Registered number
02549852
Shield Foods (UK) Limited
Filleted Accounts
31 December 2023
Shield Foods (UK) Limited
Registered number: 02549852
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 24,193 26,616
Tangible assets 4 653,570 553,409
677,763 580,025
Current assets
Stocks 3,366,159 3,741,117
Debtors 5 1,615,713 1,856,878
Cash at bank and in hand 74,781 60,977
5,056,653 5,658,972
Creditors: amounts falling due within one year 6 (2,114,534) (2,591,420)
Net current assets 2,942,119 3,067,552
Total assets less current liabilities 3,619,882 3,647,577
Creditors: amounts falling due after more than one year 7 - (10,610)
Provisions for liabilities (126,482) (238,479)
Net assets 3,493,400 3,398,488
Capital and reserves
Called up share capital 10,000 10,000
Profit and loss account 3,483,400 3,388,488
Shareholders' funds 3,493,400 3,398,488
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
H Daya
Director
Approved by the board on 20 September 2024
Shield Foods (UK) Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

The accounts are presented in sterling, which is the functional currency of the entity.
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Software over 5 years
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Motor vehicles over 4 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

At each reporting date, stocks are assessed for impairment. Any impairment loss is recognised immediately in profit or loss.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and demand 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 to changes in value.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 35 29
3 Intangible fixed assets
Computer Software Total
£ £
Cost
At 1 January 2023 41,687 41,687
Additions 3,000 3,000
At 31 December 2023 44,687 44,687
Amortisation
At 1 January 2023 15,071 15,071
Provided during the year 5,423 5,423
At 31 December 2023 20,494 20,494
Net book value
At 31 December 2023 24,193 24,193
At 31 December 2022 26,616 26,616
4 Tangible fixed assets
Leasehold Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 January 2023 400,500 789,415 316,391 1,506,306
Additions - 89,788 114,624 204,412
At 31 December 2023 400,500 879,203 431,015 1,710,718
Depreciation
At 1 January 2023 197,974 541,367 213,556 952,897
Charge for the year 19,346 49,282 35,623 104,251
At 31 December 2023 217,320 590,649 249,179 1,057,148
Net book value
At 31 December 2023 183,180 288,554 181,836 653,570
At 31 December 2022 202,526 248,048 102,835 553,409
5 Debtors 2023 2022
£ £
Trade debtors 1,056,898 1,021,414
Prepayments and accrued income 54,770 39,923
Other debtors 504,045 795,541
1,615,713 1,856,878
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts - 235,716
Obligations under finance lease and hire purchase contracts 8,352 30,342
Trade creditors 1,746,324 1,059,039
Accruals and deferred income 18,923 64,621
Taxation and social security costs 49,225 43,659
Other creditors 291,710 1,158,043
2,114,534 2,591,420
7 Creditors: amounts falling due after one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts - 10,610
8 Provisions Deferred tax Dilapidations Total
£ £ £
At 1 January 2023 23,479 215,000 238,479
Charge / (Credit) for the year 3,003 (115,000) (111,997)
At 31 December 2023 26,482 100,000 126,482
9 Share capital Nominal 2023 2023 2022
value Number £ £
£1 each 10,000 10,000 10,000
10 Pension commitments
The company operates a defined contributions pension scheme. The assets of the scheme are
held separately from those of the company in an independelntly administered fund. The pension
cost charge represents contributions payable by the company to the fund and amounted to
£21,526 (2022 - £16,779). Contributions totalling to £6,271 (2022 - £4,691) were payable to the
fund at the balance sheet date and are included in other creditors.
11 Related party transactions
Included in other debtors is the sum of £425,515 (2022 - £706,578) owed by Fahmaz Properties where Mr H and Mrs A Daya are the directors and shareholders of the company. The loan is interest bearing at the rate of 1.5% above the base rate and repayable on demand.

Included in other creditors is an amount of £170,000 (2022 - £170,000) owed to Fahmaz Investments where Mr H and Mrs A Daya are the directors and shareholders of the company. The loan is interest free and repayable on demand.

Included in other creditors, is the sum of £Nil (2022 - £485,399) owed to Mr H Daya, a director and shareholder of the company. This is an interest bearing loan and repaybale on demand.

Included in other creditors is the sum of £28,736 (2022 - £415,741) owed to Mrs A Daya, a director and shareholder of the company. This is an interest bearing loan and repayable on demand.

Also included in other creditors is amount of £58,000 (2022 - £57,000) owed to Mr M Daya, a director of the company. This is an interest bearing loan and repayable on demand.
12 Controlling party
The company is controlled by the directors Mr H and Mrs A Daya by virtue of their holding together in the entire share capital of the company.
13 Other information
Shield Foods (UK) Limited is a private company limited by shares and incorporated in England. Its registered office is:
38 Station Road
North Harrow
Harrow
Middlesex
HA2 7SE
The principal place of business of the company is Unit 4 Chancerygate Business Centre, Chancerygate Way, South Ruislip HA4 0JA.
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