Shipton & Co.,Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00243143 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2017

for

Shipton & Co.,Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

The Lady May

The Lord May

Mrs M Beishon

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

Property, plant and equipment

5

94,865

105,769

CURRENT ASSETS

Inventories

6

1,369,104

1,343,839

Debtors

7

582,683

459,976

Cash at bank and in hand

271,309

463,728

2,223,096

2,267,543

CREDITORS

Amounts falling due within one year

8

1,156,202

1,282,802

NET CURRENT ASSETS

1,066,894

984,741

TOTAL ASSETS LESS CURRENT LIABILITIES

1,161,759

1,090,510

CAPITAL AND RESERVES

Called up share capital

12,819

12,819

Retained earnings

1,148,940

1,077,691

SHAREHOLDERS' FUNDS

1,161,759

1,090,510

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 28 September 2018 and were signed on its behalf by:

The Lord May - Director

1.	STATUTORY INFORMATION

Shipton & Co.,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.	STATEMENT OF COMPLIANCE

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. There were no material departures from that standard.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

Revenue 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.

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

Inventories 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 is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in

bringing inventories to their present location and condition.

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.

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 profit or loss in the period to which they relate.

Loans from directors

As a small entity the company measures a basic financial liability that are loans from directors at transaction

price.

Income recognition

The company supplies consignment stock to its customers. Income is recognised in this company once the stock

has been sold to third parties by the customer such that the risks and rewards of ownership have transferred to

them.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2016 - 6 ) .

5.	PROPERTY, PLANT AND EQUIPMENT

Freehold

Short

Plant and

property

leasehold

machinery

£

£

£

COST

At 1 January 2017

128,489

3,212

62,064

At 31 December 2017

128,489

3,212

62,064

DEPRECIATION

At 1 January 2017

75,203

3,212

52,249

Charge for year

2,356

-

981

At 31 December 2017

77,559

3,212

53,230

NET BOOK VALUE

At 31 December 2017

50,930

-

8,834

At 31 December 2016

53,286

-

9,815

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2017

203,085

160,615

557,465

Additions

261

3,178

3,439

At 31 December 2017

203,346

163,793

560,904

DEPRECIATION

At 1 January 2017

172,066

148,966

451,696

Charge for year

3,128

7,878

14,343

At 31 December 2017

175,194

156,844

466,039

NET BOOK VALUE

At 31 December 2017

28,152

6,949

94,865

At 31 December 2016

31,019

11,649

105,769

Included in cost of land and buildings is freehold land of £ 10,700 (2016 - £ 10,700 ) which is not depreciated.

6.	INVENTORIES

31.12.17

31.12.16

£

£

Stocks

469,494

391,907

Packaging

83,187

56,641

Work-in-progress

67,506

49,670

Moulds

5,684

-

Finished goods

743,233

845,621

1,369,104

1,343,839

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.17

31.12.16

£

£

Trade debtors

109,050

66,663

Amounts owed by group undertakings

257,912

302,799

Other debtors

13,777

19,097

Prepayments and accrued income

201,944

71,417

582,683

459,976

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.17

31.12.16

£

£

Bank loans and overdrafts

-

15,485

Trade creditors

170,409

186,050

Amounts owed to parent company

517,233

517,233

Tax

60

-

Social security and other taxes

29,318

18,760

Other creditors

95,553

274,304

Amounts owed to group undertakings

253,746

139,532

Directors' current accounts

15,071

27,400

Accruals and deferred income

74,812

104,038

1,156,202

1,282,802

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.17

31.12.16

£

£

Within one year

16,250

16,250

Between one and five years

1,870

18,120

18,120

34,370

10.	CAPITAL COMMITMENTS

31.12.17

31.12.16

£

£

Contracted but not provided for in the

financial statements

-

-

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

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

12.	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:-

2017

2016

£

£

Shipton & Co. (Warrington) LLP

100,706

96,628

Shipton & Co. Jewellers LLP

462,201

447,835

Shipton & Co. Direct LLP

813,322

684,112

The loan to group members at 31 December 2017 of £208,289 (2016 - £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:-

2017

2016

£

£

Shipton & Co. (Scarborough) Limited

11,509

11,509

Shipton & Co. (Pitlochry) Limited

5,699

5,699

Shipton & Co. (Warrington) LLP

32,416

25,118

Shipton & Co Jewellers LLP

-

52,185

The company owed the following amounts to related entities at 31 December 2017:-

2017

2016

£

£

Wroxton Properties Limited

17,676

14,926

Shipton & Co. (Sidmouth) Limited

91,160

91,160

Shipton & Co. Direct LLP

93,212

31,446

The Cornish Stone Co. Limited

2,000

2,000

Shipton & Co Jewellers LLP

49,698

-

During the year under review the company levied management charges in

respect of administrative expenses on the following related entities:-

2017

2016

£

£

Shipton & Co. (Warrington) LLP

47,961

46,760

Shipton & Co. Jewellers LLP

263,551

268,020

Shipton & Co. Direct LLP

486,360

418,588

At the balance sheet date, the company owed the following amounts to directors:-

£

The Lord May

9,044

The Lady May

6,027

M. Beishon

-

In the year under review the Boards of the following related parties passed resolutions to appropriate profits/

(losses) to Shipton & Co Limited:

£

Shipton & Co Jewellers LLP

12,885

Shipton & Co Direct LLP

543

Shipton & Co Warrington LLP

(73,567

)

Shipton & Co Limited is a guarantor of the lease in respect of the premises occupied by Shipton & Co

Warrington LLP.

Shipton & Co. Limited paid a rent of £4,000 (2016 - £4,000) to Wroxton Properties Limited in respect of its

premises at 27-33 Spencer Street, Hockley.

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

13.	POST BALANCE SHEET EVENTS

The financial statements were authorised for issue by the Board of Directors on 28 September 2018.

14.	PARENT COMPANY

The company is a wholly owned subsidiary of Shipton & Co. 1870 Limited whose registered office and principal

place of business is at 27-33 Spencer Street, Hockley, Birmingham.