North's Shoes Limited 00505065 false 2022-02-01 2023-01-31 2023-01-31 The principal activity of the company is that of the footwear retailing. Digita Accounts Production Advanced 6.30.9574.0 true 00505065 2022-02-01 2023-01-31 00505065 2023-01-31 00505065 bus:OrdinaryShareClass1 2023-01-31 00505065 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-01-31 00505065 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-01-31 00505065 core:CurrentFinancialInstruments 2023-01-31 00505065 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 00505065 core:Non-currentFinancialInstruments 2023-01-31 00505065 core:Non-currentFinancialInstruments core:AfterOneYear 2023-01-31 00505065 core:Goodwill 2023-01-31 00505065 core:ConstructionInProgressAssetsUnderConstruction 2023-01-31 00505065 core:FurnitureFittingsToolsEquipment 2023-01-31 00505065 core:LandBuildings 2023-01-31 00505065 core:MotorVehicles 2023-01-31 00505065 core:OtherPropertyPlantEquipment 2023-01-31 00505065 bus:SmallEntities 2022-02-01 2023-01-31 00505065 bus:AuditExemptWithAccountantsReport 2022-02-01 2023-01-31 00505065 bus:FullAccounts 2022-02-01 2023-01-31 00505065 bus:SmallCompaniesRegimeForAccounts 2022-02-01 2023-01-31 00505065 bus:RegisteredOffice 2022-02-01 2023-01-31 00505065 bus:Director5 2022-02-01 2023-01-31 00505065 bus:OrdinaryShareClass1 2022-02-01 2023-01-31 00505065 bus:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 00505065 core:Goodwill 2022-02-01 2023-01-31 00505065 core:ConstructionInProgressAssetsUnderConstruction 2022-02-01 2023-01-31 00505065 core:FurnitureFittings 2022-02-01 2023-01-31 00505065 core:FurnitureFittingsToolsEquipment 2022-02-01 2023-01-31 00505065 core:LandBuildings 2022-02-01 2023-01-31 00505065 core:LeaseholdImprovements 2022-02-01 2023-01-31 00505065 core:MotorVehicles 2022-02-01 2023-01-31 00505065 core:OtherPropertyPlantEquipment 2022-02-01 2023-01-31 00505065 core:PlantMachinery 2022-02-01 2023-01-31 00505065 countries:England 2022-02-01 2023-01-31 00505065 2022-01-31 00505065 core:Goodwill 2022-01-31 00505065 core:ConstructionInProgressAssetsUnderConstruction 2022-01-31 00505065 core:FurnitureFittingsToolsEquipment 2022-01-31 00505065 core:LandBuildings 2022-01-31 00505065 core:MotorVehicles 2022-01-31 00505065 core:OtherPropertyPlantEquipment 2022-01-31 00505065 2021-02-01 2022-01-31 00505065 2022-01-31 00505065 bus:OrdinaryShareClass1 2022-01-31 00505065 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-01-31 00505065 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2022-01-31 00505065 core:CurrentFinancialInstruments 2022-01-31 00505065 core:CurrentFinancialInstruments core:WithinOneYear 2022-01-31 00505065 core:Non-currentFinancialInstruments 2022-01-31 00505065 core:Non-currentFinancialInstruments core:AfterOneYear 2022-01-31 00505065 core:Goodwill 2022-01-31 00505065 core:ConstructionInProgressAssetsUnderConstruction 2022-01-31 00505065 core:FurnitureFittingsToolsEquipment 2022-01-31 00505065 core:LandBuildings 2022-01-31 00505065 core:MotorVehicles 2022-01-31 00505065 core:OtherPropertyPlantEquipment 2022-01-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 00505065

North's Shoes Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2023

 

North's Shoes Limited

(Registration number: 00505065)
Balance Sheet as at 31 January 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

5

24,200

30,250

Tangible assets

6

144,179

115,205

 

168,379

145,455

Current assets

 

Stocks

7

486,561

290,361

Debtors

8

96,211

40,306

Cash at bank and in hand

 

