Shipton & Co.,Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: 00243143 (England and Wales)

Abbreviated Unaudited Accounts

for the Year Ended 31 December 2015

for

Shipton & Co.,Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTORS:

The Lady May

The Lord May

SECRETARY:

J.P. Daly

REGISTERED OFFICE:

27-33 Spencer Street

Hockley

Birmingham

West Midlands

B18 6DL

REGISTERED NUMBER:

00243143 (England and Wales)

ACCOUNTANTS:

James, Stanley & Co. Limited

1,733 Coventry Road

South Yardley

Birmingham

West Midlands

B26 1DT

SOLICITORS:

Clark Brookes Turner Cary

2 Lombard Street West

West Bromwich

West Midlands

B70 8EH

FIXED ASSETS

Tangible assets

2

119,170

116,010

CURRENT ASSETS

Stocks

1,134,565

1,147,141

Debtors

575,215

611,442

Cash at bank and in hand

400,396

739,898

2,110,176

2,498,481

CREDITORS

Amounts falling due within one year

1,040,189

1,262,293

NET CURRENT ASSETS

1,069,987

1,236,188

TOTAL ASSETS LESS CURRENT
LIABILITIES

1,189,157

1,352,198

CAPITAL AND RESERVES

Called up share capital

3

12,819

Profit and loss account

1,176,338

1,339,379

SHAREHOLDERS' FUNDS

1,189,157

1,352,198

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2015 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 29 September 2016 and were signed on its behalf
by:

The Lord May - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective January 2015).

Exemption from preparing a cash flow statement

Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a

small company.

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

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

Short leasehold

-

over the term of the lease

Plant and machinery

-

10% on reducing balance

Fixtures and fittings

-

10% on reducing balance

Computer equipment

-

25% on cost

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance

for obsolete and slow moving items.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at

the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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 the profit and loss account in the period to which they relate.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 January 2015

533,431

Additions

23,458

At 31 December 2015

556,889

DEPRECIATION

At 1 January 2015

417,421

Charge for year

20,298

At 31 December 2015

437,719

NET BOOK VALUE

At 31 December 2015

119,170

At 31 December 2014

116,010

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.15

31.12.14

value:

£

12,819

Ordinary shares

£1

12,819

4.	ULTIMATE PARENT COMPANY

Shipton & Co. 1870 Limited (incorporated in England ) is regarded by the directors as being the company's

ultimate parent company.

5.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The directors' current accounts are unsecured and interest free with no specific repayment terms.

6.	RELATED PARTY DISCLOSURES

Shipton & Co. Limited, Shipton & Co. (Sidmouth) Limited, Shipton & Co. (Scarborough) Limited, Shipton &

Co. (Pitlochry) Limited, Wroxton Properties Limited and The Cornish Stone Co. Limited are related parties as

they are all subsidiaries of Shipton & Co 1870 Limited. Shipton & Co. (Warrington) LLP, Shipton & Co

Jewellers LLP and Shipton & Co Direct LLP each have Shipton & Co. Limited as a corporate member and are

considered to be related parties.

During the year the company sold goods to the following related entities:-

2015

2014

£

Shipton & Co. (Warrington) LLP

95,427

123,691

Shipton & Co. Jewellers LLP

400,255

442,070

Shipton & Co. Direct LLP

582,940

520,458

The loan to group members at 31 December 2015 of £208,289 (2014 - £208,289) represents a loan the

company made in 2011 to Shipton & Co Warrington LLP to cover its set up costs.

At the balance sheet date the following amounts are due from related entities in respect of goods and services

provided by Shipton & Co. Limited:-

2015

2014

£

Shipton & Co. (Scarborough) Limited

11,509

Shipton & Co. (Pitlochry) Limited

5,699

Shipton & Co. (Warrington) LLP

80,584

60,148

Shipton & Co. Direct LLP

110,935

166,713

Shipton & Co. Jewellers LLP

66,800

-

The company owed the following amounts to related entities at 31 December 2015:-

2015

2014

£

Wroxton Properties Limited

11,926

8,926

Shipton & Co. (Sidmouth) Limited

92,160

98,160

Shipton & Co. Jewellers LLP

-

56,865

The Cornish Stone Co. Limited

2,000

During the year under review the company levied management charges in

respect of administrative expenses on the following related entities:-

2015

2014

£

Shipton & Co. (Warrington) LLP

59,750

70,648

Shipton & Co. Jewellers LLP

294,511

317,396

Shipton & Co. Direct LLP

379,337

297,843

The company has an interest in Shipton & Co. Jewellers LLP and Shipton & Co. Direct LLP and received a

share of profits from those companies of £28,635 and £4,478 respectively in the year ended 31 December 2014.

Shipton & Co. Limited paid a rent of £4,000 (2014 - £4,000) to Wroxton Properties Limited in respect of its

premises at 27-33 Spencer Street, Hockley.

All the above transactions detailed were conducted at arm's length values.