Shieldway Ltd - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 03974180 (England and Wales)

SHIELDWAY LTD

FINANCIAL STATEMENTS

FOR THE PERIOD

1 MAY 2020 TO 29 APRIL 2021

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

7

DIRECTORS:

Mr J Spitzer

Mr P Spitzer

SECRETARY:

Mr P Spitzer

REGISTERED OFFICE:

First Floor

94 Stamford Hill

London

N16 6XS

REGISTERED NUMBER:

03974180 (England and Wales)

ACCOUNTANTS:

Sugarwhite Meyer Accountants Ltd

First Floor

94 Stamford Hill

London

N16 6XS

FIXED ASSETS

Investment property

5

626,941

1,541,092

CURRENT ASSETS

Debtors

6

489,648

223,546

Cash at bank

573,322

2,443

1,062,970

225,989

CREDITORS

Amounts falling due within one year

7

295,485

192,541

NET CURRENT ASSETS

767,485

33,448

TOTAL ASSETS LESS CURRENT LIABILITIES

1,394,426

1,574,540

CREDITORS

Amounts falling due after more than one year

8

(746,715

)

(1,189,785

)

PROVISIONS FOR LIABILITIES

10

(38,623

)

(50,470

)

NET ASSETS

609,088

334,285

CAPITAL AND RESERVES

Called up share capital

1

1

Fair value reserve

11

237,316

421,409

Retained earnings

371,771

(87,125

)

609,088

334,285

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 29 April 2021.

The members have not required the company to obtain an audit of its financial statements for the period ended 29 April 2021 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 November 2022 and were signed on its behalf by:

Mr J Spitzer - Director

1.	STATUTORY INFORMATION

Shieldway Ltd 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared on the historical cost basis, as modified to include investment properties measured at fair value through profit or loss.

Significant judgements and estimates

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. The estimates and underlying assumptions are reviewed on an ongoing basis.

Turnover

Turnover is recognised at the fair value of the consideration receivable in respect of services provided in the normal course of business. The turnover of the company is represented by rents and charges receivable in respect of the company's investment portfolio. Rental income is accounted for on an accruals basis.

Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recorded at cost, which includes purchase price and any directly attributable expenditure.

Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 period 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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 2 (2020 - 1 ) .

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 May 2020

1,541,092

Additions

4,688

Disposals

(722,900

)

Revaluations

(195,939

)

At 29 April 2021

626,941

NET BOOK VALUE

At 29 April 2021

626,941

At 30 April 2020

1,541,092

The fair value of the investment properties has been arrived at on the basis of a valuation carried out by the company's director who has the experience and expertise required to undertake such an exercise. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties in the same location.

The historical cost of investment properties at 30 April 2021 is £351,002.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Other debtors

489,648

223,546

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Taxation and social security

54,199

-

Other creditors

241,286

192,541

295,485

192,541

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

746,715

1,189,785

2021

2020

£

£

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more than 5 years by non-instalments

696,715

1,189,785

Repayable by instalments

Bank loans more than 5 years by instalments

50,000

-

9.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Bank loans

746,715

1,189,785

The bank loans are secured by legal charges over the company's investment properties.

10.	PROVISIONS FOR LIABILITIES

2021

2020

£

£

Deferred tax

38,623

50,470

Deferred

tax

£

Balance at 1 May 2020

50,470

Credit to Profit and Loss Account during period

(11,847

)

Balance at 29 April 2021

38,623

Deferred tax arises from the revaluation of investment properties.

11.

RESERVES

Fair

value

reserve

£

At 1 May 2020

421,409

Disposal of property

(184,093

)

At 29 April 2021

237,316

12.	RELATED PARTY DISCLOSURES

Other debtors include amounts aggregating £84,000 (2020: £Nil) due from related companies under common control.

Other creditors include amounts aggregating £232,633 (2020: £172,085) due to related companies under common control.