Shelley M Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10239091 (England and Wales)

Unaudited Financial Statements

For The Year Ended 30th June 2021

for

Shelley M Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Certified Accountants' Report

8

DIRECTOR:

M Shelley

REGISTERED OFFICE:

Cosy Cottage

Perranwell

Goonhaven

Truro

Cornwall

TR4 9PE

REGISTERED NUMBER:

10239091 (England and Wales)

ACCOUNTANTS:

Wildin (Accountants & Auditors) Ltd

Accountants

& Statutory Auditors

Kings Buildings

Lydney

Gloucestershire

GL15 5HE

FIXED ASSETS

Tangible assets

4

25,004

30,805

CURRENT ASSETS

Stocks

5

99,818

79,154

Debtors

6

140,100

81,400

Cash at bank

28,917

77,994

268,835

238,548

CREDITORS

Amounts falling due within one year

7

151,621

125,668

NET CURRENT ASSETS

117,214

112,880

TOTAL ASSETS LESS CURRENT LIABILITIES

142,218

143,685

CREDITORS

Amounts falling due after more than one year

8

(71,229

)

(81,990

)

PROVISIONS FOR LIABILITIES

11

(4,751

)

(5,853

)

NET ASSETS

66,238

55,842

CAPITAL AND RESERVES

Called up share capital

12

1

1

Retained earnings

13

66,237

55,841

SHAREHOLDERS' FUNDS

66,238

55,842

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th June 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th June 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 and authorised for issue by the director and authorised for issue on 4th February 2022 and were signed by:

M Shelley - Director

1.	STATUTORY INFORMATION

Shelley M 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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

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 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2020 - NIL ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1st July 2020

-

78,750

78,750

Additions

2,200

-

2,200

At 30th June 2021

2,200

78,750

80,950

DEPRECIATION

At 1st July 2020

-

47,945

47,945

Charge for year

300

7,701

8,001

At 30th June 2021

300

55,646

55,946

NET BOOK VALUE

At 30th June 2021

1,900

23,104

25,004

At 30th June 2020

-

30,805

30,805

5.

STOCKS

30.6.21

30.6.20

£

£

Stocks

99,818

79,154

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.21

30.6.20

£

£

Trade debtors

137,750

79,566

SOT Reserve A/c's

2,350

1,834

140,100

81,400

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.21

30.6.20

£

£

Tax

29,197

17,447

VAT

7,564

1,991

Snap On Tools

77,379

79,758

Directors' current accounts

34,311

21,174

Creditors & Accrued expenses

3,170

5,298

151,621

125,668

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.6.21

30.6.20

£

£

Other loans (see note 9)

49,061

50,000

Hire purchase contracts

22,168

31,990

71,229

81,990

30.6.21

30.6.20

£

£

Amounts falling due in more than five years:

Repayable by instalments

Other loans more 5yrs instal

49,061

50,000

9.

LOANS

An analysis of the maturity of loans is given below:

30.6.21

30.6.20

£

£

Amounts falling due in more than five years:

Repayable by instalments

Other loans more 5yrs instal

49,061

50,000

10.	SECURED DEBTS

The following secured debts are included within creditors:

30.6.21

30.6.20

£

£

Snap On Finance U K Limited

77,379

79,758

Snap On Finance U K Limited has a fixed and floating charge over the assets of the company.

11.	PROVISIONS FOR LIABILITIES

30.6.21

30.6.20

£

£

Deferred tax

4,751

5,853

Deferred

tax

£

Balance at 1st July 2020

5,853

Credit to Income Statement during year

(1,102

)

Balance at 30th June 2021

4,751

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.6.21

30.6.20

value:

£

£

1

Ordinary

£1

1

1

13.

RESERVES

Retained

earnings

£

At 1st July 2020

55,841

Profit for the year

45,396

Dividends

(35,000

)

At 30th June 2021

66,237

14.	RELATED PARTY DISCLOSURES

During the year, total dividends of £35,000 (2020 - £20,000) were paid to the director .

15.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is M Shelley.

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Shelley M Limited for the year ended 30th June 2021 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the director of Shelley M Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Shelley M Limited and state those matters that we have agreed to state to the director of Shelley M Limited in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Shelley M Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Shelley M Limited. You consider that Shelley M Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Shelley M Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Wildin (Accountants & Auditors) Ltd

Accountants

& Statutory Auditors

Kings Buildings

Lydney

Gloucestershire

GL15 5HE

Date: 4th February 2022