Shelbourne, Letheby & Co. Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00416822 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 September 2018

for

Shelbourne, Letheby & Co. Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr T M Letheby

Ms W A Mason

SECRETARY:

Ms W A Mason

REGISTERED OFFICE:

154 New Kings Road

Fulham

London

SW6 4LZ

REGISTERED NUMBER:

00416822 (England and Wales)

FIXED ASSETS

Tangible assets

4

11,687

15,572

CURRENT ASSETS

Stock and work in progress

5

3,019

2,753

Debtors

6

28,230

30,641

Cash at bank and in hand

815,691

799,947

846,940

833,341

CREDITORS

Amounts falling due within one year

7

84,207

118,204

NET CURRENT ASSETS

762,733

715,137

TOTAL ASSETS LESS CURRENT LIABILITIES

774,420

730,709

CAPITAL AND RESERVES

Called up share capital

42,000

42,000

Retained earnings

732,420

688,709

SHAREHOLDERS' FUNDS

774,420

730,709

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors on 22 February 2019 and were signed on its behalf by:

Mr T M Letheby - Director

1.	STATUTORY INFORMATION

Shelbourne, Letheby & Co. Ltd is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents net invoiced sales of goods and services, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due

allowance for obsolete and slow moving items.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different

from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and

laws that have been enacted or substantively enacted by the year end and that are expected to apply to the

reversal of the timing difference.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's

pension scheme are charged to profit or loss in the period to which they relate.

Debtors

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the

arrangement constitutes a financing transaction, where the transaction is measured at the present value of the

future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost

using the effective interest method, less any impairment.

Cash and cash equivalents

Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and

other short-term highly liquid investments that mature in no more than three months from the date of

acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related

parties, are initially recognised at transaction price, unless the arrangement constitutes a financing

transaction, where the debt instrument is measured at the present value of the future payments discounted at

a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective

interest method, less any impairment.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2017 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 October 2017

and 30 September 2018

18,866

15,842

30,688

65,396

DEPRECIATION

At 1 October 2017

18,312

15,837

15,675

49,824

Charge for year

131

1

3,753

3,885

At 30 September 2018

18,443

15,838

19,428

53,709

NET BOOK VALUE

At 30 September 2018

423

4

11,260

11,687

At 30 September 2017

554

5

15,013

15,572

5.	STOCK AND WORK IN PROGRESS

2018

2017

£

£

Raw materials and consumables

3,019

2,753

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

25,246

28,378

Other debtors

1,000

1,000

Deferred tax asset

414

255

Prepayments and accrued income

1,570

1,008

28,230

30,641

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade creditors

6,752

-

Corporation tax

10,413

12,479

Social security and other taxes

667

339

VAT

19,443

21,140

Directors' current accounts

16,017

13,280

Accruals and deferred income

30,915

70,966

84,207

118,204

8.	CONTINGENT LIABILITIES

The company has received a claim for damages from an ex-employee arising from their development of an

asbestos related disease. The claimant was employed by the company between 1961 and 1962.

At this stage no liability has been accepted on the part of the company and no value has been placed on the

amount of the claim.