Registered number
NI650728
Shield Accident Management Ltd
Filleted Accounts
28 February 2024
Shield Accident Management Ltd
Registered number: NI650728
Balance Sheet
as at 28 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 702,780 481,033
Investments 4 26,610 26,610
729,390 507,643
Current assets
Stocks 215,000 215,000
Debtors 5 1,082,930 665,006
Cash at bank and in hand - 71,627
1,297,930 951,633
Creditors: amounts falling due within one year 6 (763,902) (275,790)
Net current assets 534,028 675,843
Total assets less current liabilities 1,263,418 1,183,486
Creditors: amounts falling due after more than one year 7 (235,606) (186,973)
Net assets 1,027,812 996,513
Capital and reserves
Called up share capital 30 30
Profit and loss account 1,027,782 996,483
Shareholders' funds 1,027,812 996,513
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.
Monica Hughes
Director
Approved by the board on 8 April 2024
Shield Accident Management Ltd
Notes to the Accounts
for the year ended 28 February 2024
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).
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. 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.
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:
Office equipment -25% reducing balance
Motor vehicles -25% reducing balance
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.
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.
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 12 5
3 Tangible fixed assets
Plant & equipment Motor vehicles Total
£ £ £
Cost
At 1 March 2023 29,710 617,390 647,100
Additions 3,913 388,742 392,655
Disposals - (7,900) (7,900)
At 28 February 2024 33,623 998,232 1,031,855
Depreciation
At 1 March 2023 11,548 154,519 166,067
Charge for the year 6,269 161,306 167,575
On disposals - (4,567) (4,567)
At 28 February 2024 17,817 311,258 329,075
Net book value
At 28 February 2024 15,806 686,974 702,780
At 28 February 2023 18,162 462,871 481,033
4 Investments
Other
investments
£
Cost
At 1 March 2023 26,610
At 28 February 2024 26,610
5 Debtors 2024 2023
£ £
Other debtors 1,082,930 665,006
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 198,782 10,656
Obligations under finance lease and hire purchase contracts 211,159 131,961
Directors loan account 226,954 16,800
Taxation and social security costs 127,007 92,656
Other creditors - 23,717
763,902 275,790
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 11,525 21,521
Obligations under finance lease and hire purchase contracts 224,081 165,452
235,606 186,973
8 Other information
Shield Accident Management Ltd is a private company limited by shares and incorporated in Northern Ireland. Its registered office is:
206 Trew Mount Road
Dungannon
Co Tyrone
BT71 7ED
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