| SHIELD SOUTHERN LTD |
| Notes to the Accounts |
| for the year ended 31 October 2017 |
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| 1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Plant and machinery |
25% reducing balance |
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Stocks |
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Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Foreign currency translation |
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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| 2 |
Employees |
2017 |
|
2016 |
| Number |
Number |
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Average number of persons employed by the company |
1 |
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1 |
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| 3 |
Tangible fixed assets |
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Plant and machinery etc |
| £ |
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Cost |
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At 1 November 2016 |
7,045 |
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Additions |
366 |
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At 31 October 2017 |
7,411 |
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Depreciation |
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At 1 November 2016 |
5,224 |
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Charge for the year |
547 |
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At 31 October 2017 |
5,771 |
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Net book value |
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At 31 October 2017 |
1,640 |
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At 31 October 2016 |
1,821 |
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| 4 |
Debtors |
2017 |
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2016 |
| £ |
£ |
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Trade debtors |
36 |
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- |
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Purchase tax (Diff) |
13 |
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- |
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Prepayments and accrued income |
22,032 |
|
730 |
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22,081 |
|
730 |
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| 5 |
Creditors: amounts falling due within one year |
2017 |
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2016 |
| £ |
£ |
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Trade creditors |
3,565 |
|
8,026 |
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Other taxes and social security costs |
2,680 |
|
6,845 |
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Other creditors |
68,012 |
|
68,240 |
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Pension fund creditor |
36 |
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- |
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Accruals and deferred income |
584 |
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584 |
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74,877 |
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83,695 |
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| 6 |
Related party transactions |
2017 |
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2016 |
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Shield Roofing Limited
Common directorship and shareholding |
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Amount owed to related party |
- |
|
7,000 |
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Shield Roofing Limited was liquidated on 22 November 2016 |
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and the director considers the amount outstanding to be |
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irrecoverable by the related party. |
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Magdalenka Polish Delicatessen Limited |
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Common directorship and shareholding |
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Amount owed to related party |
42,400 |
|
12,000 |
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Patrick John Norris |
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Director and shareholder |
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Amount owed to related party |
12,806 |
|
24,620 |
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Magdalenka Glowacka |
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Shareholder |
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Amount owed to related party |
12,806 |
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24,620 |
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| 7 |
Controlling party |
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Patrick John Norris and Magdalena Glowacka each hold 50% of the issued share capital of the company and therefore it is considered that there is no controlling party. |
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| 8 |
Other information |
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SHIELD SOUTHERN LTD is a private company limited by shares and incorporated in England. Its registered office is: |
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32 Longshot Lane Industrial Estate |
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Longshot Lane |
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Bracknell |
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Berkshire |
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RG12 1RL |
