Sheepy Magna Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08960895 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2020

FOR

SHEEPY MAGNA LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

J C P Smith

A S Smith

REGISTERED OFFICE:

Rye Hills Barn

Watery Lane

Sheepy Magna

Warwickshire

CV9 3RG

REGISTERED NUMBER:

08960895 (England and Wales)

ACCOUNTANTS:

Magma Audit LLP

Unit 2

Charnwood Edge Business Park

Syston Road

Leicester

LE7 4UZ

CURRENT ASSETS

Debtors

4

35,580,934

35,199,801

Cash at bank

95,117

671,635

35,676,051

35,871,436

CREDITORS

Amounts falling due within one year

5

(12,743

)

(151,020

)

NET CURRENT ASSETS

35,663,308

35,720,416

TOTAL ASSETS LESS CURRENT LIABILITIES

35,663,308

35,720,416

CAPITAL AND RESERVES

Called up share capital

6,700,101

6,700,101

Share premium

244,288

244,288

Retained earnings

28,718,919

28,776,027

SHAREHOLDERS' FUNDS

35,663,308

35,720,416

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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.

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 27 June 2021 and were signed on its behalf by:

J C P Smith - Director

1.	STATUTORY INFORMATION

Sheepy Magna Limited is a limited company, limited by shares, registered in England and Wales. Its registered office address is Rye Hills Barn Watery Lane, Sheepy Magna, Warwickshire, CV9 3RG and the registered number is 08960895.

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.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

During the year the world has suffered a COVID-19 outbreak, and volatility in the economy as a result. The directors have considered the effect this may have on the company, and although currently unclear the Government's guidance is that the issue will be time limited. This will continue to be a developing situation and as such a reasonable estimate of the financial effect of this outbreak on the company cannot feasibly be made at this stage.

The directors have assessed the above and as at the date of approving the accounts consider the company to be a going concern.

Turnover

Turnover represents interest receivable on loans.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

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 profit or loss.

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.

Debtors

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents

Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term 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.

Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

Taxation

The tax expense for the year comprises current and deferred tax.

Tax is recognised in profit or loss except that a change 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.

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.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - 2 ) .

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

32,054,007

32,159,500

Other debtors

3,526,927

3,040,301

35,580,934

35,199,801

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Tax

-

149,020

Directors' current accounts

10,743

-

Accruals and deferred income

2,000

2,000

12,743

151,020

6.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 September 2020 and 30 September 2019:

2020

2019

£

£

J C P Smith and A S Smith

Balance outstanding at start of year

102,889

(838,687

)

Amounts advanced

2,121

3,258,064

Amounts repaid

(115,753

)

(2,316,488

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(10,743

)

102,889

7.	RELATED PARTY DISCLOSURES

The following material transactions have been carried out with companies with related parties during the year:

Sheepy Magna Investments Limited and Sheepy Magna Properties Limited are further companies in which JCP Smith and Mrs AS Smith are directors and shareholders.

Transactions during the year

Amounts due from / (to) at year end

2020

2019

2020

2019

£

£

£

£

Sheepy Magna Investments Ltd

Loan interest receivable from them

487,605

521,402

Amounts due from them included in trade debtors

27,863,061

27,863,061

Amount due from them included in other debtors

375

375

Amounts due from them included in accrued income

3,171,622

2,684,017

Sheepy Magna Properties Ltd

Loan interest receivable from them

68,421

67,162

Amounts due from them included in trade debtors

3,827,836

3,837,836

Amounts due from them included in other debtors

375

375

Amounts due from them included in accrued income

321,066

252,645