Simply Feet Limited 06533016 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is Podiatry & Chiropody Digita Accounts Production Advanced 6.30.9574.0 true true 06533016 2022-04-01 2023-03-31 06533016 2023-03-31 06533016 bus:OrdinaryShareClass1 2023-03-31 06533016 core:CurrentFinancialInstruments 2023-03-31 06533016 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 06533016 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 06533016 core:FurnitureFittingsToolsEquipment 2023-03-31 06533016 core:LandBuildings 2023-03-31 06533016 core:MotorVehicles 2023-03-31 06533016 bus:SmallEntities 2022-04-01 2023-03-31 06533016 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 06533016 bus:AbridgedAccounts 2022-04-01 2023-03-31 06533016 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 06533016 bus:RegisteredOffice 2022-04-01 2023-03-31 06533016 bus:Director1 2022-04-01 2023-03-31 06533016 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 06533016 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 06533016 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-04-01 2023-03-31 06533016 core:Goodwill 2022-04-01 2023-03-31 06533016 core:ComputerEquipment 2022-04-01 2023-03-31 06533016 core:FurnitureFittings 2022-04-01 2023-03-31 06533016 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 06533016 core:LandBuildings 2022-04-01 2023-03-31 06533016 core:MotorVehicles 2022-04-01 2023-03-31 06533016 core:ToolsEquipment 2022-04-01 2023-03-31 06533016 countries:EnglandWales 2022-04-01 2023-03-31 06533016 2022-03-31 06533016 core:FurnitureFittingsToolsEquipment 2022-03-31 06533016 core:LandBuildings 2022-03-31 06533016 core:MotorVehicles 2022-03-31 06533016 2021-04-01 2022-03-31 06533016 2022-03-31 06533016 bus:OrdinaryShareClass1 2022-03-31 06533016 core:CurrentFinancialInstruments 2022-03-31 06533016 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 06533016 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 06533016 core:FurnitureFittingsToolsEquipment 2022-03-31 06533016 core:LandBuildings 2022-03-31 06533016 core:MotorVehicles 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 06533016

Simply Feet Limited

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 March 2023

 

Simply Feet Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 10

 

Simply Feet Limited

Company Information

Director

Mrs AM Tank

Registered office

Transport House
Uxbridge Road
Hillingdon Heath
Hillingdon
Middlesex
UB10 0LY

 

Simply Feet Limited

(Registration number: 06533016)
Abridged Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

164,222

38,625

Current assets

 

Stocks

6

2,985

3,200

Debtors

7

-

2,097

Cash at bank and in hand

 

442,847

444,065

 

445,832

449,362

Creditors: Amounts falling due within one year

(49,325)

(46,358)

Net current assets

 

396,507

403,004

Total assets less current liabilities

 

560,729

441,629

Creditors: Amounts falling due after more than one year

(18,280)

-

Accruals and deferred income

 

(3,139)

(2,609)

Net assets

 

539,310

439,020

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

539,210

438,920

Shareholders' funds

 

539,310

439,020

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges her 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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Simply Feet Limited

(Registration number: 06533016)
Abridged Balance Sheet as at 31 March 2023

Approved and authorised by the director on 1 March 2024
 

.........................................
Mrs AM Tank
Director

 

Simply Feet Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

1

General information

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

The address of its registered office is:
Transport House
Uxbridge Road
Hillingdon Heath
Hillingdon
Middlesex
UB10 0LY

These financial statements were authorised for issue by the director on 1 March 2024.

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 abridged 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 abridged 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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Tax

The tax expense for the period comprises current 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.

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.

 

Simply Feet Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

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

Equipment

25% reducing balance

Fixtures and fitings

25% reducing balance

Computer equipment

25% reducing balance

Motor vehicles

25% 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

6.67 % straight line

Development costs

20% 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.

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.

 

Simply Feet Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

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.

Provisions

There is no provision for liabilities in the year ended 31 March 2018.

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.

 

Simply Feet Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 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 the director) during the year, was 8 (2022 - 6).

 

Simply Feet Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

4

Intangible assets

Total
£

Cost or valuation

At 1 April 2022

16,500

At 31 March 2023

16,500

Amortisation

At 1 April 2022

16,500

At 31 March 2023

16,500

Carrying amount

At 31 March 2023

-

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

7,461

123,231

-

130,692

Additions

-

111,254

66,630

177,884

At 31 March 2023

7,461

234,485

66,630

308,576

Depreciation

At 1 April 2022

-

92,067

-

92,067

Charge for the year

-

35,629

16,658

52,287

At 31 March 2023

-

127,696

16,658

144,354

Carrying amount

At 31 March 2023

7,461

106,789

49,972

164,222

At 31 March 2022

7,461

31,164

-

38,625

Included within the net book value of land and buildings above is £7,461 (2022 - £7,461) in respect of short leasehold land and buildings.
 

6

Stocks

2023
£

2022
£

Other inventories

2,985

3,200

 

Simply Feet Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

7

Debtors

Debtors includes £Nil (2022 - £Nil) due after more than one year.

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

9

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £300.00 (2022 - £200.00) per ordinary share

 

30,000

 

20,000

         

10

Related party transactions

During the year, dividends paid to the director shareholder amounted to £30,000 (2022: £20,000).

At the year end, the balance owed by the company to the director was £25,654 (2022: £20,458).

 

Simply Feet Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

10,818

10,656

Contributions paid to money purchase schemes

40,000

54,500

50,818

65,156