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Company Registration No. 09353426 (England and Wales)
Shield Ventilation Systems Ltd Unaudited accounts for the year ended 31 December 2023
Shield Ventilation Systems Ltd Unaudited accounts Contents
Page
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Shield Ventilation Systems Ltd Company Information for the year ended 31 December 2023
Director
Neil Anthony Shield
Company Number
09353426 (England and Wales)
Registered Office
Unit 5 Bells Close Industrial Estate Newcastle Upon Tyne NE15 6UG United Kingdom
Accountants
LRK Accounting & Bookkeeping Ltd 128 City Road London EC1V 2NX
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Shield Ventilation Systems Ltd Statement of financial position as at 31 December 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
14,518 
6,863 
Current assets
Inventories
152,000 
26,894 
Debtors
66,394 
115,275 
Cash at bank and in hand
(2,066)
52,051 
216,328 
194,220 
Creditors: amounts falling due within one year
(190,419)
(145,340)
Net current assets
25,909 
48,880 
Total assets less current liabilities
40,427 
55,743 
Creditors: amounts falling due after more than one year
(35,091)
(19,900)
Provisions for liabilities
Deferred tax
- 
(1,629)
Net assets
5,336 
34,214 
Capital and reserves
Share premium
1 
1 
Profit and loss account
5,335 
34,213 
Shareholders' funds
5,336 
34,214 
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 23 June 2024 and were signed on its behalf by
Neil Anthony Shield Director Company Registration No. 09353426
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Shield Ventilation Systems Ltd Notes to the Accounts for the year ended 31 December 2023
1
Statutory information
Shield Ventilation Systems Ltd is a private company, limited by shares, registered in England and Wales, registration number 09353426. The registered office is Unit 5, Bells Close Industrial Estate, Newcastle Upon Tyne, NE15 6UG, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% Reducing Balance
Motor vehicles
25% Reducing Balance
Computer equipment
25% Reducing Balance
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
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Shield Ventilation Systems Ltd Notes to the Accounts for the year ended 31 December 2023
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Going concern
The financial statements have been prepared on a going concern basis. The company meets its day to day working capital requirements through cash generated from operations and external borrowings. The company's forecasts and projections for the next 12 months show that the company should be able to continue in operational existence for that period, taking into account reasonable possible changes in trading performance. Based on the factors set out above the director believes that it remains appropriate to prepare the financial statements on a going concern basis.
4
Tangible fixed assets
Plant & machinery 
Motor vehicles 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At 1 January 2023
28,792 
- 
3,309 
32,101 
Additions
- 
12,495 
- 
12,495 
At 31 December 2023
28,792 
12,495 
3,309 
44,596 
Depreciation
At 1 January 2023
22,973 
- 
2,265 
25,238 
Charge for the year
1,455 
3,124 
261 
4,840 
At 31 December 2023
24,428 
3,124 
2,526 
30,078 
Net book value
At 31 December 2023
4,364 
9,371 
783 
14,518 
At 31 December 2022
5,819 
- 
1,044 
6,863 
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
56,133 
101,471 
Deferred tax asset
10,261 
Accrued income and prepayments
- 
13,804 
66,394 
115,275 
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Shield Ventilation Systems Ltd Notes to the Accounts for the year ended 31 December 2023
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
VAT
4,280 
- 
Trade creditors
126,870 
121,072 
Taxes and social security
59,269 
15,428 
Accruals
- 
8,840 
190,419 
145,340 
7
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
27,456 
19,900 
Obligations under finance leases and hire purchase contracts
7,635 
- 
35,091 
19,900 
8
Average number of employees
During the year the average number of employees was 17 (2022: 17).
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