Shipley Loans Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 07470041 (England and Wales)

SHIPLEY LOANS LIMITED

Unaudited Financial Statements

for the Year Ended 31 March 2022

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

H J Shipley Snr

W Shipley

H J Shipley Jnr

L A Shipley

G Shipley

REGISTERED OFFICE:

National House

Etchell Road

Tamworth

Staffordshire

B78 3HF

REGISTERED NUMBER:

07470041 (England and Wales)

ACCOUNTANTS:

Phoenix Business Associates Limited

Chartered Certified Accountants

The Riding School House

Bulls Lane

Wishaw

Sutton Coldfield

West Midlands

B76 9QW

CURRENT ASSETS

Debtors

4

12,946,587

12,981,053

Cash at bank

1,915,521

1,701,169

14,862,108

14,682,222

CREDITORS

Amounts falling due within one year

5

11,209,815

11,406,338

NET CURRENT ASSETS

3,652,293

3,275,884

TOTAL ASSETS LESS CURRENT LIABILITIES

3,652,293

3,275,884

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

3,652,193

3,275,784

SHAREHOLDERS' FUNDS

3,652,293

3,275,884

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 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 7 October 2022 and were signed on its behalf by:

H J Shipley Snr - Director

1.	STATUTORY INFORMATION

Shipley Loans 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.

Turnover

Turnover represents income derived from the company's principal activity of making commercial loans.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2021 - NIL).

4.

DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/3/22

31/3/21

£

£

Other debtors

12,946,587

12,981,053

All loans are made within the company's principal activity and carry commercial rates of interest.

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/22

31/3/21

£

£

Taxation and social security

88,255

84,838

Other creditors

11,121,560

11,321,500

11,209,815

11,406,338

The Directors loans included in other creditors are not subject to any formal agreement and are therefore deemed to be repayable on demand. The loan carries no interest and there is no set repayment date.

Included in creditors are Preference shares of 10,690,000 at £1 per share. These are redeemable at any time by the holder and as such are classified in the accounts as debt.

6.	RELATED PARTY DISCLOSURES

As at 31 March 2021 the company had owed H J Shipley Snr £330,000, W Shipley £150,000 and

H J Shipley Jnr £150,000 as interest free directors loans. During the year, H J Shipley Snr passed his loan account to W Shipley and H J Shipley Jnr.equally and an amount of £100,000 was repaid to W Shipley and H J Shipley Jnr.