2 4 Shorters Limited 08240004 false 2023-07-01 2024-06-30 2024-06-30 The principal activity of the company is that of a holding company and the provision of marketing services. Digita Accounts Production Advanced 6.30.9574.0 false true true true true true 08240004 2023-07-01 2024-06-30 08240004 2024-06-30 08240004 bus:OrdinaryShareClass1 2024-06-30 08240004 core:RetainedEarningsAccumulatedLosses 2024-06-30 08240004 core:ShareCapital 2024-06-30 08240004 core:CurrentFinancialInstruments 2024-06-30 08240004 core:CurrentFinancialInstruments core:WithinOneYear 2024-06-30 08240004 core:Non-currentFinancialInstruments core:AfterOneYear 2024-06-30 08240004 bus:SmallEntities 2023-07-01 2024-06-30 08240004 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 08240004 bus:FilletedAccounts 2023-07-01 2024-06-30 08240004 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 08240004 bus:RegisteredOffice 2023-07-01 2024-06-30 08240004 bus:Director2 2023-07-01 2024-06-30 08240004 bus:OrdinaryShareClass1 2023-07-01 2024-06-30 08240004 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 08240004 core:Subsidiary1 2023-07-01 2024-06-30 08240004 core:Subsidiary1 1 2023-07-01 2024-06-30 08240004 core:Subsidiary1 countries:England 2023-07-01 2024-06-30 08240004 core:Subsidiary2 2023-07-01 2024-06-30 08240004 core:Subsidiary2 1 2023-07-01 2024-06-30 08240004 core:Subsidiary2 countries:England 2023-07-01 2024-06-30 08240004 core:Subsidiary3 2023-07-01 2024-06-30 08240004 core:Subsidiary3 1 2023-07-01 2024-06-30 08240004 core:Subsidiary3 countries:England 2023-07-01 2024-06-30 08240004 1 2023-07-01 2024-06-30 08240004 countries:EnglandWales 2023-07-01 2024-06-30 08240004 core:CostValuation 2023-06-30 08240004 2022-07-01 2023-06-30 08240004 2023-06-30 08240004 bus:OrdinaryShareClass1 2023-06-30 08240004 core:RetainedEarningsAccumulatedLosses 2023-06-30 08240004 core:ShareCapital 2023-06-30 08240004 core:CurrentFinancialInstruments 2023-06-30 08240004 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 08240004 core:Non-currentFinancialInstruments core:AfterOneYear 2023-06-30 08240004 core:Subsidiary1 1 2022-07-01 2023-06-30 08240004 core:Subsidiary2 1 2022-07-01 2023-06-30 08240004 core:Subsidiary3 1 2022-07-01 2023-06-30 xbrli:pure iso4217:GBP xbrli:shares

Registration number: 08240004

Shorters Limited

Unaudited Financial Statements

for the Year Ended 30 June 2024

 

Shorters Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 7

 

Shorters Limited

(Registration number: 08240004)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Investments

4

2,518,876

2,518,876

Current assets

 

Debtors

5

461,630

439,918

Cash at bank and in hand

 

44,974

37,925

 

506,604

477,843

Creditors: Amounts falling due within one year

6

(1,821,921)

(1,792,050)

Net current liabilities

 

(1,315,317)

(1,314,207)

Total assets less current liabilities

 

1,203,559

1,204,669

Creditors: Amounts falling due after more than one year

6

(113,400)

(142,560)

Provisions for liabilities

34,127

28,115

Net assets

 

1,124,286

1,090,224

Capital and reserves

 

Called up share capital

100

100

Retained earnings

1,124,186

1,090,124

Shareholders' funds

 

1,124,286

1,090,224

For the financial year ending 30 June 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 and 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.

Approved and authorised by the Board on 19 December 2024 and signed on its behalf by:
 


Mr James Shortridge
Director

 

Shorters Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 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 The Cam Centre
Wilbury Way
Hitchin
Hertfordshire
SG4 0TW
United Kingdom

The principal place of business is:
Unit 4 Ashville Trading Estate
Royston Road
Baldock
Hertfordshire
SG7 6NN

These financial statements were authorised for issue by the Board on 19 December 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.

Group accounts not prepared

The group, of which Shorters Limited is the parent company, classifies as small and therefore in accordance with the Companies Act 2006, consolidated accounts have not been prepared..

Going concern

At the balance sheet date the company had net current liabilities of £1,315,317 (2023: £1,314,207). The directors have pledged to continue to financially support the company for the foreseeable future. On this basis the directors feel it is appropriate to prepare these financial statements using the going concern assumption.

 

Shorters Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Judgements

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.

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 deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised at the transaction price.

Trade debtors are reviewed annually for bad debt and any adjustment is made through profit and loss.

 

Shorters Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 4).

4

Investments

2024
£

2023
£

Investments in subsidiaries

2,518,876

2,518,876

 

Shorters Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Subsidiaries

£

Cost or valuation

At 1 July 2023

2,518,876

Provision

Carrying amount

At 30 June 2024

2,518,876

At 30 June 2023

2,518,876

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

The Lamp Company Limited

Unit 4
Ashville Trading Estate
Royston Road
Baldock
Herts
SG7 6NN

England

Ordinary

100%

100%

Sparks Warehouse Limited

Unit 1, The Cam Centre
Wilbury Way
Hitchin
Herts
SG4 0TW

England

Ordinary

100%

100%

Caradok Limited

Unit 11B Shefford Industrial Park
Old Bridge Way
Shefford
Beds
SG17 5HQ

England

Ordinary

100%

100%

 

Shorters Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Subsidiary undertakings

The Lamp Company Limited

The principal activity of The Lamp Company Limited is that of lamp distributors.

Sparks Warehouse Limited

The principal activity of Sparks Warehouse Limited is that of a retail distributer of electrical products.

Caradok Limited

The principal activity of Caradok Limited is that of a dormant company.

5

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

61,310

65,696

Amounts owed by related parties

217,064

229,868

Other debtors

 

183,256

144,354

   

461,630

439,918

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

-

4,582

Trade creditors

 

9,960

62

Amounts owed to group undertakings and undertakings in which the company has a participating interest

1,773,790

1,732,434

Taxation and social security

 

1,876

12,078

Accruals and deferred income

 

3,000

3,112

Other creditors

 

33,295

39,782

 

1,821,921

1,792,050

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

Other non-current financial liabilities

113,400

142,560

 

Shorters Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

7

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Other borrowings

-

4,582

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

9

Dividends

2024

2023

£

£

Interim dividend of £1,510.00 (2023 - £405.00) per ordinary share

138,000

40,500

 

 

10

Ultimate controlling party

The ultimate controlling party is Mr J Shortridge and Mrs A Shortridge by virtue of their shareholdings.