Silverfin false false 31/01/2024 01/02/2023 31/01/2024 J E Shipsey 31/07/1991 R W Shipsey 31/07/1991 T J W Shipsey 01/05/2007 13 September 2024 The principal activity of the company is provision of catering supplies and the hire of marquees and catering equipment. 02122973 2024-01-31 02122973 bus:Director1 2024-01-31 02122973 bus:Director2 2024-01-31 02122973 bus:Director3 2024-01-31 02122973 2023-01-31 02122973 core:CurrentFinancialInstruments 2024-01-31 02122973 core:CurrentFinancialInstruments 2023-01-31 02122973 core:Non-currentFinancialInstruments 2024-01-31 02122973 core:Non-currentFinancialInstruments 2023-01-31 02122973 core:ShareCapital 2024-01-31 02122973 core:ShareCapital 2023-01-31 02122973 core:RetainedEarningsAccumulatedLosses 2024-01-31 02122973 core:RetainedEarningsAccumulatedLosses 2023-01-31 02122973 core:Goodwill 2023-01-31 02122973 core:Goodwill 2024-01-31 02122973 core:PlantMachinery 2023-01-31 02122973 core:Vehicles 2023-01-31 02122973 core:OfficeEquipment 2023-01-31 02122973 core:PlantMachinery 2024-01-31 02122973 core:Vehicles 2024-01-31 02122973 core:OfficeEquipment 2024-01-31 02122973 2023-02-01 2024-01-31 02122973 bus:FilletedAccounts 2023-02-01 2024-01-31 02122973 bus:SmallEntities 2023-02-01 2024-01-31 02122973 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 02122973 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 02122973 bus:Director1 2023-02-01 2024-01-31 02122973 bus:Director2 2023-02-01 2024-01-31 02122973 bus:Director3 2023-02-01 2024-01-31 02122973 core:Goodwill core:TopRangeValue 2023-02-01 2024-01-31 02122973 core:PlantMachinery 2023-02-01 2024-01-31 02122973 core:Vehicles 2023-02-01 2024-01-31 02122973 core:OfficeEquipment 2023-02-01 2024-01-31 02122973 2022-02-01 2023-01-31 02122973 core:Non-currentFinancialInstruments 2023-02-01 2024-01-31 iso4217:GBP xbrli:pure

Company No: 02122973 (England and Wales)

W SHIPSEY AND SONS LIMITED

Unaudited Financial Statements
For the financial year ended 31 January 2024
Pages for filing with the registrar

W SHIPSEY AND SONS LIMITED

Unaudited Financial Statements

For the financial year ended 31 January 2024

Contents

W SHIPSEY AND SONS LIMITED

BALANCE SHEET

As at 31 January 2024
W SHIPSEY AND SONS LIMITED

BALANCE SHEET (continued)

As at 31 January 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 110,185 98,924
110,185 98,924
Current assets
Stocks 300 280
Debtors 5 14,651 21,600
Cash at bank and in hand 21,403 53,473
36,354 75,353
Creditors: amounts falling due within one year 6 ( 47,652) ( 92,399)
Net current liabilities (11,298) (17,046)
Total assets less current liabilities 98,887 81,878
Creditors: amounts falling due after more than one year 7 ( 23,386) 0
Provision for liabilities ( 2,262) ( 3,849)
Net assets 73,239 78,029
Capital and reserves
Called-up share capital 2 2
Profit and loss account 73,237 78,027
Total shareholders' funds 73,239 78,029

For the financial year ending 31 January 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of W Shipsey and Sons Limited (registered number: 02122973) were approved and authorised for issue by the Board of Directors on 13 September 2024. They were signed on its behalf by:

T J W Shipsey
Director
W SHIPSEY AND SONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
W SHIPSEY AND SONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

W Shipsey and Sons Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales.

The address of the Company's registered office is:
1 Meadow View Coombe Farm
Stratford Tony Road
Coombe Bissett
Salisbury
Wiltshire
SP5 4JY

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover comprises the fair value of the consideration received or receivable for catering and equipment hire services provided under contracts with customers to the extent that there is a right to consideration. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the entity. Where a service is incomplete at the year end, turnover represents the value of services provided to that date based on an appropriate proportion of the total expected consideration at completion. Where consideration is received in advance this is categorised as a creditor until the revenue is recognised.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Plant and machinery 15 % reducing balance
Vehicles 25 % reducing balance
Office equipment 15 % reducing balance
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

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 stocks 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.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

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 sufficientassets 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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 10 9

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 February 2023 35,000 35,000
At 31 January 2024 35,000 35,000
Accumulated amortisation
At 01 February 2023 35,000 35,000
At 31 January 2024 35,000 35,000
Net book value
At 31 January 2024 0 0
At 31 January 2023 0 0

4. Tangible assets

Plant and machinery Vehicles Office equipment Total
£ £ £ £
Cost
At 01 February 2023 340,462 64,055 8,642 413,159
Additions 9,248 25,143 0 34,391
At 31 January 2024 349,710 89,198 8,642 447,550
Accumulated depreciation
At 01 February 2023 249,261 57,917 7,057 314,235
Charge for the financial year 15,071 7,821 238 23,130
At 31 January 2024 264,332 65,738 7,295 337,365
Net book value
At 31 January 2024 85,378 23,460 1,347 110,185
At 31 January 2023 91,201 6,138 1,585 98,924

5. Debtors

2024 2023
£ £
Trade debtors 6,043 8,276
Other debtors 8,608 13,324
14,651 21,600

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 7,288 7,502
Other taxation and social security 8,746 13,175
Obligations under finance leases and hire purchase contracts 7,016 0
Other creditors 24,602 71,722
47,652 92,399

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Obligations under finance leases and hire purchase contracts 23,386 0

There are no amounts included above in respect of which any security has been given by the small entity.