Ian Shammon Limited - Accounts to registrar (filleted) - small 23.1.5

REGISTERED NUMBER: 04644402 (England and Wales)

Report of the Director and

Financial Statements

for the Year Ended 31 March 2023

for

Ian Shammon Limited

Page

Company Information

1

Report of the Director

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTOR:

Mr S D Shammon

SECRETARY:

Mrs A Sparrow

REGISTERED OFFICE:

Boultham Park Garage

Boultham Park Road

LINCOLN

Lincolnshire

LN6 7SB

REGISTERED NUMBER:

04644402 (England and Wales)

ACCOUNTANTS:

Nicholsons

Chartered Accountants

Newland House

The Point

Weaver Road

LINCOLN

Lincolnshire

LN6 3QN

BANKERS:

Lloyds TSB Bank plc

Homer House

Sibthorp Street

LINCOLN

LN5 7SL

The director presents his report with the financial statements of the company for the year ended 31 March 2023.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the sale of motor vehicles.

DIRECTOR

Mr S D Shammon held office during the whole of the period from 1 April 2022 to the date of this report.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

Mr S D Shammon - Director

2 August 2023

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

201,362

204,957

201,362

204,957

CURRENT ASSETS

Stocks

221,515

223,392

Debtors

6

5,778

5,205

Cash at bank

287,097

251,880

514,390

480,477

CREDITORS

Amounts falling due within one year

7

85,000

105,675

NET CURRENT ASSETS

429,390

374,802

TOTAL ASSETS LESS CURRENT LIABILITIES

630,752

579,759

CREDITORS

Amounts falling due after more than one year

8

(19,833

)

(28,833

)

PROVISIONS FOR LIABILITIES

(1,325

)

(1,089

)

NET ASSETS

609,594

549,837

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

608,594

548,837

SHAREHOLDERS' FUNDS

609,594

549,837

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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 by the director and authorised for issue on 2 August 2023 and were signed by:

Mr S D Shammon - Director

1.	STATUTORY INFORMATION

Ian Shammon 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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2003, is being amortised evenly over its estimated useful life.

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.

Freehold property

-

2% on cost

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% - 33% 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.

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.

Financial instruments

Only basic financial instruments as defined in FRS 102 are held. Financial assets and financial liabilities are recognised in the accounts only when the entity becomes party to the contractual provisions of the instrument and their measurement basis is as follows:

Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments.

Cash at bank is classified as a basic financial instrument and is measured at transaction price.

Financial liabilities - trade creditors, accruals and other creditors are basic financial instruments, and are measured at amortised cost. Where a financial liability constitutes a financing transaction it is initially and subsequently measures at the present value of future payments, discounted at a market rate of interest.

Government grants

Government grants which have been accounted for under the performance model are recognised when it is reasonable to expect that the grants will be received and that all related conditions will be met.

Government grants which have been accounted for under the accruals model in respect of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 5 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2022

and 31 March 2023

60,000

AMORTISATION

At 1 April 2022

and 31 March 2023

60,000

NET BOOK VALUE

At 31 March 2023

-

At 31 March 2022

-

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

Freehold

to

Plant and

and

property

property

machinery

fittings

Totals

£

£

£

£

£

COST

At 1 April 2022

238,748

-

849

8,188

247,785

Additions

-

2,038

471

-

2,509

At 31 March 2023

238,748

2,038

1,320

8,188

250,294

DEPRECIATION

At 1 April 2022

39,433

-

156

3,239

42,828

Charge for year

4,775

204

151

974

6,104

At 31 March 2023

44,208

204

307

4,213

48,932

NET BOOK VALUE

At 31 March 2023

194,540

1,834

1,013

3,975

201,362

At 31 March 2022

199,315

-

693

4,949

204,957

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

636

340

Prepayments

5,142

4,865

5,778

5,205

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

9,000

9,000

Trade creditors

17,756

19,964

Receipts in advance

800

16,785

Tax

20,720

20,549

Social security and other taxes

1,701

498

VAT

18,850

20,462

Other creditors

814

115

Directors' current accounts

10,849

14,390

Accrued expenses

4,510

3,912

85,000

105,675

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans - 1-2 years

9,000

9,000

Bank loans - 2-5 years

10,833

19,833

19,833

28,833

9.	RELATED PARTY DISCLOSURES

The property occupied by the company belongs to Mr S D Shammon and is provided rent free.

Included in creditors are Directors loan accounts for Mr S D Shammon £10,850 (2022 : £14,390). This loan is provided interest free and is payable on demand.