Registered number: 01543842
SHEPPY LIMITED
UNAUDITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MAY 2015
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SHEPPY LIMITED
REGISTERED NUMBER:
01543842
ABBREVIATED BALANCE SHEET
AS AT
31 MAY 2015
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CREDITORS:
amounts falling due within one year
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TOTAL ASSETS LESS CURRENT LIABILITIES
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CREDITORS:
amounts falling due after more than one year
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Capital redemption reserve
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Investment property reserve
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Page 1
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SHEPPY LIMITED
ABBREVIATED BALANCE SHEET
(continued)
AS AT
31 MAY 2015
The directors consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act")
and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 31 May 2015 and of its loss for the year in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
The abbreviated accounts, which have been prepared in accordance with the provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, were approved and authorised for issue by the board and were signed on its behalf on
3 December 2015
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The notes on pages 3 to 8 form part of these financial statements.
Page 2
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SHEPPY LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MAY 2015
1.
ACCOUNTING POLICIES
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Basis of preparation of financial statements
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The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention as modified by the revaluation of Investment properties
and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008)
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The company is the parent undertaking of a small group and as such is not required by the Companies Act 2006 to prepare group accounts. These financial statements therefore present information about the company as an individual undertaking and not about its group.
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Accounting standards require the directors to consider the appropriateness of the going concern basis when preparing the financial statements. The directors confirm that they consider that the going concern basis remains appropriate. The directors have taken notice of the Financial Reporting Council guidance 'Going Concern and Liquidity Risk Guidance for Directors of UK Companies 2009' which requires the reasons for this decision to be explained. The directors believe that the company has sufficient resources to continue in operational existence for the foreseeable future.
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Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.
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Tangible fixed assets and depreciation
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Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
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Investments held as fixed assets are shown at cost less provision for impairment.
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Investment properties are included in the Balance sheet at their open market value in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008) and are not depreciated. This treatment is contrary to the Companies Act 2006 which states that fixed assets should be depreciated but is, in the opinion of the directors, necessary in order to give a true and fair view of the financial position of the company.
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Page 3
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SHEPPY LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MAY 2015
1.
ACCOUNTING POLICIES (continued)
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Leasing and hire purchase
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Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
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Rentals under operating leases are charged to the Profit and loss account on a straight line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the period until the date the rent is expected to be adjusted to the prevailing market rate.
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Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.
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A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse.
Deferred tax assets and liabilities are not discounted.
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The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.
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Page 4
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SHEPPY LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MAY 2015
2.
TANGIBLE FIXED ASSETS
3.
INVESTMENT PROPERTY
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Surplus/(deficit) on revaluation
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The 2015 valuations were made by the directors, on an open market value for existing use basis.
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Net surplus in investment properties
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Page 5
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SHEPPY LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MAY 2015
4.
FIXED ASSET INVESTMENTS
Subsidiary undertakings
The following were subsidiary undertakings of the company:
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Stevens Chemical Manure Limited
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Crabtree & Crabtree (Wadebridge) Limited
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The aggregate of the share capital and reserves as at 31 May 2015 and of the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:
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Aggregate of share capital and reserves
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Stevens Chemical Manure Limited
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Crabtree & Crabtree (Wadebridge) Limited
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5.
CREDITORS:
Amounts falling due within one year
The bank loan is secured on the property owned by the group of Sheppy companies. There is an unlimited cross guarantee in place with the bank between the company and Sheppy Industries Limited and Montash Properties Limited.
Page 6
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SHEPPY LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MAY 2015
6.
CREDITORS:
Amounts falling due after more than one year
Creditors include amounts not wholly repayable within 5 years as follows:
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Repayable other than by instalments
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7.
SHARE CAPITAL
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Shares classified as capital
 
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Allotted, called up and fully paid
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48,890
Ordinary
shares of £
1
each
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2
Deferred
shares of £
1
each
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Shares classified as debt
 
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Allotted, called up and fully paid
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265,210
(2014 -
275,210
)
Preference shares
shares of £
1
each
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The preference shares are cumulative and have a fixed dividend rate of 8.52%, which is payable before any dividends are paid to ordinary shareholders. The directors are of the opinion that the cumulative preference shares should be treated as debt and not equity.
The preference shares have voting rights only if the preference dividends are over six months in arrears, or if the resolution to be considered is the winding up or sale of the company, alteration of the objects or varying of the rights of the preference shareholders. On liquidation the preference shareholders rank equally with the ordinary shareholders in relation to the return of capital. However, they have no right to share in the distribution of any assets that remain after all the capital has been returned.
As at 31 May 2015 dividend arrears total £371,553 (2014 - £362,114).
Page 7
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SHEPPY LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MAY 2015
8.
RESERVES
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Investment property revaluation reserve
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Movement on investment property
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Page 8
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