Shields (Driffield) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04948815 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

FOR

SHIELDS (DRIFFIELD) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A Shields

D H Shields

M H Shields

C A Kelly

C J Shields

C L Shields

REGISTERED OFFICE:

Medina House

2 Station Avenue

Bridlington

East Yorkshire

YO16 4LZ

REGISTERED NUMBER:

04948815 (England and Wales)

ACCOUNTANTS:

Lloyd Dowson Limited

Medina House

2 Station Avenue

Bridlington

East Yorkshire

YO16 4LZ

FIXED ASSETS

Intangible assets

4

14,000

16,000

Tangible assets

5

1,856,065

1,725,216

1,870,065

1,741,216

CURRENT ASSETS

Stocks

16,804

9,498

Debtors

6

553,768

471,584

Cash at bank and in hand

859,342

499,252

1,429,914

980,334

CREDITORS

Amounts falling due within one year

7

832,579

607,682

NET CURRENT ASSETS

597,335

372,652

TOTAL ASSETS LESS CURRENT LIABILITIES

2,467,400

2,113,868

CREDITORS

Amounts falling due after more than one year

8

(745,253

)

(701,567

)

PROVISIONS FOR LIABILITIES

(140,288

)

(128,862

)

NET ASSETS

1,581,859

1,283,439

CAPITAL AND RESERVES

Called up share capital

9

2,500

730

Retained earnings

1,579,359

1,282,709

SHAREHOLDERS' FUNDS

1,581,859

1,283,439

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.

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

The financial statements were approved by the Board of Directors and authorised for issue on 16 August 2021 and were signed on its behalf by:

........................................................................

M H Shields - Director

1.	STATUTORY INFORMATION

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

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2004, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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, excluding land element

Plant and machinery

-

10% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

20% on reducing balance

Computer equipment

-

25% on reducing balance

Government grants

Grants relating to revenue are recognised in the Statement of Income on a systematic basis over the accounting periods in which the company recognises the related costs for which the grant is intended to compensate.

Grants that are received in respect of expenses or losses already incurred by the company are recognised in the Statement of Income in the accounting period in which the grant becomes receivable.

Grants to fund capital assets are initially recognised as a liability in the Statement of Financial Position and are not deducted from the carrying value of an asset. These grants are subsequently released as income in the Statement of Income on a systematic basis over the useful economic life of the relevant assets.

Stocks

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

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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.

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 43 (2019 - 40 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2020

and 31 December 2020

40,000

AMORTISATION

At 1 January 2020

24,000

Charge for year

2,000

At 31 December 2020

26,000

NET BOOK VALUE

At 31 December 2020

14,000

At 31 December 2019

16,000

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2020

1,081,175

1,574,238

2,655,413

Additions

34,328

235,245

269,573

At 31 December 2020

1,115,503

1,809,483

2,924,986

DEPRECIATION

At 1 January 2020

82,297

847,900

930,197

Charge for year

17,410

121,314

138,724

At 31 December 2020

99,707

969,214

1,068,921

NET BOOK VALUE

At 31 December 2020

1,015,796

840,269

1,856,065

At 31 December 2019

998,878

726,338

1,725,216

Included in cost of land and buildings is freehold land of £ 245,000 (2019 - £ 245,000 ) which is not depreciated.

The net book value of tangible fixed assets includes £ 384,097 (2019 - £ 329,022 ) in respect of assets held under hire purchase contracts.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Trade debtors

550,730

469,004

Other debtors

3,038

2,580

553,768

471,584

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Bank loans and overdrafts

23,750

23,750

Hire purchase contracts

93,308

111,745

Trade creditors

206,307

138,939

Taxation and social security

258,825

189,427

Other creditors

250,389

143,821

832,579

607,682

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.20

31.12.19

£

£

Bank loans

441,615

465,331

Hire purchase contracts

212,719

151,324

Other creditors

90,919

84,912

745,253

701,567

Amounts falling due in more than five years:

Repayable by instalments

Bank loans - over 5 years

222,236

238,668

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.20

31.12.19

value:

£

£

2,000

Ordinary A

£1

2,000

330

50

Ordinary B

£1

50

400

50

Ordinary C

£1

50

-

100

Ordinary D

£1

100

-

100

Ordinary E

£1

100

-

100

Ordinary F

£1

100

-

100

Ordinary G

£1

100

-

2,500

730

The following shares were issued during the year for cash at par :

1,320 Ordinary A shares of £1

50 Ordinary C shares of £1

100 Ordinary D shares of £1

100 Ordinary E shares of £1

100 Ordinary F shares of £1

100 Ordinary G shares of £1