Company registration number 05822459 (England and Wales)
LONDON SHELVING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
LONDON SHELVING LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
LONDON SHELVING LIMITED
BALANCE SHEET
AS AT 31 MAY 2024
31 May 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
62,859
74,230
Current assets
Debtors
4
1,396,970
971,085
Cash at bank and in hand
376,339
17,740
1,773,309
988,825
Creditors: amounts falling due within one year
5
(1,335,385)
(852,846)
Net current assets
437,924
135,979
Total assets less current liabilities
500,783
210,209
Creditors: amounts falling due after more than one year
6
(42,498)
(48,911)
Provisions for liabilities
(2,604)
(2,569)
Net assets
455,681
158,729
Capital and reserves
Called up share capital
150
150
Capital redemption reserve
50
50
Profit and loss reserves
455,481
158,529
Total equity
455,681
158,729
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
LONDON SHELVING LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024
31 May 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 17 September 2024
Mr A T Dangerfield
Director
Company Registration No. 05822459
LONDON SHELVING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 3 -
1
Accounting policies
Company information
London Shelving Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 106, Screenworks, 22 Highbury Grove, London, N5 2EF.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings and equipment
10% reducing balance
Computers equipment
25% straight line
Motor vehicles
25% reducing balance
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.
LONDON SHELVING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Construction contracts
Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.
When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.
Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.
The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
LONDON SHELVING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 5 -
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.11
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
9
3
LONDON SHELVING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 6 -
3
Tangible fixed assets
Fixtures, fittings and equipment
Computers equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 June 2023
14,240
77,995
92,235
Additions
317
8,408
8,725
Disposals
(9,681)
(9,681)
At 31 May 2024
317
12,967
77,995
91,279
Depreciation and impairment
At 1 June 2023
9,881
8,124
18,005
Depreciation charged in the year
32
2,596
17,468
20,096
Eliminated in respect of disposals
(9,681)
(9,681)
At 31 May 2024
32
2,796
25,592
28,420
Carrying amount
At 31 May 2024
285
10,171
52,403
62,859
At 31 May 2023
4,359
69,871
74,230
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
965,457
292,593
Gross amounts owed by contract customers
61,763
103,821
Amounts owed by group undertakings
10,960
Other debtors
328,818
538,480
Prepayments and accrued income
40,932
25,231
1,396,970
971,085
LONDON SHELVING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 7 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Obligations under finance leases
6,412
6,412
Payments received on account
279,271
118,316
Trade creditors
364,686
182,456
Amounts owed to group undertakings
300,000
Corporation tax
295,944
79,842
Other taxation and social security
343,610
155,487
Other creditors
34,969
Accruals and deferred income
10,493
10,333
1,335,385
852,846
Finance lease creditors are secured over the assets to which they relate.
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Obligations under finance leases
42,498
48,911
Finace lease creditors are secured over the asset to which they relate.
7
Financial commitments, guarantees and contingent liabilities
The total amount of financial commitments not included in the statment of financial position is £31,000 (2023 - £12,301)
8
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Mr A T Dangerfield - Loan
2.25
(439,504)
(58,985)
270,471
(228,018)
(439,504)
(58,985)
270,471
(228,018)
9
Parent company
The company's parent undertaking is Vollig Holdings Ltd, a company incorporated in England & Wales.
The registered office address of Vollig Holdings Ltd is Unit 106 Screenworks, 22 Highbury Grove, London, N5 2EF.
These financial statements are available upon request from Companies House.
The ultimate controlling party is Mr A T Dangerfield.