1 September 2023 v2025.31.1 limited_company_frs_102_section_1a_v1_1_2 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsexbrli:purexbrli:sharesiso4217:GBPNI6300702023-09-012024-08-31NI6300702024-08-31NI630070bus:Director12023-09-012024-08-31NI630070bus:Director22023-09-012024-08-31NI630070bus:RegisteredOffice2023-09-012024-08-31NI6300702022-09-012023-08-31NI630070core:RetainedEarningsAccumulatedLosses2023-09-01NI630070core:RetainedEarningsAccumulatedLosses2022-09-01NI630070core:RetainedEarningsAccumulatedLosses2023-09-012024-08-31NI630070core:RetainedEarningsAccumulatedLosses2024-08-31NI630070core:RetainedEarningsAccumulatedLosses2023-08-31NI6300702023-08-31NI630070core:WithinOneYear2024-08-31NI630070core:WithinOneYear2023-08-31NI630070core:AfterOneYear2024-08-31NI630070core:AfterOneYear2023-08-31NI630070core:ShareCapital2024-08-31NI630070core:ShareCapital2023-08-31NI630070core:NetGoodwill2023-09-012024-08-31NI630070core:Goodwill2023-09-012024-08-31NI630070core:NetGoodwill2024-08-31NI630070core:NetGoodwill2023-08-31NI630070core:LandBuildings2023-09-01NI630070core:PlantMachinery2023-09-01NI6300702023-09-01NI630070core:PlantMachinery2023-09-012024-08-31NI630070core:LandBuildings2024-08-31NI630070core:PlantMachinery2024-08-31NI630070core:LandBuildings2023-08-31NI630070core:PlantMachinery2023-08-31NI63007012023-09-012024-08-31NI630070countries:NorthernIreland2023-09-012024-08-31NI630070bus:AuditExemptWithAccountantsReport2023-09-012024-08-31NI630070bus:PrivateLimitedCompanyLtd2023-09-012024-08-31NI630070bus:SmallEntities2023-09-012024-08-31NI630070bus:FullAccounts2023-09-012024-08-31
Company registration number:
NI630070
S Sheals & Son Limited
Unaudited Financial Statements for the year ended
31 August 2024
S Sheals & Son Limited
Officers and Professional Advisers
Year ended
31 August 2024
Directors
Mr Ryan Sheals
Mr Christopher Sheals
Registered office
10 - 12 Windsor Avenue
Newtownards
BT23 4QH
United Kingdom
Accountant
Heron Accountancy Solutions
301 City East Business Centre
68-72 Newtownards Road
Belfast
Down
BT4 1GW
United Kingdom
S Sheals & Son Limited
Directors' Report
Year ended
31 August 2024
The directors present their report and the unaudited
financial statements
of the company for the year ended 31 August 2024.

Directors

The directors who served the company during the year were as follows:
Mr Ryan Sheals
Mr Christopher Sheals

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on
28 May 2025
and signed on behalf of the board by:
Mr Ryan Sheals
Mr Christopher Sheals
DirectorDirector
S Sheals & Son Limited
Report to the board of directors on the preparation of the unaudited statutory financial statements of S Sheals & Son Limited
Year ended
31 August 2024
As described on the statement of financial position, the Board of Directors of
S Sheals & Son Limited
are responsible for the preparation of the
financial statements
for the year ended
31 August 2024
, which comprise the income statement, statement of income and retained earnings, statement of financial position and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006.
In accordance with your instructions I have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to me.
Heron Accountancy Solutions
301 City East Business Centre
68-72 Newtownards Road
Belfast
Down
BT4 1GW
United Kingdom
S Sheals & Son Limited
Income Statement
Year ended
31 August 2024
20242023
££
Turnover
1,731,279
 
1,626,625
 
Cost of sales
(1,367,788
) (1,262,238 )
Gross profit
363,491
 
364,387
 
Administrative expenses
(240,443
)
(298,122
)
Operating profit
123,048
 
66,265
 
Interest payable and similar expenses
(4,815
)
(4,839
)
Profit before tax
118,233
 
