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REGISTERED NUMBER: 03623882 (England and Wales)












REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2023

FOR

R A SHIELD HOLDINGS LIMITED

R A SHIELD HOLDINGS LIMITED (REGISTERED NUMBER: 03623882)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 October 2023










Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 3

Statement of Income and Retained Earnings 5

Balance Sheet 6

Notes to the Financial Statements 7


R A SHIELD HOLDINGS LIMITED

COMPANY INFORMATION
for the year ended 31 October 2023







DIRECTORS: J Cooper
C R F Shield





REGISTERED OFFICE: 365 Fosse Way
Syston
Leicester
LE7 1NL





REGISTERED NUMBER: 03623882 (England and Wales)





AUDITORS: Magma Audit LLP (part of the Dains Group)
Chartered Accountants
Statutory Auditor
Unit 2, Charnwood Edge Business Park
Syston Road
Leicestershire
LE7 4UZ

R A SHIELD HOLDINGS LIMITED (REGISTERED NUMBER: 03623882)

REPORT OF THE DIRECTORS
for the year ended 31 October 2023


The directors present their report with the financial statements of the company for the year ended 31 October 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of an investment property.

DIVIDENDS
The total distribution of dividends for the year ended 31 October 2023 will be £Nil (2022: £5,105,909).

The dividend in specie in the prior year arose due to a group demerger transaction.

In August 2022 the company acquired the entire share capital of Home Farm Beeby Limited and Shield Manufacturing Technologies Limited in return for shares. The shares were transferred up the group by way of a dividend in specie in August 2022 and disposed of by way of a share capital reduction.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 November 2022 to the date of this report.

J Cooper
C R F Shield

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Magma Audit LLP (part of the Dains Group), will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





C R F Shield - Director


30 July 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
R A SHIELD HOLDINGS LIMITED


Opinion
We have audited the financial statements of R A Shield Holdings Limited (the 'company') for the year ended 31 October 2023 which comprise the Statement of Income and Retained Earnings, Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 October 2023 and of its loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
R A SHIELD HOLDINGS LIMITED


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the company and the industry, we have identified that the principal risks of non-compliance with laws and regulations related to UK Tax and legislation and breaches of health and safety, and we have considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting inappropriate journal entries, and management bias in accounting estimates. Audit procedures performed included:

- enquiries with management for consideration of known or suspected instances of non-compliance with laws and regulations and fraud.
- challenging assumptions made by management in their accounting estimates and assessment of investment property valuations
- identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.

There are inherent limitations in the audit procedures described above. The more removed non-compliance with laws and regulations is, from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by forgery or intentional misrepresentation, for example, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Luke Turner FCA FCCA (Senior Statutory Auditor)
for and on behalf of Magma Audit LLP (part of the Dains Group)
Chartered Accountants
Statutory Auditor
Unit 2, Charnwood Edge Business Park
Syston Road
Leicestershire
LE7 4UZ

31 July 2024

R A SHIELD HOLDINGS LIMITED (REGISTERED NUMBER: 03623882)

STATEMENT OF INCOME AND
RETAINED EARNINGS
for the year ended 31 October 2023

2023 2022
Notes £    £   

TURNOVER 59,417 62,318

Administrative expenses (103,871 ) (148,331 )
OPERATING LOSS 5 (44,454 ) (86,013 )

Income from shares in group undertakings - 5,105,909
(LOSS)/PROFIT BEFORE TAXATION (44,454 ) 5,019,896

Tax on (loss)/profit 6 (61,292 ) (28,454 )
(LOSS)/PROFIT FOR THE FINANCIAL YEAR (105,746 ) 4,991,442

Retained earnings at beginning of year 4,997,946 5,112,413

Dividend in specie 7 - (5,105,909 )

RETAINED EARNINGS AT END OF YEAR 4,892,200 4,997,946

R A SHIELD HOLDINGS LIMITED (REGISTERED NUMBER: 03623882)

BALANCE SHEET
31 October 2023

2023 2022
Notes £    £   
FIXED ASSETS
Investments 8 6,024 6,024
Investment property 9 3,873,546 3,788,249
3,879,570 3,794,273

CURRENT ASSETS
Debtors 10 3,304,006 3,288,383
Cash at bank and in hand 10,341 47,073
3,314,347 3,335,456
CREDITORS
Amounts falling due within one year 11 (1,938,499 ) (1,797,670 )
NET CURRENT ASSETS 1,375,848 1,537,786
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,255,418

5,332,059

PROVISIONS FOR LIABILITIES 12 (59,000 ) (29,895 )
NET ASSETS 5,196,418 5,302,164

CAPITAL AND RESERVES
Called up share capital 13 33,779 33,779
Fair value reserves 14 270,439 270,439
Retained earnings 14 4,892,200 4,997,946
SHAREHOLDERS' FUNDS 5,196,418 5,302,164

The financial statements were approved by the Board of Directors and authorised for issue on 30 July 2024 and were signed on its behalf by:





C R F Shield - Director


R A SHIELD HOLDINGS LIMITED (REGISTERED NUMBER: 03623882)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 October 2023


1. STATUTORY INFORMATION

R A Shield Holdings Limited is a private limited company, limited by shares, registered in England and Wales. Its registered office address is 365 Fosse Way, Syston, Leicester, LE7 1NL and the registered number is 03623882.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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

The company has not prepared consolidated financial statements on account of the fact that consolidated financial statements have been prepared by Shield Engineering Group Holdings Limited.

Going concern
The directors believe that it is appropriate to adopt the going concern basis in the preparation of the financial statements. At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 3.17(d);
the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A.

Turnover
Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Investments in subsidiaries
Investment in the subsidiaries are measured at cost less accumulated impairment.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Income Statement.

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.

