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Registration number: 09225833

SH ONLINE LTD

trading as SHO

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

SH ONLINE LTD

trading as SHO

Contents

Company Information

1

Statement of financial position

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

SH ONLINE LTD

trading as SHO

Company Information

Directors

Mr S Heraghty

Miss C Harpley

Registered office

3-5 Horsley's Fields
Kings Lynn
Norfolk
PE30 5DD

Accountants

Hayhow & Co
Chartered Certified Accountants & Business Advisers
19 King Street
King's Lynn
Norfolk
PE30 1HB

 

SH ONLINE LTD

trading as SHO

(Registration number: 09225833)
Statement of financial position as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

60,614

76,585

Tangible assets

5

66,037

104,036

 

126,651

180,621

Current assets

 

Stocks

6

680,022

809,530

Debtors

7

366,867

689,775

Cash at bank and in hand

 

641,496

676,115

 

1,688,385

2,175,420

Creditors: Amounts falling due within one year

8

(833,330)

(1,262,860)

Net current assets

 

855,055

912,560

Total assets less current liabilities

 

981,706

1,093,181

Creditors: Amounts falling due after more than one year

8

(256,506)

(327,439)

Provisions for liabilities

(14,832)

(24,969)

Net assets

 

710,368

740,773

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

710,268

740,673

Shareholders' funds

 

710,368

740,773

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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of comprehensive income.

 

SH ONLINE LTD

trading as SHO

(Registration number: 09225833)
Statement of financial position as at 31 December 2023

Approved and authorised by the Board on 18 September 2024 and signed on its behalf by:
 

.........................................
Mr S Heraghty
Director

 

SH ONLINE LTD

trading as SHO

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
3-5 Horsley's Fields
Kings Lynn
Norfolk
PE30 5DD

The principal place of business is:
3-5 Horsley's Fields
Kings Lynn
Norfolk
PE30 5DD

These financial statements were authorised for issue by the Board on 18 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

SH ONLINE LTD

trading as SHO

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Moulds are depreciated over units of production, with a mould having an estimated maximum life of 20,000 units.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

15% reducing balance

Moulds

Over mould usage

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Website

10% Straight Line

 

SH ONLINE LTD

trading as SHO

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

SH ONLINE LTD

trading as SHO

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the statement of comprehensive income and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 13 (2022 - 12).

 

SH ONLINE LTD

trading as SHO

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Intangible assets

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 January 2023

85,122

85,122

Additions acquired separately

5,710

5,710

Disposals

(18,400)

(18,400)

At 31 December 2023

72,432

72,432

Amortisation

At 1 January 2023

8,537

8,537

Amortisation charge

3,281

3,281

At 31 December 2023

11,818

11,818

Carrying amount

At 31 December 2023

60,614

60,614

At 31 December 2022

76,585

76,585

Individually material intangible assets

Assets in construction

Included within the above carrying amount are assets which have not been amortised as they were incomplete at year end.

The carrying amount of these assets is £36,380 (2022 -£49,070 )

 

SH ONLINE LTD

trading as SHO

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

134,320

134,320

Additions

1,665

1,665

Disposals

(749)

(749)

At 31 December 2023

135,236

135,236

Depreciation

At 1 January 2023

30,284

30,284

Charge for the year

39,332

39,332

Eliminated on disposal

(417)

(417)

At 31 December 2023

69,199

69,199

Carrying amount

At 31 December 2023

66,037

66,037

At 31 December 2022

104,036

104,036

Obligations under hire purchase

Included within the carrying value of tangible assets are the following amounts relating to assets held under hire
purchase agreements;

Furniture, fittings and equipment £23,611 (2022:£27,780)

6

Stocks

2023
£

2022
£

Finished goods and goods for resale

680,022

809,530

7

Debtors

Current

2023
£

2022
£

Trade debtors

86,594

48,864

Prepayments

265,915

627,250

Other debtors

14,358

13,661

 

366,867

689,775

 

SH ONLINE LTD

trading as SHO

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

101,827

300,964

Trade creditors

 

169,684

386,316

Amounts due to related parties

11

252

3,061

Social security and other taxes

 

391,082

383,282

Outstanding defined contribution pension costs

 

1,888

-

Other payables

 

96,798

97,954

Accruals

 

36,992

50,743

Tax liability

28,549

40,540

Deferred income

 

6,258

-

 

833,330

1,262,860

Due after one year

 

Loans and borrowings

256,506

327,439


Creditors include net obligations under hire purchase contracts which are secured of £2,026 (2022 - £12,088).

Creditors include unsecured loans payable in instalments of £99,801 (2022 - £288,876).

Creditors falling due after more than one year include net obligations under hire purchase contracts which are secured of £Nil (2022 - £2,026).

Creditors include unsecured loans payable in instalments of £256,505 (2022 - £325,413).

9

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary A shares of £1 each

75

75

75

75

Ordinary B Shares of £1 each

25

25

25

25

100

100

100

100

Each share is entitled to one vote in any circumstances and each share is also entitled pari passu to dividend payments or any other distribution, including a distribution arising from a winding up of the company.

 

SH ONLINE LTD

trading as SHO

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

10

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

5,714

-

Later than one year and not later than five years

-

13,332

5,714

13,332

The amount of non-cancellable operating lease payments recognised as an expense during the year was £10,158 (2022 - £10,158).

11

Related party transactions

Loans from related parties

2023

Key management
£

Total
£

At start of period

3,061

3,061

Repaid

(2,809)

(2,809)

At end of period

252

252

2022

Key management
£

Total
£

At start of period

1,192

1,192

Advanced

1,869

1,869

At end of period

3,061

3,061

Terms of loans from related parties

Directors loan to the comapny.