Company registration number 13039945 (England and Wales)
SHACKLETONS HOLDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
SHACKLETONS HOLDINGS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
SHACKLETONS HOLDINGS LIMITED
BALANCE SHEET
AS AT
30 JUNE 2023
30 June 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
147,004
-
0
Investment property
4
6,139,367
4,250,000
Investments
5
102
2
6,286,473
4,250,002
Current assets
Debtors
7
2,520,517
1,810,048
Cash at bank and in hand
36,193
920,916
2,556,710
2,730,964
Creditors: amounts falling due within one year
8
(289,597)
(223,602)
Net current assets
2,267,113
2,507,362
Total assets less current liabilities
8,553,586
6,757,364
Creditors: amounts falling due after more than one year
9
(3,759,252)
(2,089,975)
Provisions for liabilities
(142,356)
-
0
Net assets
4,651,978
4,667,389
Capital and reserves
Called up share capital
10
2
2
Non-distributable profits reserve
11
(400,110)
-
0
Distributable profit and loss reserves
5,052,086
4,667,387
Total equity
4,651,978
4,667,389

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

SHACKLETONS HOLDINGS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2023
30 June 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 7 March 2024 and are signed on its behalf by:
P A Shackleton
Director
Company registration number 13039945 (England and Wales)
SHACKLETONS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
1
Accounting policies
Company information

Shackletons Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Mentor House, Ainsworth Street, Blackburn, Lancashire, BB1 6AY.

1.1
Reporting period

These financial statements cover the twelve month period ended 30 June 2023. The comparative amounts presented in the financial statements, including any notes, are not entirely comparable as they are for the eighteen month period from 1 January 2021 to 30 June 2022.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to to include investment properties at fair value. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.3
Going concern

The directors are not aware of any material uncertainties affecting the company and consider that the company will have sufficient resources to continue trading for the foreseeable future. As a result the directors have continued to adopt the going concern basis in preparing the financial statements.true

1.4
Turnover

Turnover represents amounts receivable for services provided net of VAT.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
15% Reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

SHACKLETONS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 4 -
1.7
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

SHACKLETONS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 5 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.11
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

SHACKLETONS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 6 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
2
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2022
-
0
Additions
165,638
At 30 June 2023
165,638
Depreciation and impairment
At 1 July 2022
-
0
Depreciation charged in the year
18,634
At 30 June 2023
18,634
Carrying amount
At 30 June 2023
147,004
At 30 June 2022
-
0
4
Investment property
2023
£
Fair value
At 1 July 2022
4,250,000
Additions
1,365,766
Revaluations
523,601
At 30 June 2023
6,139,367

During the year, the company's investment properties were revalued by the company director.

SHACKLETONS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
4
Investment property
(Continued)
- 7 -
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2023
2022
£
£
Cost
5,615,766
4,250,000
Accumulated depreciation
-
-
Carrying amount
5,615,766
4,250,000
5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
102
2
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 July 2022
2
Additions
818,207
Valuation changes
(818,107)
At 30 June 2023
102
Carrying amount
At 30 June 2023
102
At 30 June 2022
2
6
Subsidiaries

Details of the company's subsidiaries at 30 June 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Shackletons Garden Centre Limited
Clitheroe Road, Chatburn, Clitheroe, Lancashire, BB7 4JY
Ordinary
100.00
SDV Trade Racks Limited
Mentor House, Ainsworth Street, Blackburn, Lancashire, BB1 6AY
Ordinary
100.00
SHACKLETONS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 8 -
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
2,176,905
1,364,275
Other debtors
343,612
445,773
2,520,517
1,810,048

Other debtors includes an amount of £342,752 (2022 - £445,000) due to the company from the directors.

8
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
149,825
104,091
Taxation and social security
27,470
101,196
Other creditors
112,302
18,315
289,597
223,602

As security for the company's bank borrowings, the company's bankers hold a debenture which provides a fixed and floating charge over all of the company's assets, together with cross guarantees from fellow group companies.

9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
3,759,252
2,089,975
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
3,072,410
1,620,567
10
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
SHACKLETONS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 9 -
11
Non-distributable profits reserve
2023
2022
£
£
At the beginning of the year
-
-
Non distributable profits in the year
(400,110)
-
At the end of the year
(400,110)
-
2023-06-302022-07-01false08 March 2024CCH SoftwareCCH Accounts Production 2023.300No description of principal activityD M ShackletonP A Shackletonfalse130399452022-07-012023-06-30130399452023-06-30130399452022-06-3013039945core:OtherPropertyPlantEquipment2023-06-3013039945core:OtherPropertyPlantEquipment2022-06-3013039945core:CurrentFinancialInstrumentscore:WithinOneYear2023-06-3013039945core:CurrentFinancialInstrumentscore:WithinOneYear2022-06-3013039945core:Non-currentFinancialInstrumentscore:AfterOneYear2023-06-3013039945core:Non-currentFinancialInstrumentscore:AfterOneYear2022-06-3013039945core:CurrentFinancialInstruments2023-06-3013039945core:CurrentFinancialInstruments2022-06-3013039945core:ShareCapital2023-06-3013039945core:ShareCapital2022-06-3013039945core:FurtherSpecificReserve1ComponentTotalEquity2023-06-3013039945core:FurtherSpecificReserve1ComponentTotalEquity2022-06-3013039945core:RetainedEarningsAccumulatedLosses2023-06-3013039945core:RetainedEarningsAccumulatedLosses2022-06-3013039945bus:Director22022-07-012023-06-3013039945core:PlantMachinery2022-07-012023-06-30130399452021-01-012022-06-3013039945core:OtherPropertyPlantEquipment2022-06-3013039945core:OtherPropertyPlantEquipment2022-07-012023-06-30130399452022-06-3013039945core:WithinOneYear2023-06-3013039945core:WithinOneYear2022-06-3013039945core:Non-currentFinancialInstruments2023-06-3013039945core:Non-currentFinancialInstruments2022-06-3013039945bus:PrivateLimitedCompanyLtd2022-07-012023-06-3013039945bus:SmallCompaniesRegimeForAccounts2022-07-012023-06-3013039945bus:FRS1022022-07-012023-06-3013039945bus:AuditExemptWithAccountantsReport2022-07-012023-06-3013039945bus:Director12022-07-012023-06-3013039945bus:FullAccounts2022-07-012023-06-30xbrli:purexbrli:sharesiso4217:GBP