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Company No: 03279720 (England and Wales)

# THE SHUTTER SHOP LIMITED

### Unaudited Financial Statements
For the financial year ended 31 May 2025
Pages for filing with the registrar

THE SHUTTER SHOP LIMITED

## Unaudited Financial Statements

For the financial year ended 31 May 2025

Contents

THE SHUTTER SHOP LIMITED

## BALANCE SHEET

As at 31 May 2025
THE SHUTTER SHOP LIMITED

## BALANCE SHEET (continued)

As at 31 May 2025

| Note | 2025 |  | 2024
|  | £ |  | £
Fixed assets |  |  |  |
Tangible assets | 4 | 65,458 |  | 88,850
|  | 65,458 |  | 88,850
Current assets |  |  |  |
Stocks |  | 45,118 |  | 35,096
Debtors | 5 | 118,355 |  | 131,757
Cash at bank and in hand |  | 524,175 |  | 572,159
|  | 687,648 |  | 739,012
Creditors: amounts falling due within one year | 6 | ( 508,533) |  | ( 495,161)
Net current assets |  | 179,115 |  | 243,851
Total assets less current liabilities |  | 244,573 |  | 332,701
Creditors: amounts falling due after more than one year | 7 | ( 55,768) |  | ( 60,591)
Provision for liabilities |  | ( 11,681) |  | ( 17,170)
Net assets |  | 177,124 |  | 254,940
Capital and reserves |  |  |  |
Called-up share capital |  | 1,000 |  | 1,000
Profit and loss account |  | 176,124 |  | 253,940
Total shareholder's funds |  | 177,124 |  | 254,940

For the financial year ending 31 May 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The member has not required the Company to obtain an audit of its financial statements for the financial year 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; and
- These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of The Shutter Shop Limited (registered number: 03279720) were approved and authorised for issue by the Board of Directors on 02 January 2026. They were signed on its behalf by:

B Kelly Director |

THE SHUTTER SHOP LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2025
THE SHUTTER SHOP LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2025

##### 1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

##### General information and basis of accounting

The Shutter Shop Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 102 Waterford Road, London, SW6 2HA, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

##### Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise.

##### Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale and installation of shutters and blinds and is shown net of sales/value added tax, returns, rebates and discounts.
Turnover from the sale of goods are recognised on receipt.
Turnover from the provision of installation services is recognised over the period in which the service is provided to the customer.

##### Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

##### Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either other creditors or other debtors in the Balance Sheet.

##### Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.
Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

##### Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill | 5 years straight line

##### Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements | 8 years straight line
Plant and machinery | 5 years straight line
Vehicles | 4 years straight line
Office equipment | 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.
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 profit or loss.

##### Borrowing costs

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.
Assets held under hire purchase agreements are capitalised as tangible fixed assets with the future obligation being recognised as a liability. Finance costs are recognised in the Profit and Loss Account calculated at a constant periodic rate of interest over the term of the liability.

##### Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

##### Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials and is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.
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.

##### Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

##### 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 creditors: amounts falling due within one year.

##### Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

##### Ordinary share capital

The ordinary share capital of the Company is presented as equity.

##### Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

#### 2. Employees

| 2025 |  | 2024
| Number |  | Number
Monthly average number of persons employed by the Company during the year, including directors | 12 |  | 11

#### 3. Intangible assets

| Goodwill |  | Total
| £ |  | £
Cost |  |  |
At 01 June 2024 | 25,000 |  | 25,000
At 31 May 2025 | 25,000 |  | 25,000
Accumulated amortisation |  |  |
At 01 June 2024 | 25,000 |  | 25,000
At 31 May 2025 | 25,000 |  | 25,000
Net book value |  |  |
At 31 May 2025 | 0 |  | 0
At 31 May 2024 | 0 |  | 0

#### 4. Tangible assets

| Leasehold improve- ments |  | Plant and machinery |  | Vehicles |  | Office equipment |  | Total
| £ |  | £ |  | £ |  | £ |  | £
Cost |  |  |  |  |  |  |  |  |
At 01 June 2024 | 49,517 |  | 14,757 |  | 117,300 |  | 150,130 |  | 331,704
Additions | 0 |  | 0 |  | 0 |  | 1,737 |  | 1,737
At 31 May 2025 | 49,517 |  | 14,757 |  | 117,300 |  | 151,867 |  | 333,441
Accumulated depreciation |  |  |  |  |  |  |  |  |
At 01 June 2024 | 46,578 |  | 14,757 |  | 35,028 |  | 146,491 |  | 242,854
Charge for the financial year | 551 |  | 0 |  | 23,013 |  | 1,565 |  | 25,129
At 31 May 2025 | 47,129 |  | 14,757 |  | 58,041 |  | 148,056 |  | 267,983
Net book value |  |  |  |  |  |  |  |  |
At 31 May 2025 | 2,388 |  | 0 |  | 59,259 |  | 3,811 |  | 65,458
At 31 May 2024 | 2,939 |  | 0 |  | 82,272 |  | 3,639 |  | 88,850

#### 5. Debtors

| 2025 |  | 2024
| £ |  | £
Trade debtors | 17,244 |  | 20,069
Other debtors | 101,111 |  | 111,688
| 118,355 |  | 131,757

#### 6. Creditors: amounts falling due within one year

| 2025 |  | 2024
| £ |  | £
Trade creditors | 420,894 |  | 403,461
Taxation and social security | 65,465 |  | 61,983
Obligations under finance leases and hire purchase contracts (secured) | 12,510 |  | 20,197
Other creditors | 9,664 |  | 9,520
| 508,533 |  | 495,161

The hire purchase liabilities are secured against the related motor vehicles. The lenders retain a legal interest in the vehicles until the outstanding balances under the hire purchase agreements are fully repaid.

#### 7. Creditors: amounts falling due after more than one year

| 2025 |  | 2024
| £ |  | £
Obligations under finance leases and hire purchase contracts (secured) | 55,768 |  | 60,591

#### 8. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

| 2025 |  | 2024
| £ |  | £
within one year | 58,718 |  | 31,000
between one and five years | 214,972 |  | 0
Total future minimum lease payments under non-cancellable operating leases | 273,690 |  | 31,000

The financial commitments not included in the balance sheet relate to leases over the business premises and motor vehicles.

#### 9. Related party transactions

Transactions with the entity's directors

The Directors loan account is repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.
At 1 June 2024, the balance owed by the director was £1,389. During the year, there were no advances or repayments to/from the director. At 31 May 2025, the balance owed by the director was £1,389.
At 1 June 2023, the balance owed by the director was £1,389. During the year, there were no advances or repayments to/from the director. At 31 May 2024, the balance owed by the director was £1,389.