Shear Design Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05262666 (England and Wales)

SHEAR DESIGN LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Miss K Lane

A Spencer

S Mason

D Badham

SECRETARY:

Miss K Lane

REGISTERED OFFICE:

Fabri House

7 Ashtree Court

Woodsy Close

Cardiff

SOUTH GLAMORGAN

CF23 8RW

REGISTERED NUMBER:

05262666 (England and Wales)

FIXED ASSETS

Tangible assets

4

54,105

35,915

CURRENT ASSETS

Debtors

5

369,843

537,393

Cash at bank

586,656

657,050

956,499

1,194,443

CREDITORS

Amounts falling due within one year

6

248,569

324,533

NET CURRENT ASSETS

707,930

869,910

TOTAL ASSETS LESS CURRENT LIABILITIES

762,035

905,825

CREDITORS

Amounts falling due after more than one year

7

(11,328

)

(2,918

)

PROVISIONS FOR LIABILITIES

9

(9,776

)

(6,209

)

NET ASSETS

740,931

896,698

CAPITAL AND RESERVES

Called up share capital

10

178

203

Capital redemption reserve

11

(11,410

)

-

Retained earnings

11

752,163

896,495

SHAREHOLDERS' FUNDS

740,931

896,698

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 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 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 Board of Directors and authorised for issue on 8 May 2020 and were signed on its behalf by:

A Spencer - Director

Miss K Lane - Director

S Mason - Director

D Badham - Director

1.	STATUTORY INFORMATION

Shear Design 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Significant judgements and estimates

In the application of the company's accounting policies, which are described in note 2, management is

required to make judgements, estimates and assumptions about the carrying values of assets and liabilities

that are not readily apparent from other sources. The estimates and underlying assumptions are based on

historical experience and other factors that are considered to be relevant. Actual results may differ from

these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting

estimates are recognised in the period in which the estimate is revised if the revision affects only that

period, or in the period of the revision and future periods if the revision affects both current and future

periods.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Fixtures,fittings and equipment

-

25% on reducing balance

Office equipment

-

33% on reducing balance

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet.

Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held

under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the

shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital

element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of

the lease.

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.

Provisions

Provisions are recognised when the company has an obligation at the balance sheet date as a result of a

past event, it is probable that an outflow of economic benefit will be required in settlement and the

amount can be reliable estimated.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded

at transaction price. Any losses arising from impairment are recognised in the profit and loss account in

other administration expenses.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each

balance sheet date. If such indication exists, the recoverable amount of the asset, or the assets cash

generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds

its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a

revalued amount where the impairment loss is a revaluation decrease.

Turnover

Turnover is measured at fair value of the consideration received or receivable net of VAT and discounts.

The policies adopted for the recognition of turnover are as follows:

Rendering of Services:

Turnover relates to construction and civil engineering project income and is recognised usually by

reference to work done in relation to project stage completion dates.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 28 (2018 - 24 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures,fittings

and

Office

equipment

equipment

Totals

£

£

£

COST

At 1 January 2019

30,370

177,454

207,824

Additions

8,942

34,876

43,818

At 31 December 2019

39,312

212,330

251,642

DEPRECIATION

At 1 January 2019

27,912

143,997

171,909

Charge for year

2,850

22,778

25,628

At 31 December 2019

30,762

166,775

197,537

NET BOOK VALUE

At 31 December 2019

8,550

45,555

54,105

At 31 December 2018

2,458

33,457

35,915

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Office

equipment

£

COST

At 1 January 2019

11,650

Additions

23,037

At 31 December 2019

34,687

DEPRECIATION

At 1 January 2019

6,472

Charge for year

9,405

At 31 December 2019

15,877

NET BOOK VALUE

At 31 December 2019

18,810

At 31 December 2018

5,178

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

366,010

531,613

Prepayments

3,833

5,780

369,843

537,393

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Hire purchase contracts

10,486

3,871

Trade creditors

32,514

31,406

Tax

88,745

132,406

Social security and other taxes

35,458

28,596

VAT

75,816

100,129

Accrued expenses

5,550

28,125

248,569

324,533

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Hire purchase contracts

11,328

2,918

8.	SECURED DEBTS

Hire purchase debts are secured on the assets financed.

9.	PROVISIONS FOR LIABILITIES

2019

2018

£

£

Deferred tax

9,776

6,209

Deferred

tax

£

Balance at 1 January 2019

6,209

Provided during year

3,567

Balance at 31 December 2019

9,776

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

3

Ordinary A

£1

3

3

175

Ordinary B

£1

175

200

(2018 - 200 )

178

203

11.

RESERVES

Capital

Retained

redemption

earnings

reserve

Totals

£

£

£

At 1 January 2019

896,495

-

896,495

Profit for the year

387,010

387,010

Dividends

(531,342

)

(531,342

)

Purchase of own shares

-

(11,410

)

(11,410

)

At 31 December 2019

752,163

(11,410

)

740,753

On the 29th August 2019 the company bought back 25 B shares for £11,435.

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The company operates from a property which is owned by a Self Invested Pension Plan (SIPP) in which

Mr A J Spencer and Miss K Lane have an interest. During the year £45,000 (2018: £45,000) was paid in

rent by the company to the SIPP.

13.	ULTIMATE CONTROLLING PARTY