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Registration number: NI647936

Strain & Shields Ltd

Unaudited Filleted Abridged Financial Statements

for the Year Ended 30 September 2023

 

Strain & Shields Ltd

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 9

 

Strain & Shields Ltd

Company Information

Directors

Kieran Shields

Conor Shields

Registered office

38 Tullyherron Road
Mountnorris
Co Armagh
BT60 2UF

Accountants

Kennedy & Co
Chartered Certified Accountants
21 Kilmorey Street
Newry
Co Down
BT34 2DF

 

Strain & Shields Ltd

(Registration number: NI647936)
Abridged Balance Sheet as at 30 September 2023

Note

2023
£

(As restated)

2022
£

Fixed assets

 

Tangible assets

5

601,170

533,878

Current assets

 

Debtors

548,132

534,174

Cash at bank and in hand

 

209,020

152,905

 

757,152

687,079

Prepayments and accrued income

 

60,514

20,708

Creditors: Amounts falling due within one year

(501,189)

(498,431)

Net current assets

 

316,477

209,356

Total assets less current liabilities

 

917,647

743,234

Creditors: Amounts falling due after more than one year

(70,834)

(49,190)

Provisions for liabilities

(147,365)

(130,354)

Accruals and deferred income

 

(11,574)

(15,490)

Net assets

 

687,874

548,200

Capital and reserves

 

Called up share capital

6

1,000

1,000

Retained earnings

686,874

547,200

Shareholders' funds

 

687,874

548,200

 

Strain & Shields Ltd

(Registration number: NI647936)
Abridged Balance Sheet as at 30 September 2023

For the financial year ending 30 September 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 in accordance with the provisions applicable to companies subject to the small companies' regime.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

The financial statements were approved and authorised by the Board on 22 April 2024 and signed on its behalf by:
 

.......................................................

Kieran Shields
Director

.......................................................

Conor Shields
Director

 

Strain & Shields Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2023

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
38 Tullyherron Road
Mountnorris
Co Armagh
BT60 2UF

These financial statements were authorised for issue by the Board on 22 April 2024.

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 abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These abridged 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.

The financial statements are presented in sterling which is the functional currency of the company.

All members have consented to the abridgement of these financial statements.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:


Rendering of services

When the outcome of a transaction can be estimated reliably, turnover from freight haulage is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to completion of a delivery.

Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.

 

Strain & Shields Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2023

Foreign currency transactions and balances

Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction.

Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate.

Tax

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 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.

Tangible assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation

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 systematic basis over its expected useful life as follows:

Asset class

Depreciation method and rate

Plant and machinery

10% Reducing Balance

Trailers and lorries

20% Reducing Balance

Motor vehicles

20% Reducing Balance

Office equipment

15% Reducing Balance

Amortisation

Intangible assets are amortised on a straight line basis over their useful lives. The useful lives of intangible assets are as follows:

Asset class

Amortisation method and rate

Goodwill

25% Straight Line

Trade debtors

Debtors with no stated interest rate and receivable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

 

Strain & Shields Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2023

Trade creditors

Creditors with no stated interest rate and payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Provisions

Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

Leases

Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors.

Where goods are sold using finance leases, the entity recognises turnover from the sale of goods and the rights to receive future lease payments as a debtor. Minimum lease payments are apportioned between finance income and the reduction of the lease debtor with finance income allocated so as to produce a constant periodic rate of interest on the net investment in the finance lease.

Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

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

The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

 

Strain & Shields Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2023

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset’s cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

3

Staff numbers

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

4

Intangible assets

Total
£

Cost or valuation

At 1 October 2022

20,000

At 30 September 2023

20,000

Amortisation

At 1 October 2022

20,000

At 30 September 2023

20,000

Carrying amount

At 30 September 2023

-

 

Strain & Shields Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2023

5

Tangible assets

Trailers and lorries
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2022

965,409

52,795

1,635

15,000

1,034,839

Additions

315,258

-

-

-

315,258

Disposals

(144,180)

-

-

-

(144,180)

At 30 September 2023

1,136,487

52,795

1,635

15,000

1,205,917

Depreciation

At 1 October 2022

483,915

9,043

683

7,320

500,961

Charge for the year

138,709

4,375

143

1,536

144,763

Eliminated on disposal

(40,977)

-

-

-

(40,977)

At 30 September 2023

581,647

13,418

826

8,856

604,747

Carrying amount

At 30 September 2023

554,840

39,377

809

6,144

601,170

At 30 September 2022

481,494

43,752

952

7,680

533,878

 

Strain & Shields Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2023

6

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary Share Capital of £1 each

1,000

1,000

1,000

1,000