Shields (Driffield) Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 04948815 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

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

10,000

12,000

Tangible assets

5

2,298,648

2,332,316

2,308,648

2,344,316

CURRENT ASSETS

Stocks

15,907

16,744

Debtors

6

239,336

623,572

Cash at bank and in hand

1,084,476

754,568

1,339,719

1,394,884

CREDITORS

Amounts falling due within one year

7

810,545

1,007,940

NET CURRENT ASSETS

529,174

386,944

TOTAL ASSETS LESS CURRENT LIABILITIES

2,837,822

2,731,260

CREDITORS

Amounts falling due after more than one year

8

(993,768

)

(1,084,462

)

PROVISIONS FOR LIABILITIES

(199,142

)

(202,359

)

NET ASSETS

1,644,912

1,444,439

CAPITAL AND RESERVES

Called up share capital

10

2,500

2,500

Retained earnings

1,642,412

1,441,939

SHAREHOLDERS' FUNDS

1,644,912

1,444,439

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 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 22 May 2023 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.

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 47 (2021 - 43 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2022

and 31 December 2022

40,000

AMORTISATION

At 1 January 2022

28,000

Charge for year

2,000

At 31 December 2022

30,000

NET BOOK VALUE

At 31 December 2022

10,000

At 31 December 2021

12,000

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2022

1,312,350

2,195,967

3,508,317

Additions

5,307

174,965

180,272

Disposals

-

(201,658

)

(201,658

)

At 31 December 2022

1,317,657

2,169,274

3,486,931

DEPRECIATION

At 1 January 2022

121,054

1,054,947

1,176,001

Charge for year

21,453

160,799

182,252

Eliminated on disposal

-

(169,970

)

(169,970

)

At 31 December 2022

142,507

1,045,776

1,188,283

NET BOOK VALUE

At 31 December 2022

1,175,150

1,123,498

2,298,648

At 31 December 2021

1,191,296

1,141,020

2,332,316

Included in cost of land and buildings is freehold land of £ 245,000 (2021 - £ 245,000 ) which is not depreciated.

The net book value of tangible fixed assets includes £ 720,069 (2021 - £ 654,460 ) in respect of assets held under hire purchase contracts.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Trade debtors

216,743

572,508

Other debtors

22,593

51,064

239,336

623,572

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Bank loans and overdrafts

35,045

44,203

Hire purchase contracts

132,814

114,975

Trade creditors

233,931

293,651

Taxation and social security

156,603

204,452

Other creditors

252,152

350,659

810,545

1,007,940

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.22

31.12.21

£

£

Bank loans

493,282

537,450

Hire purchase contracts

360,221

405,243

Other creditors

140,265

141,769

993,768

1,084,462

Amounts falling due in more than five years:

Repayable by instalments

Bank loans - over 5 years

338,806

342,309

Hire purchase

232,157

82,500

570,963

424,809

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.22

31.12.21

£

£

Bank loans

528,327

581,653

Hire purchase contracts

493,035

520,218

1,021,362

1,101,871

Loans are secured by charges over the freehold property and hire purchase is secured by the asset which it relates to.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.22

31.12.21

value:

£

£

1,500

Ordinary A

£1

1,500

1,500

50

Ordinary B

£1

50

50

50

Ordinary C

£1

50

50

350

Ordinary D

£1

350

350

350

Ordinary E

£1

350

350

100

Ordinary F

£1

100

100

100

Ordinary G

£1

100

100

2,500

2,500