Shelby Project Solutions Limited 31/03/2023 iXBRL

Shelby Project Solutions Limited 31/03/2023 iXBRL

SHELBY PROJECT SOLUTIONS LIMITED - Company Information

Print Friendly Version

6 31/03/2023 2023-03-31 false false false false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2022-04-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 9396896 2022-04-01 2023-03-31 9396896 2023-03-31 9396896 2022-03-31 9396896 2021-04-01 2022-03-31 9396896 2022-03-31 9396896 core:PlantMachinery 2022-04-01 2023-03-31 9396896 bus:RegisteredOffice 2022-04-01 2023-03-31 9396896 bus:LeadAgentIfApplicable 2022-04-01 2023-03-31 9396896 bus:Director1 2022-04-01 2023-03-31 9396896 bus:Director2 2022-04-01 2023-03-31 9396896 bus:Director3 2022-04-01 2023-03-31 9396896 core:PlantMachinery 2022-03-31 9396896 core:PlantMachinery 2023-03-31 9396896 core:WithinOneYear 2023-03-31 9396896 core:WithinOneYear 2022-03-31 9396896 core:AfterOneYear 2023-03-31 9396896 core:AfterOneYear 2022-03-31 9396896 core:ShareCapital 2023-03-31 9396896 core:ShareCapital 2022-03-31 9396896 core:RetainedEarningsAccumulatedLosses 2023-03-31 9396896 core:RetainedEarningsAccumulatedLosses 2022-03-31 9396896 core:PlantMachinery 2022-03-31 9396896 bus:Director1 2022-03-31 9396896 bus:Director1 2023-03-31 9396896 bus:Director2 2022-03-31 9396896 bus:Director2 2023-03-31 9396896 bus:Director3 2022-03-31 9396896 bus:Director3 2023-03-31 9396896 bus:SmallEntities 2022-04-01 2023-03-31 9396896 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 9396896 bus:FullAccounts 2022-04-01 2023-03-31 9396896 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 9396896 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31
Company registration number: 9396896
Shelby Project Solutions Limited
Unaudited filleted financial statements
31 March 2023
Shelby Project Solutions Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Shelby Project Solutions Limited
Directors and other information
Directors S Tighe
P Taylor
D Taylor
Company number 9396896
Registered office New Media House
8 Hardhorn Road
Poulton-le-Fylde
Lancashire
FY6 7SR
Accountants Turner and Brown Limited
105 Garstang Road
Preston
Lancs
PR1 1LD
Shelby Project Solutions Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Shelby Project Solutions Limited
Year ended 31 March 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Shelby Project Solutions Limited for the year ended 31 March 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
This report is made solely to the board of directors of Shelby Project Solutions Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Shelby Project Solutions Limited and state those matters that we have agreed to state to the board of directors of Shelby Project Solutions Limited as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Shelby Project Solutions Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Shelby Project Solutions 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 Shelby Project Solutions Limited. You consider that Shelby Project Solutions 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 Shelby Project Solutions 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.
Turner and Brown Limited
Chartered Accountants
105 Garstang Road
Preston
Lancs
PR1 1LD
Shelby Project Solutions Limited
Statement of financial position
31 March 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 5,273 4,427
_______ _______
5,273 4,427
Current assets
Debtors 6 367,986 179,000
Cash at bank and in hand 33,686 28,362
_______ _______
401,672 207,362
Creditors: amounts falling due
within one year 7 ( 179,143) ( 104,629)
_______ _______
Net current assets 222,529 102,733
_______ _______
Total assets less current liabilities 227,802 107,160
Creditors: amounts falling due
after more than one year 8 ( 23,274) ( 33,206)
Provisions for liabilities ( 1,002) ( 841)
_______ _______
Net assets 203,526 73,113
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 203,426 73,013
_______ _______
Shareholders funds 203,526 73,113
_______ _______
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 07 August 2023 , and are signed on behalf of the board by:
S Tighe P Taylor
Director Director
Company registration number: 9396896
Shelby Project Solutions Limited
Notes to the financial statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is New Media House, 8 Hardhorn Road, Poulton-le-Fylde, Lancashire, FY6 7SR.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared under the historical cost convention. The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is recorded as the fair value of consideration receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Turnover for services is recorded at the point that the company becomes legally entitled to receive it, this is usually the date of the invoice.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and equipment - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Government grants
Government grants are recognised using the accrual model.
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2022: 6 ).
5. Tangible assets
Plant and machinery Total
£ £
Cost
At 1 April 2022 10,347 10,347
Additions 2,718 2,718
Disposals ( 2,813) ( 2,813)
_______ _______
At 31 March 2023 10,252 10,252
_______ _______
Depreciation
At 1 April 2022 5,920 5,920
Charge for the year 1,154 1,154
Disposals ( 2,095) ( 2,095)
_______ _______
At 31 March 2023 4,979 4,979
_______ _______
Carrying amount
At 31 March 2023 5,273 5,273
_______ _______
At 31 March 2022 4,427 4,427
_______ _______
6. Debtors
2023 2022
£ £
Trade debtors 340,262 158,055
Other debtors 27,724 20,945
_______ _______
367,986 179,000
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 9,932 9,687
Trade creditors 1,623 4,388
Social security and other taxes 158,970 83,057
Other creditors 8,618 7,497
_______ _______
179,143 104,629
_______ _______
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 23,274 33,206
_______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
S Tighe 168 5,404 ( 312) 5,260
P Taylor 3,725 2,000 ( 312) 5,413
D Taylor 8,756 - - 8,756
_______ _______ _______ _______
12,649 7,404 ( 624) 19,429
_______ _______ _______ _______
These loans were interest free and repayable on demand.
10. Controlling party
The company is controlled by the directors.