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REGISTERED NUMBER: 00243143 (England and Wales)
























Unaudited Financial Statements

for the Year Ended 31 December 2022

for

Shipton & Co.,Limited

Shipton & Co.,Limited (Registered number: 00243143)






Contents of the Financial Statements
for the Year Ended 31 December 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Shipton & Co.,Limited

Company Information
for the Year Ended 31 December 2022







DIRECTORS: The Lady May
The Lord May
Mrs M Beishon



SECRETARY: J.P. Daly



REGISTERED OFFICE: 27-33 Spencer Street
Hockley
Birmingham
West Midlands
B18 6DL



REGISTERED NUMBER: 00243143 (England and Wales)



ACCOUNTANTS: James, Stanley & Co. Limited
1,733 Coventry Road
South Yardley
Birmingham
West Midlands
B26 1DT



SOLICITORS: Clark Brookes Turner Cary
3rd Floor Guardian House
Cronehills Linkway
West Bromwich
West Midlands
B70 8GS

Shipton & Co.,Limited (Registered number: 00243143)

Balance Sheet
31 December 2022

31.12.22 31.12.21
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 5 82,762 87,240

CURRENT ASSETS
Inventories 6 1,703,509 1,579,652
Debtors 7 464,432 743,939
Cash at bank and in hand 117,885 119,817
2,285,826 2,443,408
CREDITORS
Amounts falling due within one
year

8

1,099,609

1,358,702
NET CURRENT ASSETS 1,186,217 1,084,706
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,268,979

1,171,946

CAPITAL AND RESERVES
Called up share capital 10 12,819 12,819
Retained earnings 1,256,160 1,159,127
SHAREHOLDERS' FUNDS 1,268,979 1,171,946

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 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.

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 28 November 2023 and were signed on its behalf by:





The Lord May - Director


Shipton & Co.,Limited (Registered number: 00243143)

Notes to the Financial Statements
for the Year Ended 31 December 2022

1. STATUTORY INFORMATION

Shipton & Co.,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. 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 the provisions of Section 1A "Small Entities" and the Companies Act 2006. There were no material departures from that standard.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Short leasehold - over the term of the lease
Plant and machinery - 10% on reducing balance
Fixtures and fittings - 10% on reducing balance
Computer equipment - 25% on cost

Stocks
Inventories and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing inventories to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Shipton & Co.,Limited (Registered number: 00243143)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

3. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Rentals received under operating leases are credited to the profit and loss account as they fall due.

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.

Loans from directors
As a small entity the company measures a basic financial liability that are loans from directors at transaction price.

Income recognition
The company supplies consignment stock to its customers. Income is recognised in this company once the stock has been sold to third parties by the customer such that the risks and rewards of ownership have transferred to them.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2021 - 18 ) .

Shipton & Co.,Limited (Registered number: 00243143)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

5. PROPERTY, PLANT AND EQUIPMENT
Freehold Short Plant and
property leasehold machinery
£    £    £   
COST
At 1 January 2022 128,489 3,212 63,117
Additions - - -
At 31 December 2022 128,489 3,212 63,117
DEPRECIATION
At 1 January 2022 86,983 3,212 56,467
Charge for year 2,356 - 665
At 31 December 2022 89,339 3,212 57,132
NET BOOK VALUE
At 31 December 2022 39,150 - 5,985
At 31 December 2021 41,506 - 6,650

Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 January 2022 221,652 169,639 586,109
Additions - 4,997 4,997
At 31 December 2022 221,652 174,636 591,106
DEPRECIATION
At 1 January 2022 186,783 165,424 498,869
Charge for year 3,487 2,967 9,475
At 31 December 2022 190,270 168,391 508,344
NET BOOK VALUE
At 31 December 2022 31,382 6,245 82,762
At 31 December 2021 34,869 4,215 87,240

Included in cost of land and buildings is freehold land of £ 10,700 (2021 - £ 10,700 ) which is not depreciated.

6. INVENTORIES
31.12.22 31.12.21
£    £   
Stocks 633,979 626,294
Packaging 170,274 71,094
Work-in-progress 69,895 67,248
Moulds 22,500 17,552
Finished goods 806,861 797,464
1,703,509 1,579,652

Shipton & Co.,Limited (Registered number: 00243143)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

7. DEBTORS
31.12.22 31.12.21
£    £   
Amounts falling due within one year:
Trade debtors 70,805 41,808
Amounts owed by group undertakings 219,149 112,875
Other debtors 7,253 7,254
Prepayments and accrued income 167,225 432,002
464,432 593,939

Amounts falling due after more than one year:
Trade debtors - 150,000

Aggregate amounts 464,432 743,939

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.22 31.12.21
£    £   
Trade creditors 247,887 178,730
Amounts owed to parent company 517,233 517,233
Social security and other
taxes

36,630

36,796
Other creditors 116,044 127,153
Amounts owed to group
undertakings

164,450

398,924
Directors' current accounts 6,134 5,959
Accruals and deferred income 11,231 93,907
1,099,609 1,358,702

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.22 31.12.21
£    £   
Within one year 28,494 28,494
Between one and five years 7,622 36,116
36,116 64,610

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.22 31.12.21
value: £    £   
12,819 Ordinary shares £1 12,819 12,819

11. CAPITAL COMMITMENTS
31.12.22 31.12.21
£    £   
Contracted but not provided for in the
financial statements - -

Shipton & Co.,Limited (Registered number: 00243143)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

12. SECURITY

TSB Bank plc hold fixed and floating mortgage charges dated 4 November 2019 on the company's premises at 21 Lake Road, Keswick and 47/49 Bank Street, Newquay as security against a group undertaking's bank borrowings. A balance of £319,105 was outstanding on this bank loan at 31 December 2022 (2021 - £339,435).

13. RELATED PARTY DISCLOSURES

In 2011 the company advanced a loan of £208,289 to a group undertaking to cover its set up costs. At the balance sheet date £43,865 in respect of this loan was outstanding and is presented within debtors due within one year.

At 31 December 2022 the company was owed £175,284 (2021 - £69,010) in respect of loans advanced to group undertakings.

At 31 December 2022 the company owed £164,450 (2021 - £398,924) in respect of loans advanced by group undertakings.

At 31 December 2022 the company owed £517,233 (2021 - £517,233) in respect of a loan advanced by its parent company.

These loans are unsecured and interest free with no specific repayment terms.

At 31 December 2022 the company benefited from loans advanced by members of key management personnel to the value of £6,134 (2021 - £5,959). These loans are unsecured and interest free with no specific repayment terms and are presented within creditors falling due within one year.

The company is guarantor of a lease relating to premises occupied by a group undertaking.

The company paid rent of £4,000 to a group undertaking in respect of its premises at 27-33 Spencer Street, Hockley, Birmingham.