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Registration number: 02205105

N. Shipley & Co. Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2023

 

N. Shipley & Co. Limited

Contents

Balance sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 6

 

N. Shipley & Co. Limited

(Registration number: 02205105)
Balance sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible fixed assets

3

-

45

Current assets

 

Debtors

4

17,688

18,684

Cash at bank and in hand

 

37,308

12,135

 

54,996

30,819

Creditors: Amounts falling due within one year

5

(14,559)

(4,616)

Net current assets

 

40,437

26,203

Total assets less current liabilities

 

40,437

26,248

Provisions for liabilities

-

(8)

Net assets

 

40,437

26,240

Capital and reserves

 

Called up share capital

6

2

2

Retained earnings

6

40,435

26,238

Total equity

 

40,437

26,240

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.

Director's 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 director acknowledges his 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 and in accordance with the provisions of FRS 102 Section 1A - small entities. The Director's report and the Statement of Income and Retained Earnings have not been delivered to the Registrar of Companies.

The financial statements of N. Shipley & Co. Limited were approved and authorised for issue by the board on 27 March 2024
 

 

N. Shipley & Co. Limited

(Registration number: 02205105)
Balance sheet as at 30 September 2023 (continued)

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

N Shipley
Director

 

N. Shipley & Co. Limited

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

1

General information

N. Shipley & Co. Limited (the 'company') is a private company limited by share capital, registered in England and Wales under the Companies Act. The address of the registered office is given on page 1. The nature of the company’s operations and its principal activities are set out in the directors' report on page 2.

2

Accounting policies

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.

Going concern

The director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus he continues to adopt the going concern basis in preparing the annual financial statements.

Statement of compliance

These 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 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 functional currency of the company is considered to be pound sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pound sterling (£).

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax.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.

Taxation

The tax expense for the period comprises current and deferred 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.

The current income 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.

 

N. Shipley & Co. Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 September 2023 (continued)

2

Accounting policies (continued)

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 reporting date and that are expected to apply to the reversal of the timing difference.

Tangible fixed assets

Tangible fixed 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 fixed assets includes directly attributable incremental costs incurred in their acquisition and installation.

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

Fixtures and fittings

Straight line over 5 years

Computer equipment

Straight line over 3 years

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.

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.

Financial instruments

Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Current asset investments are recognised at fair value. The gains made or losses incurred due to the change in fair value is accounted in the profit and loss account.

 

N. Shipley & Co. Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 September 2023 (continued)

3

Tangible fixed assets

Furniture, fittings and equipment
 £

Computer equipment
£

Total
£

Cost

At 1 October 2022

2,213

4,195

6,408

At 30 September 2023

2,213

4,195

6,408

Depreciation

At 1 October 2022

2,168

4,195

6,363

Charge for the year

45

-

45

At 30 September 2023

2,213

4,195

6,408

Carrying amount

At 30 September 2023

-

-

-

At 30 September 2022

45

-

45

4

Debtors

2023
£

2022
£

Trade debtors

15,160

16,646

Prepayments

2,528

2,038

17,688

18,684

 

N. Shipley & Co. Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 September 2023 (continued)

5

Creditors

2023
£

2022
£

Due within one year

Trade Creditors

95

90

Corporation tax

10,144

(403)

Social security and other taxes

2,540

3,149

Accrued expenses

1,780

1,780

14,559

4,616

6

Share capital and reserves

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

         

The company has one class of share capital which carries no right to fixed income.

Reserves
The retained earnings reserve represents cumulative profit or losses net of dividends paid and other adjustments.

7

Staff numbers

The average number of employees was 2 (2022 - 2).

8

Dividends

Final dividends paid

   

2023
£

 

2022
£

Final dividend of £14,000.00 (2022 - £7,000.00) per each Ordinary shares

 

28,000

 

14,000