Shielding Solutions Limited 05418526 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is engineering consultancy and design Digita Accounts Production Advanced 6.30.9574.0 true false true 05418526 2023-04-01 2024-03-31 05418526 2024-03-31 05418526 bus:OrdinaryShareClass1 2024-03-31 05418526 core:CurrentFinancialInstruments 2024-03-31 05418526 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 05418526 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 05418526 core:Goodwill 2024-03-31 05418526 core:BetweenTwoFiveYears 2024-03-31 05418526 core:WithinOneYear 2024-03-31 05418526 core:ConstructionInProgressAssetsUnderConstruction 2024-03-31 05418526 core:FurnitureFittingsToolsEquipment 2024-03-31 05418526 core:LandBuildings 2024-03-31 05418526 core:MotorVehicles 2024-03-31 05418526 core:OtherPropertyPlantEquipment 2024-03-31 05418526 bus:SmallEntities 2023-04-01 2024-03-31 05418526 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 05418526 bus:FilletedAccounts 2023-04-01 2024-03-31 05418526 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 05418526 bus:RegisteredOffice 2023-04-01 2024-03-31 05418526 bus:CompanySecretary1 2023-04-01 2024-03-31 05418526 bus:Director1 2023-04-01 2024-03-31 05418526 bus:Director3 2023-04-01 2024-03-31 05418526 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 05418526 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 05418526 bus:Agent1 2023-04-01 2024-03-31 05418526 core:Goodwill 2023-04-01 2024-03-31 05418526 core:ConstructionInProgressAssetsUnderConstruction 2023-04-01 2024-03-31 05418526 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 05418526 core:LandBuildings 2023-04-01 2024-03-31 05418526 core:MotorVehicles 2023-04-01 2024-03-31 05418526 core:OfficeEquipment 2023-04-01 2024-03-31 05418526 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 05418526 core:PlantMachinery 2023-04-01 2024-03-31 05418526 core:Vehicles 2023-04-01 2024-03-31 05418526 countries:AllCountries 2023-04-01 2024-03-31 05418526 2023-03-31 05418526 core:Goodwill 2023-03-31 05418526 core:CostValuation 2023-03-31 05418526 core:ConstructionInProgressAssetsUnderConstruction 2023-03-31 05418526 core:FurnitureFittingsToolsEquipment 2023-03-31 05418526 core:LandBuildings 2023-03-31 05418526 core:MotorVehicles 2023-03-31 05418526 core:OtherPropertyPlantEquipment 2023-03-31 05418526 2022-04-01 2023-03-31 05418526 2023-03-31 05418526 bus:OrdinaryShareClass1 2023-03-31 05418526 core:CurrentFinancialInstruments 2023-03-31 05418526 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 05418526 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 05418526 core:BetweenTwoFiveYears 2023-03-31 05418526 core:WithinOneYear 2023-03-31 05418526 core:ConstructionInProgressAssetsUnderConstruction 2023-03-31 05418526 core:FurnitureFittingsToolsEquipment 2023-03-31 05418526 core:LandBuildings 2023-03-31 05418526 core:MotorVehicles 2023-03-31 05418526 core:OtherPropertyPlantEquipment 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registrar

Registration number: 05418526

Shielding Solutions Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Shielding Solutions Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Shielding Solutions Limited

Company Information

Directors

R C Claydon

S M Howard

Company secretary

N Claydon

Registered office

410 Avenue West
Skyline 120
Great Notley
Braintree
Essex
CM77 7AA

Solicitors

Birkett Long LLP
1 Amphora Place
Sheepen Road
Colchester
Essex
CO3 3WG

Bankers

Lloyds Bank Plc
2 - 4 Bank Street
Braintree
Essex
CM7 7UN

Accountants

Lambert Chapman LLP
Chartered Accountants
3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

 

Shielding Solutions Limited

(Registration number: 05418526)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

694,658

723,635

Investments

6

1

1

 

694,659

723,636

Current assets

 

Stocks

116,800

106,550

Debtors

7

134,152

209,788

Investments

8

-

20,636

Cash at bank and in hand

 