61,426
 
Tax on profit
(29,995
)
(10,524
)
Profit for the financial year
88,238
 
50,902
 
The company has no other recognised items of income or expense other than the results for the year as set out above.
S Sheals & Son Limited
Statement of Income and Retained Earnings
Year ended
31 August 2024
20242023
££
Retained earnings at the start of the year
1,080,102
 
1,029,200
 
Profit for the financial year
88,238
 
50,902
 
Dividends declared and paid or payable during the year
(28,350
) -  
Retained earnings at the end of the year
1,139,990
 
1,080,102
 
S Sheals & Son Limited
Statement of Financial Position
31 August 2024
20242023
Note££
Fixed assets    
Intangible assets 5
239,308
 
239,308
 
Tangible assets 6
564,615
 
573,721
 
803,923
 
813,029
 
Current assets    
Stocks
150,000
 
150,000
 
Debtors 7
366,639
 
198,528
 
Cash at bank and in hand
40,848
 
255,055
 
557,487
 
603,583
 
Creditors: amounts falling due within one year 8
(193,679
)
(268,121
)
Net current assets
363,808
 
335,462
 
Total assets less current liabilities 1,167,731   1,148,491  
Creditors: amounts falling due after more than one year 9
(27,739
)
(68,387
)
Net assets
1,139,992
 
1,080,104
 
Capital and reserves    
Called up share capital
2
 
2
 
Profit and loss account
1,139,990
 
1,080,102
 
Shareholders funds
1,139,992
 
1,080,104
 
For the year ending
31 August 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.
These
financial statements
have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These
financial statements
were approved by the board of directors and authorised for issue on
28 May 2025
, and are signed on behalf of the board by:
Mr Ryan Sheals
Mr Christopher Sheals
DirectorDirector
Company registration number:
NI630070
S Sheals & Son Limited
Notes to the Financial Statements
Year ended
31 August 2024

1 General information

The company is a private company limited by shares and is registered in Northern Ireland. The address of the registered office is
10 - 12 Windsor Avenue
,
Newtownards
,
BT23 4QH
, United Kingdom.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, 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.

Current tax

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Goodwill

Purchased goodwill arises on business acquisitions and represents the difference between the cost of acquisition and the fair values of the identifiable assets and liabilities acquired.
Goodwill is initially recorded at cost, and is subsequently stated at cost less any accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over the useful economic life of the asset. Where a reliable estimate of the useful life of goodwill cannot be made, the life is presumed not to exceed five years.

Intangible assets

Intangible assets are initially measured at cost and are subsequently measured at cost less any accumulated amortisation and accumulated impairment losses or at a revalued amount. However, Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Any intangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Goodwill
nil

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

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 stocks to their present location and condition.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
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.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
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.

Defined contribution pension plan

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4 Average number of employees

The average number of persons employed by the company during the year was
24
(2023:
24
).

5 Intangible assets

Goodwill
£
Cost  
At
1 September 2023
and
31 August 2024
239,308
 
Amortisation  
At
1 September 2023
and
31 August 2024
-  
Carrying amount  
At
31 August 2024
239,308
 
At 31 August 2023
239,308
 

6 Tangible assets

Land and buildingsPlant and machinery etc.Total
£££
Cost      
At
1 September 2023
413,306
 
363,317
 
776,623
 
Additions -  
29,025
 
29,025
 
At
31 August 2024
413,306
 
392,342
 
805,648
 
Depreciation      
At
1 September 2023
-  
202,902
 
202,902
 
Charge -  
38,131
 
38,131
 
At
31 August 2024
-  
241,033
 
241,033
 
Carrying amount      
At
31 August 2024
413,306
 
151,309
 
564,615
 
At 31 August 2023
413,306
 
160,415
 
573,721
 

7 Debtors

20242023
££
Trade debtors
366,639
 
198,528
 

8 Creditors: amounts falling due within one year

20242023
££
Bank loans and overdrafts
29,555
 
29,555
 
Trade creditors
78,336
 
111,783
 
Taxation and social security
62,866
 
63,859
 
Other creditors
22,922
 
62,924
 
193,679
 
268,121
 

9 Creditors: amounts falling due after more than one year

20242023
££
Bank loans and overdrafts
27,739
 
68,387