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COMPANY REGISTRATION NUMBER: 01141245
John S Shackleton (Sheffield) Limited
Filleted Unaudited Financial Statements
31 March 2024
John S Shackleton (Sheffield) Limited
Financial Statements
Year ended 31 March 2024
Contents
Pages
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2 to 3
Notes to the financial statements
4 to 9
John S Shackleton (Sheffield) Limited
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of John S Shackleton (Sheffield) Limited
Year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of John S Shackleton (Sheffield) Limited for the year ended 31 March 2024, which comprise the statement of financial position 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 Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of John S Shackleton (Sheffield) Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of John S Shackleton (Sheffield) Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than John S Shackleton (Sheffield) Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that John S Shackleton (Sheffield) Limited 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 John S Shackleton (Sheffield) Limited. You consider that John S Shackleton (Sheffield) Limited 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 John S Shackleton (Sheffield) Limited. 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.
HEBBLETHWAITES Chartered Accountants
2 Westbrook Court Sharrow Vale Road Sheffield S11 8YZ
25 November 2024
John S Shackleton (Sheffield) Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
1,916,946
1,860,613
Current assets
Stocks
1,233,008
2,307,741
Debtors
6
3,861,553
3,675,490
Investments
7
2,358,319
2,173,072
Cash at bank and in hand
4,727,132
3,402,225
-------------
-------------
12,180,012
11,558,528
Creditors: amounts falling due within one year
8
1,483,857
1,233,111
-------------
-------------
Net current assets
10,696,155
10,325,417
-------------
-------------
Total assets less current liabilities
12,613,101
12,186,030
Provisions
Taxation including deferred tax
415,346
380,123
Government grants
7,140
7,480
---------
---------
422,486
387,603
-------------
-------------
Net assets
12,190,615
11,798,427
-------------
-------------
John S Shackleton (Sheffield) Limited
Statement of Financial Position (continued)
31 March 2024
2024
2023
Note
£
£
Capital and reserves
Called up share capital
100
100
Revaluation reserve
673,535
534,601
Profit and loss account
11,516,980
11,263,726
-------------
-------------
Shareholders funds
12,190,615
11,798,427
-------------
-------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 18 November 2024 , and are signed on behalf of the board by:
Mr C Lilleyman
Mr N Lilleyman
Director
Director
Company registration number: 01141245
John S Shackleton (Sheffield) Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 4 Downgate Drive, Sheffield, S4 8BU.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the opinion of management, there are no areas of judgement or key sources of estimation uncertainty that have a significant effect on the financial statements, other than those highlighted below.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% straight line
Plant and machinery
-
15% reducing balance
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Computer equipment
-
25% reducing balance
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Deferred government grants
Deferred government grants in respect of capital expenditure are treated as deferred income and are credited to the profit and loss account over the estimated useful life of the assets to which they relate.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 35 (2023: 36 ).
5. Tangible assets
At 1 April 2023
Additions
At 31 March 2024
£
£
£
Cost
Freehold property
1,330,725
1,330,725
Plant and machinery
201,552
201,552
Fixtures and fittings
90,364
5,535
95,899
Motor vehicles
665,675
202,007
867,682
Equipment
178,952
178,952
Investment property
575,000
575,000
------------
---------
------------
3,042,268
207,542
3,249,810
------------
---------
------------
At 1 April 2023
Charge for the year
At 31 March 2024
£
£
£
Depreciation
Freehold property
383,936
24,400
408,336
Plant and machinery
135,694
9,879
145,573
Fixtures and fittings
69,202
4,005
73,207
Motor vehicles
431,490
108,520
540,010
Equipment
161,333
4,405
165,738
------------
---------
------------
1,181,655
151,209
1,332,864
------------
---------
------------
At 31 March 2024
At 31 March 2023
£
£
Carrying amount
Freehold property
922,389
946,789
Plant and machinery
55,979
65,858
Fixtures and fittings
22,692
21,162
Motor vehicles
327,672
234,185
Equipment
13,214
17,619
Investment property
575,000
575,000
------------
------------
1,916,946
1,860,613
------------
------------
Investment properties were valued by the directors at market value as at 31 March 2023. The historic cost of the property is £491,722 and the open market value of the property as at 31 March 2024 is considered to be £575,000. Investment properties are not depreciated.
Included in freehold property is freehold land amounting to £110,753. Though the substance of ownership rests with John S Shackleton (Sheffield) Limited , strict legal title to the freehold land is registered in the name of Shackleton (Warehouses) Limited.
6. Debtors
2024
2023
£
£
Trade debtors
1,294,359
1,687,518
Other debtors
2,567,194
1,987,972
------------
------------
3,861,553
3,675,490
------------
------------
7. Investments
2024
2023
£
£
Current asset investments
2,358,319
2,173,072
------------
------------
The fair value of the investments at the year end date is £2,358,319, compared to the historical cost of £1,557,923. The fair value movement during the year, included in the income statement, amounts to £185,246. This amount has been transferred from the Fair Value reserve, which now has a carrying value of £800,395 less a deferred tax provision of £200,099.
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,281,947
1,024,051
Social security and other taxes
129,584
163,142
Other creditors
72,326
45,918
------------
------------
1,483,857
1,233,111
------------
------------
9. Directors' advances, credits and guarantees
Included in other debtors, in note 7, is the following director's loan account balance. 2024 2023 Mr N P Lilleyman £145,000 £300,000 There are no formal terms for repayment of the above balance.
10. Related party transactions
The company was under the control of Mr N Lilleyman and Mr C Lilleyman at the balance sheet date. During the year the company traded with other companies with common control, all on an arms length basis. At the balance sheet date, other debtors included £1,246,073 (2023 £1,029,705) in respect of amounts owed to John S Shackleton (Sheffield) Limited under inter company loan arrangements with Rigby Wireworks and Co (1982) Limited. Included in other creditors at the balance sheet date is £19,203 (2023 £19,937) in respect of amounts due to Apollo Metals (2004) Limited under inter company loan arrangements. At 31st March 2024, other debtors included £143,977 (2023 £143,977) in respect of loans to W D Steel Holdings Limited. Also at the balance sheet date, other debtors included £11,822 (2023 £11,822) in respect of loans to W D Steel Co Limited. The above loans are interest free with no formal terms of repayment.