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Company No: 03426392 (England and Wales)

SHIPLEY LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

SHIPLEY LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

SHIPLEY LIMITED

BALANCE SHEET

As at 31 December 2023
SHIPLEY LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 2,470 6,121
Investments 4 6,235 6,235
8,705 12,356
Current assets
Stocks 5 7,354 8,618
Debtors 6 307,987 333,911
Cash at bank and in hand 560,194 808,490
875,535 1,151,019
Creditors: amounts falling due within one year 7 ( 379,863) ( 401,145)
Net current assets 495,672 749,874
Total assets less current liabilities 504,377 762,230
Creditors: amounts falling due after more than one year 8 ( 70,000) ( 100,000)
Net assets 434,377 662,230
Capital and reserves
Called-up share capital 52,350 52,350
Share premium account 1,517 1,517
Profit and loss account 380,510 608,363
Total shareholders' funds 434,377 662,230

For the financial 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.

Directors' responsibilities:

The financial statements of Shipley Limited (registered number: 03426392) were approved and authorised for issue by the Board of Directors on 19 August 2024. They were signed on its behalf by:

L M Retter
Director
SHIPLEY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
SHIPLEY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 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

Shipley Limited (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 Abbey Manor Business Centre, Preston Road, Yeovil, BA20 2EN, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include 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 £.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover represents amounts receivable for services provided net of VAT and is recognised to the extent that there is a right to consideration and is recorded at the value of consideration due.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. 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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings 3 years straight line
Office equipment 3 years straight line
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Rentals payable under operating leases are charged in the profit and loss on a straight line basis over the lease term.

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.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 16 17

3. Tangible assets

Fixtures and fittings Office equipment Computer equipment Total
£ £ £ £
Cost
At 01 January 2023 169 3,719 55,407 59,295
Additions 0 0 600 600
At 31 December 2023 169 3,719 56,007 59,895
Accumulated depreciation
At 01 January 2023 169 2,700 50,305 53,174
Charge for the financial year 0 436 3,815 4,251
At 31 December 2023 169 3,136 54,120 57,425
Net book value
At 31 December 2023 0 583 1,887 2,470
At 31 December 2022 0 1,019 5,102 6,121

4. Fixed asset investments

2023 2022
£ £
Subsidiary undertakings 6,235 6,235

Investments in subsidiaries

2023
£
Cost
At 01 January 2023 6,235
At 31 December 2023 6,235
Carrying value at 31 December 2023 6,235
Carrying value at 31 December 2022 6,235

5. Stocks

2023 2022
£ £
Stocks 7,354 8,618

6. Debtors

2023 2022
£ £
Trade debtors 281,084 315,672
Other debtors 26,903 18,239
307,987 333,911

7. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 99,402 89,533
Taxation and social security 117,924 156,788
Other creditors 162,537 154,824
379,863 401,145

8. Creditors: amounts falling due after more than one year

2023 2022
£ £
Other creditors 70,000 100,000

There are no amounts included above in respect of which any security has been given by the small entity.

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
£ £
within one year 3,900 0
between one and five years 325 0
4,225 0

10. Events after the Balance Sheet date

Subsequent to the year end the company acquired 10% of the share capital of Shipley Ireland Limited.