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Company Registration number: 08475352

Eddie Shimmings Limited

Annual Report and Unaudited
Financial Statements


for the Year Ended 30 April 2024

 

Eddie Shimmings Limited

Contents

Pages

Balance sheet

1 to 2

Notes to the financial statements

3 to 8

 

Eddie Shimmings Limited

Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

41,030

37,955

Current assets

 

Stocks

6

180,969

180,456

Debtors

7

167,314

207,315

Cash at bank and in hand

 

295,075

260,127

 

643,358

647,898

Creditors: Amounts falling due within one year

8

(150,622)

(140,612)

Net current assets

 

492,736

507,286

Total assets less current liabilities

 

533,766

545,241

Creditors: Amounts falling due after more than one year

8

(13,879)

(24,062)

Net assets

 

519,887

521,179

Capital and reserves

 

Called up share capital

102

101

Retained earnings

519,785

521,078

Shareholders' funds

 

519,887

521,179

 

Eddie Shimmings Limited

Balance Sheet as at 30 April 2024 (continued)

For the financial year ending 30 April 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Company registration number: 08475352

Approved and authorised by the Board on 4 June 2024 and signed on its behalf by:
 

.........................................
Mr G I Shimmings
Director

 

Eddie Shimmings Limited

Notes to the financial statements for the Year Ended 30 April 2024

1

GENERAL INFORMATION

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 1
Jubilee Retail Park
Maryport
CA15 8BE

These financial statements were authorised for issue by the Board on 4 June 2024.

2

ACCOUNTING POLICIES

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis.

 

Eddie Shimmings Limited

Notes to the financial statements for the Year Ended 30 April 2024 (continued)

2

ACCOUNTING POLICIES (continued)

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. Actual results may differ from these estimates.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
 

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% reducing balance

Furniture, fittings and equipment

25% straight line

 

Eddie Shimmings Limited

Notes to the financial statements for the Year Ended 30 April 2024 (continued)

2

ACCOUNTING POLICIES (continued)

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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 sufficient assets 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.

Financial instruments

Classification
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
 Recognition and measurement
Basic financial instruments are initially recognised at the transaction price.
 Impairment
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

 

Eddie Shimmings Limited

Notes to the financial statements for the Year Ended 30 April 2024 (continued)

3

STAFF NUMBERS

The average number of persons employed by the company (including directors) during the year, was 21 (2023 - 22).

4

INTANGIBLE ASSETS

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2023

167,000

167,000

At 30 April 2024

167,000

167,000

Amortisation

At 1 May 2023

167,000

167,000

At 30 April 2024

167,000

167,000

Carrying amount

At 30 April 2024

-

-

5

TANGIBLE ASSETS

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2023

34,223

97,770

131,993

Additions

-

9,900

9,900

At 30 April 2024

34,223

107,670

141,893

Depreciation

At 1 May 2023

33,248

60,790

94,038

Charge for the year

627

6,198

6,825

At 30 April 2024

33,875

66,988

100,863

Carrying amount

At 30 April 2024

348

40,682

41,030

At 30 April 2023

975

36,980

37,955

 

Eddie Shimmings Limited

Notes to the financial statements for the Year Ended 30 April 2024 (continued)

6

STOCKS

2024
£

2023
£

Stocks

180,969

180,456

7

DEBTORS

Current

2024
£

2023
£

Trade debtors

111,682

103,002

Prepayments

3,707

1,015

Other debtors

51,925

103,298

 

167,314

207,315

 

Eddie Shimmings Limited

Notes to the financial statements for the Year Ended 30 April 2024 (continued)

8

CREDITORS

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Loans and borrowings

10,183

9,931

Trade creditors

63,218

74,666

Taxation and social security

65,194

52,769

Accruals and deferred income

2,300

3,246

Other creditors

9,727

-

150,622

140,612

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

Loans and borrowings

13,879

24,062

9

RELATED PARTY TRANSACTIONS

Transactions with directors

2024

At 1 May 2023
£

Repayments by director
£

At 30 April 2024
£

Mr G I Shimmings

Directors loan account

46,373

(46,373)

-

2023

At 1 May 2022
£

Advances to director
£

At 30 April 2023
£

Mr G I Shimmings

Directors loan account

-

46,373

46,373