(i) 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.

R A SHIELD HOLDINGS LIMITED (REGISTERED NUMBER: 03623882)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 October 2023


2. ACCOUNTING POLICIES - continued

(ii) Financial liabilities
Basic financial liabilities, including creditors and bank loans 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 receipts 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.

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

Taxation
The tax expense for the year comprises current and deferred tax.

Tax is recognised in profit or loss except that a change attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Finance costs
Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Interest income
Interest income is recognised in the Profit and Loss Account using the effective interest method.

R A SHIELD HOLDINGS LIMITED (REGISTERED NUMBER: 03623882)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 October 2023


3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:

Depreciation of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual lives of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 8 for the carrying amount of the assets and the tangible fixed assets accounting policy for the useful economic lives for each class of asset.

Revaluation of investment property
The company carries its investment property at fair value as set out in note 2 above. The directors obtain independent advice from a firm of Chartered Surveyors and estimate fair value using this information together with market data, the nature and location of specific properties and terms of tenancies.

4. EMPLOYEES AND DIRECTORS

2023 2022
Directors 2 2

2023 2022
£ £
Directors' remuneration - -

5. OPERATING LOSS

The operating loss is stated after charging:

2023 2022
£    £   
Auditors' remuneration 6,500 8,550

6. TAXATION

Analysis of the tax charge
The tax charge on the loss for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 32,187 -

Deferred tax 29,105 28,454
Tax on (loss)/profit 61,292 28,454

R A SHIELD HOLDINGS LIMITED (REGISTERED NUMBER: 03623882)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 October 2023


6. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
(Loss)/profit before tax (44,454 ) 5,019,896
(Loss)/profit multiplied by the standard rate of corporation tax in the UK of
22.500% (2022 - 19%)

(10,002

)

953,780

Effects of:
Expenses not deductible for tax purposes 79,744 2,380
Income not taxable for tax purposes - (970,123 )
Capital allowances in excess of depreciation (25,462 ) (6,718 )
Utilisation of tax losses (12,093 ) (14,486 )
Deferred tax change in rate 29,105 7,092

Transfer pricing adjustment - 35,167
Movement in deferred tax - 21,362
Total tax charge 61,292 28,454

7. DIVIDEND IN SPECIE
2023 2022
£    £   
Ordinary shares of £1.00 each
Dividend in specie - 5,105,909

8. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 November 2022
and 31 October 2023 6,024
NET BOOK VALUE
At 31 October 2023 6,024
At 31 October 2022 6,024

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Shield Engineering ( Syston ) Limited
Registered office: England
Nature of business: Sub-contract precision engineers
%
Class of shares: holding
Ordinary 100.00

Shield-Lodge Engineering Limited
Registered office: England
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

R A SHIELD HOLDINGS LIMITED (REGISTERED NUMBER: 03623882)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 October 2023


8. FIXED ASSET INVESTMENTS - continued

Manton Engineering Company Limited
Registered office: England
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

BCC Foundry Limited
Registered office: England
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

Atkins Bros. ( Syston ) Limited
Registered office: England
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

9. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 November 2022 3,788,249
Additions 169,241
Disposals (83,944 )
At 31 October 2023 3,873,546
NET BOOK VALUE
At 31 October 2023 3,873,546
At 31 October 2022 3,788,249

The investment property is stated at directors' valuation, on the basis of open market value at 31 October 2023. The valuation is guided by independent advice from a firm of chartered surveyors in previous years.

Fair value at 31 October 2023 is represented by:
£   
Valuation in 2021 270,439
Cost 3,603,107
3,873,546

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,982 6,970
Amounts owed by related parties 3,297,509 3,269,639
Directors' current accounts 2,040 -
VAT 2,475 11,774
3,304,006 3,288,383

R A SHIELD HOLDINGS LIMITED (REGISTERED NUMBER: 03623882)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 October 2023


11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 23,775 44,306
Amounts owed to group undertakings 1,035,687 914,876
Tax 32,187 -
Other creditors 837,084 837,084
Accruals and deferred income 9,766 1,404
1,938,499 1,797,670

12. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 59,000 29,895

Deferred
tax
£   
Balance at 1 November 2022 29,895
Charge to Statement of Comprehensive Income during year 29,105
Balance at 31 October 2023 59,000

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
16,768 Ordinary £1.00 16,768 16,768
17,011 Ordinary B shares £1.00 17,011 17,011
33,779 33,779

The company's ordinary shares carry full rights with respect to voting, dividends and distributions.

14. RESERVES

Retained earnings
This includes all current and prior period retained profits and losses.

Fair value reserve
The fair value reserve arose on the revaluation of the investment property.

15. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 October 2023 and 31 October 2022:

2023 2022
£    £   
C R F Shield
Balance outstanding at start of year - -
Amounts advanced 2,040 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 2,040 -

R A SHIELD HOLDINGS LIMITED (REGISTERED NUMBER: 03623882)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 October 2023


16. RELATED PARTY TRANSACTIONS

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 Section 33 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

R A Shield Holdings Limited is related to the below companies in the period by virtue of being ultimately controlled by C R F Shield. During the period, the company had transactions with these companies as follows:

2023 2022
£    £   
Amounts due from Shield Properties Limited 3,297,509 3,269,639
Amounts owed to Burrows & Smith Limited (25,200 ) (25,200 )

There are no key management personnel other than the directors.

17. CONTROLLING PARTY

The directors consider that the parent undertaking of this company is C R Shield Holdings Limited, a company registered in England and Wales.The registered office is First Floor, One Colton Square, Leicester LE1 1QH.

The parent company preparing consolidated accounts for the smallest group of which the company is a member is Shield Engineering Group Holdings Limited. Mr C R F Shield is the ultimate controlling party of this group.