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Registered number: 14625350
Shipps Enterprises Ltd
Unaudited Financial Statements
For The Year Ended 31 January 2024
Quest Accounting Services Limited
Suite 110, The Pinnacle
170 Midsummer Boulevard
Milton Keynes
MK9 1FD
Contents
Page
Accountant's Report 1
Balance Sheet 2
Notes to the Financial Statements 3—4
Page 1
Accountant's Report
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Shipps Enterprises Ltd for the year ended year which comprise the Profit and Loss Account, the Balance Sheet, and the related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Chartered Institute of Management Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.cimaglobal.com.
This report is made solely to the directors of Shipps Enterprises Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Shipps Enterprises Ltd and state those matters that we have agreed to state to the directors of Shipps Enterprises Ltd in this report in accordance with the requirements of the Chartered Institute of Management Accountants as detailed at http://www.cimaglobal.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.
It is your duty to ensure that Shipps Enterprises Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Shipps Enterprises Ltd . You consider that Shipps Enterprises Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Shipps Enterprises Ltd . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Signed
31st October 2024
Quest Accounting Services Limited
Suite 110, The Pinnacle
170 Midsummer Boulevard
Milton Keynes
MK9 1FD
Page 1
Page 2
Balance Sheet
Registered number: 14625350
2024
Notes £ £
FIXED ASSETS
Intangible Assets 4 9,144
9,144
CURRENT ASSETS
Stocks 5 500
Cash at bank and in hand 44,476
44,976
Creditors: Amounts Falling Due Within One Year 6 (57,474 )
NET CURRENT ASSETS (LIABILITIES) (12,498 )
TOTAL ASSETS LESS CURRENT LIABILITIES (3,354 )
NET LIABILITIES (3,354 )
CAPITAL AND RESERVES
Called up share capital 7 100
Profit and Loss Account (3,454 )
SHAREHOLDERS' FUNDS (3,354)
For the 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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs Natalie Dunlop
Director
31st October 2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Shipps Enterprises Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 14625350 . The registered office is 203 Horton Road, West Drayton, Middlesex, UB7 8HT.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 4 years.
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 5
5
4. Intangible Assets
Goodwill
£
Cost
As at 30 January 2023 -
Additions 12,192
As at 31 January 2024 12,192
Amortisation
As at 30 January 2023 -
Provided during the period 3,048
As at 31 January 2024 3,048
Net Book Value
As at 31 January 2024 9,144
As at 30 January 2023 -
Page 3
Page 4
5. Stocks
2024
£
Stock 500
6. Creditors: Amounts Falling Due Within One Year
2024
£
Trade creditors 2,554
Other taxes and social security 2,460
VAT 11,056
Other creditors 905
Pensions 138
Directors' loan accounts 40,361
57,474
7. Share Capital
2024
£
Allotted, Called up and fully paid 100
8. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 30 January 2023 Amounts advanced Amounts repaid Amounts written off As at 31 January 2024
£ £ £ £ £
Mrs Natalie Dunlop - 40,361 - - 40,361
The above loan is unsecured, interest free and repayable on demand.
Page 4