Company registration number 06321900 (England and Wales)
FOOTPRINT SHEFFIELD LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
FOOTPRINT SHEFFIELD LIMITED
COMPANY INFORMATION
Directors
C J Jewitt
P M Jewitt
J R Jewitt
T D Jewitt
Secretary
P M Jewitt
Company number
06321900
Registered office
Admiral Works
Sedgley Road
Sheffield
South Yorkshire
S6 2AH
Accountants
BHP LLP
2 Rutland Park
Sheffield
S10 2PD
FOOTPRINT SHEFFIELD LIMITED
CONTENTS
Page
Directors' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 10
FOOTPRINT SHEFFIELD LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
- 1 -
The directors present their report and financial statements for the year ended 31 December 2021.  These accounts are unaudited.
Directors
The following directors have held office since 1 January 2021:
C J Jewitt
P M Jewitt
J R Jewitt
T D Jewitt
Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
On behalf of the board
T D Jewitt
Director
13 September 2022
FOOTPRINT SHEFFIELD LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 2 -
2021
2020
Notes
£
£
£
£
Fixed assets
Intangible assets
3
1,875
4,375
Tangible assets
4
898,596
862,946
Investments
5
2
2
900,473
867,323
Current assets
Stocks
204,049
123,014
Debtors
6
155,129
179,495
Cash at bank and in hand
133,357
84,249
492,535
386,758
Creditors: amounts falling due within one year
7
(100,993)
(119,167)
Net current assets
391,542
267,591
Total assets less current liabilities
1,292,015
1,134,914
Creditors: amounts falling due after more than one year
8
(36,224)
(214,897)
Net assets
1,255,791
920,017
Capital and reserves
Called up share capital
9
200,890
157,218
Profit and loss reserves
1,054,901
762,799
Total equity
1,255,791
920,017

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

FOOTPRINT SHEFFIELD LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2021
31 December 2021
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 13 September 2022 and are signed on its behalf by:
T D Jewitt
Director
Company Registration No. 06321900
FOOTPRINT SHEFFIELD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 4 -
1
Accounting policies
Company information

Footprint Sheffield Limited is a private company limited by shares incorporated in England and Wales. The registered office is Admiral Works, Sedgley Road, Sheffield, South Yorkshire, S6 2AH.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Freehold land and buildings
Nil
Plant and machinery
15% reducing balance
Fixtures, fittings & equipment
20% straight line
Motor vehicles
25% reducing balance
FOOTPRINT SHEFFIELD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 5 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Depreciation is not provided for on freehold buildings. This accounting policy is a departure from the Companies Act 2006 requirement for all tangible assets to be depreciated. In the opinion of the directors any element of depreciation would be immaterial. It is also the opinion of the directors that the policy gives a fairer presentation of the results and of the financial position of the company.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

FOOTPRINT SHEFFIELD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Taxation

The tax expense represents the sum of the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.12
Government grants

Grants received in relation to the government's Coronavirus Job Retention Scheme have been recognised within other operating income. The grant is accounted for on the accruals basis once the related payroll return has been submitted.

 

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

 

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

FOOTPRINT SHEFFIELD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 7 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2021
2020
Number
Number
Total
16
15
3
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2021 and 31 December 2021
25,000
Amortisation and impairment
At 1 January 2021
20,625
Amortisation charged for the year
2,500
At 31 December 2021
23,125
Carrying amount
At 31 December 2021
1,875
At 31 December 2020
4,375
4
Tangible fixed assets
Freehold land and buildings
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2021
750,000
258,229
30,611
3,000
1,041,840
Additions
-
0
63,480
1,152
-
0
64,632
At 31 December 2021
750,000
321,709
31,763
3,000
1,106,472
Depreciation and impairment
At 1 January 2021
-
0
150,173
26,433
2,288
178,894
Depreciation charged in the year
-
0
26,925
1,879
178
28,982
At 31 December 2021
-
0
177,098
28,312
2,466
207,876
Carrying amount
At 31 December 2021
750,000
144,611
3,451
534
898,596
At 31 December 2020
750,000
108,056
4,178
712
862,946
FOOTPRINT SHEFFIELD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
4
Tangible fixed assets
(Continued)
- 8 -

Land and buildings with a carrying amount of £750,000 were revalued in June 2010 by Lambert Smith Hampton and Mark Jenkinson, independent valuers not connected with the company on the basis of market value. The directors believe the carrying value reflects conditions at 31 December 2021.

5
Fixed asset investments
2021
2020
£
£
Shares in group undertakings and participating interests
2
2
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2021
2
Additions
43,672
Disposals
(43,672)
At 31 December 2021
2
Carrying amount
At 31 December 2021
2
At 31 December 2020
2
6
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
151,530
171,557
Other debtors
85
-
0
Prepayments and accrued income
3,514
7,938
155,129
179,495
FOOTPRINT SHEFFIELD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 9 -
7
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans
9,292
5,833
Trade creditors
25,211
64,913
Taxation and social security
21,091
20,177
Other creditors
42,009
25,009
Accruals and deferred income
3,390
3,235
100,993
119,167

Bank loans are 100% guaranteed by the UK government.

8
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans
36,224
44,167
Other creditors
-
0
170,730
36,224
214,897

Bank loans are 100% guaranteed by the UK government.

9
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
200,890
157,218
200,890
157,218

During the year, the company granted 43,672 ordinary £1 shares as part of a share for share exchange with Dungewood Limited, a company previously under common control. As part of this transaction, Dungewood Limited became a 100% subsidiary of Footprint Sheffield Limited.

FOOTPRINT SHEFFIELD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 10 -
10
Related party transactions

At the year end £Nil (2020: £173,730) remains due to Dungewood Limited and is included in other creditors within one year and greater than one year.

 

During the year loans of £Nil (2020: £Nil) were received from and repayments of £Nil (2020: £3,000) were made to Dungewood Limited.

 

Dungewood Limited was previously a company under common control. During the year, 100% of the share capital of Dungewood Limited was purchased by Footprint Sheffield Limited. Following this transaction the assets and liabilities of Dungewood was hived into Footprint Sheffield and the intercompany balance written off.

 

Dungewood Limited was dissolved on 7 December 2021 and the value of the investment in these accounts is £Nil.

11
Controlling Party

There is no ultimate controlling party.

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