Shields (Driffield) Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 04948815 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

FOR

SHIELDS (DRIFFIELD) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A Shields

D H Shields

M H Shields

C A Kelly

C J Shields

C L Shields

REGISTERED OFFICE:

Medina House

2 Station Avenue

Bridlington

East Yorkshire

YO16 4LZ

REGISTERED NUMBER:

04948815 (England and Wales)

ACCOUNTANTS:

Lloyd Dowson Limited

Medina House

2 Station Avenue

Bridlington

East Yorkshire

YO16 4LZ

FIXED ASSETS

Intangible assets

4

20,000

22,000

Tangible assets

5

1,618,545

1,682,845

1,638,545

1,704,845

CURRENT ASSETS

Stocks

17,929

10,245

Debtors

6

487,639

470,896

Cash at bank and in hand

191,154

149,879

696,722

631,020

CREDITORS

Amounts falling due within one year

7

494,110

472,654

NET CURRENT ASSETS

202,612

158,366

TOTAL ASSETS LESS CURRENT LIABILITIES

1,841,157

1,863,211

CREDITORS

Amounts falling due after more than one year

8

(658,402

)

(734,549

)

PROVISIONS FOR LIABILITIES

(101,346

)

(113,910

)

NET ASSETS

1,081,409

1,014,752

CAPITAL AND RESERVES

Called up share capital

9

730

630

Retained earnings

1,080,679

1,014,122

SHAREHOLDERS' FUNDS

1,081,409

1,014,752

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

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

The financial statements were approved by the Board of Directors on 16 April 2018 and were signed on its behalf by:

M H Shields - Director

1.	STATUTORY INFORMATION

Shields (Driffield) 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2004, 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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

2% on cost, excluding land element

Plant and machinery

-

10% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

20% on reducing balance

Computer equipment

-

25% 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

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.

Deferred grants

The company has received a grant from North East Lincolnshire regional growth fund. This grant is being

released at a rate of 2% per annum in line with the freehold property.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 41 (2016 - 43 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2017

and 31 December 2017

40,000

AMORTISATION

At 1 January 2017

18,000

Charge for year

2,000

At 31 December 2017

20,000

NET BOOK VALUE

At 31 December 2017

20,000

At 31 December 2016

22,000

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2017

1,065,923

1,309,649

2,375,572

Additions

15,252

30,502

45,754

Disposals

-

(42,066

)

(42,066

)

At 31 December 2017

1,081,175

1,298,085

2,379,260

DEPRECIATION

At 1 January 2017

32,128

660,599

692,727

Charge for year

16,723

83,009

99,732

Eliminated on disposal

-

(31,744

)

(31,744

)

At 31 December 2017

48,851

711,864

760,715

NET BOOK VALUE

At 31 December 2017

1,032,324

586,221

1,618,545

At 31 December 2016

1,033,795

649,050

1,682,845

Included in cost of land and buildings is freehold land of £ 245,000 (2016 - £ 245,000 ) which is not depreciated.

The net book value of tangible fixed assets includes £ 147,539 (2016 - £ 203,585 ) in respect of assets held under

hire purchase contracts.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.17

31.12.16

£

£

Trade debtors

484,743

464,010

Other debtors

2,896

6,886

487,639

470,896

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.17

31.12.16

£

£

Bank loans and overdrafts

44,388

73,984

Hire purchase contracts

38,294

44,417

Trade creditors

158,946

143,426

Taxation and social security

192,774

155,735

Other creditors

59,708

55,092

494,110

472,654

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.17

31.12.16

£

£

Bank loans

513,763

557,017

Hire purchase contracts

55,847

86,800

Other creditors

88,792

90,732

658,402

734,549

Amounts falling due in more than five years:

Repayable by instalments

Bank loans - over 5 years

271,504

292,038

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.17

31.12.16

value:

£

£

330

Ordinary

£1

330

330

400

Ordinary B

£1

400

300

730

630

The following shares were issued during the year for cash at par :

100 Ordinary B shares of £1

10.	ULTIMATE CONTROLLING PARTY

The company is under the joint control of D H Shields, A Shields and M H Shields all directors of the company.