Shear Design Limited - Accounts to registrar - small 16.3

REGISTERED NUMBER: 05262666 (England and Wales)

SHEAR DESIGN LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

K Lane

M A Jessop

A Spencer

S Mason

SECRETARY:

K Lane

REGISTERED OFFICE:

Fabri House

7 Ashtree Court

Woodsy Close

Cardiff

SOUTH GLAMORGAN

CF23 8RW

REGISTERED NUMBER:

05262666 (England and Wales)

FIXED ASSETS

Tangible assets

4

31,173

35,695

CURRENT ASSETS

Debtors

328,636

389,972

Cash at bank

668,264

548,257

996,900

938,229

CREDITORS

Amounts falling due within one year

306,474

300,909

NET CURRENT ASSETS

690,426

637,320

TOTAL ASSETS LESS CURRENT LIABILITIES

721,599

673,015

PROVISIONS FOR LIABILITIES

5

5,272

-

NET ASSETS

716,327

673,015

CAPITAL AND RESERVES

Called up share capital

6

203

203

Retained earnings

7

716,124

672,812

SHAREHOLDERS' FUNDS

716,327

673,015

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 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 of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 December 2016 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 27 March 2017 and were signed on its behalf by:

A Spencer - Director

K Lane - Director

S Mason - Director

M A Jessop - Director

1.	STATUTORY INFORMATION

Shear Design 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates

In the application of the company's accounting policies, which are described in note 1, management is

required to make judgements, estimates and assumptions about the carrying values of assets and

liabilities that are not readily apparent from other sources. The estimates and underlying assumptions

are based on historical experience and other factors that are considered to be relevant. Actual results

may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting

estimates are recognised in the period in which the estimate is revised if the revision affects only that

period, or in the period of the revision and future periods if the revision affects both current and future

periods.

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.

Fixtures,fittings and equipment

-

25% on reducing balance

Office equipment

-

33% on reducing balance

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 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.

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.

Provisions

Provisions are recognised when the company has an obligation at the balance sheet date as a result of

a past event, it is probable that an outflow of economic benefit will be required in settlement and the

amount can be reliable estimated.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are

recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss

account in other administration expenses.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at

each balance sheet date. If such indication exists, the recoverable amount of the asset, or the assets

cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount

exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is

carried at a revalued amount where the impairment loss is a revaluation decrease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2015 - 20 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2016

162,155

Additions

9,940

At 31 December 2016

172,095

DEPRECIATION

At 1 January 2016

126,460

Charge for year

14,462

At 31 December 2016

140,922

NET BOOK VALUE

At 31 December 2016

31,173

At 31 December 2015

35,695

5.	PROVISIONS FOR LIABILITIES

2016

2015

£

£

Deferred tax

5,272

-

Deferred

tax

£

Provided during year

5,272

Balance at 31 December 2016

5,272

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

£

3

Ordinary A

£1

3

3

Allotted and issued:

Number:

Class:

Nominal

2016

2015

value:

£

£

200

Ordinary B

£1

200

200

7.

RESERVES

Retained

earnings

£

At 1 January 2016

672,812

Profit for the year

484,538

Dividends

(441,226

)

At 31 December 2016

716,124

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits from directors subsisted during the years ended

31 December 2016 and 31 December 2015:

2016

2015

£

£

A Spencer

Balance outstanding at start of year

11,630

25,833

Amounts advanced

-

11,630

Amounts repaid

(11,630

)

(25,833

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

11,630

K Lane

Balance outstanding at start of year

3,187

15,083

Amounts advanced

-

3,187

Amounts repaid

(3,187

)

(15,083

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

3,187

S Mason

Balance outstanding at start of year

1,203

-

Amounts advanced

-

1,203

Amounts repaid

(1,203

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

1,203

M A Jessop

Balance outstanding at start of year

1,161

-

Amounts advanced

-

1,161

Amounts repaid

(1,161

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

1,161

The company operates from a property which was owned by a partnership in which Mr A J Spencer,

Miss K Lane and Mr S J Mason are partners. During the year £15,000 (2015 -£21,905) was paid in

rent by the company to the partnership.

The company operates from a property which is owned by a Self Invested Pension Plan (SIPP) in

which Mr A J Spencer and Miss K Lane have an interest. During the year £31,993 was paid in rent

by the company to the SIPP.

9.	ULTIMATE CONTROLLING PARTY

10.	FIRST YEAR ADOPTION

Transitional relief

On transition to FRS 102, the company has taken advantage of the following transitional relief:

•

to measure fair value at date of transition to FRS 102 and use as deemed cost on an item of property, plant and equipment.