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Registration number: 07305240

Shawcroft Consulting Ltd

Annual Report and Unaudited Financial Statements

for the Period from 1 September 2021 to 30 November 2022

 

Shawcroft Consulting Ltd

(Registration number: 07305240)
Balance Sheet as at 30 November 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

6,016

4,110

Investment property

5

364,123

364,123

Investments

6

-

5,000

 

370,139

373,233

Current assets

 

Debtors

7

724,812

87,976

Cash at bank and in hand

 

26,923

136,664

 

751,735

224,640

Creditors: Amounts falling due within one year

8

(139,721)

(34,815)

Net current assets

 

612,014

189,825

Total assets less current liabilities

 

982,153

563,058

Deferred tax liabilities

9

(1,677)

(2,765)

Net assets

 

980,476

560,293

Capital and reserves

 

Called up share capital

1

1

Revaluation reserve

20,785

20,785

Profit and loss account

959,690

539,507

Shareholders' funds

 

980,476

560,293

For the financial period ending 30 November 2022 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 period 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 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 20 November 2023 and signed on its behalf by:
 


C Flint
Director

 

Shawcroft Consulting Ltd

Notes to the Unaudited Financial Statements for the Period from 1 September 2021 to 30 November 2022

 

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:
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

 

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 for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Judgements and estimation uncertainty

These financial statements do not contain any significant judgements or estimation uncertainty.

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 and after eliminating sales within the company.

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 and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation 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.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income 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.

 

Shawcroft Consulting Ltd

Notes to the Unaudited Financial Statements for the Period from 1 September 2021 to 30 November 2022

Tangible fixed assets

Tangible assets are stated in the statement of financial position 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

Office equipment

20% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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 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 all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

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.

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.

 

Shawcroft Consulting Ltd

Notes to the Unaudited Financial Statements for the Period from 1 September 2021 to 30 November 2022

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 2 (2021 - 2).

 

4

Tangible fixed assets

Furniture, fittings and equipment
 £

Cost or valuation

At 1 September 2021

6,908

Additions

4,586

Disposals

(3,720)

At 30 November 2022

7,774

Depreciation

At 1 September 2021

2,798

Charge for the year

1,470

Eliminated on disposal

(2,510)

At 30 November 2022

1,758

Carrying amount

At 30 November 2022

6,016

At 31 August 2021

4,110

 

Shawcroft Consulting Ltd

Notes to the Unaudited Financial Statements for the Period from 1 September 2021 to 30 November 2022

 

5

Investment properties

2022
£

At 1 September 2021 and 30 November 2022

364,123

The directors believe this to be the current market value of the investment properties.

 

6

Investments held as fixed assets

2022
£

2021
£

Interest in Limited Liability Partnership

-

5,000

The fixed asset investments represent the company's interest in K22 Services LLP (OC314066), a Limited Liability Partnership in which Shawcroft Consulting Limited was a designated member.

This investment was disposed of on 30 November 2022.

 

7

Debtors

Note

30 November 2022
 £

31 August 2021
 £

Directors' loan account

10

180,450

10,802

Other debtors

 

544,362

77,174

   

724,812

87,976

 

8

Creditors

30 November 2022
 £

31 August 2021
 £

Due within one year

Accrued expenses

6,220

7,252

Corporation tax liability

133,501

27,563

139,721

34,815

 

9

Deferred tax

Deferred tax assets and liabilities

2022

Liability
£

Accelerated tax depreciation

1,677

1,677

2021

Liability
£

Accelerated tax depreciation

2,765

2,765

 

Shawcroft Consulting Ltd

Notes to the Unaudited Financial Statements for the Period from 1 September 2021 to 30 November 2022

 

10

Related party transactions

Summary of transactions with directors

At 30 November 2022, C Flint and W L Flint owed the company £180,450 (2021: £10,802) in the form of a directors' loan account. No interest was charged on the loan and it is repayable on demand.