Company registration number 14482173 (England and Wales)
THE SHETLAND SHEEP SOCIETY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
THE SHETLAND SHEEP SOCIETY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
THE SHETLAND SHEEP SOCIETY LIMITED
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
4
9,691
9,424
Current assets
Stocks
3,808
5,928
Debtors
5
2,860
2,109
Cash at bank and in hand
51,894
46,756
58,562
54,793
Creditors: amounts falling due within one year
6
(8,959)
(6,026)
Net current assets
49,603
48,767
Net assets
59,294
58,191
Reserves
Project reserve fund
7
9,364
13,000
Income and expenditure account
7
49,930
45,191
Total members' funds
59,294
58,191
THE SHETLAND SHEEP SOCIETY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2025
31 March 2025
- 2 -

For the financial year ended 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he 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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 27 October 2025 and are signed on its behalf by:
Archie Hipwell
Director
Company registration number 14482173 (England and Wales)
THE SHETLAND SHEEP SOCIETY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
1
Accounting policies
Company information

The Shetland Sheep Society Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 12-13 Church Street, Whitehaven, Cumbria, CA28 7AY.

1.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Income and expenditure

Income and expenses are included in the financial statements as they become receivable or due.

Expenses include VAT where applicable as the company cannot reclaim it.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

New website and grassroots database
20% reducing balance
Show stand equipment
20% reducing balance
Computer hardware
20% reducing balance
Show trophies
Nil

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 surplus or deficit.

THE SHETLAND SHEEP SOCIETY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 4 -
1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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.

1.6
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 current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.8
Taxation

The company is exempt from corporation tax, it being a company not carrying on a business for the purposes of making a profit.

THE SHETLAND SHEEP SOCIETY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 5 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
0
0
4
Tangible fixed assets
New website and grassroots database
Show stand equipment
Computer hardware
Show trophies
Total
£
£
£
£
£
Cost
At 1 April 2024
5,904
781
1,422
2,150
10,257
Additions
2,034
95
-
0
-
0
2,129
At 31 March 2025
7,938
876
1,422
2,150
12,386
Depreciation and impairment
At 1 April 2024
560
156
117
-
0
833
Depreciation charged in the year
1,476
125
261
-
0
1,862
At 31 March 2025
2,036
281
378
-
0
2,695
THE SHETLAND SHEEP SOCIETY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
4
Tangible fixed assets
New website and grassroots database
Show stand equipment
Computer hardware
Show trophies
Total
£
£
£
£
£
(Continued)
- 6 -
Carrying amount
At 31 March 2025
5,902
595
1,044
2,150
9,691
At 31 March 2024
5,344
625
1,305
2,150
9,424
5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Other debtors
2,860
2,109
6
Creditors: amounts falling due within one year
2025
2024
£
£
Other creditors
8,959
6,026
7
Movement in reserves

| Project Reserve Fund £ | Income & Expenditure Account £ | Total £
Opening balance at 1 April 2024 | 13,000 | 45,191 | 58,191
Surplus (Charge) for year | (3,636) | 4,739 | 1,103
Closing balance at 31 March 2025 | 9,364 | 49,930 | 59,294

8
Members' liability

The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.

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