2023-01-31 02122973 core:CurrentFinancialInstruments 2023-01-31 02122973 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 02122973 core:Goodwill 2023-01-31 02122973 core:FurnitureFittingsToolsEquipment 2023-01-31 02122973 core:MotorVehicles 2023-01-31 02122973 core:OtherPropertyPlantEquipment 2023-01-31 02122973 bus:SmallEntities 2022-02-01 2023-01-31 02122973 bus:AuditExemptWithAccountantsReport 2022-02-01 2023-01-31 02122973 bus:FullAccounts 2022-02-01 2023-01-31 02122973 bus:SmallCompaniesRegimeForAccounts 2022-02-01 2023-01-31 02122973 bus:RegisteredOffice 2022-02-01 2023-01-31 02122973 bus:Director2 2022-02-01 2023-01-31 02122973 bus:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 02122973 core:Goodwill 2022-02-01 2023-01-31 02122973 core:FurnitureFittingsToolsEquipment 2022-02-01 2023-01-31 02122973 core:MotorVehicles 2022-02-01 2023-01-31 02122973 core:OfficeEquipment 2022-02-01 2023-01-31 02122973 core:OtherPropertyPlantEquipment 2022-02-01 2023-01-31 02122973 core:VehiclesPlantMachinery 2022-02-01 2023-01-31 02122973 countries:EnglandWales 2022-02-01 2023-01-31 02122973 2022-01-31 02122973 core:Goodwill 2022-01-31 02122973 core:FurnitureFittingsToolsEquipment 2022-01-31 02122973 core:MotorVehicles 2022-01-31 02122973 core:OtherPropertyPlantEquipment 2022-01-31 02122973 2021-02-01 2022-01-31 02122973 2022-01-31 02122973 core:CurrentFinancialInstruments 2022-01-31 02122973 core:CurrentFinancialInstruments core:WithinOneYear 2022-01-31 02122973 core:FurnitureFittingsToolsEquipment 2022-01-31 02122973 core:MotorVehicles 2022-01-31 02122973 core:OtherPropertyPlantEquipment 2022-01-31 iso4217:GBP xbrli:pure

W Shipsey & Sons Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 January 2023

Registration number: 02122973

 

W Shipsey & Sons Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

W Shipsey & Sons Limited

Balance Sheet

31 January 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

6

98,925

85,641

Current assets

 

Stocks

280

265

Debtors

7

21,599

25,676

Cash at bank and in hand

 

53,473

49,165

 

75,352

75,106

Creditors: Amounts falling due within one year

8

(92,399)

(87,436)

Net current liabilities

 

(17,047)

(12,330)

Total assets less current liabilities

 

81,878

73,311

Provisions for liabilities

(3,849)

(3,746)

Net assets

 

78,029

69,565

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

78,027

69,563

Shareholders' funds

 

78,029

69,565

 

W Shipsey & Sons Limited

Balance Sheet

31 January 2023

For the financial year ending 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 27 October 2023 and signed on its behalf by:
 

.........................................
T J W Shipsey
Director

Company Registration Number: 02122973

 

W Shipsey & Sons Limited

Notes to the Unaudited Financial Statements

Year Ended 31 January 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:
1 Meadow View Coombe Farm
Stratford Tony Road
Coombe Bissett
Salisbury
Wiltshire
SP5 4JY

These financial statements were authorised for issue by the Board on 27 October 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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', including Section 1A, 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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for catering and equipment hire services provided under contracts with customers to the extent that there is a right to consideration. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the entity. Where a service is incomplete at the year end, turnover represents the value of services provided to that date based on an appropriate proportion of the total expected consideration at completion. Where consideration is received in advance this is categorised as a creditor until the revenue is recognised.

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.

 

W Shipsey & Sons Limited

Notes to the Unaudited Financial Statements

Year Ended 31 January 2023

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Apart from freehold property, tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Freehold property was revalued on the basis of its open market value on transition to FRS 102 and is now held at the valuation at that date less subsequent accumulated depreciation.

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

Marquees and equipment

15% reducing balance

Office equipment

15% reducing balance

Motor vehicles

25% reducing balance

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

W Shipsey & Sons Limited

Notes to the Unaudited Financial Statements

Year Ended 31 January 2023

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.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2022 - 8).

4

Taxation

Tax charged/(credited) in the profit and loss account

2023
 £

2022
 £

Deferred taxation

Arising from origination and reversal of timing differences

103

3,721

Arising from changes in tax rates and laws

-

25

Total deferred taxation

103

3,746

 

W Shipsey & Sons Limited

Notes to the Unaudited Financial Statements

Year Ended 31 January 2023

The company has tax losses of approximately £69,492 (2021 - £94,000) available to carry forward to offset future profits.

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 February 2022

35,000

35,000

At 31 January 2023

35,000

35,000

Amortisation

At 1 February 2022

35,000

35,000

At 31 January 2023

35,000

35,000

Carrying amount

At 31 January 2023

-

-

 

W Shipsey & Sons Limited

Notes to the Unaudited Financial Statements

Year Ended 31 January 2023

6

Tangible assets

Office equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 February 2022

8,368

64,055

309,033

381,456

Additions

274

-

31,430

31,704

At 31 January 2023

8,642

64,055

340,463

413,160

Depreciation

At 1 February 2022

6,777

55,872

233,165

295,814

Charge for the year

280

2,045

16,096

18,421

At 31 January 2023

7,057

57,917

249,261

314,235

Carrying amount

At 31 January 2023

1,585

6,138

91,202

98,925

At 31 January 2022

1,591

8,182

75,868

85,641

 

W Shipsey & Sons Limited

Notes to the Unaudited Financial Statements

Year Ended 31 January 2023

7

Debtors

2023
£

2022
£

Trade debtors

8,276

25,595

Prepayments

124

81

Other debtors

13,199

-

21,599

25,676

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

7,502

8,095

Taxation and social security

13,175

6,490

Other creditors

54,249

54,690

Accruals and deferred income

17,473

18,161

92,399

87,436