Shilcroft Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01337007

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2019

FOR

SHILCROFT LTD

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J H Shah

P K M Shah

SECRETARY:

P K M Shah

REGISTERED OFFICE:

32 High Road,

East Finchley,

London

N2 9PJ

REGISTERED NUMBER:

01337007

ACCOUNTANTS:

Braham Noble Denholm & Co.

MSP Business Centre,

Fourth Way

Wembley

Middlesex

HA9 0HQ

FIXED ASSETS

Intangible assets

4

1

1

Tangible assets

5

119,515

130,116

Investments

6

1

1

119,517

130,118

CURRENT ASSETS

Stocks

212,122

235,318

Debtors

169,071

156,990

Investments

16,380

15,778

Cash at bank

271,541

272,071

669,114

680,157

CREDITORS

Amounts falling due within one year

288,503

296,519

NET CURRENT ASSETS

380,611

383,638

TOTAL ASSETS LESS CURRENT LIABILITIES

500,128

513,756

CAPITAL AND RESERVES

Called up share capital

7

1,000

1,000

Retained earnings

8

499,128

512,756

SHAREHOLDERS' FUNDS

500,128

513,756

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2019 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 applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 28 February 2019 in accordance with Section 444(2A) of the Companies Act 2006.

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 26 November 2019 and were signed on its behalf by:

J H Shah - Director

1.	STATUTORY INFORMATION

Shilcroft Ltd is a private company, limited by shares , registered in Not specified/Other. 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" 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 represents the difference between the fair value of the consideration paid on acquistion of a business and the fair

value of its seperable net assets at the date of acquistion. Goodwill is amortised over its estimated useful life of 20 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.

Land and buildings

-

20% on cost and not provided

Plant and machinery etc

-

25% on cost and 20% 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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2018 - 9 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 March 2018

and 28 February 2019

44,753

AMORTISATION

At 1 March 2018

and 28 February 2019

44,752

NET BOOK VALUE

At 28 February 2019

1

At 28 February 2018

1

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 March 2018

348,458

Additions

275

Disposals

(319

)

At 28 February 2019

348,414

DEPRECIATION

At 1 March 2018

218,342

Charge for year

10,797

Eliminated on disposal

(240

)

At 28 February 2019

228,899

NET BOOK VALUE

At 28 February 2019

119,515

At 28 February 2018

130,116

6.	FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:

Totals

£

COST

At 1 March 2018

and 28 February 2019

1

NET BOOK VALUE

At 28 February 2019

1

At 28 February 2018

1

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

1,000

Ordinary shares

£1

1,000

1,000

8.

RESERVES

Retained

earnings

£

At 1 March 2018

512,756

Deficit for the year

(13,628

)

At 28 February 2019

499,128

9.	OTHER FINANCIAL COMMITMENTS

Financial commitments under non-cancellable operating leases are as follows:

Due within 1 year: £128,000; (2018: £128,000)

Due 2 to 5 years: £217,000; (2018: £217,000)

10.	RELATED PARTY DISCLOSURES

The company was under the close control of Mr. J H Shah and Mr. PKM Shah , directors and members of their close family

throughout the period under review. Mr. JH Shah is personally interested in 25% and Mr. PKM Shah is personally

interested in 13% of the company's issued share capital. No dividends were paid to either Mr. JH Shah or Mr. PKM Shah

in the year to 28 February 2019 (2018: nil).

At the year end £50,546 (2017: £50,546) was still owing to Hemco Limited, a non trading company which is under the

close control of Mr. JH Shah and Mr. PKM Shah and members of their close family.

Included in other creditors is £10,657 (2018: £10,657) due to the directors.

11.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr J H and Mr P K M Shah.