Shelan Communications Limited Small abridged accounts

SHELAN COMMUNICATIONS LIMITED - Company Information

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Statement of Consent to Prepare Abridged Financial Statements

All of the members of Shelan Communications Limited have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 31 December 2016 in accordance with Section 444(2A) of the Companies Act 2006.

COMPANY REGISTRATION NUMBER: 04338291

Shelan Communications Limited

Unaudited Abridged Financial Statements

31 December 2016

GRH ACCOUNTANCY LIMITED

85C Huntingdon Street

St Neots

Cambridgeshire

PE19 1DU

Shelan Communications Limited

Abridged Financial Statements

Year ended 31 December 2016

Contents	Page

Directors' report	1

Abridged statement of comprehensive income	2

Abridged statement of financial position	3

Statement of changes in equity	5

Notes to the abridged financial statements	6

The following pages do not form part of the abridged financial statements

Report to the board of directors on the preparation of the unaudited statutory abridged financial statements	10

Detailed abridged income statement	11

Notes to the detailed abridged income statement	12

Shelan Communications Limited

Directors' Report

Year ended 31 December 2016

The directors present their report and the unaudited abridged financial statements of the company for the year ended 31 December 2016 .

Directors

The directors who served the company during the year were as follows:

Mr M Middleton
Mrs F J Middleton

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 3 April 2017 and signed on behalf of the board by:

Mr M Middleton	Mrs F J Middleton
Director	Director

Registered office:

85C Huntingdon Street

St. Neots

Cambridgeshire

United Kingdom

PE19 1DU

Shelan Communications Limited

Abridged Statement of Comprehensive Income

Year ended 31 December 2016

	2016	2015
Note	£	£
Gross profit	259,866	214,728

Administrative expenses	92,010	99,405
	---------	---------
Operating profit	167,856	115,323

Interest payable and similar expenses		–	464
		---------	---------
Profit before taxation	5	167,856	114,859

Tax on profit	34,614	21,056
	---------	---------
Profit for the financial year	133,242	93,803
	---------	---------

Revaluation of tangible assets	76,552	–
	---------	--------
Total comprehensive income for the year	209,794	93,803
	---------	--------

All the activities of the company are from continuing operations.

Shelan Communications Limited

Abridged Statement of Financial Position

31 December 2016

	2016		2015
Note	£	£	£

Fixed assets

Tangible assets	6		216,299	144,805

Current assets

Stocks	13,700	43,991
Debtors	75,884	74,160
Cash at bank and in hand	142,496	40,791
	---------	---------
	232,080	158,942

Creditors: amounts falling due within one year	85,941		72,117
	---------		---------
Net current assets		146,139	86,825
		---------	---------
Total assets less current liabilities		362,438	231,630

Creditors: amounts falling due after more than one year	( 2,900)	( 5,386)
	---------	---------
Net assets	359,538	226,244
	---------	---------

Capital and reserves

Called up share capital	2	2
Revaluation reserve	76,552	–
Profit and loss account	282,984	226,242
	---------	---------
Members funds	359,538	226,244
	---------	---------

These abridged financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

For the year ending 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors responsibilities:

- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

Shelan Communications Limited

Abridged Statement of Financial Position (continued)

31 December 2016

These abridged financial statements were approved by the board of directors and authorised for issue on 3 April 2017 , and are signed on behalf of the board by:

Mr M Middleton	Mrs F J Middleton
Director	Director

Company registration number: 04338291

Shelan Communications Limited

Statement of Changes in Equity

Year ended 31 December 2016

			Called up share capital	Revaluation reserve	Profit and loss account	Total
Note			£	£	£	£
At 1 January 2015			2	–	215,439	215,441

Profit for the year					93,803	93,803
			----	----	---------	---------
Total comprehensive income for the year			–	–	93,803	93,803

Dividends paid and payable			–	–	( 83,000)	( 83,000)
			----	----	---------	---------
Total investments by and distributions to owners			–	–	( 83,000)	( 83,000)

At 31 December 2015			2	–	226,242	226,244

Profit for the year					133,242	133,242
Other comprehensive income for the year:
	Revaluation of tangible assets	6	–	76,552	–	76,552
			----	--------	---------	---------
Total comprehensive income for the year			–	76,552	133,242	209,794

Dividends paid and payable			–	–	( 76,500)	( 76,500)
			----	----	--------	--------
Total investments by and distributions to owners			–	–	( 76,500)	( 76,500)

			----	--------	---------	---------
At 31 December 2016			2	76,552	282,984	359,538
			----	--------	---------	---------

Shelan Communications Limited

Notes to the Abridged Financial Statements

Year ended 31 December 2016

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 85C Huntingdon Street, St. Neots, Cambridgeshire, PE19 1DU, United Kingdom.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The abridged financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 January 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 8.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the abridged statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

4. Staff costs

The average number of persons employed by the company during the year, including the directors, amounted to Nil (2015: Nil).

