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Company No: 00693745 (England and Wales)

SHEARS BROTHERS LTD

Unaudited Financial Statements
For the financial year ended 30 November 2023
Pages for filing with the registrar

SHEARS BROTHERS LTD

Unaudited Financial Statements

For the financial year ended 30 November 2023

Contents

SHEARS BROTHERS LTD

BALANCE SHEET

As at 30 November 2023
SHEARS BROTHERS LTD

BALANCE SHEET (continued)

As at 30 November 2023
Note 2023 2022
£ £
Fixed assets
Investment property 3 620,000 620,000
620,000 620,000
Current assets
Debtors 4 9,338 3,134
Cash at bank and in hand 17,455 24,238
26,793 27,372
Creditors: amounts falling due within one year 5 ( 115,679) ( 127,353)
Net current liabilities (88,886) (99,981)
Total assets less current liabilities 531,114 520,019
Provision for liabilities ( 64,651) ( 64,651)
Net assets 466,463 455,368
Capital and reserves
Called-up share capital 2,500 2,500
Capital redemption reserve 2,500 2,500
Profit and loss account 461,463 450,368
Total shareholders' funds 466,463 455,368

For the financial year ending 30 November 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Shears Brothers Ltd (registered number: 00693745) were approved and authorised for issue by the Board of Directors on 13 August 2024. They were signed on its behalf by:

I J Shears
Director
SHEARS BROTHERS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
SHEARS BROTHERS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Shears Brothers Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 54 Montacute Way, Merley, Wimborne, BH21 1TZ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.
Revenue comprises of rents receivable.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Investment property

Investment property
£
Valuation
As at 01 December 2022 620,000
As at 30 November 2023 620,000

The investment property has been revalued by the Directors.

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

2023 2022
£ £
Historic cost 73,983 73,983

4. Debtors

2023 2022
£ £
Trade debtors 9,229 3,066
Other debtors 109 68
9,338 3,134

5. Creditors: amounts falling due within one year

2023 2022
£ £
Amounts owed to directors 110,666 120,667
Accruals 1,847 1,771
Corporation tax 2,600 4,440
Other taxation and social security 566 475
115,679 127,353

6. Reserves

2023 2022
£ £
Distributable reserves (95,649) (114,589)
Non-distributable reserves 546,017 546,017
450,368 431,428

Included in the profit and loss reserves is £546,017 (2022 - £546,017) of non-distributable reserves.