Shoe4 Sport Limited
Company Registration No. 14150725 (England And Wales)
Unaudited Financial Statements
Period Ended 30 June 2023
SHOE4 SPORT LIMITED
Shoe4 Sport Limited
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
SHOE4 SPORT LIMITED
Shoe4 Sport Limited
BALANCE SHEET
AS AT
30 JUNE 2023
30 June 2023
- 1 -
2023
Notes
£
£
Fixed assets
Tangible assets
3
26,950
Current assets
Stocks
5,500
Debtors
4
5,422
Cash at bank and in hand
4,250
15,172
Creditors: amounts falling due within one year
5
(77,240)
Net current liabilities
(62,068)
Net liabilities
(35,118)
Capital and reserves
Called up share capital
6
1
Profit and loss reserves
(35,119)
Total equity
(35,118)

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial period 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 director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the period 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.

SHOE4 SPORT LIMITED
Shoe4 Sport Limited
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2023
30 June 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on
6 March 2024
06 March 2024
06 March 2024
and are signed on its behalf by:
M Caldwell
Director
Company registration number 14150725 (England and Wales)
SHOE4 SPORT LIMITED
Shoe4 Sport Limited
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023
- 3 -
1
Accounting policies
Company information

Shoe4 Sport Limited is a private company limited by shares incorporated in England and Wales. The registered office is Drake House, Gadbrook Park, Northwich, Cheshire, CW9 7RA.

1.1
Reporting period

These are the first year of accounts and accounts are presented from the date of incorporation of 6 June 2022 to 30 June 2023.

1.2
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.

1.3
Going concern

These financial statements are prepared on the going concern basis although they have net liabilities generated in the first year of trade. The director has a reasonable expectation that the company will continue in operational existence for the foreseeable future due to their continued and ongoing support.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
20% reducing balance
Fixtures and fittings
20% straight line
Motor vehicles
Enter depreciation rate via StatDB - cd78
SHOE4 SPORT LIMITED
Shoe4 Sport Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 4 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.7
Stocks

Stocks 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 the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors 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 financing transaction.

SHOE4 SPORT LIMITED
Shoe4 Sport Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 5 -
Classification of financial liabilities

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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade and other creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
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.

2
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2023
Number
Total
2
SHOE4 SPORT LIMITED
Shoe4 Sport Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
- 6 -
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 6 June 2022
-
0
-
0
-
0
-
0
Additions
16,350
650
17,000
34,000
At 30 June 2023
16,350
650
17,000
34,000
Depreciation and impairment
At 6 June 2022
-
0
-
0
-
0
-
0
Depreciation charged in the period
2,670
130
4,250
7,050
At 30 June 2023
2,670
130
4,250
7,050
Carrying amount
At 30 June 2023
13,680
520
12,750
26,950
4
Debtors
2023
Amounts falling due within one year:
£
Trade debtors
5,422
5
Creditors: amounts falling due within one year
2023
£
Trade creditors
152
Other creditors
77,088
77,240
6
Called up share capital
2023
2023
Ordinary share capital
Number
£
Issued and fully paid
Ordinary of £1 each
1
1
SHOE4 SPORT LIMITED
Shoe4 Sport Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2023
6
Called up share capital
(Continued)
- 7 -

On the incorporation, the company issued 1 £1 ordinary share at par value.

7
Directors' transactions

During the year the director advanced the company £135,561 and was repaid £105,551. At the period end, £30,010 was due to the director. No interest was charged on this balance and it is included within other creditors.

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