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Registered number: 02071464
Shieldray Limited
Unaudited Financial Statements
For The Year Ended 30 November 2023
Kelly Molyneux & co Limited
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 02071464
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 540,689 682,718
540,689 682,718
CURRENT ASSETS
Stocks 72,475 73,750
Debtors 5 23,740 22,318
Cash at bank and in hand 74,417 56,186
170,632 152,254
Creditors: Amounts Falling Due Within One Year 6 (149,515 ) (109,627 )
NET CURRENT ASSETS (LIABILITIES) 21,117 42,627
TOTAL ASSETS LESS CURRENT LIABILITIES 561,806 725,345
Creditors: Amounts Falling Due After More Than One Year 7 (160,122 ) (309,069 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (20,494 ) (21,981 )
NET ASSETS 381,190 394,295
CAPITAL AND RESERVES
Called up share capital 5,000 5,000
Revaluation reserve 8 171,150 171,150
Capital redemption reserve 5,000 5,000
Profit and Loss Account 200,040 213,145
SHAREHOLDERS' FUNDS 381,190 394,295
Page 1
Page 2
For the 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.
The member has 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr J Slack
Director
20/04/2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Shieldray Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02071464 . The registered office is Cobridge Car Testing Centre, Elder Road, Cobridge, Stoke On Trent.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Investment Properties No Depreciation
Freehold land & buildings No Depreciation
Motor Vehicles 25% on the reducing balance method
Fixtures, fittings & equipment 20% on the reducing balance method
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2022: 4)
4 4
4. Tangible Assets
Land & Buildings Plant & Machinery etc. Total
£ £ £
Cost
As at 1 December 2022 640,000 102,803 742,803
Additions - 808 808
Disposals (134,202 ) - (134,202 )
As at 30 November 2023 505,798 103,611 609,409
Depreciation
As at 1 December 2022 - 60,085 60,085
Provided during the period - 8,635 8,635
As at 30 November 2023 - 68,720 68,720
Net Book Value
As at 30 November 2023 505,798 34,891 540,689
As at 1 December 2022 640,000 42,718 682,718
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Investment properties were valued on the basis of open market value at 1st December 2010 by the director. In accordance with Accounting Standards, no depreciation is provided in respect of investment properties. This represents a departure from the Companies Act requirements to prvoide for the systematic annual depreciation of fixed assets. However, these properties are held for investment, rather than consumption and the directors consider that the adoption of the above policy is necessary to give a true and view.
In the opinion of the director the valuation of the investment properties of £310,798 is still correct as at 30th November 2023.
The historical cost of investment properties shown above at valuation of £310,798 was £198,326 at 30th November 2023.
Cost or valuation as at 30 November 2023 represented by:
Land & Property
Investment Properties Freehold land & buildings Investment Properties Plant & Machinery
£ £ £ £
At cost 115,798 195,000 (310,798) (96,531)
At valuation 195,000 - 310,798 96,531
310,798 195,000 - -
Motor Vehicles Fixtures, fittings & equipment Total
£ £ £
At cost - 96,531 -
At valuation 7,080 - 609,409
7,080 96,531 609,409
Freehold land and buildings were valued on an open market basis on 1 December 2010 by the director.
If the following tangible fixed assets had been accounted for under historical cost accounting rules, the amounts would be:
Land & Property
Investment Properties
£
Cost 136,322
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5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 18,995 17,901
Other debtors 4,745 4,417
23,740 22,318
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 26,195 15,866
Bank loans and overdrafts 24,870 24,870
Other creditors 76,202 35,030
Taxation and social security 22,248 33,861
149,515 109,627
7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 160,122 309,069
160,122 309,069
8. Reserves
Revaluation Reserve
£
As at 1 December 2022 171,150
As at 30 November 2023 171,150
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