Company Registration No. 09487187 (England and Wales)
SHAFE & SONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
92 Station Road
Clacton on Sea
Essex
CO15 1SG
SHAFE & SONS LIMITED
CONTENTS
Page
Company information
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
SHAFE & SONS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
3,041
6,041
Tangible assets
4
23,555
20,366
Current assets
Stocks
2,200
2,000
Debtors
5
16,122
30,527
Cash at bank and in hand
17,140
15,668
35,462
48,195
Creditors: amounts falling due within one year
6
(33,972)
(51,061)
Net current assets/(liabilities)
1,490
(2,866)
Total assets less current liabilities
28,086
23,541
Creditors: amounts falling due after more than one year
7
(30,148)
(34,259)
Provisions for liabilities
(4,475)
(3,981)
Net liabilities
(6,537)
(14,699)
Capital and reserves
Called up share capital
8
700
700
Profit and loss reserves
(7,237)
(15,399)
Total equity
(6,537)
(14,699)
SHAFE & SONS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 8 October 2024 and are signed on its behalf by:
Mr A  Shafe
Director
Company Registration No. 09487187
The notes on pages 3 to 7 form part of these financial statements
SHAFE & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

Shafe & Sons Limited is a private company limited by shares incorporated in England and Wales. The registered office is 63 Frinton Road, Holland on Sea, Clacton on Sea, Essex, CO15 5UH.

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

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue 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 plumbing and heating goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

1.5
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:

Long leasehold property
No charge
Plant and machinery
15% reducing balance
Motor vehicles
25% reducing balance
SHAFE & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -

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.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.7
Cash at bank and in hand

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.

1.8
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.

1.9
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.

SHAFE & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
8
8
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
30,000
Amortisation and impairment
At 1 April 2023
23,959
Amortisation charged for the year
3,000
At 31 March 2024
26,959
Carrying amount
At 31 March 2024
3,041
At 31 March 2023
6,041
SHAFE & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
4
Tangible fixed assets
Long leasehold property
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2023
5,155
12,958
27,807
45,920
Additions
-
0
-
0
15,600
15,600
Disposals
-
0
(11,540)
(16,382)
(27,922)
At 31 March 2024
5,155
1,418
27,025
33,598
Depreciation and impairment
At 1 April 2023
-
0
9,454
16,100
25,554
Depreciation charged in the year
-
0
138
4,393
4,531
Eliminated in respect of disposals
-
0
(8,954)
(11,088)
(20,042)
At 31 March 2024
-
0
638
9,405
10,043
Carrying amount
At 31 March 2024
5,155
780
17,620
23,555
At 31 March 2023
5,155
3,504
11,707
20,366
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
15,526
29,949
Other debtors
596
578
16,122
30,527
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
5,556
5,556
Trade creditors
5,233
18,479
Taxation and social security
17,294
17,382
Other creditors
5,889
9,644
33,972
51,061
SHAFE & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
28,704
34,259
Other creditors
1,444
-
0
30,148
34,259
8
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
600 Ordinary shares of £1 each
600
600
Preference share capital
Issued and fully paid
100 Preference shares of £1 each
100
100
Preference shares classified as equity
100
100
Total equity share capital
700
700
9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
Within one year
8,271
2,784
Between two and five years
32,257
4,409
40,528
7,193
2024-03-312023-04-01false09 October 2024CCH SoftwareCCH Accounts Production 2024.210No description of principal activityMr Barry ShafeMr Anthony St Clair Shafefalsefalse094871872023-04-012024-03-31094871872024-03-31094871872023-03-3109487187core:NetGoodwill2024-03-3109487187core:NetGoodwill2023-03-3109487187core:LandBuildingscore:LeasedAssetsHeldAsLessee2024-03-3109487187core:PlantMachinery2024-03-3109487187core:MotorVehicles2024-03-3109487187core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-03-3109487187core:PlantMachinery2023-03-3109487187core:MotorVehicles2023-03-3109487187core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3109487187core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3109487187core:CurrentFinancialInstruments2024-03-3109487187core:CurrentFinancialInstruments2023-03-3109487187core:Non-currentFinancialInstruments2024-03-3109487187core:Non-currentFinancialInstruments2023-03-3109487187core:ShareCapital2024-03-3109487187core:ShareCapital2023-03-3109487187core:RetainedEarningsAccumulatedLosses2024-03-3109487187core:RetainedEarningsAccumulatedLosses2023-03-3109487187bus:Director22023-04-012024-03-3109487187core:Goodwill2023-04-012024-03-3109487187core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-04-012024-03-3109487187core:PlantMachinery2023-04-012024-03-3109487187core:MotorVehicles2023-04-012024-03-31094871872022-04-012023-03-3109487187core:NetGoodwill2023-03-3109487187core:NetGoodwill2023-04-012024-03-3109487187core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-03-3109487187core:PlantMachinery2023-03-3109487187core:MotorVehicles2023-03-31094871872023-03-3109487187core:WithinOneYear2024-03-3109487187core:WithinOneYear2023-03-3109487187bus:PrivateLimitedCompanyLtd2023-04-012024-03-3109487187bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-3109487187bus:FRS1022023-04-012024-03-3109487187bus:AuditExemptWithAccountantsReport2023-04-012024-03-3109487187bus:Director12023-04-012024-03-3109487187bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP