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Registration number: 10427830

Shenton Global Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2024

 

Shenton Global Limited

Contents

Company Information

1

Strategic Report

2 to 4

Directors' Report

5

Statement of Directors' Responsibilities

6

Independent Auditor's Report

7 to 9

Profit and Loss Account

10

Balance Sheet

11

Statement of Changes in Equity

12

Statement of Cash Flows

13

Notes to the Financial Statements

14 to 28

 

Shenton Global Limited

Company Information

Directors

Mr D C Meek

Mr J B Meek

Mr C J Meek

Registered office

Shenton House
Walworth Road
Andover
Hampshire
SP10 5LH

Accountants

Xeinadin South East Ltd
Suite 2 Healey House
Dene Road
Andover
Hampshire
SP10 2AA

Auditors

Xeinadin Audit Limited
Chartered Accountants
12 Conqueror Court
Sittingbourne
Kent
ME10 5BH

 

Shenton Global Limited

Strategic Report for the Year Ended 31 December 2024

The directors present their strategic report for the year ended 31 December 2024.

Fair review of the business

We aim to present a balanced and comprehensive review of the development and performance of the company during the year and its position at the year end. Our review is consistent with the size of the business and is written in the context of the risks, opportunities, and uncertainties we face.

2024 has been a year of continued progress for Shenton Global, rebuilding from the trading losses sustained in 2022 with the decision to exit CHP Capital projects, and the impact of the contracts that were recognised as onerous in that period.

The business has shown 2.4% growth on the 2023 continuing operations, with £20.7m of revenue (2023: £20.5m), driven by growth in our services and capital divisions, with improved cost control and performance leading to better delivery on these contracts. This has led to significant improvements on the cash flow from operating activities being an inflow £2,058k (2023: £426k inflow). This all drives Shenton Global further down the path of recovery, with solid foundations reestablished for substantial growth.

The continuing operations of Shenton Global delivered a positive revenue growth, highlighting resilience and strong recurring revenue. This business has improved profitability and highlights the strength of Shenton Global. Our pipeline and order book at the end of the year shows a very resilient business, with the opportunities for good revenue growth into 2025 and beyond.

The performance of these contracts, the underlying market and Shenton Global's place in that market, have confirmed the decision to exit the market for CHP Capital sales, while maintaining our position as one of the leading providers to ongoing maintenance and support to this part of the market.

The strength of the business very much lies in its multiple areas of operation. These are:

•Projects: the capital sales of generators and UPS systems, this department continued to deliver strong sales in the year, delivering on the larger projects sold at the end of 2023. The revenue recognized in 2024 is slightly down on 2023, but that is reflective of the timing and the increased size and complexity of the projects being worked on. The forward order book at the end of Q1 2025 is very strong, highlighting the strength of the performance and our reputation in the market place. The projects delivered and recognized in 2024 shows continued improvement on Shentons operational performance.

•Rental: the rental department continues to show good annual revenue, showing over £2m of revenue for the first time. The continued growth of the fleet has led to the delivery of improved margins.

•Service: our Service division, consisting of our Power Call, PowerCare and PowerCare CHP units have continued to provide our customers with ongoing peace of mind, with ongoing service and maintenance of units covered by Shenton to ensure optimum performance. 2024 has shown good growth of revenue in this area, and improved efficiency as we continue with the roll out of our software solutions to improve the delivery of our nationwide, field-based team. We have invested in on-going training and development around this team, and have seen the benefits in account retention and growth.

 

Shenton Global Limited

Strategic Report for the Year Ended 31 December 2024

During the period the company undertook research and development activities within several areas of the operation. This was approached on a structured and systematic basis, with the intention of developing new processes and methodologies to improve the performance and efficiency of the business as a whole, and to explore the potential development of new and extended product offerings in a dynamic commercial environment.

At year end the company has an improved cash position, vastly improved team capabilities, and systems and processes in place to support and propel the company throughout 2025. Financial and business governance has increased through the ongoing development of a C-Suite, the growth of the Senior Leadership Team and continued improvement of internal processes. Cash flow management continues to be more and more essential as the business undertakes larger projects, and the Finance department are monitoring this weekly with a very accurate short-term cashflow tool. The business works closely with our clients on large projects to, where possible, ensure a positive cash flow throughout the duration of the project.

A bank overdraft facility remains in place and is used to support the cash flow of large capital sale projects where required.

The company's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2024

2023

Turnover

£

20,657,270

21,011,450

Gross profit margin

%

34

32

Profit/(Loss)

£

1,118,151

1,260,921

Future developments

The Company has continued to focus on its core strengths and the building of a sustainable, scalable business, delivering good returns for the stake holders. This has led to Shenton Global being specified on a number of larger projects, which has led on to significant capital project opportunities being landed in the early part of 2025. Shenton Global Ltd continue to support the on-going maintenance of our existing CHP fleet, and are actively seeking to grow this income stream, without taking on the financial and operational burden of the capital sales of these units.

Future plans and developments include continued growth of the maintenance and rental revenue channels, consolidating our capital generator projects and installation standing in the market, strengthening and increasing the size and capability of our Technical Team, and further streamlining of all systems and processes across the company to ensure maximum efficiency in all departments. The business has made good progress in replacing the revenue stream derived from the CHP Capital business, and have made significant improvements to the cash performance, absorbing the impact of the exceptional losses reported in 2022.

The internal structure of the business has been enhanced with training and development of softer skills for newer layers of management to ensure that the Company is ready for future growth and development, while maintaining a solid level of resilience.

Furthermore, our internal Technical Team have continued to again invest heavily in Computer Aided Design, Building Information Modelling, REVIT drawing software and draughtsmen. This department will continue to develop and grow as we put more and more time and resource into Research and Development projects.
 

 

Shenton Global Limited

Strategic Report for the Year Ended 31 December 2024

Principal risks and uncertainties

The unpredictable nature of capital sales presents a risk to the company, although this is clearly monitored and negated by very close management and monitoring of the sales pipeline at all times of the year. Currently the business sits with the largest quote bank in history and a number of large-scale UK superpowers contacting the company asking for support in their emergency power requirements. As ever, the strength of the business lies in the fact we also have strong service and rental departments which supports the business well when capital sales are lower than usual.

With the inherent macro-economic risk presented to all markets currently due to the global instability especially with the current situations in Ukraine, the Middle East and the ongoing global tensions, the Senior Leadership Team have analysed all risks identified and sought to negate these by taking decisive action on all fronts. Fluctuations in exchange rates will present risks and are closely monitored each day by the Chief Financial Officer. Various safeguarding strategies are in place and have proven themselves to work well including forwards, spot buying, hedging and collars.

Approved and authorised by the Board on 2 June 2025 and signed on its behalf by:
 

.........................................
Mr C J Meek
Director

 

Shenton Global Limited

Directors' Report for the Year Ended 31 December 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Principal activity

The principal activity of the company is the provision of power supplies and related servicing, covering Generators, Uninterruptible Power Supplies (UPS) and Combined Heat and Power (CHP).
Shenton Global are referred to as Shenton Group as part of our ongoing trading.

Directors of the company

The directors who held office during the year were as follows:

Mr D C Meek

Mr J B Meek

Mr C J Meek

Information included in the Strategic Report

The following items as required under Schedule 7 of the Companies Act 2006 are set out in the strategic report:
•The important events since the period end;
•future developments; and
•research and development activities.

Financial instruments

Objectives and policies

The activities expose the company to financial risks of changes in foreign currency exchange rates.
The business' principal financial instruments comprise bank balances, trade debtors, trade creditors, loans to the business and finance lease agreements. The main purpose of these instruments is to finance the company’s operations.

In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts at floating rates of interest. All of the business' cash balances are held in such a way that achieves a competitive rate of interest.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.

Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

Loans comprise loans from financial institutions. The interest rates and monthly repayments are fixed.

The company manages the liquidity risk by ensuring that there are sufficient funds to meet the payments.

The business is a lessee in respect of finance leased assets. The liquidity risk in respect of these is managed by ensuring that there are sufficient funds to meet the payments.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved and authorised by the Board on 2 June 2025 and signed on its behalf by:

.........................................
Mr C J Meek
Director

 

Shenton Global Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Strategic Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved and authorised by the Board on 2 June 2025 and signed on its behalf by:

.........................................
Mr C J Meek
Director

 

Shenton Global Limited

Independent Auditor's Report to the Members of Shenton Global Limited

Opinion

We have audited the financial statements of Shenton Global Limited (the 'company') for the year ended 31 December 2024, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

 

Shenton Global Limited

Independent Auditor's Report to the Members of Shenton Global Limited

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 6], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:


As part of an audit in accordance with ISAs (UK), exercise professional judgement and maintain professional scepticism through the audit. We also:

1. Assessed the susceptibility of the entity's financial statements to material misstatement, including how fraud may occur.
2. Held discussions with the client regarding their policies and procedures on compliance with laws and regulations.
3. Held discussions with the client regarding their policies and procedures on fraud risks, including knowledge of any actual, suspected, or alleged fraud.

We consider the entity's controls effective in identifying fraud. We do not consider there to be significant difficulty in detecting irregularities.

Because of the inherent limitations of an audit, there is risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occuring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

 

Shenton Global Limited

Independent Auditor's Report to the Members of Shenton Global Limited

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Samuel Ketcher FCCA (Senior Statutory Auditor)
For and on behalf of Xeinadin Audit Limited, Statutory Auditor
Chartered Accountants
12 Conqueror Court
Sittingbourne
Kent
ME10 5BH

6 June 2025

 

Shenton Global Limited

Profit and Loss Account for the Year Ended 31 December 2024

Note

Continuing operations
2024
£

Discontinued operations
2024
£

Total
2024
£

Continuing operations
2023
£

Discontinued operations
2023
£

Total
2023
£

Turnover

3

20,657,270

-

20,657,270

20,544,463

767,007

21,311,470

Cost of sales

 

(13,597,823)

-

(13,597,823)

(13,706,867)

(826,694)

(14,533,561)

Gross profit/(loss)

 

7,059,447

-

7,059,447

6,837,596

(59,687)

6,777,909

Administrative expenses

 

(5,592,679)

-

(5,592,679)

(5,399,745)

(195,164)

(5,594,909)

Exceptional income

4

400,000

-

400,000

-

-

-

Exceptional expenditure

4

(400,000)

-

(400,000)

-

-

-

Operating profit/(loss)

6

1,466,768

-

1,466,768

1,437,851

(254,851)

1,183,000

Other interest receivable and similar income

7

2,445

-

2,445

1,604

61

1,665

Interest payable and similar expenses

8

(66,149)

-

(66,149)

(87,413)

(3,314)

(90,727)

 

(63,704)

-

(63,704)

(85,809)

(3,253)

(89,062)

Profit/(loss) before tax

 

1,403,064

-

1,403,064

1,352,042

(258,104)

1,093,938

Tax on profit

12

(284,913)

-

(284,913)

160,887

6,096

166,983

Profit/(loss) for the financial year

 

1,118,151

-

1,118,151

1,512,929

(252,008)

1,260,921

The company has no recognised gains or losses for the year other than the results above.

 

Shenton Global Limited

(Registration number: 10427830)
Balance Sheet as at 31 December 2024

Note

2024
£

(As restated)

2023
£

Fixed assets

 

Intangible assets

14

200,000

300,000

Tangible assets

15

2,293,804

2,474,854

 

2,493,804

2,774,854

Current assets

 

Stocks

16

1,249,781

1,271,242

Debtors

17

6,688,901

9,162,043

Cash at bank and in hand

 

1,162,934

100,278

 

9,101,616

10,533,563

Creditors: Amounts falling due within one year

19

(6,788,044)

(9,053,713)

Net current assets

 

2,313,572

1,479,850

Total assets less current liabilities

 

4,807,376

4,254,704

Creditors: Amounts falling due after more than one year

19

(312,081)

(485,165)

Provisions for liabilities

20

(1,359,001)

(1,282,896)

Net assets

 

3,136,294

2,486,643

Capital and reserves

 

Called up share capital

1,900,800

1,900,800

Retained earnings

1,235,494

585,843

Shareholders' funds

 

3,136,294

2,486,643

Approved and authorised by the Board on 2 June 2025 and signed on its behalf by:
 

.........................................
Mr C J Meek
Director

 

Shenton Global Limited

Statement of Changes in Equity for the Year Ended 31 December 2024

Share capital
£

Retained earnings
£

Total
£

At 1 January 2024

1,900,800

585,843

2,486,643

Profit for the year

-

1,118,151

1,118,151

Dividends

-

(468,500)

(468,500)

At 31 December 2024

1,900,800

1,235,494

3,136,294


 

Share capital
£

Retained earnings
£

Total
£

At 1 January 2023

1,900,800

(85,078)

1,815,722

Profit for the year

-

1,260,921

1,260,921

Dividends

-

(590,000)

(590,000)

At 31 December 2023

1,900,800

585,843

2,486,643

 

Shenton Global Limited

Statement of Cash Flows for the Year Ended 31 December 2024

Note

2024
£

(As restated)

2023
£

Cash flows from operating activities

Profit for the year

 

1,118,151

1,260,921

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

6

563,889

604,051

Profit on disposal of tangible assets

5

(50,973)

(150,339)

Finance income

7

(2,445)

(1,665)

Finance costs

8

66,149

90,727

Income tax expense

12

284,913

(166,983)

 

1,979,684

1,636,712

Working capital adjustments

 

Decrease/(increase) in stocks

16

21,461

(205,598)

Decrease/(increase) in trade debtors

17

2,199,883

(2,658,684)

(Decrease)/increase in trade creditors

19

(2,267,882)

940,047

Increase/(decrease) in provisions

20

113,213

(58,383)

(Decrease)/increase in deferred income, including government grants

 

(82,347)

189,218

Cash generated from operations

 

1,964,012

(156,688)

Income taxes received

12

94,462

593,532

Net cash flow from operating activities

 

2,058,474

436,844

Cash flows from investing activities

 

Interest received

7

2,445

1,665

Acquisitions of tangible assets

(203,923)

(172,205)

Proceeds from sale of tangible assets

 

55,919

255,329

Net cash flows from investing activities

 

(145,559)

84,789

Cash flows from financing activities

 

Interest paid

8

(66,149)

(90,727)

Proceeds from bank borrowing draw downs

 

86,914

78,802

Repayment of bank borrowing

 

(128,696)

(45,854)

Net receipts/(payments) to finance lease creditors

 

(273,828)

(150,798)

Dividends paid

25

(468,500)

(590,000)

Net cash flows from financing activities

 

(850,259)

(798,577)

Net increase/(decrease) in cash and cash equivalents

 

1,062,656

(276,944)

Cash and cash equivalents at 1 January

 

100,278

377,222

Cash and cash equivalents at 31 December

 

1,162,934

100,278

 

Shenton Global Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Shenton House
Walworth Road
Andover
Hampshire
SP10 5LH

These financial statements were authorised for issue by the Board on 2 June 2025.

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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

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 presented in sterling which is the functional currency of the company and rounded to the nearest £.

Judgements

The following judgements (apart from those involving estimates) have been made in the process of applying the above accounting policies that have had the most significant effect on amounts recognised in the financial statements:

Tangible fixed assets are depreciated over their useful lives taking into account residual values where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In reassessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposals values.

Key sources of estimation uncertainty
The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year include:
 

Calculations in respect of ongoing work that straddles the year end, and the appropriate recognition of costs and income to the balance sheet date.

Revenue recognition

Revenue is recognised to the extent that the company obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.

In respect of long-term contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

 

Shenton Global Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Foreign currency transactions and balances

Transactions denominated in foreign currencies are translated into sterling and recorded at the rate of exchange ruling at the date of the transaction. Balances at the year-end denominated in a foreign currency are translated into sterling at the rate of exchange ruling at the balance sheet date.

Foreign currency hedging is utilised to reduce exposure to changes in exchange rates.

Tax

Deferred tax is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences.

Tangible assets

Tangible fixed assets are included at cost less depreciation and impairment.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

Buildings over 125 years

Plant and machinery

20-50% straight line basis, 20% reducing balance

Fixtures and fittings

20-50% straight line basis, 20% reducing balance

Motor vehicles

20% straight line basis

Office equipment

20-50% straight line basis, 20% reducing balance

Leasehold improvements

10% straight line basis

Goodwill

Goodwill is capitalised and amortised over its useful life.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

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

Trade debtors with no stated interest rate and receivable within one year are recorded at transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks have been valued at the lower of cost and estimated selling price less costs to sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacture/completion. Cost is calculated using average cost.

 

Shenton Global Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

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 creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price

Borrowings

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.

Provisions

Provisions are recognised when the company has an obligation at the reporting date 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.

Leases

Rentals payable under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Property, plant and equipment acquired under finance leases or hire purchase contracts are capitalised and depreciated in the same manner as other tangible fixed assets. The related obligations, net of future finance charges, are included in creditors.

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.

 

Shenton Global Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Financial instruments

Classification
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
 

3

Turnover

The analysis of the company's turnover for the year from continuing and discontinued operations is as follows:

2024
£

(As restated)

2023
£

Sale of goods

11,169,833

12,916,176

Rendering of services

6,960,837

6,215,752

Other revenue

2,526,600

2,179,542

20,657,270

21,311,470

The analysis of the company's turnover for the year by class of business is as follows:

2024
£

(As restated)

2023
£

Service

6,960,837

6,215,752

Capital - Power Systems

11,169,833

12,149,169

Capital - Power Therm

-

767,007

Power call

446,133

426,855

Rental

2,044,565

1,749,351

Other

3,125

3,336

Other revenue

32,777

-

20,657,270

21,311,470

4

Exceptional items

The analysis of the company's exceptional items for the year is as follows:

2024
£

2023
£

Exceptional income

400,000

-

Exceptional expenditure

(400,000)

-

 

-

-

During the year, a generator installed by Shenton Global Ltd suffered a third party component failure which led to a fuel spill leading to clean up expenditure being incurred of £400k. Due to its material size and one off nature, this has been recognised as an exceptional expense in the financial statements. This expense has been met by an insurance claim of the same amount which has been recognised as an item of exceptional income’.

 

Shenton Global Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

5

Other gains and losses

The analysis of the company's other gains and losses for the year is as follows:

2024
£

(As restated)

2023
£

Gain on disposal of tangible assets

50,973

150,339

Loss from changes in provisions

(113,213)

(369,726)

(62,240)

(219,387)

6

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

463,889

504,051

Amortisation expense

100,000

100,000

Operating lease expense - plant and machinery

64,146

87,285

Profit on disposal of property, plant and equipment

(50,973)

(150,339)

7

Other interest receivable and similar income

2024
£

2023
£

Interest income on bank deposits

2,445

1,665

8

Interest payable and similar expenses

2024
£

2023
£

Interest on bank overdrafts and borrowings

32,886

42,818

Interest on obligations under finance leases and hire purchase contracts

33,263

47,909

66,149

90,727

9

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

5,438,617

5,121,197

Social security costs

17,437

3,335

Pension costs, defined contribution scheme

126,170

118,915

5,582,224

5,243,447

 

Shenton Global Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Production

38

36

Administration and support

54

58

Sales, marketing and distribution

1

1

Other departments

9

8

102

103

10

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

54,918

48,864

11

Auditors' remuneration

2024
£

2023
£

Audit of the financial statements

15,120

14,400


 

12

Taxation

Tax charged/(credited) in the profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

143,223

-

UK corporation tax adjustment to prior periods

(94,461)

(593,532)

48,762

(593,532)

Deferred taxation

Arising from origination and reversal of timing differences

236,151

426,549

Tax expense/(receipt) in the income statement

284,913

(166,983)

 

Shenton Global Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2023 - the same as the standard rate of corporation tax in the UK) of 25% (2023 - 25%).

The differences are reconciled below:

2024
£

(As restated)

2023
£

Profit before tax

1,403,064

1,093,938

Corporation tax at standard rate

350,766

257,300

Decrease in UK and foreign current tax from adjustment for prior periods

(94,461)

(593,532)

Tax increase from effect of capital allowances and depreciation

65,370

28,995

Effect of expense not deductible in determining taxable profit (tax loss)

347

571

Effect of tax losses

(37,109)

437,070

Tax decrease from effect of adjustment in research and development tax credit

-

(297,387)

Total tax charge/(credit)

284,913

(166,983)

Deferred tax

Deferred tax assets and liabilities

2023

Asset
£

Liability
£

Accelerated tax depreciation

-

358,532

R&D tax credit and losses c/fwd

246,417

-

246,417

358,532

The deferred tax liability arising on the timing difference between depreciation and capital allowances is expected to reduce to zero over the useful life of the assets on which the timing differences arose.

13 Discontinued operations

Following the decision to exit the CHP capital business, taken in 2022, we had a small amount of cost and revenue in the period related to the final closure of contracts to install capital items in Combined Heat and Power (CHP). These projects are now all completed.

 

Shenton Global Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

14

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2024

1,000,000

1,000,000

At 31 December 2024

1,000,000

1,000,000

Amortisation

At 1 January 2024

700,000

700,000

Amortisation charge

100,000

100,000

At 31 December 2024

800,000

800,000

Carrying amount

At 31 December 2024

200,000

200,000

At 31 December 2023

300,000

300,000

 

Shenton Global Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

15

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2024

1,034,362

633,267

1,452,545

882,342

4,002,516

Additions

8,551

60,097

133,027

86,110

287,785

Disposals

-

(65,811)

(145,218)

(44,485)

(255,514)

At 31 December 2024

1,042,913

627,553

1,440,354

923,967

4,034,787

Depreciation

At 1 January 2024

66,915

292,951

767,074

400,722

1,527,662

Charge for the year

13,044

74,244

265,275

111,326

463,889

Eliminated on disposal

-

(65,812)

(141,004)

(43,752)

(250,568)

At 31 December 2024

79,959

301,383

891,345

468,296

1,740,983

Carrying amount

At 31 December 2024

962,954

326,170

549,009

455,671

2,293,804

At 31 December 2023

967,447

340,316

685,471

481,620

2,474,854

Included within the net book value of land and buildings above is £962,953 (2023 - £967,447) in respect of long leasehold land and buildings.
 

 

Shenton Global Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Assets held under finance leases and hire purchase contracts

The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:

2024
£

2023
£

Motor Vehicles

357,868

337,048

Plant and machinery

278,476

347,904

636,344

684,952

16

Stocks

2024
£

2023
£

Production supplies

1,311,445

1,271,242

Stock provision

(61,664)

-

1,249,781

1,271,242

17

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

3,790,458

5,848,081

Other debtors

 

160,701

5

Prepayments

 

378,529

357,420

Accrued income

 

-

137,471

Gross amount due from customers for contract work

 

2,359,213

2,545,807

Deferred tax assets

12

-

273,259

   

6,688,901

9,162,043

18

Cash and cash equivalents

2024
£

2023
£

Cash on hand

-

51

Cash at bank

1,162,934

100,227

1,162,934

100,278

 

Shenton Global Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

19

Creditors

Note

2024
£

(As restated)

2023
£

Due within one year

 

Loans and borrowings

23

358,075

416,739

Trade creditors

 

3,745,910

5,392,304

Social security and other taxes

 

155,172

235,663

Outstanding defined contribution pension costs

 

1,620

1,427

Other payables

 

138,967

81,893

Accruals and deferred income

 

2,245,076

2,925,687

Income tax liability

12

143,224

-

 

6,788,044

9,053,713

Due after one year

 

Loans and borrowings

23

312,081

485,165

20

Provisions for liabilities

Onerous contracts
£

Deferred tax
£

Other provisions
£

Total
£

At 1 January 2024

-

358,532

924,364

1,282,896

Increase (decrease) in existing provisions

-

(37,108)

113,213

76,105

At 31 December 2024

-

321,424

1,037,577

1,359,001

Other provisions includes provision for general overhauls, standard overhauls and cylinder head replacement.

21

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £126,170 (2023 - £118,915).

Contributions totalling £1,620 (2023 - £1,427) were payable to the scheme at the end of the year and are included in creditors.

 

Shenton Global Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

22

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

800

800

800

800

Deferred shares of £1 each

1,000,000

1,000,000

1,000,000

1,000,000

Redeemable preference shares of £1 each

900,000

900,000

900,000

900,000

1,900,800

1,900,800

1,900,800

1,900,800

Redeemable preference shares

The Redeemable preference shares are redeemable at the option of the company. They are redeemable at £1 per share and carry no voting rights. Winding up value for redeemable preference shares is £1.

23

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

90,011

139,905

Hire purchase contracts

222,070

345,260

312,081

485,165

Current loans and borrowings

2024
£

2023
£

Bank borrowings

136,914

128,802

Hire purchase contracts

221,161

287,937

358,075

416,739

Bank borrowings

Bank borrowings with a variable rate of interest payable at the market rate on the principal amount have a carrying amount at year end of £140,011 (2023 - £189,905).

