1 27 October 2023 false false false false false false false false false false true false false false false false false No description of principal activity 2022-01-31 Sage Accounts Production Advanced 2023 - FRS102_2023 25,000 12,500 2,500 15,000 10,000 12,500 6,842 6,610 232 6,842 232 xbrli:pure xbrli:shares iso4217:GBP 10468335 2022-01-31 2023-01-30 10468335 2023-01-30 10468335 2022-01-30 10468335 2021-01-31 2022-01-30 10468335 2022-01-30 10468335 2021-01-30 10468335 core:NetGoodwill 2022-01-31 2023-01-30 10468335 core:FurnitureFittings 2022-01-31 2023-01-30 10468335 bus:Director1 2022-01-31 2023-01-30 10468335 core:NetGoodwill 2022-01-30 10468335 core:NetGoodwill 2023-01-30 10468335 core:FurnitureFittings 2022-01-30 10468335 core:FurnitureFittings 2023-01-30 10468335 core:WithinOneYear 2023-01-30 10468335 core:WithinOneYear 2022-01-30 10468335 core:UKTax 2022-01-31 2023-01-30 10468335 core:UKTax 2021-01-31 2022-01-30 10468335 core:ShareCapital 2023-01-30 10468335 core:ShareCapital 2022-01-30 10468335 core:RetainedEarningsAccumulatedLosses 2023-01-30 10468335 core:RetainedEarningsAccumulatedLosses 2022-01-30 10468335 core:NetGoodwill 2022-01-30 10468335 core:FurnitureFittings 2022-01-30 10468335 bus:SmallEntities 2022-01-31 2023-01-30 10468335 bus:Audited 2022-01-31 2023-01-30 10468335 bus:SmallCompaniesRegimeForAccounts 2022-01-31 2023-01-30 10468335 bus:PrivateLimitedCompanyLtd 2022-01-31 2023-01-30 10468335 bus:FullAccounts 2022-01-31 2023-01-30
COMPANY REGISTRATION NUMBER: 10468335
DIRECT FOOTWEAR LTD
FILLETED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 January 2023
DIRECT FOOTWEAR LTD
STATEMENT OF FINANCIAL POSITION
30 January 2023
2023
2022
Note
£
£
£
£
FIXED ASSETS
Intangible assets
6
10,000
12,500
Tangible assets
7
232
--------
--------
10,000
12,732
CURRENT ASSETS
Debtors
8
2,889,480
2,326,078
Cash at bank and in hand
10,603
45,324
------------
------------
2,900,083
2,371,402
CREDITORS: amounts falling due within one year
9
( 1,023,195)
( 1,130,986)
------------
------------
NET CURRENT ASSETS
1,876,888
1,240,416
------------
------------
TOTAL ASSETS LESS CURRENT LIABILITIES
1,886,888
1,253,148
------------
------------
NET ASSETS
1,886,888
1,253,148
------------
------------
CAPITAL AND RESERVES
Called up share capital
1
1
Profit and loss account
1,886,887
1,253,147
------------
------------
SHAREHOLDERS FUNDS
1,886,888
1,253,148
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
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.
These financial statements were approved by the board of directors and authorised for issue on 27 October 2023 , and are signed on behalf of the board by:
S A Buck
Director
Company registration number: 10468335
DIRECT FOOTWEAR LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 JANUARY 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 34 Roundhay Road, Leeds, LS7 1AB, England.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover comprises revenue recognised by the company in respect of goods supplied, exclusive of Value Added Tax.
Income tax
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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Fixtures and fittings
-
25% straight line
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Financial instruments
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 entity after deducting all of its financial liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 1 (2022: 3 ).
5. TAX ON PROFIT
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax expense
122,836
253,831
Adjustments in respect of prior periods
140
---------
---------
Total current tax
122,976
253,831
---------
---------
---------
---------
Tax on profit
122,976
253,831
---------
---------
6. INTANGIBLE ASSETS
Goodwill
£
Cost
At 31 January 2022 and 30 January 2023
25,000
--------
Amortisation
At 31 January 2022
12,500
Charge for the year
2,500
--------
At 30 January 2023
15,000
--------
Carrying amount
At 30 January 2023
10,000
--------
At 30 January 2022
12,500
--------
7. TANGIBLE ASSETS
Fixtures and fittings
£
Cost
At 31 January 2022 and 30 January 2023
6,842
-------
Depreciation
At 31 January 2022
6,610
Charge for the year
232
-------
At 30 January 2023
6,842
-------
Carrying amount
At 30 January 2023
-------
At 30 January 2022
232
-------
8. DEBTORS
2023
2022
£
£
Trade debtors
176,470
606,331
Amounts owed by group undertakings and undertakings in which the company has a participating interest
2,580,938
1,719,747
Other debtors
132,072
------------
------------
2,889,480
2,326,078
------------
------------
9. CREDITORS: amounts falling due within one year
2023
2022
£
£
Trade creditors
4,087
Amounts owed to group undertakings and undertakings in which the company has a participating interest
369,493
323,493
Corporation tax
376,667
253,691
Social security and other taxes
132,007
Invoice discounting
196,506
411,450
Other creditors
76,442
10,345
------------
------------
1,023,195
1,130,986
------------
------------
The invoice discounting facilities totalling £196,506 (2022: £411,450) falling due within one year are secured by the company.
10. SUMMARY AUDIT OPINION
The auditor's report dated 27 October 2023 was unqualified .
The senior statutory auditor was JEFFREY WINE , for and on behalf of Wine & Co .