Shirebrook Retail Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03231720 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 July 2020

for

Shirebrook Retail Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J M Broughton

J D Broughton

Mrs S A Broughton

Mrs W L Broughton

SECRETARY:

J D Broughton

REGISTERED OFFICE:

Unit 29, The Tangent Business Hub

Weighbridge Road

Shirebrook

Mansfield

Nottinghamshire

NG20 8RX

REGISTERED NUMBER:

03231720 (England and Wales)

ACCOUNTANTS:

Brockhurst Davies Limited

11 The Office Village

North Road

Loughborough

Leicestershire

LE11 1QJ

FIXED ASSETS

Tangible assets

4

2,091,583

2,412,666

Investments

5

4,000

4,000

2,095,583

2,416,666

CURRENT ASSETS

Stocks

61,031

36,636

Debtors

567,992

342,817

Cash at bank and in hand

33,255

795,407

662,278

1,174,860

CREDITORS

Amounts falling due within one year

518,774

1,178,329

NET CURRENT ASSETS/(LIABILITIES)

143,504

(3,469

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,239,087

2,413,197

CREDITORS

Amounts falling due after more than one year

715,299

657,412

NET ASSETS

1,523,788

1,755,785

CAPITAL AND RESERVES

Called up share capital

1,000,000

1,000,000

Retained earnings

523,788

755,785

SHAREHOLDERS' FUNDS

1,523,788

1,755,785

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2020 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 July 2020 in accordance with Section 444(2A) of the Companies Act 2006.

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 28 April 2021 and were signed on its behalf by:

J D Broughton - Director

1.	STATUTORY INFORMATION

Shirebrook Retail 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.

Turnover

Turnover represents net invoiced sales of goods and services, excluding value added tax. Turnover also includes rental income accounted for on an accruals basis.

Tangible fixed assets

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

Land and buildings

- not provided

Fixtures and fittings

- 20% on cost

Motor vehicles

- 25% on cost

Depreciation is not provided on land and buildings which is a a departure from the requirements of the Companies Act. However, as some of the land and buildings are held as investments and for those which are occupied by the company directly have not seen any depreciation in value, the directors consider that systematic annual depreciation would be inappropriate. Therefore the accounting policy is necessary for the accounts to give a true and fair view.

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.

Basic financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2019 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 August 2019

2,474,205

Disposals

(321,083

)

At 31 July 2020

2,153,122

DEPRECIATION

At 1 August 2019

and 31 July 2020

61,539

NET BOOK VALUE

At 31 July 2020

2,091,583

At 31 July 2019

2,412,666

5.	FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:

Totals

£

COST

At 1 August 2019

and 31 July 2020

4,000

NET BOOK VALUE

At 31 July 2020

4,000

At 31 July 2019

4,000

6.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Jonathan James Retirement Fund

77,098

140,355

The pension scheme loan is secured by a charge over certain commercial property.