Footsteps (Paulton) Ltd
Registered number: 07590164
Balance Sheet
as at 31 August 2023
Notes 2023 2022
£ £
Current assets
Debtors 4 89,388 126,253
Cash at bank and in hand 44,198 29,152
133,586 155,405
Creditors: amounts falling due within one year 5 (115,757) (128,730)
Net current assets 17,829 26,675
Total assets less current liabilities 17,829 26,675
Creditors: amounts falling due after more than one year 6 (17,290) (26,308)
Net assets 539 367
Capital and reserves
Called up share capital 2 2
Profit and loss account 537 365
Shareholders' funds 539 367
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mrs R J Copsey
Director
Approved by the board on 7 February 2024
Footsteps (Paulton) Ltd
Notes to the Accounts
for the year ended 31 August 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 3 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 14 15
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 September 2022 3,889
At 31 August 2023 3,889
Depreciation
At 1 September 2022 3,889
At 31 August 2023 3,889
Net book value
At 31 August 2023 -
4 Debtors 2023 2022
£ £
Directors current accounts 54,614 90,613
Staff Loans 5,325 5,058
Other debtors 29,449 30,582
89,388 126,253
Amounts due after more than one year included above 29,449 30,582
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 9,019 8,943
Trade creditors 6,168 3,185
Taxation and social security costs 73,325 72,500
Other creditors and accruals 27,245 44,102
115,757 128,730
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 17,290 26,308
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mrs R J Copsey
Directors current account 45,307 58,326 (76,326) 27,307
During the year a loan was made available to Mrs R J Copsey, a director and shareholder of the company. The maximum outstanding due to the company during the year was £62,752. The balance due of £27,307 remained repayable to the company at the year end.
Mr P Copsey
Directors current account 45,306 58,326 (76,326) 27,307
During the year a loan was made available to Mr P Copsey, a director and shareholder of the company. The maximum outstanding due to the company during the year was £62,752 The balance due of £27,307 remained repayable to the company at the year end.
Total 90,613 116,652 (152,652) 54,614
8 Related party transactions
During the year, dividends of £60,000 (2022: £38,000) were paid to shareholders who were also directors of the company.
9 Controlling party
The company was not under the control of any one party during the year.
10 Other information
Footsteps (Paulton) Ltd is a private company limited by shares and incorporated in England. Its registered office is:
12 Dymboro Gardens
Midsomer Norton
Radstock
BA3 2QT
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