REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 August 2024 |
for |
Shields Family Ltd |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 August 2024 |
for |
Shields Family Ltd |
Shields Family Ltd (Registered number: 14296189) |
Contents of the Financial Statements |
for the Year Ended 31 August 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
Shields Family Ltd |
Company Information |
for the Year Ended 31 August 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
The Overhangs |
55a Peach Street |
Wokingham |
Berkshire |
RG40 1XP |
Shields Family Ltd (Registered number: 14296189) |
Statement of Financial Position |
31 August 2024 |
31.8.24 | 31.8.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 7 |
Retained earnings |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Shields Family Ltd (Registered number: 14296189) |
Notes to the Financial Statements |
for the Year Ended 31 August 2024 |
1. | STATUTORY INFORMATION |
Shields Family Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Fixed asset investments |
Investments are remeasured at the fair value at each balance sheet date. Gains and losses on remeasurements are recognised in the profit and loss acocunt for the period. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
4. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST OR VALUATION |
At 1 September 2023 |
Additions |
Disposals | ( |
) |
Revaluations |
At 31 August 2024 |
NET BOOK VALUE |
At 31 August 2024 |
At 31 August 2023 |
Shields Family Ltd (Registered number: 14296189) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2024 |
4. | FIXED ASSET INVESTMENTS - continued |
Cost or valuation at 31 August 2024 is represented by: |
Other |
investments |
£ |
Valuation in 2023 | 21,667 |
Valuation in 2024 | 111,978 |
Cost | 934,579 |
1,068,224 |
If fixed asset investments had not been revalued they would have been included at the following historical cost: |
31.8.24 | 31.8.23 |
£ | £ |
Cost | 934,579 | 544,121 |
Fixed asset investments were valued on an open market basis on 31 August 2024 by online share markets. . |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.24 | 31.8.23 |
£ | £ |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.24 | 31.8.23 |
£ | £ |
Taxation and social security |
Other creditors |
7. | RESERVES |
Revaluation |
reserve |
£ |
At 1 September 2023 |
Fair value movements | 82,684 |
At 31 August 2024 |
8. | RELATED PARTY DISCLOSURES |
During the period the directors maintained a loan account with the company. At the period end the company owed the directors £702 (2023 - directors owed the company £56,941). This loan attracted interest at the beneficial loan rate, is repayable on demand and shown within other creditors. |
During the period the company had transactions with a connected company. The companies are connected through the significant interest of the directors. |
At the period end the company is owed a balance of £56,172 from Bridge the Globe Ltd. This balance is shown within other debtors. |
For the period ending in 2023, the company owed £648,778 to Bridge the Globe Ltd. |