Bank borrowings are secured by First Legal Charge dated 5 April 2017 over Leasehold Property, known as Shenton House, Walworth Road, Walworth Business Park, Andover, Hampshire, SP10 5LH and a general letter of pledge dated 9 March 2017.

 

Shenton Global Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

24

Obligations under leases and hire purchase contracts

Finance leases

Certain plant and machinery and motor vehicles are held under hire purchase contracts arrangements. Such assets are generally classified as finance leases as the rental period amounts to the estimated useful economic life of the assets concerned and often the company has the right to purchase the assets outright at the end of the minimum lease term by paying a nominal amount. Hire purchases liabilities are secured by the related assets held under the hire purchase contracts. The hire purchase contracts generally include fixed payments.

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

221,161

287,938

Later than one year and not later than five years

222,071

345,260

443,232

633,198

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

94,323

127,167

Later than one year and not later than five years

212,242

238,405

Later than five years

4,721,408

4,768,008

5,027,973

5,133,580

The amount of non-cancellable operating lease payments recognised as an expense during the year was £135,933 (2023 - £185,499).

25

Dividends

Interim dividends paid

   

2024
£

 

2023
£

Interim dividend of £585.63 (2023 - £983.00) per each Ordinary shares

 

468,500

 

590,000

Interim dividend of £Nil per each Preference shares

 

-

 

-

   

468,500

 

590,000

The dividends disclosed above of £468,500 (2023: £590,000) were paid to the directors of the company and their close family members.

 

Shenton Global Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

26 Reclassification of comparative amounts

In the prior year, £616,733 relating to a general overhaul provision was incorrectly recognised within accruals, leading to an understatement of provisions and an overstatement of accruals. Additionally, the provision in year movement was incorrectly offset against income resulting in an understatement of income and expenditure of £300,020. An adjustment has been made to the prior year figures to remove the accrual, recognise the provision, gross up income, recognise the provision movement expense and to adjust the cashflow movements accordingly.

Additionally, in the prior year, £307,631 relating to a standard overhaul and cylinder head provision was incorrectly recognised within accruals, leading to an understatement of provisions and an overstatement of accruals. The provision in year movement was incorrectly allocated against purchases rather than provision movement expense resulting in an expenditure classification error of £69,706. An adjustment has been made to the prior year figures to remove the accrual, recognise the provision, reallocate the expenditure and to adjust the cashflow movements accordingly.

27

Contingent liabilities

The company is aware of a possible obligation from an event that occurred prior to the balance sheet date. At the date of signing these statements, the outcome was unresolved and the Directors consider that the result of an economic outflow for the Company to be remote. In the unlikely event that any costs should arise in relation to this event, the Directors expect them to be fully covered by the relevant insurance policy in place. Accordingly, no provision for either the cost or the potential insurance income has been recognised in these financial statements.

28

Related party transactions

Key management compensation

2024
£

2023
£

Salaries and other short term employee benefits

294,772

169,638

Transactions with directors

Other transactions with directors

At the balance sheet date, the company owed a total of £94,676 (2023: £46,906) to the directors. The loans were unsecured, interest-free and repayable on demand.

In addition, a shareholder maintained a loan of £28,882 to the company.

Loans to related parties

2023

Other related parties
£

Total
£

At start of period

33,126

33,126

Repaid

(33,126)

(33,126)

At end of period

-

-

 

Shenton Global Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

29

Financial instruments

Categorisation of financial instruments

2024
 £

2023
 £

Financial assets that are debt instruments measured at amortised cost

7,854,110

9,262,321

Financial liabilities measured at amortised cost

6,960,795

10,463,241

Items of income, expense, gains or losses

2024

Income
£

Expense
£

Net gains
£

Net losses
£

Financial liabilities measured at amortised cost

2,445

66,149

-

-

2023

Income
£

Expense
£

Net gains
£

Net losses
£

Financial liabilities measured at amortised cost

1,665

90,727

-

-

The total interest income for financial assets not measured at fair value through profit or loss is £2,445 (2023 - £1,665). The total interest expense for financial liabilities not measured at fair value through profit or loss is £66,149 (2023 - £90,727).