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Registration number: 01689153

Stuart Marsh Shoes Limited

Filleted Financial Statements

for the Year Ended 31 July 2023

 

Stuart Marsh Shoes Limited
(Registration number: 01689153)

Contents

Company Information

1

Statement of Directors' Responsibilities

2

Balance Sheet

3

Notes to the Financial Statements

4 to 7

 

Stuart Marsh Shoes Limited
(Registration number: 01689153)

Company Information

Directors

S Marsh

PB Marsh

M Marsh

R Marsh

Registered office

Hennock Court
Hennock Road East
Marsh Barton Trading Estate
Exeter
Devon
EX2 8RU

Auditors

Thompson Jenner LLP
Statutory Auditors
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

 

Stuart Marsh Shoes Limited
(Registration number: 01689153)

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006 and in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Stuart Marsh Shoes Limited
(Registration number: 01689153)

Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Investments

4

601,004

601,004

Current assets

 

Debtors

5

131,900

132,850

Cash at bank and in hand

 

1,886

21,473

 

133,786

154,323

Creditors: Amounts falling due within one year

6

(474,400)

(444,250)

Net current liabilities

 

(340,614)

(289,927)

Net assets

 

260,390

311,077

Capital and reserves

 

Called up share capital

1,000

1,000

Profit and loss account

259,390

310,077

Total equity

 

260,390

311,077

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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 5 December 2023 and signed on its behalf by:
 

.........................................
S Marsh
Director

 

Stuart Marsh Shoes Limited
(Registration number: 01689153)

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

1

General information

The company is a private company limited by share capital, incorporated in the United Kingdom.

The address of its registered office is:
Hennock Court
Hennock Road East
Marsh Barton Trading Estate
Exeter
Devon
EX2 8RU

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 were prepared in accordance with Financial Reporting Standard 102 Section 1A' The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

Group accounts not prepared

The group has taken exemption from preparing group accounts as it is a small group and so group accounts are not required.

Audit report

The Independent Auditors' Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 6 December 2023 was Mr David Tucker, who signed for and on behalf of Thompson Jenner LLP.

Revenue recognition

Turnover represents amounts chargeable, net of value added tax, in respect of rental income and the provision of management services.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

 

Stuart Marsh Shoes Limited
(Registration number: 01689153)

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

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 4).

 

Stuart Marsh Shoes Limited
(Registration number: 01689153)

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

4

Investments

2023
£

2022
£

Investments in subsidiaries

601,004

601,004

Subsidiaries

£

Cost or valuation

At 1 August 2022

601,004

Carrying amount

At 31 July 2023

601,004

At 31 July 2022

601,004

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Sterling and Hunt Limited

Ordinary

100%

100%

         

Marsh Footwear Brands Limited (previously Chatham Marine Limited)

Ordinary

100%

100%

         

Chatham Marine Limited (previously Marsh Footwear Brands Limited)

Ordinary

100%

100%

         

Subsidiary undertakings

Sterling and Hunt Limited

The principal activity of Sterling and Hunt Limited is dormant.

Marsh Footwear Brands Limited (previously Chatham Marine Limited)

The principal activity of Marsh Footwear Brands Limited (previously Chatham Marine Limited) is the wholesale distribution and retail of shoes.

Chatham Marine Limited (previously Marsh Footwear Brands Limited)

The principal activity of Chatham Marine Limited (previously Marsh Footwear Brands Limited) is dormant.

 

Stuart Marsh Shoes Limited
(Registration number: 01689153)

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

5

Debtors

2023
£

2022
£

Other debtors

131,900

132,850

Total current trade and other debtors

131,900

132,850

6

Creditors

2023
£

2022
£

Due within one year

Amounts owed to group undertakings and undertakings in which the company has a participating interest

474,400

444,250

7

Related party transactions

Summary of transactions with other related parties

Portland Kingsley Limited
 

Loans to related parties

2023

Other related parties
£

At start and end of period

130,700

2022

Other related parties
£

At start and end of period

130,700

Terms of loans to related parties

The company provided an interest free loan to Portland Kingsley Limited, a company in which S Marsh is a director and shareholder. The above balance is included within other debtors.