Ian Shammon Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 04644402 (England and Wales)

Financial Statements

for the Year Ended 31 March 2017

for

Ian Shammon Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr I D B Shammon

Mr S D Shammon

SECRETARY:

Mrs V Applewhite

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

FIXED ASSETS

Intangible assets

4

18,000

21,000

Tangible assets

5

192,606

197,128

210,606

218,128

CURRENT ASSETS

Stocks

191,110

232,545

Debtors

66,069

49,117

Cash at bank

161,796

118,855

418,975

400,517

CREDITORS

Amounts falling due within one year

148,770

127,002

NET CURRENT ASSETS

270,205

273,515

TOTAL ASSETS LESS CURRENT LIABILITIES

480,811

491,643

PROVISIONS FOR LIABILITIES

349

426

NET ASSETS

480,462

491,217

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

479,462

490,217

SHAREHOLDERS' FUNDS

480,462

491,217

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 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 March 2017 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 20 December 2017 and were signed on its behalf 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 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.

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 of twenty years.

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.

Land and buildings

-

2% on cost

Plant and machinery etc

-

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2016 - 4 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2016

and 31 March 2017

60,000

AMORTISATION

At 1 April 2016

39,000

Amortisation for year

3,000

At 31 March 2017

42,000

NET BOOK VALUE

At 31 March 2017

18,000

At 31 March 2016

21,000

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2016

and 31 March 2017

210,203

DEPRECIATION

At 1 April 2016

13,075

Charge for year

4,522

At 31 March 2017

17,597

NET BOOK VALUE

At 31 March 2017

192,606

At 31 March 2016

197,128

6.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2017

and 31 March 2016:

2017

2016

£

£

Mr S D Shammon

Balance outstanding at start of year

(43,657

)

(34,289

)

Amounts advanced

(6,313

)

(9,432

)

Amounts repaid

722

64

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(49,248

)

(43,657

)

The above loan account has had interest charged at 3.00%. The maximum amount overdrawn in

the year was £48,605 (2016: £43,657.)

7.	RELATED PARTY DISCLOSURES

8.	ULTIMATE CONTROLLING PARTY

9.	FIRST YEAR ADOPTION

This is the first period that the company has presented accounts in accordance with FRS 102 'The

Financial Reporting Framework Applicable in the UK and Republic of Ireland'. For financial years

up to and including the year end 31 March 2016, the Company prepared its financial statements in

accordance with UK GAAP.

The date of transition to FRS 102 is therefore 1 April 2015. The opening equity position as at the

1 April 2015 previously published financial statements for the year ended 31 March 2016 have

been restated from UK GAAP.