| Shaw Corporation Ltd |
| Registered number: |
02902288 |
| Statement of Financial Position |
| as at 31 March 2019 |
|
| Notes |
|
|
2019 |
|
|
2018 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
3 |
|
|
164,337 |
|
|
193,388 |
|
| Current assets |
| Debtors |
4 |
|
100,314 |
|
|
296,990 |
| Cash at bank and in hand |
|
|
862,271 |
|
|
1,614,546 |
|
|
|
962,585 |
|
|
1,911,536 |
|
| Creditors: amounts falling due within one year |
5 |
|
(126,910) |
|
|
(105,119) |
|
| Net current assets |
|
|
|
835,675 |
|
|
1,806,417 |
|
| Total assets less current liabilities |
|
|
|
1,000,012 |
|
|
1,999,805 |
|
|
| Provisions for liabilities |
|
|
|
(25,884) |
|
|
(30,540) |
|
|
| Net assets |
|
|
|
974,128 |
|
|
1,969,265 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
75 |
|
|
25 |
| Share premium |
|
|
|
75 |
|
|
75 |
| Profit and loss account |
|
|
|
973,978 |
|
|
1,969,165 |
|
| Shareholders' funds |
|
|
|
974,128 |
|
|
1,969,265 |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
| Martin Peters |
| Director |
|
|
| Richard George Norris |
| Director |
| Approved by the board on 27 August 2019 |
|
| Shaw Corporation Ltd |
| Notes to the Accounts |
| for the year ended 31 March 2019 |
|
|
| 1 |
Accounting policies |
|
Basis of preparation |
|
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). |
|
|
Turnover |
|
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. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
|
|
Tangible fixed assets |
|
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: |
|
|
Leasehold property and and improvements |
over the lease term |
|
Office equipment |
25% reducing balance |
|
Motor vehicles |
25% reducing balance |
|
|
Debtors |
|
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. |
|
|
Creditors |
|
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. |
|
|
Taxation |
|
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. |
|
|
|
Provisions |
|
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. |
|
| 2 |
Taxation |
2019 |
|
2018 |
| £ |
£ |
|
Analysis of charge in period |
|
Current tax: |
|
UK corporation tax on profits of the period |
11,672 |
|
11,092 |
|
Adjustments in respect of previous periods |
(79) |
|
- |
|
|
|
|
|
|
11,593 |
|
11,092 |
|
|
|
|
|
|
|
|
|
|
Deferred tax: |
|
Origination and reversal of timing differences |
(4,656) |
|
(4,060) |
|
Effect of increased tax rate on opening liability |
- |
|
- |
|
|
|
|
|
|
(4,656) |
|
(4,060) |
|
|
|
|
|
|
|
|
|
|
|
Tax on profit on ordinary activities |
6,937 |
|
7,032 |
|
|
|
|
|
|
|
|
|
|
|
Factors affecting tax charge for period |
|
The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows: |
|
|
|
|
|
|
|
2019 |
|
2018 |
| £ |
£ |
|
Profit on ordinary activities before tax |
11,800 |
|
45,127 |
|
|
|
|
|
|
|
|
|
|
Standard rate of corporation tax in the UK |
19% |
|
19% |
|
| £ |
£ |
|
Profit on ordinary activities multiplied by the standard rate of corporation tax |
|
2,242 |
|
8,574 |
|
|
Effects of: |
|
Expenses not deductible for tax purposes |
9,430 |
|
2,518 |
|
Capital allowances for period in excess of depreciation |
- |
|
- |
|
Utilisation of tax losses |
- |
|
- |
|
Adjustments to tax charge in respect of previous periods |
(79) |
|
- |
|
|
Current tax charge for period |
11,593 |
|
11,092 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 3 |
Tangible fixed assets |
|
|
Leasehold property and improvements |
|
Office equipment |
|
Motor vehicles |
|
Total |
| £ |
£ |
£ |
£ |
|
Cost |
|
At 1 April 2018 |
313,068 |
|
383,683 |
|
79,730 |
|
776,481 |
|
Additions |
- |
|
4,204 |
|
- |
|
4,204 |
|
At 31 March 2019 |
313,068 |
|
387,887 |
|
79,730 |
|
780,685 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 April 2018 |
214,503 |
|
344,923 |
|
23,667 |
|
583,093 |
|
Charge for the year |
8,498 |
|
10,741 |
|
14,016 |
|
33,255 |
|
At 31 March 2019 |
223,001 |
|
355,664 |
|
37,683 |
|
616,348 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 March 2019 |
90,067 |
|
32,223 |
|
42,047 |
|
164,337 |
|
At 31 March 2018 |
98,565 |
|
38,760 |
|
56,063 |
|
193,388 |
|
|
| 4 |
Debtors |
2019 |
|
2018 |
| £ |
£ |
|
|
Trade debtors |
25,326 |
|
131,236 |
|
Shaw Corporation (Gibraltar) Ltd |
|
- |
|
104,265 |
|
Corporation tax refund |
|
|
|
|
- |
|
10,772 |
|
Other debtors |
74,988 |
|
50,717 |
|
|
|
|
|
|
100,314 |
|
296,990 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Creditors: amounts falling due within one year |
2019 |
|
2018 |
| £ |
£ |
|
|
Trade creditors |
73,953 |
|
7,682 |
|
Corporation tax |
|
|
|
|
11,672 |
|
13,295 |
|
Taxation and social security costs |
5,427 |
|
39,498 |
|
Other creditors |
35,858 |
|
44,644 |
|
|
|
|
|
|
126,910 |
|
105,119 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 6 |
Other financial commitments |
2019 |
|
2018 |
| £ |
£ |
|
|
Total future minimum payments under non-cancellable operating leases expiring in 2030. |
|
100,000 |
|
100,000 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Capital commitments |
|
|
There are no capital commitments contracted for at 31 March 2019 (2018- £0). |
|
|
| 8 |
Related party transactions |
|
|
C J Shaw is a director of Shaw Corporation (Gibraltar) Limited, to which consultancy fees of £150,000 were paid during the year to 31 March 2019 (2018: £187,500). |
|
|
| 9 |
Controlling party |
|
|
The entire share capital of the company is owned by Shaw Corporation (Gibraltar) Limited, a Gibraltar incorporated company. |
|
|
| 10 |
Other information |
|
|
Shaw Corporation Ltd is a private company limited by shares and incorporated in England. Its Registered Office is: |
|
42 Langham Street |
|
London |
|
W1W 7AT |
