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Registration number: 06221251

Marsh Footwear Brands Limited

Filleted Financial Statements

for the Year Ended 31 July 2023

 

Marsh Footwear Brands Limited
(Registration number: 06221251)

Contents

Company Information

1

Statement of Directors' Responsibilities

2

Balance Sheet

3

Notes to the Financial Statements

4 to 10

 

Marsh Footwear Brands Limited
(Registration number: 06221251)

Company Information

Directors

S Marsh

R Marsh

PB Marsh

S Ball

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

 

Marsh Footwear Brands Limited
(Registration number: 06221251)

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.

 

Marsh Footwear Brands Limited
(Registration number: 06221251)

Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

130,494

137,720

Current assets

 

Stocks

5

1,861,334

1,930,212

Debtors

6

1,061,909

1,215,781

Cash at bank and in hand

 

8,444

93,619

 

2,931,687

3,239,612

Creditors: Amounts falling due within one year

7

(1,418,780)

(1,941,768)

Net current assets

 

1,512,907

1,297,844

Total assets less current liabilities

 

1,643,401

1,435,564

Creditors: Amounts falling due after more than one year

7

(22,500)

(32,500)

Provisions for liabilities

(15,573)

(2,301)

Net assets

 

1,605,328

1,400,763

Capital and reserves

 

Called up share capital

600,002

600,002

Profit and loss account

1,005,326

800,761

Total equity

 

1,605,328

1,400,763

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

 

Marsh Footwear Brands Limited
(Registration number: 06221251)

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 England & Wales.

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 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 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.

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 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.

This is deemed to occur at the point of despatch. Provision is made for credit notes based on the expected level of returns which is based on the historical experience of returns.

 

Marsh Footwear Brands Limited
(Registration number: 06221251)

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

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred 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.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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

Computer equipment

25% reducing balance

Fixtures and fittings

25% reducing balance

Motor vehicles

25% reducing balance

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.

 

Marsh Footwear Brands Limited
(Registration number: 06221251)

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

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.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

 

Marsh Footwear Brands Limited
(Registration number: 06221251)

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

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 directors) during the year, was 34 (2022 - 31).

 

Marsh Footwear Brands Limited
(Registration number: 06221251)

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

4

Tangible assets

Fixtures and fittings
 £

Motor vehicles
 £

Computer equipment
£

Total
£

Cost or valuation

At 1 August 2022

231,973

62,597

63,725

358,295

Additions

10,795

-

30,730

41,525

At 31 July 2023

242,768

62,597

94,455

399,820

Depreciation

At 1 August 2022

149,940

27,848

42,787

220,575

Charge for the year

30,198

8,013

10,540

48,751

At 31 July 2023

180,138

35,861

53,327

269,326

Carrying amount

At 31 July 2023

62,630

26,736

41,128

130,494

At 31 July 2022

82,033

34,749

20,938

137,720

5

Stocks

2023
£

2022
£

Finished goods and goods for resale

1,861,334

1,930,212

6

Debtors

2023
£

2022
£

Trade debtors

462,470

681,634

Amounts owed by group undertakings

453,900

423,751

Other debtors

44,778

33,924

Prepayments and accrued income

100,761

76,472

Total current trade and other debtors

1,061,909

1,215,781

 

Marsh Footwear Brands Limited
(Registration number: 06221251)

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

7

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

631,219

401,312

Trade creditors

 

489,009

920,730

Taxation and social security

 

104,669

247,382

Other creditors

 

2,264

168,911

Accrued expenses

 

191,619

203,433

 

1,418,780

1,941,768

Due after one year

 

Loans and borrowings

8

22,500

32,500

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,000

10,834

Bank overdrafts

621,219

390,478

631,219

401,312

The bank overdraft is secured by fixed and floating charges over the undertaking and all property and assets of the company. Bank borrowings are unsecured.

 

Marsh Footwear Brands Limited
(Registration number: 06221251)

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

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

22,500

32,500

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £15,774 (2022 - £6,140). As at 31 July 2023 the company had annual commitments under non-cancellable operating leases due within one year of £7,890 (2022 - £6,140).

There is a cross guarantee for the group overdraft facility between Marsh Footwear Brands Limited and Stuart Marsh Shoes Limited. The maximum potential liability at the balance sheet date is £621,219 (2022 - £390,478).

10

Related party transactions

Transactions with directors

Loans to related parties

2023

Key management
£

Total
£

At start of period

-

-

Advanced

1,935

1,935

At end of period

1,935

1,935

11

Parent and ultimate parent undertaking

The company's immediate parent is Stuart Marsh Shoes Limited, incorporated in England & Wales.

  These financial statements are available upon request from Hennock Court, Hennock Road East, Marsh Barton Trading Estate, Exeter, Devon, EX2 8RU.