Company registration number 07628711 (England and Wales)
Boot Repair Company Limited
Unaudited
financial statements
for the year ended 30 June 2023
PAGES FOR FILING WITH REGISTRAR
Boot Repair Company Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 5
Boot Repair Company Limited
Statement of financial position
as at 30 June 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
234,555
83,464
Current assets
Stocks
185,008
113,784
Debtors
623,817
327,521
Cash at bank and in hand
6,128
122,411
814,953
563,716
Creditors: amounts falling due within one year
(789,651)
(503,946)
Net current assets
25,302
59,770
Total assets less current liabilities
259,857
143,234
Creditors: amounts falling due after more than one year
(89,220)
(31,210)
Provisions for liabilities
4
(44,396)
(15,651)
Net assets
126,241
96,373
Capital and reserves
Called up share capital
4
4
Profit and loss reserves
126,237
96,369
Total equity
126,241
96,373
Boot Repair Company Limited
Statement of financial position (continued)
as at 30 June 2023
- 2 -
In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 30 June 2023 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.
The financial statements were approved by the board of directors and authorised for issue on 10 October 2023 and are signed on its behalf by:
T Forbes
Director
Company Registration No. 07628711
Boot Repair Company Limited
Notes to the financial statements
for the year ended 30 June 2023
- 3 -
1
Accounting policies
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. The principal accounting policies adopted are set out below.
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.
Turnover is recognised on supply of goods and services.
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost less depreciation.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Land and buildings Leasehold
20% straight line basis
Plant and machinery
10% per annum on written down value
Fixtures, fittings & equipment
10% per annum on written down value
Computer equipment
25% per annum on written down value
Stocks
Stocks and work in progress 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 inventories to their present location and condition.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.
Deferred tax
Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes.
Tax deferred or accelerated is accounted for in respect of all material timing differences.
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Boot Repair Company Limited
Notes to the financial statements (continued)
for the year ended 30 June 2023
1
Accounting policies
(continued)
- 4 -
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
51
33
3
Tangible fixed assets
Land and buildings Leasehold
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
£
£
Cost
At 1 July 2022
30,849
43,787
30,229
104,865
Additions
5,830
23,451
121,008
20,810
171,099
At 30 June 2023
5,830
54,300
164,795
51,039
275,964
Depreciation and impairment
At 1 July 2022
7,593
6,798
7,010
21,401
Depreciation charged in the year
875
2,992
8,918
7,223
20,008
At 30 June 2023
875
10,585
15,716
14,233
41,409
Carrying amount
At 30 June 2023
4,955
43,715
149,079
36,806
234,555
At 30 June 2022
23,256
36,989
23,219
83,464
4
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
44,396
15,651
Boot Repair Company Limited
Notes to the financial statements (continued)
for the year ended 30 June 2023
- 5 -
5
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
1,686
6
Company information
Boot Repair Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is 4 Brown Lane West, Gelderd Road, Leeds, LS12 6BH.