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COMPANY REGISTRATION NUMBER: 06262359
Shapewright Services Ltd
Filleted Unaudited Financial Statements
31 May 2024
Shapewright Services Ltd
Financial Statements
Year ended 31 May 2024
CONTENTS
PAGE
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
Shapewright Services Ltd
Officers and Professional Advisers
The board of directors
Mrs A Davies
Mr P H Davies
Company secretary
Mrs A Davies
Registered office
Rhiwderyn
Llannon
Llanelli
Dyfed
Wales
SA14 8JZ
Accountants
James & Uzzell Ltd
Chartered Certified Accountants
Axis 15, Axis Court
Mallard Way
Riverside Business Park
Swansea
SA7 0AJ
Shapewright Services Ltd
Statement of Financial Position
31 May 2024
2024
2023
Note
£
£
FIXED ASSETS
Tangible assets
5
430,165
433,380
CURRENT ASSETS
Stocks
6
24,000
3,500
Debtors
7
151,107
54,042
Cash at bank and in hand
403,813
219,399
---------
---------
578,920
276,941
CREDITORS: amounts falling due within one year
8
427,305
144,134
---------
---------
NET CURRENT ASSETS
151,615
132,807
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
581,780
566,187
CREDITORS: amounts falling due after more than one year
9
4,671
15,881
PROVISIONS
119,431
---------
---------
NET ASSETS
457,678
550,306
---------
---------
CAPITAL AND RESERVES
Called up share capital
10
10
10
Profit and loss account
457,668
550,296
---------
---------
SHAREHOLDERS FUNDS
457,678
550,306
---------
---------
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 statement of comprehensive income has not been delivered.
For the 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:
- 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 .
Shapewright Services Ltd
Statement of Financial Position (continued)
31 May 2024
These financial statements were approved by the board of directors and authorised for issue on 19 February 2025 , and are signed on behalf of the board by:
Amy Davies
Director
Company registration number: 06262359
Shapewright Services Ltd
Notes to the Financial Statements
Year ended 31 May 2024
1. GENERAL INFORMATION
Shapewright Services Ltd is a private company limited by shares incorporated in England & Wales, United Kingdom. The address of the registered office is given in the company information on page 1 of these financial statements. The nature of the company's principal activities are landscape service activities.
2. STATEMENT OF COMPLIANCE
The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 'The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102)', Section 1A for Small Entities and the Companies Act 2006.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1. The reporting period of these financial statements and its comparative period is 12 months. These financial statements only include the results of the individual entity made up to 31 May 2024. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Going concern
The directors have considered the future trading position of the company and are confident that the going concern principle can be applied to the financial statements.
Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.
Critical accounting estimates and assumptions
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below
(i) Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See the asset note for the carrying amount of the property plant and equipment, and the depreciation accounting policy for the useful economic lives for each class of assets.
(ii) Impairment of debtors
The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. See the debtors note for the net carrying amount of the debtors and associated impairment provision.
(iii) Stock provisioning
The company sells products and is subject to consumer demands. As a result it is necessary to consider the recoverability of the cost of stock and the associated provisioning required. When calculating the stock provision, management considers the nature and condition of the stock, as well as applying assumptions around anticipated saleability
(iv) Provisions
Estimates are used in determining the value of provisions when recognised. This will be based on historical information, known expectations and reasonable outcomes
(v) Going Concern
The assessment of going concern may include the use of critical judgements in respect of impact of various external factors such as political, economic and social issues. Material uncertainties are considered in this regard
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.
Tangible assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.
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
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
20% reducing balance
Impairment of fixed assets
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset’s cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position 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.
Defined contribution plans
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 3 (2023: 3 ).
5. TANGIBLE ASSETS
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 June 2023
774,500
54,667
1,451
830,618
Additions
128,950
128,950
Disposals
( 135,391)
( 135,391)
---------
--------
------
---------
At 31 May 2024
768,059
54,667
1,451
824,177
---------
--------
------
---------
Depreciation
At 1 June 2023
374,710
21,730
798
397,238
Charge for the year
62,420
8,234
130
70,784
Disposals
( 74,010)
( 74,010)
---------
--------
------
---------
At 31 May 2024
363,120
29,964
928
394,012
---------
--------
------
---------
Carrying amount
At 31 May 2024
404,939
24,703
523
430,165
---------
--------
------
---------
At 31 May 2023
399,790
32,937
653
433,380
---------
--------
------
---------
6. STOCKS
2024
2023
£
£
Raw materials and consumables
24,000
3,500
--------
------
7. DEBTORS
2024
2023
£
£
Trade debtors
138,777
34,124
Other debtors
12,330
19,918
---------
--------
151,107
54,042
---------
--------
8. CREDITORS: amounts falling due within one year
2024
2023
£
£
Trade creditors
126,263
1,517
Corporation tax
15,256
14,839
Social security and other taxes
69,536
710
Other creditors
216,250
127,068
---------
---------
427,305
144,134
---------
---------
Hire Purchase Agreements are secured over the asset to which they relate. The total amount of secured liabilities for creditors less than one year is £11,210 (2023: £11,210).
9. CREDITORS: amounts falling due after more than one year
2024
2023
£
£
Other creditors
4,671
15,881
------
--------
Hire Purchase Agreements are secured over the asset to which they relate. The total amount of secured liabilities for creditors greater than one year is £4,671 (2023: £15,881).
10. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
10
10
Ordinary 'A' shares of £ 1 each
5
5
Ordinary 'B' shares of £ 1 each
5
5
----
----
----
----
10
10
10
10
----
----
----
----
On 1st June 2023, the 10 Ordinary Shares were reclassified to 5 Ordinary 'A' Shares and 5 Ordinary 'B' Shares
11. RELATED PARTY TRANSACTIONS
The transactions with related parties during the year are as follows; Key Management Personnel
2024 2023
£ £
Balance due to key management personnel 150,580 114,604
No interest has been charged on these balances.