Registration number:
Wigleys Shoes Limited
for the Year Ended 31 December 2023
Wigleys Shoes Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Wigleys Shoes Limited
Company Information
Directors |
Mr E J Leyland Mrs B Leyland |
Registered office |
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Accountants |
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Wigleys Shoes Limited
(Registration number: 6010882)
Balance Sheet as at 31 December 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Retained earnings |
75,745 |
80,486 |
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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:
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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
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Wigleys Shoes Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
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:
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
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Wigleys Shoes Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 January 2023 |
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At 31 December 2023 |
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Amortisation |
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At 1 January 2023 |
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At 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
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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)
Tangible assets |
Land and buildings |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 January 2023 |
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Additions |
- |
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Disposals |
- |
( |
( |
At 31 December 2023 |
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Depreciation |
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At 1 January 2023 |
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Charge for the year |
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Eliminated on disposal |
- |
( |
( |
At 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
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Included within the net book value of land and buildings above is £14,821 (2022 - £16,210) in respect of freehold land and buildings.
Stocks |
2023 |
2022 |
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Finished goods and goods for resale |
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Wigleys Shoes Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)
Debtors |
2023 |
2022 |
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Other debtors |
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Prepayments |
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Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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- |
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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 |
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Due after one year |
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Loans and borrowings |
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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)
Loans and borrowings |
2023 |
2022 |
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Current loans and borrowings |
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Other borrowings |
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2023 |
2022 |
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Non-current loans and borrowings |
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Other borrowings |
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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 |
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Directors loan |
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( |
( |
2022 |
At 1 January 2022 |
Advances to director |
Repayments by director |
At 31 December 2022 |
Mr E J Leyland |
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Directors loan |
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( |
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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.