Shelton Machines Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01018472 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 April 2019

for

Shelton Machines Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Certified Accountants' Report

8

DIRECTORS:

M A Shelton

Mrs N T Shelton

REGISTERED OFFICE:

1 Priory Business Park

Wistow Road

Kibworth

Leicestershire

LE8 0RX

REGISTERED NUMBER:

01018472 (England and Wales)

ACCOUNTANTS:

Charnwood Accountants & Business Advisors LLP

The Point

Granite Way

Mountsorrel

Loughborough

Leicestershire

LE12 7TZ

FIXED ASSETS

Intangible assets

4

413,024

428,910

Tangible assets

5

96,821

94,538

Investments

6

75

75

509,920

523,523

CURRENT ASSETS

Stocks

456,215

305,171

Debtors

7

323,691

530,321

Cash at bank and in hand

212,967

187,254

992,873

1,022,746

CREDITORS

Amounts falling due within one year

8

246,855

268,939

NET CURRENT ASSETS

746,018

753,807

TOTAL ASSETS LESS CURRENT LIABILITIES

1,255,938

1,277,330

CREDITORS

Amounts falling due after more than one year

9

69,660

116,559

NET ASSETS

1,186,278

1,160,771

CAPITAL AND RESERVES

Called up share capital

10

357,741

357,741

Share premium

19,500

19,500

Retained earnings

809,037

783,530

SHAREHOLDERS' FUNDS

1,186,278

1,160,771

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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.

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 13 December 2019 and were signed on its behalf by:

M A Shelton - Director

1.	STATUTORY INFORMATION

Shelton Machines 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.

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.

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.

Development costs are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Short leasehold

-

20% on reducing balance

Plant and machinery

-

20% on reducing balance

Computer equipment

-

20% on reducing balance

Stocks

Stocks 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 stocks 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2018 - 16 ) .

4.	INTANGIBLE FIXED ASSETS

Development

costs

£

COST

At 1 May 2018

and 30 April 2019

476,567

AMORTISATION

At 1 May 2018

47,657

Amortisation for year

15,886

At 30 April 2019

63,543

NET BOOK VALUE

At 30 April 2019

413,024

At 30 April 2018

428,910

5.	TANGIBLE FIXED ASSETS

Short

Plant and

Computer

leasehold

machinery

equipment

Totals

£

£

£

£

COST

At 1 May 2018

14,145

215,188

110,610

339,943

Additions

-

-

10,073

10,073

At 30 April 2019

14,145

215,188

120,683

350,016

DEPRECIATION

At 1 May 2018

13,335

136,622

95,448

245,405

Charge for year

162

2,966

4,662

7,790

At 30 April 2019

13,497

139,588

100,110

253,195

NET BOOK VALUE

At 30 April 2019

648

75,600

20,573

96,821

At 30 April 2018

810

78,566

15,162

94,538

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 May 2018

and 30 April 2019

75

NET BOOK VALUE

At 30 April 2019

75

At 30 April 2018

75

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.19

30.4.18

£

£

Trade debtors

241,690

437,883

Other debtors

82,001

92,438

323,691

530,321

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.19

30.4.18

£

£

Trade creditors

127,623

166,892

Taxation and social security

19,518

9,243

Other creditors

99,714

92,804

246,855

268,939

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.4.19

30.4.18

£

£

Other creditors

69,660

116,559

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.4.19

30.4.18

value:

£

£

357,741

Ordinary

1

357,741

357,741

11.	ULTIMATE CONTROLLING PARTY

The controlling party is M A Shelton.

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a

Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the

Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial

statements of Shelton Machines Limited for the year ended 30 April 2019 which comprise the Income Statement, Balance

Sheet and the related notes from the company's accounting records and from information and explanations you have given

us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Shelton Machines Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Shelton Machines Limited and state those matters that we have agreed to state to the Board of Directors of Shelton Machines Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Shelton Machines Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Shelton Machines Limited. You consider that Shelton Machines Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Shelton Machines Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Charnwood Accountants & Business Advisors LLP

The Point

Granite Way

Mountsorrel

Loughborough

Leicestershire

LE12 7TZ

Date: .............................................