Shipton & Co.,Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 00243143 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2021

for

Shipton & Co.,Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

The Lady May

The Lord May

Mrs M Beishon

SECRETARY:

J.P. Daly

REGISTERED OFFICE:

27-33 Spencer Street

Hockley

Birmingham

West Midlands

B18 6DL

REGISTERED NUMBER:

00243143 (England and Wales)

ACCOUNTANTS:

James, Stanley & Co. Limited

1,733 Coventry Road

South Yardley

Birmingham

West Midlands

B26 1DT

SOLICITORS:

Clark Brookes Turner Cary

3rd Floor Guardian House

Cronehills Linkway

West Bromwich

West Midlands

B70 8GS

FIXED ASSETS

Property, plant and equipment

5

87,240

74,137

CURRENT ASSETS

Inventories

6

1,579,652

1,717,409

Debtors

7

743,939

395,242

Cash at bank and in hand

119,817

121,752

2,443,408

2,234,403

CREDITORS

Amounts falling due within one year

8

1,358,702

1,411,896

NET CURRENT ASSETS

1,084,706

822,507

TOTAL ASSETS LESS CURRENT LIABILITIES

1,171,946

896,644

CAPITAL AND RESERVES

Called up share capital

11

12,819

12,819

Retained earnings

1,159,127

883,825

SHAREHOLDERS' FUNDS

1,171,946

896,644

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 December 2022 and were signed on its behalf by:

The Lord May - Director

1.	STATUTORY INFORMATION

Shipton & Co.,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.	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. There were no material departures from that standard.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

Freehold property

-

2% on cost

Short leasehold

-

over the term of the lease

Plant and machinery

-

10% on reducing balance

Fixtures and fittings

-

10% on reducing balance

Computer equipment

-

25% on cost

Stocks

Inventories and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing inventories to their present location and condition.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Rentals received under operating leases are credited to the profit and loss account as they fall due.

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.

Loans from directors

As a small entity the company measures a basic financial liability that are loans from directors at transaction price.

Income recognition

The company supplies consignment stock to its customers. Income is recognised in this company once the stock has been sold to third parties by the customer such that the risks and rewards of ownership have transferred to them.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2020 - 17 ) .

5.	PROPERTY, PLANT AND EQUIPMENT

Freehold

Short

Plant and

property

leasehold

machinery

£

£

£

COST

At 1 January 2021

128,489

3,212

63,554

Additions

-

-

-

Disposals

-

-

-

Reclassification/transfer

-

-

(437

)

At 31 December 2021

128,489

3,212

63,117

DEPRECIATION

At 1 January 2021

84,627

3,212

55,728

Charge for year

2,356

-

739

Eliminated on disposal

-

-

-

At 31 December 2021

86,983

3,212

56,467

NET BOOK VALUE

At 31 December 2021

41,506

-

6,650

At 31 December 2020

43,862

-

7,826

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2021

203,346

167,336

565,937

Additions

17,869

4,253

22,122

Disposals

-

(1,950

)

(1,950

)

Reclassification/transfer

437

-

-

At 31 December 2021

221,652

169,639

586,109

DEPRECIATION

At 1 January 2021

182,908

165,325

491,800

Charge for year

3,875

2,049

9,019

Eliminated on disposal

-

(1,950

)

(1,950

)

At 31 December 2021

186,783

165,424

498,869

NET BOOK VALUE

At 31 December 2021

34,869

4,215

87,240

At 31 December 2020

20,438

2,011

74,137

Included in cost of land and buildings is freehold land of £ 10,700 (2020 - £ 10,700 ) which is not depreciated.

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

Plant and

machinery

£

COST

At 1 January 2021

1,053

Transfer to ownership

(1,053

)

At 31 December 2021

-

DEPRECIATION

At 1 January 2021

105

Transfer to ownership

(105

)

At 31 December 2021

-

NET BOOK VALUE

At 31 December 2021

-

At 31 December 2020

948

6.	INVENTORIES

31.12.21

31.12.20

£

£

Stocks

626,294

579,800

Packaging

71,094

69,637

Work-in-progress

67,248

57,199

Moulds

17,552

17,530

Finished goods

797,464

993,243

1,579,652

1,717,409

7.

DEBTORS

31.12.21

31.12.20

£

£

Amounts falling due within one year:

Trade debtors

41,808

133,604

Amounts owed by group undertakings

112,875

160,762

Other debtors

7,254

10,494

Prepayments and accrued income

432,002

90,382

593,939

395,242

Amounts falling due after more than one year:

Trade debtors

150,000

-

Aggregate amounts

743,939

395,242

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Hire purchase contracts (see note 9)

-

395

Trade creditors

178,730

214,176

Amounts owed to parent company

517,233

517,233

Tax

-

60

Social security and other taxes

36,796

32,766

Other creditors

127,153

128,852

Amounts owed to group undertakings

398,924

361,057

Directors' current accounts

5,959

5,966

Accruals and deferred income

93,907

151,391

1,358,702

1,411,896

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

31.12.21

31.12.20

£

£

Net obligations repayable:

Within one year

-

395

Non-cancellable operating

leases

31.12.21

31.12.20

£

£

Within one year

28,494

28,494

Between one and five years

36,116

64,610

64,610

93,104

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.21

31.12.20

£

£

Hire purchase contracts

-

395

TSB Bank plc hold fixed and floating mortgage charges dated 4 November 2019 on the company's premises at 21 Lake Road, Keswick and 47/49 Bank Street, Newquay as security against a group undertaking's bank borrowings. A balance of £339,435 was outstanding on this bank loan at 31 December 2021 (2020 - £358,885).

Obligations under hire purchase contracts are secured against the underlying asset.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.21

31.12.20

value:

£

£

12,819

Ordinary shares

£1

12,819

12,819

12.	CAPITAL COMMITMENTS

31.12.21

31.12.20

£

£

Contracted but not provided for in the

financial statements

-

-

13.	RELATED PARTY DISCLOSURES

In 2011 the company advanced a loan of £208,289 to a group undertaking to cover its set up costs. At the balance sheet date £43,865 in respect of this loan was outstanding and is presented within debtors due within one year.

At 31 December 2021 the company was owed £69,010 (2020 - £116,897) in respect of loans advanced to group undertakings.

At 31 December 2021 the company owed £398,924 (2020 - £361,057) in respect of loans advanced by group undertakings.

At 31 December 2021 the company owed £517,233 (2020 - £517,233) in respect of a loan advanced by its parent company.

These loans are unsecured and interest free with no specific repayment terms.

At 31 December 2021 the company benefited from loans advanced by members of key management personnel to the value of £5,959 (2020 - £5,966). These loans are unsecured and interest free with no specific repayment terms and are presented within creditors falling due within one year.

The company is guarantor of a lease relating to premises occupied by a group undertaking.

The company paid rent of £4,000 to a group undertaking in respect of its premises at 27-33 Spencer Street, Hockley, Birmingham.