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Company No: 03279720 (England and Wales)

THE SHUTTER SHOP LIMITED

Unaudited Financial Statements
For the financial year ended 31 May 2024
Pages for filing with the registrar

THE SHUTTER SHOP LIMITED

Unaudited Financial Statements

For the financial year ended 31 May 2024

Contents

THE SHUTTER SHOP LIMITED

BALANCE SHEET

As at 31 May 2024
THE SHUTTER SHOP LIMITED

BALANCE SHEET (continued)

As at 31 May 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 88,850 18,363
88,850 18,363
Current assets
Stocks 35,096 36,854
Debtors 5 131,757 97,468
Cash at bank and in hand 572,159 624,947
739,012 759,269
Creditors: amounts falling due within one year 6 ( 495,161) ( 531,764)
Net current assets 243,851 227,505
Total assets less current liabilities 332,701 245,868
Creditors: amounts falling due after more than one year 7 ( 60,591) 0
Provision for liabilities ( 17,170) 0
Net assets 254,940 245,868
Capital and reserves
Called-up share capital 1,000 1,000
Profit and loss account 253,940 244,868
Total shareholder's funds 254,940 245,868

For the financial year ending 31 May 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of The Shutter Shop Limited (registered number: 03279720) were approved and authorised for issue by the Board of Directors on 03 February 2025. They were signed on its behalf by:

B J M Kelly
Director
THE SHUTTER SHOP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
THE SHUTTER SHOP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

The Shutter Shop Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 102 Waterford Road, London, SW6 2HA, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

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.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 5 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 8 years straight line
Plant and machinery 5 years straight line
Vehicles 4 years straight line
Office equipment 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Borrowing costs

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Assets held under hire purchase agreements are capitalised as tangible fixed assets with the future obligation being recognised as a liability. Finance costs are recognised in the Profit and Loss Account calculated at a constant periodic rate of interest over the term of the liability.

Leases

The Company as lessee
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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 11 11

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 June 2023 25,000 25,000
At 31 May 2024 25,000 25,000
Accumulated amortisation
At 01 June 2023 25,000 25,000
At 31 May 2024 25,000 25,000
Net book value
At 31 May 2024 0 0
At 31 May 2023 0 0

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Office equipment Total
£ £ £ £ £
Cost
At 01 June 2023 49,517 14,757 40,152 148,458 252,884
Additions 0 0 77,148 1,672 78,820
At 31 May 2024 49,517 14,757 117,300 150,130 331,704
Accumulated depreciation
At 01 June 2023 46,027 14,757 29,182 144,555 234,521
Charge for the financial year 551 0 5,846 1,936 8,333
At 31 May 2024 46,578 14,757 35,028 146,491 242,854
Net book value
At 31 May 2024 2,939 0 82,272 3,639 88,850
At 31 May 2023 3,490 0 10,970 3,903 18,363

5. Debtors

2024 2023
£ £
Trade debtors 20,069 5,608
Deferred tax asset 0 908
Other debtors 111,688 90,952
131,757 97,468

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 403,461 448,490
Taxation and social security 61,983 74,495
Obligations under finance leases and hire purchase contracts (secured) 20,197 0
Other creditors 9,520 8,779
495,161 531,764

Amounts owed in respect of finance leases and hire purchases are secured against the assets to which they relate.

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Obligations under finance leases and hire purchase contracts (secured) 60,591 0

Amounts owed in respect of finance leases and hire purchases are secured against the assets to which they relate.

8. Related party transactions

Transactions with the entity's directors

The Directors loan account is repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.

At 1 June 2023, the balance owed by the director was £1,389. During the year, there were no advances or repayments to/from the director. At 31 May 2024, the balance owed by the director was £1,389.

At 1 June 2022, the balance owed by the director was £1,389. During the year, there were no advances or repayments to/from the director. At 31 May 2023, the balance owed by the director was £1,389.

9. Off Balance Sheet arrangements

The total amount of financial commitments not included in the balance sheet is £31,000 (2023 - £63,708). These relate to the leases over the business premises and motor vehicles. £31,000 is due within one year (2023 - £32,708), £nil is due between one and five years (2023 - £31,000).

10. Ultimate controlling party

Parent Company:

The Shutter Shop Holdings Limited
102 Waterford Road, London, United Kingdom, SW6 2HA

The ultimate controlling party is Mr B J M Kelly.