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COMPANY REGISTRATION NUMBER: 06461691
Shields Dry Limited
Filleted Unaudited Financial Statements
For the year ended
31 December 2023
Shields Dry Limited
Balance Sheet
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
51,163
55,826
Current assets
Debtors
6
20,871
41,282
Cash at bank and in hand
72,988
32,989
--------
--------
93,859
74,271
Creditors: amounts falling due within one year
7
57,916
23,341
--------
--------
Net current assets
35,943
50,930
--------
---------
Total assets less current liabilities
87,106
106,756
Creditors: amounts falling due after more than one year
8
8,141
5,767
Provisions
Taxation including deferred tax
12,822
13,942
--------
---------
Net assets
66,143
87,047
--------
---------
Capital and reserves
Called up share capital
1
1
Capital redemption reserve
1
1
Profit and loss account
66,141
87,045
--------
--------
Shareholders funds
66,143
87,047
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the 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.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Shields Dry Limited
Balance Sheet (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 17 September 2024 , and are signed on behalf of the board by:
K Shields
Director
Company registration number: 06461691
Shields Dry Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Oakwood House, Hillam Road, Gateforth, Selby, YO8 9QL.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis and in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements under FRS 102 requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts. These estimates and judgements are continually evaluated and are based on historical experience and other factors including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.
Revenue recognition
Turnover comprises the sales value net of attributable VAT of work done in the period under contracts to supply goods and services to third parties.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & Machinery
-
20% reducing balance
Motor Vehicles
-
25% reducing balance
Equipment
-
20% reducing balance
Finance leases and hire purchase contracts
Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2022: 6 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 January 2023
126,818
38,484
17,474
182,776
Additions
8,195
13,900
22,095
Disposals
( 20,600)
( 20,600)
---------
--------
--------
---------
At 31 December 2023
135,013
31,784
17,474
184,271
---------
--------
--------
---------
Depreciation
At 1 January 2023
98,008
16,724
12,218
126,950
Charge for the year
6,071
3,027
1,051
10,149
Disposals
( 3,991)
( 3,991)
---------
--------
--------
---------
At 31 December 2023
104,079
15,760
13,269
133,108
---------
--------
--------
---------
Carrying amount
At 31 December 2023
30,934
16,024
4,205
51,163
---------
--------
--------
---------
At 31 December 2022
28,810
21,760
5,256
55,826
---------
--------
--------
---------
6. Debtors
2023
2022
£
£
Trade debtors
20,464
39,028
Other debtors
407
2,254
--------
--------
20,871
41,282
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
235
Corporation tax
45,803
16,607
Social security and other taxes
930
968
Other creditors
10,948
5,766
--------
--------
57,916
23,341
--------
--------
Included in 'Other creditors' is a balance of £5,695 (2022: £3,866) due under hire purchase agreements. The liabilities are secured by a charge over the assets being acquired .
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
8,141
5,767
-------
-------
Included in 'Other creditors' is a balance of £8,141 (2022: £5,767) due under hire purchase agreements. The liabilities are secured by a charge over the assets being acquired.
9. Director's advances, credits and guarantees
There are no transactions with the director that require disclosure under section 413 of the Companies Act 2006.
10. Related party transactions
During the year dividends of £166,478 (2022: £81,769) were paid to the director and members of his family.