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COMPANY REGISTRATION NUMBER: 10439218
SHILLIBIERS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
29 February 2024
SHILLIBIERS LIMITED
FINANCIAL STATEMENTS
Year ended 29 February 2024
CONTENTS
PAGE
Balance sheet
1
Notes to the financial statements
3
SHILLIBIERS LIMITED
BALANCE SHEET
29 February 2024
2024
2023
Note
£
£
FIXED ASSETS
Tangible assets
5
59,809
87,119
CURRENT ASSETS
Debtors
6
1,281,638
960,883
Cash at bank and in hand
235,297
237,226
------------
------------
1,516,935
1,198,109
CREDITORS: amounts falling due within one year
7
( 1,369,956)
( 1,037,698)
------------
------------
NET CURRENT ASSETS
146,979
160,411
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
206,788
247,530
CREDITORS: amounts falling due after more than one year
8
( 12,500)
( 54,265)
PROVISIONS
( 14,283)
( 21,362)
---------
---------
NET ASSETS
180,005
171,903
---------
---------
CAPITAL AND RESERVES
Called up share capital
100
100
Profit and loss account
179,905
171,803
---------
---------
SHAREHOLDERS FUNDS
180,005
171,903
---------
---------
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 profit and loss account has not been delivered.
For the year ending 29 February 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 .
SHILLIBIERS LIMITED
BALANCE SHEET (continued)
29 February 2024
These financial statements were approved by the board of directors and authorised for issue on 29 November 2024 , and are signed on behalf of the board by:
Mr L J Shillibier
Director
Company registration number: 10439218
SHILLIBIERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
Year ended 29 February 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 Plot 43 Village Farm Road, Village Farm Industrial Estate, Pyle, Bridgend, CF33 6BN.
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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Plant and machinery
-
20 - 25% straight line
Fixtures and fittings
-
20% straight line
Motor vehicles
-
20% straight line
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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 balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 38 (2023: 27 ).
5. TANGIBLE ASSETS
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 March 2023 and 29 February 2024
72,378
16,040
41,617
130,035
--------
--------
--------
---------
Depreciation
At 1 March 2023
28,536
4,757
9,623
42,916
Charge for the year
15,778
3,208
8,324
27,310
--------
--------
--------
---------
At 29 February 2024
44,314
7,965
17,947
70,226
--------
--------
--------
---------
Carrying amount
At 29 February 2024
28,064
8,075
23,670
59,809
--------
--------
--------
---------
At 28 February 2023
43,842
11,283
31,994
87,119
--------
--------
--------
---------
6. DEBTORS
2024
2023
£
£
Trade debtors
813,724
878,988
Other debtors
467,914
81,895
------------
---------
1,281,638
960,883
------------
---------
7. CREDITORS: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,000
10,000
Trade creditors
380,895
290,887
Amounts owed to group undertakings and undertakings in which the company has a participating interest
732,374
411,590
Corporation tax
20,219
Social security and other taxes
32,962
18,199
Other creditors
193,506
307,022
------------
------------
1,369,956
1,037,698
------------
------------
Included within other creditors is an amount of £31,765 which is secured on the assets it relates to.
8. CREDITORS: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
12,500
22,500
Other creditors
31,765
--------
--------
12,500
54,265
--------
--------
9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
Included within other creditors is £45,439 (2023 - £101,848) due to the director. This balance is interest free and repayable on demand.
10. RELATED PARTY TRANSACTIONS
At the year end a balance of £732,374 (2023 - £411,590) was due to related companies under common control. In addition to this, £407,511 (2023 - £18,326) was due from related companies. These amounts are interest free and repayable on demand.