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Registration number: 08399037

I & M Shaw Limited

Unaudited Financial Statements

for the Year Ended 31 October 2023

 

I & M Shaw Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

I & M Shaw Limited

(Registration number: 08399037)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

360,000

384,000

Tangible assets

5

178,146

167,397

 

538,146

551,397

Current assets

 

Stocks

6

59,200

17,981

Debtors

7

65,122

128,549

Cash at bank and in hand

 

33,421

39,893

 

157,743

186,423

Creditors: Amounts falling due within one year

8

(103,117)

(106,203)

Net current assets

 

54,626

80,220

Total assets less current liabilities

 

592,772

631,617

Creditors: Amounts falling due after more than one year

8

(43,986)

(57,512)

Provisions for liabilities

(33,848)

(31,805)

Net assets

 

514,938

542,300

Capital and reserves

 

Called up share capital

2

2

Share premium reserve

507,285

507,285

Retained earnings

7,651

35,013

Shareholders' funds

 

514,938

542,300

For the financial year ending 31 October 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 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. 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.

 

I & M Shaw Limited

(Registration number: 08399037)
Balance Sheet as at 31 October 2023

Approved and authorised by the Board on 31 July 2024 and signed on its behalf by:
 

.........................................
Mr Ian Mark Shaw
Director

 

I & M Shaw Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

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:
Sycamore Lodge Farm Ford Wetley
Onecote
Leek
ST13 7RN

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).The financial statements have been prepared under the historical cost convention and in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities Regime'.

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.

Judgements

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.

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.

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.

 

I & M Shaw Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Tax

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.

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 assets

Tangible assets are stated in the balance sheet 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

Motor vehicles

20% reducing balance

Fixtures fittings & equipment

10% reducing balance

Plant & machinery

20% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5% straight line

 

I & M Shaw Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

I & M Shaw Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 November 2022

480,000

480,000

At 31 October 2023

480,000

480,000

Amortisation

At 1 November 2022

96,000

96,000

Amortisation charge

24,000

24,000

At 31 October 2023

120,000

120,000

Carrying amount

At 31 October 2023

360,000

360,000

At 31 October 2022

384,000

384,000

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 November 2022

13,748

157,580

150,059

321,387

Additions

97

32,300

22,018

54,415

Disposals

-

-

(857)

(857)

At 31 October 2023

13,845

189,880

171,220

374,945

Depreciation

At 1 November 2022

4,365

76,496

73,129

153,990

Charge for the year

949

22,677

19,689

43,315

Eliminated on disposal

-

-

(506)

(506)

At 31 October 2023

5,314

99,173

92,312

196,799

Carrying amount

At 31 October 2023

8,531

90,707

78,908

178,146

At 31 October 2022

9,383

81,084

76,930

167,397

 

I & M Shaw Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

6

Stocks

2023
£

2022
£

Work in progress

59,200

17,981

7

Debtors

Current

2023
£

2022
£

Trade debtors

51,660

126,849

Other debtors

13,462

1,700

 

65,122

128,549

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

25,543

15,241

Trade creditors

 

45,071

50,067

Taxation and social security

 

31,556

40,537

Other creditors

 

947

358

 

103,117

106,203

2023
£

2022
£

Current loans and borrowings

Bank borrowings

6,715

5,833

HP and finance lease liabilities

18,828

9,408

25,543

15,241

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

43,986

57,512