5. Profit before taxation

Profit before taxation is stated after charging:

	2016	2015
	£	£
Depreciation of tangible assets	10,712	10,863
	--------	--------

6. Tangible assets

	£
Cost or valuation
At 1 January 2016	185,697
Additions	5,655
Revaluations	76,552
	---------
At 31 December 2016	267,904
	---------
Depreciation
At 1 January 2016	40,892
Charge for the year	10,713
	---------
At 31 December 2016	51,605
	---------
Carrying amount
At 31 December 2016	216,299
	---------
At 31 December 2015	144,805
	---------

7. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2016
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr M Middleton	( 13,941)	17,547	( 12,097)	( 8,491)
Mrs F J Middleton	( 13,941)	17,548	( 12,098)	( 8,491)
	--------	--------	--------	--------
	(27,882)	35,095	(24,195)	(16,982)
	--------	--------	--------	--------

	2015
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr M Middleton	( 1,306)	870	( 13,505)	( 13,941)
Mrs F J Middleton	( 1,307)	871	( 13,505)	( 13,941)
	-------	-------	--------	--------
	(2,613)	1,741	(27,010)	(27,882)
	-------	-------	--------	--------

8. Transition to FRS 102

These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 January 2015.

No transitional adjustments were required in equity or profit or loss for the year.

Shelan Communications Limited

Management Information

Year ended 31 December 2016

The following pages do not form part of the abridged financial statements.

Shelan Communications Limited

Report to the Board of Directors on the Preparation of the Unaudited Statutory Abridged Financial Statements of Shelan Communications Limited

Year ended 31 December 2016

As described on the abridged statement of financial position, the directors of the company are responsible for the preparation of the abridged financial statements for the year ended 31 December 2016, which comprise the abridged statement of comprehensive income, abridged statement of financial position, statement of changes in equity and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these abridged financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.

GRH ACCOUNTANCY LIMITED

85C Huntingdon Street St Neots Cambridgeshire PE19 1DU

3 April 2017

Shelan Communications Limited

Detailed Abridged Income Statement

Year ended 31 December 2016

	2016	2015
	£	£

Turnover

Sales	528,831	277,712
Plumbing income	226	–
Car sales	29,972	16,892
	---------	---------
	559,029	294,604

Cost of sales

Opening stock	43,991	21,425
Purchases	32	–
Publishing costs	224,650	43,819
Car purchases	–	22,995
Car renovation expenses	3,746	19,263
Subcontract -PR	49,444	25,275
	---------	---------
	321,863	132,777

Closing stock	13,700	43,991
	---------	--------
	308,163	88,786
	---------	--------

Other operating income	9,000	8,910

	---------	---------
Gross profit	259,866	214,728

Overheads

Administrative expenses	92,010	99,405

	---------	---------
Operating profit	167,856	115,323

Interest payable and similar expenses	–	464

	---------	---------
Profit before taxation	167,856	114,859
	---------	---------

Shelan Communications Limited

Notes to the Detailed Abridged Income Statement

Year ended 31 December 2016

	2016	2015
	£	£

Other operating income

Rent receivable	9,000	8,910
	-------	-------

Administrative expenses

Directors salaries	16,080	16,183
Directors national insurance contributions	–	941
Wages and salaries	21,740	10,473
Light and heat	2,230	1,226
Repairs to property	–	298
Rental expenses	147	190
Cleaning costs	2,175	2,988
Motor expenses	2,545	2,607
Travel and subsistence	6,959	8,285
Licences and insurance	2,997	3,764
Telephone	8,347	8,609
Software expense	(1,130)	(186)
Loose tools	228	8,202
Printing postage and stationery	3,950	1,852
Sundry expenses	1,133	687
Subscriptions	2,627	8,241
Entertaining	142	372
Accountancy fees	6,830	5,425
Depreciation of plant & machinery	4,614	4,575
Depreciation of fixtures & fittings	95	–
Depreciation of motor vehicles	1,609	1,609
Depreciation of office equipment	4,394	4,679
HMRC penalty	–	(100)
Van lease	–	5,994
Kennett leasing	1,758	1,697
Bank charges	280	222
	--------	--------
	92,010	99,405
	--------	--------

Interest payable and similar expenses

Loan interest	–	464
	----	----