194,972

213,268

 

445,924

550,242

Creditors: Amounts falling due within one year

9

(231,198)

(245,577)

Net current assets

 

214,726

304,665

Total assets less current liabilities

 

909,385

1,028,301

Creditors: Amounts falling due after more than one year

9

-

(72,494)

Provisions for liabilities

(89,516)

(91,687)

Net assets

 

819,869

864,120

Capital and reserves

 

Called up share capital

10

90

90

Capital redemption reserve

10

10

Revaluation reserve

244,962

244,962

Retained earnings

574,807

619,058

Shareholders' funds

 

819,869

864,120

For the financial year ended 31 March 2024 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.

 

Shielding Solutions Limited

(Registration number: 05418526)
Balance Sheet as at 31 March 2024

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.

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

R C Claydon
Director

S M Howard
Director

 
     
 

Shielding Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is: 410 Avenue West, Skyline 120, Great Notley, Braintree, Essex, CM77 7AA.

These financial statements were authorised for issue by the Board on 31 July 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 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).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

These financial statements are presented in Sterling (£), which is the company's functional currency.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of 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.

Tax

Current Tax is recognised in the profit and loss account, 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 on all material temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.

 

Shielding Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Depreciation

Depreciation is charged so as to write off the cost or valuation of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

2% and 10% Straight Line Method

Fixtures and fittings

15% Reducing Balance Method

Plant and machinery

25% Reducing Balance Method

Office equipment

25% Reducing Balance Method

Motor vehicles

15% Reducing Balance Method

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

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

25% Straight Line Method

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Investments in commodities are initially recognised at cost and then subsequently measured at fair value based on the trade price at the balance sheet date. Movements in the fair value are recognised in the profit and loss account.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

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.

 

Shielding Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 17 (2023 - 20).

 

Shielding Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

112,000

112,000

At 31 March 2024

112,000

112,000

Amortisation

At 1 April 2023

112,000

112,000

At 31 March 2024

112,000

112,000

Carrying amount

At 31 March 2024

-

-

 

Shielding Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Tangible assets

Land and buildings
£

Fixtures & fittings
£

Motor vehicles
 £

Office Equipment
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2023

662,000

14,926

13,995

21,712

147,605

860,238

Additions

260

825

-

1,020

2,013

4,118

At 31 March 2024

662,260

15,751

13,995

22,732

149,618

864,356

Depreciation

At 1 April 2023

-

9,289

3,140

10,163

114,011

136,603

Charge for the year

18,995

936

1,628

2,974

8,562

33,095

At 31 March 2024

18,995

10,225

4,768

13,137

122,573

169,698

Carrying amount

At 31 March 2024

643,265

5,526

9,227

9,595

27,045

694,658

At 31 March 2023

662,000

5,637

10,855

11,549

33,594

723,635

Included within the net book value of land and buildings above is £643,265 (2023 - £662,000) in respect of freehold land and buildings.

 

Shielding Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Revaluation

The fair value of the company's land and buildings was revalued on 18 July 2023 by an independent valuer, Joscelyne Chase Limited.
The directors are of the opinion that the value had not moved significantly in the period between 18 July 2023 and 31 March 2024.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £324,655 (2023 - £335,384).

6

Investments

Subsidiaries

£

Cost or valuation

At 1 April 2023

1

Provision

Carrying amount

At 31 March 2024

1

At 31 March 2023

1

The principal activity of RFI Shielding Limited is that of a dormant company. Its financial period end is 31 August.

7

Debtors

2024
£

2023
£

Trade debtors

124,012

200,950

Prepayments

10,140

8,838

134,152

209,788

8

Current asset investments

2024
£

2023
£

Other investments

-

20,636

 

Shielding Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

9

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Loans and borrowings

5,568

19,738

Trade creditors

136,401

94,074

Taxation and social security

6,962

14,028

Accruals and deferred income

9,471

9,418

Other creditors

72,796

108,319

231,198

245,577

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

Loans and borrowings

-

72,494

10

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

90

90

90

90

       

11

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

25,079

21,040

Later than one year and not later than five years

-

18,378

25,079

39,418