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Registration number: 6010882

Wigleys Shoes Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Wigleys Shoes Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Wigleys Shoes Limited

Company Information

Directors

Mr E J Leyland

Mrs B Leyland

Registered office

The Old Vicarage
51 St John Street
Ashbourne
Derbyshire
DE6 1GP

Accountants

Coates and Partners Limited
Chartered Accountants
The Old Vicarage
51 St John Street
Ashbourne
Derbyshire
DE6 1GP

 

Wigleys Shoes Limited

(Registration number: 6010882)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

18,224

17,415

Current assets

 

Stocks

6

111,528

76,293

Debtors

7

6,473

20,956

Cash at bank and in hand

 

13,743

56,224

 

131,744

153,473

Creditors: Amounts falling due within one year

8

(57,812)

(64,292)

Net current assets

 

73,932

89,181

Total assets less current liabilities

 

92,156

106,596

Creditors: Amounts falling due after more than one year

8

(15,661)

(25,780)

Provisions for liabilities

(650)

(230)

Net assets

 

75,845

80,586

Capital and reserves

 

Called up share capital

100

100

Retained earnings

75,745

80,486

Shareholders' funds

 

75,845

80,586

 

Wigleys Shoes Limited

(Registration number: 6010882)
Balance Sheet as at 31 December 2023 (continued)

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

Directors' 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 directors acknowledge their 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 and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland'.

Approved and authorised by the Board on 24 July 2024 and signed on its behalf by:
 

.........................................
Mr E J Leyland
Director

   
     
 

Wigleys Shoes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital incorporated in England and Wales registration number: 6010882.

The address of its registered office is:
The Old Vicarage
51 St John Street
Ashbourne
Derbyshire
DE6 1GP
England

The principal place of business is:
18-20 St John Street
Ashbourne
Derbyshire
DE6 1GH

These financial statements were authorised for issue by the Board on 24 July 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 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.

The presentation currency is £ sterling.

Revenue recognition

Turnover comprises amounts chargeable, net of value added tax, in respect of the sale of goods to customers.

 

Wigleys Shoes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Government grants

Government grants received are only recognised when there is reasonable assurance that the entity will comply with the conditions attached to them and the grants will be received. Government grants are recognised in the profit and loss account on a systematic basis over the periods in which the entity recognises as expenses the related costs for which the grants are intended to compensate.

Tax

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 and is recognised in profit and loss.

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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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

Plant and machinery

25% reducing balance

Computer equipment

33% straight line

Fixtures and fittings

15% reducing balance

Land and buildings

4% 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 amortised over its useful life.

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

10% straight line

 

Wigleys Shoes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell. Cost is determined using the first-in, first-out (FIFO) method.

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 sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs.

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.

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 9 (2022 - 9).

 

Wigleys Shoes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

325,000

325,000

At 31 December 2023

325,000

325,000

Amortisation

At 1 January 2023

325,000

325,000

At 31 December 2023

325,000

325,000

Carrying amount

At 31 December 2023

-

-

The goodwill has been amortised in full over the previous ten years.

 

Wigleys Shoes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

5

Tangible assets

Land and buildings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 January 2023

34,726

7,969

42,695

Additions

-

3,330

3,330

Disposals

-

(226)

(226)

At 31 December 2023

34,726

11,073

45,799

Depreciation

At 1 January 2023

18,516

6,764

25,280

Charge for the year

1,389

1,132

2,521

Eliminated on disposal

-

(226)

(226)

At 31 December 2023

19,905

7,670

27,575

Carrying amount

At 31 December 2023

14,821

3,403

18,224

At 31 December 2022

16,210

1,205

17,415

Included within the net book value of land and buildings above is £14,821 (2022 - £16,210) in respect of freehold land and buildings.
 

6

Stocks

2023
£

2022
£

Finished goods and goods for resale

111,528

76,293

 

Wigleys Shoes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

7

Debtors

2023
£

2022
£

Other debtors

944

15,819

Prepayments

5,529

5,137

6,473

20,956

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

10,119

9,870

Trade creditors

 

13,751

26,319

Taxation and social security

 

28,905

22,839

Accruals and deferred income

 

4,715

5,264

Other creditors

 

322

-

 

57,812

64,292

Creditors includes the Coronavirus Bounce Back Loan scheme which is secured by the Government amounting to £10,119 (2022 - £9,870).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

15,661

25,780

Creditors includes the Coronavirus Bounce Back Loan scheme which is secured by the Government amounting to £15,661 (2022 - £25,780).

 

Wigleys Shoes Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Other borrowings

10,119

9,870

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

15,661

25,780

10

Related party transactions

Transactions with directors

2023

At 1 January 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

Mr E J Leyland

Directors loan

15,383

29,596

(45,301)

(322)

         
       

 

2022

At 1 January 2022
£

Advances to director
£

Repayments by director
£

At 31 December 2022
£

Mr E J Leyland

Directors loan

48,511

41,468

(74,596)

15,383

         
       

 

Other transactions with directors

During the period, there were loans between the company and the Director, in the ordinary course of business. There are no formal terms of repayment, interest has been charged at the official rate. The maximum outstanding balance owed by the Director during the period was £23,010 which was fully repaid by 31 December 2023.

The company trades from the premises owned by the Directors, no rent is charged.