299,274

530,048

 

882,046

860,715

Creditors: Amounts falling due within one year

9

(208,700)

(164,478)

Net current assets

 

673,346

696,237

Total assets less current liabilities

 

841,725

841,692

Creditors: Amounts falling due after more than one year

9

(72,361)

(39,583)

Provisions for liabilities

(27,394)

(21,889)

Net assets

 

741,970

780,220

Capital and reserves

 

Called up share capital

10

5,000

5,000

Retained earnings

736,970

775,220

Shareholders' funds

 

741,970

780,220

 

North's Shoes Limited

(Registration number: 00505065)
Balance Sheet as at 31 January 2023

For the financial year ending 31 January 2023 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 1 August 2023 and signed on its behalf by:
 


J J North
Director

 

North's Shoes Limited

Notes to the Financial Statements for the Year Ended 31 January 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
18 North Street
Bourne
Lincs
PE10 9AB
United Kingdom

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

North's Shoes Limited

Notes to the Financial Statements for the Year Ended 31 January 2023

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and equipment

25% reducing balance

Fixtures and fittings

15% reducing balance

Motor vehicles

25% reducing balance

Leasehold property

10% straight line

Website development

4 years straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

North's Shoes Limited

Notes to the Financial Statements for the Year Ended 31 January 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

North's Shoes Limited

Notes to the Financial Statements for the Year Ended 31 January 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 31 (2022 - 29).

4

Loss/profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

21,986

29,648

Amortisation expense

6,050

6,050

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 February 2022

60,500

60,500

At 31 January 2023

60,500

60,500

Amortisation

At 1 February 2022

30,250

30,250

Amortisation charge

6,050

6,050

At 31 January 2023

36,300

36,300

Carrying amount

At 31 January 2023

24,200

24,200

At 31 January 2022

30,250

30,250

 

North's Shoes Limited

Notes to the Financial Statements for the Year Ended 31 January 2023

6

Tangible assets

Leasehold property
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Website development
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 February 2022

20,099

124,392

85,510

9,310

50,672

289,983

Additions

-

-

67,397

-

887

68,284

Disposals

-

-

(33,195)

-

-

(33,195)

At 31 January 2023

20,099

124,392

119,712

9,310

51,559

325,072

Depreciation

At 1 February 2022

18,098

82,053

42,201

9,310

23,116

174,778

Charge for the year

542

6,356

7,901

-

7,187

21,986

Eliminated on disposal

-

-

(15,871)

-

-

(15,871)

At 31 January 2023

18,640

88,409

34,231

9,310

30,303

180,893

Carrying amount

At 31 January 2023

1,459

35,983

85,481

-

21,256

144,179

At 31 January 2022

2,001

42,339

43,309

-

27,556

115,205

 

North's Shoes Limited

Notes to the Financial Statements for the Year Ended 31 January 2023

7

Stocks

2023
£

2022
£

Other inventories

486,561

290,361

8

Debtors

Current

2023
£

2022
£

Trade debtors

38

-

Prepayments

61,467

22,250

Other debtors

34,706

18,056

 

96,211

40,306

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

11

28,099

22,469

Trade creditors

 

140,472

62,752

Taxation and social security

 

31,229

54,032

Other creditors

 

8,900

25,225

 

208,700

164,478

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

11

72,361

39,583

Obligations under finance lease and hire purchase contracts are secured on assets financed.
Included within Loans and Borrowings over 1 year is Bounce Back Loan of £23,333 (2022 - £33,333), which is guaranteed by the Government. Interest at 2.5% per annum is charged.


 

North's Shoes Limited

Notes to the Financial Statements for the Year Ended 31 January 2023

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

5,000

5,000

5,000

5,000

         

11

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

23,334

33,333

Hire purchase contracts

49,027

6,250

72,361

39,583

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,000

10,000

Hire purchase contracts

18,099

12,469

28,099

22,469

12

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £286,000 (2022 - £402,000). The commitments are in respect of properties rental obligations.