| Shield Foods (UK) Limited |
| Notes to the Accounts |
| for the year ended 31 December 2024 |
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| 1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
The accounts are presented in sterling, which is the functional currency of the entity. |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. |
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Intangible fixed assets |
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Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value,over the useful life of that asset as follows: |
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Software |
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over 5 years |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Leasehold land and buildings |
10% Reducing balance |
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Plant and machinery |
20% Reducing balance |
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Fixtures, fittings, tools and equipment |
10% Reducing balance |
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Motor vehicles |
25% Reducing balance |
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Investments |
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Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. |
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Stocks |
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Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
At each reporting date, stocks are assessed for impairment. Any impairment loss is recognised immediately in profit or loss. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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Foreign currency translation |
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
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Leased assets |
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A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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| 2 |
Employees |
2024 |
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2023 |
| Number |
Number |
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Average number of persons employed by the company |
44 |
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35 |
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| 3 |
Intangible fixed assets |
£ |
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Computer software |
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Total |
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Cost |
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At 1 January 2024 |
44,687 |
|
44,687 |
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Additions |
40,663 |
|
40,663 |
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At 31 December 2024 |
85,350 |
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85,350 |
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Amortisation |
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At 1 January 2024 |
20,494 |
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20,494 |
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Provided during the year |
7,034 |
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7,034 |
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At 31 December 2024 |
27,528 |
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27,528 |
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Net book value |
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At 31 December 2024 |
57,822 |
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57,822 |
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At 31 December 2023 |
24,193 |
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24,193 |
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| 4 |
Tangible fixed assets |
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Land and buildings |
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Plant and machinery etc |
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Motor vehicles |
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Total |
| £ |
£ |
£ |
£ |
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Cost |
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At 1 January 2024 |
400,500 |
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879,203 |
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431,015 |
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1,710,718 |
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Additions |
- |
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109,541 |
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105,111 |
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214,652 |
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At 31 December 2024 |
400,500 |
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988,744 |
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536,126 |
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1,925,370 |
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Depreciation |
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At 1 January 2024 |
217,320 |
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590,649 |
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249,179 |
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1,057,148 |
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Charge for the year |
17,498 |
|
64,480 |
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58,906 |
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140,884 |
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At 31 December 2024 |
234,818 |
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655,129 |
|
308,085 |
|
1,198,032 |
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Net book value |
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At 31 December 2024 |
165,682 |
|
333,615 |
|
228,041 |
|
727,338 |
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At 31 December 2023 |
183,180 |
|
288,554 |
|
181,836 |
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653,570 |
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| 5 |
Debtors |
2024 |
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2023 |
| £ |
£ |
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Trade debtors |
921,607 |
|
1,056,898 |
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Prepayments and accrued income |
49,509 |
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54,770 |
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Other debtors |
12,968 |
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504,045 |
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984,084 |
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1,615,713 |
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| 6 |
Creditors: amounts falling due within one year |
2024 |
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2023 |
| £ |
£ |
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Obligations under finance lease and hire purchase contracts |
- |
|
8,352 |
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Trade creditors |
1,617,793 |
|
1,746,324 |
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Accruals and deferred income |
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|
6,000 |
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18,923 |
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Taxation and social security costs |
38,906 |
|
49,225 |
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Other creditors |
117,094 |
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291,710 |
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1,779,793 |
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2,114,534 |
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| 7 |
Revaluation reserve |
2024 |
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2023 |
| £ |
£ |
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At 31 December 2024 |
- |
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- |
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| 8 |
Provisions |
Total |
| £ |
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At 1 January 2024 |
126,482 |
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Charge for the year |
(47,817) |
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At 31 December 2024 |
78,665 |
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| 9 |
Share capital |
2024 |
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2024 |
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2023 |
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Nominal |
Number |
£ |
£ |
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Value |
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£1 each |
10,000 |
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10,000 |
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10,000 |
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10,000 |
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10,000 |
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| 10 |
Pension commitments |
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The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independelntly administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £24,945 (2023 - £21,526). Contributions totalling to £6,537 (2023 - £6,271) were payable to the fund at the balance sheet date and are included in other creditors. |
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| 11 |
Other financial commitments |
2024 |
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2023 |
| £ |
£ |
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Total future minimum payments under non-cancellable operating leases |
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26,831 |
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30,662 |
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| 12 |
Related party transactions |
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Included in other creditors is amount of £43,260 (2023 - other debtors £425,515) owed to (2023 - owed by) Fahmaz Properties where Mr H and Mrs A Daya are the directors and shareholders of the company. The loan is interest free and repayable on demand.
Included in other creditors is amount of £32,909 (2023 - £170,000) owed to Fahmaz Investments where Mr H and Mrs A Daya are the directors and shareholders of the company. The loan is interest free and repayable on demand.
Also included in other creditors, is amount of £Nil (2023 - £4,505) owed by Mr H Daya,a director and shareholder of the company. This is an interest free loan and repayable on demand.
Also included in other creditors is amount of £Nil (2023 - creditor £33,241) owed to Mrs A Daya, a director and shareholder of the company. This is an interest free loan and repayable on demand.
Also included in other creditors is amount of £28,200 (2023 - £58,000) owed to Mr M Daya, a director of the company. This is an interest bearing loan and repayable on demand. |
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| 13 |
Controlling party |
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The company is controlled by the directors Mr H and Mrs A Daya by virtue of their holding together in the entire share capital of the company. |
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| 14 |
Other information |
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Shield Foods (UK) Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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38 Station Road |
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North Harrow |
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Harrow |
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Middlesex |
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HA2 7SE |
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The principal place of business of the company is Unit 4 Chancerygate Business Centre, Chancerygate Way, South Ruislip, HA4 0JA |