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Registered number: 06553651
Shilton Group Holdings Limited
Unaudited
Financial statements
Information for filing with the registrar
For the year ended 30 June 2020
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Shilton Group Holdings Limited
Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of Shilton Group Holdings Limited for the year ended 30 June 2020
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Shilton Group Holdings Limited for the year ended 30 June 2020 which comprise the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the Board of directors of Shilton Group Holdings Limited, as a body, in accordance with the terms of our engagement letter dated 16 March 2017. Our work has been undertaken solely to prepare for your approval the financial statements of Shilton Group Holdings Limited and state those matters that we have agreed to state to the Board of directors of Shilton Group Holdings Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Shilton Group Holdings Limited and its Board of directors, as a body, for our work or for this report.
It is your duty to ensure that Shilton Group Holdings Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Shilton Group Holdings Limited. You consider that Shilton Group Holdings Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or review of the financial statements of Shilton Group Holdings Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Kreston Reeves LLP
Chartered Accountants
Springfield House
Springfield Road
Horsham
West Sussex
RH12 2RG
14 May 2021
Page 1
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Shilton Group Holdings Limited
Registered number: 06553651
Balance sheet
As at 30 June 2020
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Net current assets/(liabilities)
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Total assets less current liabilities
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Investment property reserve
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Page 2
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Shilton Group Holdings Limited
Registered number: 06553651
Balance sheet (continued)
As at 30 June 2020
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................
D Shilton
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The notes on pages 4 to 9 form part of these financial statements.
Page 3
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Shilton Group Holdings Limited
Notes to the financial statements
For the year ended 30 June 2020
Shilton Group Holdings Limited is a private company, limited by shares and incorporated in England and Wales, registration number 06553651. The registered office address is Alexander House, Lower Ground Floor, 155-157 Merton Road, Wandsworth, London, SW18 5EQ.
The principal activities of the company in the year under review were those of the holding of investments in subsidiaries and investment properties.
The financial statements are presented in sterling and rounded to the nearest £1.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
Turnover comprises rent receivable from the company's investment properties, exclusive of Value Added Tax where applicable.
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Exemption from preparing consolidated financial statements
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The Company, and the group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and group are considered eligible for the exemption to prepare consolidated accounts.
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
Page 4
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Shilton Group Holdings Limited
Notes to the financial statements
For the year ended 30 June 2020
2.Accounting policies (continued)
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
Investments in subsidiaries are measured at cost less accumulated impairment.
Page 5
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Shilton Group Holdings Limited
Notes to the financial statements
For the year ended 30 June 2020
2.Accounting policies (continued)
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are 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.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.
Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Page 6
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Shilton Group Holdings Limited
Notes to the financial statements
For the year ended 30 June 2020
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The average monthly number of employees, including directors, during the year was 4 (2019 - 3).
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Charge for the year on owned assets
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Page 7
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Shilton Group Holdings Limited
Notes to the financial statements
For the year ended 30 June 2020
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Investments in subsidiary companies
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The 2020 valuations were made by the directors, on an open market value for existing use basis.
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Amounts owed by group undertakings
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Prepayments and accrued income
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Page 8
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Shilton Group Holdings Limited
Notes to the financial statements
For the year ended 30 June 2020
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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The Company operates a defined contributions pension scheme. The assets of the scheme are held
separately from those of the Company in an independently administered fund.
The pension cost charge represents contributions payable by the Company to the fund and amounted to £1,490 (2019: £Nil).
Contributions totalling £289 (2019: £Nil) were payable to the fund at the balance sheet date and are
included in creditors.
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Related party transactions
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During the year the company recieved £6,199 from its subsidiary, Jane Shilton Limited, resulting in a balance outstanding from the subsidiary at the year end of £6,261,516 (2019 - £6,267,715). A provision of £6,261,516 (2019 - £6,267,715) has been made against this balance. The balance is repayable on demand.
The company also received £484,671 from its subsidiary Shilton Properties Limited resulting in a balance owed to the subsidiary at the year end of £234,469 (2019 - £250,202 was owed by the subsidiary). The balance is repayable on demand.
The company has an outstanding balance due to a director at the year end of £319,700 (2019 - £320,000), no interest was charged during the year in respect of this balance.
Also, the company has an outstanding balance due to a close family member of a director at the year end of £59,700 (2019 - £74,000), no interest was charged during the year in respect of this balance. The balances are repayable on demand.
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