Year Ended
Registration number:
Shears Brothers Limited
Contents
Company Information |
|
Balance Sheet |
|
Notes to the Unaudited Financial Statements |
Shears Brothers Limited
Company Information
Directors |
Mr P F Shears Mr I J Shears |
Company secretary |
Mr P F Shears |
Registered office |
|
Accountants |
|
Shears Brothers Limited
Balance Sheet
30 November 2021
Note |
2021 |
2020 |
|
Fixed assets |
|||
Investment property |
|
|
|
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Total assets less current liabilities |
|
|
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Capital redemption reserve |
|
|
|
Profit and loss account |
|
|
|
Shareholders' funds |
|
|
Shears Brothers Limited
Balance Sheet
30 November 2021
For the financial year ending 30 November 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
......................................... |
Company Registration Number: 00693745
Shears Brothers Limited
Notes to the Unaudited Financial Statements
Year Ended 30 November 2021
General information |
The address of its registered office is:
These financial statements were authorised for issue by the
The company is a private company limited by share capital incorporated in the United Kingdom
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the rent receivable in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity, and specific criteria have been met for each of the company's activities.
Government grants
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants relating to income and expenditure are recognised in other income over the period to which they relate.
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Shears Brothers Limited
Notes to the Unaudited Financial Statements
Year Ended 30 November 2021
Investment property
Financial instruments
Classification
• Short term trade and other debtors and creditors; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Investment properties |
2021 |
|
At 1 December 2020 and 30 November 2021 |
|
The investment property has been revalued by the Directors.
Shears Brothers Limited
Notes to the Unaudited Financial Statements
Year Ended 30 November 2021
Debtors |
Current |
2021 |
2020 |
Trade debtors |
|
|
Other debtors |
|
|
|
|
Creditors |
Creditors: amounts falling due within one year
Note |
2021 |
2020 |
|
Due within one year |
|||
Loans and borrowings |
- |
|
|
Corporation tax |
3,702 |
713 |
|
Taxation and social security |
|
|
|
Other creditors |
|
|
|
Accruals and deferred income |
|
|
|
|
|
Loans and borrowings |
2021 |
2020 |
|
Current loans and borrowings |
||
Bank borrowings |
- |
|
Related party transactions |
During the year the company made the following related parties transactions:
P.F . Shears
(Director)
Normal loan transactions. At the balance sheet date the amount due to P F Shears was £77,527 (2020 - £57,213). No interest has been charged on this loan.
I J Shears
(Director)
Normal loan transactions. At the balance sheet date the amount due to I J Shears was £59,140 (2020 - £38,825). No interest has been charged on this loan.