Company Registration No. 13294296 (England and Wales)
SHANNERS LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2023
PAGES FOR FILING WITH REGISTRAR
SHANNERS LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
SHANNERS LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2023
31 August 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Stocks
64,933
2,857,025
Debtors
5
18,565
5,664
Cash at bank and in hand
515,491
23,186
598,989
2,885,875
Creditors: amounts falling due within one year
6
(892,919)
(2,894,275)
Net current liabilities
(293,930)
(8,400)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(294,030)
(8,500)
Total equity
(293,930)
(8,400)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 12 August 2024 and are signed on its behalf by:
Michael Alan Shanley
Director
Company Registration No. 13294296
SHANNERS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 AUGUST 2023
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 26 March 2021
Period ended 31 March 2022:
Loss and total comprehensive income for the period
-
(8,500)
(8,500)
Issue of share capital
100
-
100
Balance at 31 March 2022
100
(8,500)
(8,400)
Period ended 31 August 2023:
Loss and total comprehensive income for the period
-
(285,530)
(285,530)
Distributions to parent charity under gift aid
4
-
(3,526,734)
(3,526,734)
Repayment of distribution
4
-
3,526,734
3,526,734
Balance at 31 August 2023
100
(294,030)
(293,930)
SHANNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2023
- 3 -
1
Accounting policies
Company information
Shanners Limited is a private company limited by shares incorporated in England and Wales. The registered office is Acre House, 11-15 William Road, London, United Kingdom, NW1 3ER.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The company had net current liabilities of £293,930 at 31 August 2023. However, after the year end, the company sold its remaining parcel of land for £1,400,000, restoring the company to profitability. The company is planning to enter into further profitable property based transactions in the future.true
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Reporting period
The comparative period figures cover the period from date of incorporation, 26 March 2021 to 31 March 2022. The current period figures cover the period from 1 April 2022 to 31 August 2023 and have been aligned with the parent charity, Help to Create Hope Trust.
1.4
Stocks
Stocks of development property are stated at the lower of cost and realisable value, being estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on an actual basis.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss. Net realisable value is based on estimated selling price less further costs expected to be incurred to completion and disposal.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks.
1.6
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.
SHANNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 4 -
Basic 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.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
2
Auditor's remuneration
2023
2022
Fees payable to the company's auditor
£
£
For audit services
Audit of the financial statements of the company
5,665
5,665
-
For other services
Taxation advice
23,421
3
Employees
There were no employees during the current year or comparative period.
SHANNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2023
- 5 -
4
Distributions
A parcel of land was gifted, as a distribution, to the parent charity, Help to Create Hope Trust, on 19 January 2023 and then sold on by the charity. The company had insufficient distributable reserves to cover the distribution. The trustees of Help to Create Hope Trust therefore agreed that the value of the distribution should be reimbursed to the company. The sum of £3,526,734 was set against the intercompany balance due to the parent charity.
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
3,075
Other debtors
18,565
2,589
18,565
5,664
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
5,711
Amounts owed to group undertakings
387,254
Other creditors
2,885,564
Accruals and deferred income
505,665
3,000
892,919
2,894,275
7
Parent company
The company is a wholly owned subsidiary of Help to Create Hope Trust, a charitable company (Charity Registration No. 1195878) and Company Registration No. 13586993 (England and Wales). The Registered Office is Acre House, 11-15 William Road, London, NW1 3ER.
8
Related party transactions
As at 31 August 2023, the company owed nil (2022: £2,885,564 owed to) to Michael Shanley, one of the director's of the company. In addition, a sum of £115,000 was paid to Ameribrit Ventures LLC, a company incorporated in Florida, U.S.A, of which Michael Shanley is a director.
The company donated, as a distribution, land and related selling costs of £3,526,734 to its parent charity, Help to Create Hope Trust following negotiation of a sales price with the prospective purchaser. As explained in note 4, the amount was subsequently reimbursed.
The company paid £600,000 to the company secretary, Malcolm Gibney, who is also a trustee of the parent charity, for negotiation of the sale of the land originally held by the company. The costs are included in the costs of the land donated to the parent charity.
SHANNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2023
- 6 -
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
The senior statutory auditor was Andrew Rich.
The auditor was HW Fisher LLP.