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REGISTERED NUMBER: 04031680 (England and Wales)












CHANCE SHOES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2023






CHANCE SHOES LIMITED (REGISTERED NUMBER: 04031680)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


CHANCE SHOES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2023







DIRECTORS: C G Chance
Mrs S G Chance
A A Chance



REGISTERED OFFICE: 33 Oakleigh Crescent
Rushington
Southampton
Hampshire
SO40 9AR



REGISTERED NUMBER: 04031680 (England and Wales)



BANKERS: Lloyds Bank plc
39 High Street
Lymington
Hampshire
SO41 9ZF

CHANCE SHOES LIMITED (REGISTERED NUMBER: 04031680)

BALANCE SHEET
31 JANUARY 2023

2023 2022
Notes £ £
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 26,070 30,442
26,070 30,442

CURRENT ASSETS
Stocks 186,479 182,762
Debtors 6 2,417 3,900
Cash at bank and in hand 1,295 1,069
190,191 187,731
CREDITORS
Amounts falling due within one year 7 (460,341 ) (453,505 )
NET CURRENT LIABILITIES (270,150 ) (265,774 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(244,080

)

(235,332

)

CREDITORS
Amounts falling due after more than one year 8 (23,333 ) (33,333 )
NET LIABILITIES (267,413 ) (268,665 )

CAPITAL AND RESERVES
Called up share capital 2,000 2,000
Share premium 88,038 88,038
Retained earnings (357,451 ) (358,703 )
SHAREHOLDERS' FUNDS (267,413 ) (268,665 )

CHANCE SHOES LIMITED (REGISTERED NUMBER: 04031680)

BALANCE SHEET - continued
31 JANUARY 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 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 and authorised for issue on 2 October 2023 and were signed on its behalf by:





A A Chance - Director


CHANCE SHOES LIMITED (REGISTERED NUMBER: 04031680)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023


1. STATUTORY INFORMATION

Chance Shoes 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 FRS102 "The Financial Reporting Standards 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 FRS102 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 £1.

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.

Going Concern
At the balance sheet date the company has net liabilities, and is dependent upon the support of its directors to continue trading. The directors have indicated that their support will continue for a period of at least 12 months from the date of signing these financial statements, and as such the going concern basis has been used.

Turnover
Turnover represents sales of goods net of VAT and trade discounts. Turnover is recognised when the goods are physically dispatched to the customer.

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.

The intangible asset has been fully amortised.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Fixtures and fittings - 15% Reducing balance
Computer equipment - 25% 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.

CHANCE SHOES LIMITED (REGISTERED NUMBER: 04031680)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023


2. ACCOUNTING POLICIES - continued

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

The aggregate benefit of lease incentives are recognised as a reduction to the expense recognised over the lease term on a straight line basis.

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.

Equity instruments
Equity instruments issued by the company are recorded at the fair value of the proceeds received net of direct issue costs. Dividend's payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Financial assets
The Company has elected to apply the provision of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Basic financial assets, which include trade and other receivables 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 financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Financial liabilities
Basic financial liabilities which include trade and other payables, are initially measured at transaction price and subsequently measured at amortised cost, unless the arrangement constitutes a financing transaction where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2022 - 22 ) .

CHANCE SHOES LIMITED (REGISTERED NUMBER: 04031680)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023


4. INTANGIBLE FIXED ASSETS
Franchise
fee
£
COST
At 1 February 2022
and 31 January 2023 15,000
AMORTISATION
At 1 February 2022
and 31 January 2023 15,000
NET BOOK VALUE
At 31 January 2023 -
At 31 January 2022 -

5. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£ £ £
COST
At 1 February 2022
and 31 January 2023 356,753 18,023 374,776
DEPRECIATION
At 1 February 2022 326,686 17,648 344,334
Charge for year 4,281 91 4,372
At 31 January 2023 330,967 17,739 348,706
NET BOOK VALUE
At 31 January 2023 25,786 284 26,070
At 31 January 2022 30,067 375 30,442

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Other debtors 2,417 3,900

CHANCE SHOES LIMITED (REGISTERED NUMBER: 04031680)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Bank loans and overdrafts 46,553 13,683
Trade creditors 103,272 93,270
Taxation and social security 9,895 2,403
Other creditors 300,621 344,149
460,341 453,505

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£ £
Bank loans 23,333 33,333

9. LEASING AGREEMENTS

At the balance sheet date the company had future commitments under operating leases which totalled £44,080 (2022: £73,080).