Ian Shammon Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04644402 (England and Wales)

Financial Statements

For The Year Ended 31 March 2019

for

Ian Shammon Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr S D Shammon

SECRETARY:

Mrs V Applewhite

REGISTERED OFFICE:

Boultham Park Garage

Boultham Park Road

LINCOLN

Lincolnshire

LN6 7SB

REGISTERED NUMBER:

04644402 (England and Wales)

ACCOUNTANTS:

Nicholsons

Chartered Accountants

Newland House

The Point

Weaver Road

LINCOLN

Lincolnshire

LN6 3QN

BANKERS:

Lloyds TSB Bank plc

Homer House

Sibthorp Street

LINCOLN

LN5 7SL

FIXED ASSETS

Intangible assets

4

10,800

14,400

Tangible assets

5

215,493

220,048

226,293

234,448

CURRENT ASSETS

Stocks

213,250

182,625

Debtors

6

16,368

17,385

Cash at bank

64,014

112,495

293,632

312,505

CREDITORS

Amounts falling due within one year

7

91,753

76,096

NET CURRENT ASSETS

201,879

236,409

TOTAL ASSETS LESS CURRENT LIABILITIES

428,172

470,857

PROVISIONS FOR LIABILITIES

369

327

NET ASSETS

427,803

470,530

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

426,803

469,530

SHAREHOLDERS' FUNDS

427,803

470,530

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 applicable to companies subject to the small companies regime.

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

The financial statements were approved by the director on 18 December 2019 and were signed by:

Mr S D Shammon - Director

1.	STATUTORY INFORMATION

Ian Shammon Limited 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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2003, is being amortised evenly over its estimated useful life of five years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are

measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Freehold property

-

2% on cost

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% - 33% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

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.

Financial instruments

Only basic financial instruments as defined in FRS 102 are held. Financial assets and financial

liabilities are recognised in the accounts only when the entity becomes party to the contractual

provisions of the instrument and their measurement basis is as follows:

Financial assets - trade and other debtors are basic financial instruments and are debt

instruments measured at amortised cost. Prepayments are not financial instruments.

Cash at bank is classified as a basic financial instrument and is measured at transaction price.

Financial liabilities - trade creditors, accruals and other creditors are basic financial instruments,

and are measured at amortised cost. Where a financial liability constitutes a financing transaction

it is initially and subsequently measures at the present value of future payments, discounted at a

market rate of interest.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2018 - 5 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2018

and 31 March 2019

60,000

AMORTISATION

At 1 April 2018

45,600

Charge for year

3,600

At 31 March 2019

49,200

NET BOOK VALUE

At 31 March 2019

10,800

At 31 March 2018

14,400

5.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

property

machinery

fittings

Totals

£

£

£

£

COST

At 1 April 2018

238,748

240

3,402

242,390

Additions

-

-

609

609

At 31 March 2019

238,748

240

4,011

242,999

DEPRECIATION

At 1 April 2018

20,333

36

1,973

22,342

Charge for year

4,775

31

358

5,164

At 31 March 2019

25,108

67

2,331

27,506

NET BOOK VALUE

At 31 March 2019

213,640

173

1,680

215,493

At 31 March 2018

218,415

204

1,429

220,048

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

10,165

-

Other debtors

-

12,732

Tax

2,110

-

Prepayments

4,093

4,653

16,368

17,385

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

20,637

5,376

Receipts in advance

5,400

-

Tax

-

6,702

Social security and other taxes

760

932

VAT

7,498

7,349

Other creditors

675

-

Directors' current accounts

53,083

55,037

Accrued expenses

3,700

700

91,753

76,096

8.	RELATED PARTY DISCLOSURES

The property occupied by the company belongs to Mr S D Shammon and is provided rent free.

During the year dividends were paid to Mr S D Shammon of £25,535 (2018 : £30,420)

Included in creditors are Directors loan accounts for Mr S D Shammon £53,083 (2018 : £55,037)