21 false false false false false false false false false false true false false false false false false No description of principal activity 2022-12-01 Sage Accounts Production Advanced 2023 - FRS102_2023 17,708 17,708 3,542 3,542 14,166 xbrli:pure xbrli:shares iso4217:GBP 02997688 2022-12-01 2023-11-30 02997688 2023-11-30 02997688 2022-11-30 02997688 2021-12-01 2022-11-30 02997688 2022-11-30 02997688 2021-11-30 02997688 core:FurnitureFittings 2022-12-01 2023-11-30 02997688 core:MotorVehicles 2022-12-01 2023-11-30 02997688 bus:Director1 2022-12-01 2023-11-30 02997688 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-11-30 02997688 core:LandBuildings 2022-11-30 02997688 core:FurnitureFittings 2022-11-30 02997688 core:LandBuildings 2023-11-30 02997688 core:FurnitureFittings 2023-11-30 02997688 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-01 2023-11-30 02997688 core:LandBuildings 2022-12-01 2023-11-30 02997688 core:AfterOneYear 2023-11-30 02997688 core:AfterOneYear 2022-11-30 02997688 core:WithinOneYear 2023-11-30 02997688 core:WithinOneYear 2022-11-30 02997688 core:ShareCapital 2023-11-30 02997688 core:ShareCapital 2022-11-30 02997688 core:RevaluationReserve 2023-11-30 02997688 core:RevaluationReserve 2022-11-30 02997688 core:RetainedEarningsAccumulatedLosses 2023-11-30 02997688 core:RetainedEarningsAccumulatedLosses 2022-11-30 02997688 core:LandBuildings 2022-11-30 02997688 core:FurnitureFittings 2022-11-30 02997688 bus:SmallEntities 2022-12-01 2023-11-30 02997688 bus:AuditExempt-NoAccountantsReport 2022-12-01 2023-11-30 02997688 bus:SmallCompaniesRegimeForAccounts 2022-12-01 2023-11-30 02997688 bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 02997688 bus:FullAccounts 2022-12-01 2023-11-30 02997688 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 02997688 core:InvestmentPropertyIncludedWithinPPE 2022-11-30 02997688 core:InvestmentPropertyIncludedWithinPPE 2023-11-30 02997688 core:AfterOneYear 2022-12-01 2023-11-30
COMPANY REGISTRATION NUMBER: 02997688
Direct Boot and Shoe Supplies Limited
Filleted Unaudited Financial Statements
30 November 2023
Direct Boot and Shoe Supplies Limited
Statement of Financial Position
30 November 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
5
14,166
Tangible assets
6
8,648,913
8,656,825
------------
------------
8,663,079
8,656,825
Current assets
Stocks
187,930
207,940
Debtors
7
175,590
142,286
Cash at bank and in hand
607,147
716,415
---------
------------
970,667
1,066,641
Creditors: amounts falling due within one year
8
269,942
306,383
---------
------------
Net current assets
700,725
760,258
------------
------------
Total assets less current liabilities
9,363,804
9,417,083
Creditors: amounts falling due after more than one year
9
3,045,000
3,045,000
Provisions
Taxation including deferred tax
295,137
301,182
------------
------------
Net assets
6,023,667
6,070,901
------------
------------
Capital and reserves
Called up share capital
1,000
1,000
Revaluation reserve
1,415,614
1,415,614
Profit and loss account
4,607,053
4,654,287
------------
------------
Shareholders funds
6,023,667
6,070,901
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 30 November 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Direct Boot and Shoe Supplies Limited
Statement of Financial Position (continued)
30 November 2023
These financial statements were approved by the board of directors and authorised for issue on 10 June 2024 , and are signed on behalf of the board by:
M Cooper
Director
Company registration number: 02997688
Direct Boot and Shoe Supplies Limited
Notes to the Financial Statements
Year ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Bank Chambers, 1-3 Woodford Avenue, Gants Hill, Ilford, Essex IG2 6UF.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Website Development cost
-
Over 5 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2 % on cost excluding land
Fixtures, fittings and equipment
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 21 (2022: 21 ).
5. Intangible assets
Development costs
£
Cost
Additions
17,708
--------
At 30 November 2023
17,708
--------
Amortisation
Charge for the year
3,542
--------
At 30 November 2023
3,542
--------
Carrying amount
At 30 November 2023
14,166
--------
At 30 November 2022
--------
6. Tangible assets
Land and buildings
Fixtures and fittings
Investment Properties
Total
£
£
£
£
Cost
At 1 December 2022
4,128,661
1,474,242
4,455,000
10,057,903
Additions
55,570
28,446
84,016
------------
------------
------------
-------------
At 30 November 2023
4,184,231
1,502,688
4,455,000
10,141,919
------------
------------
------------
-------------
Depreciation
At 1 December 2022
257,912
1,143,166
1,401,078
Charge for the year
38,000
53,928
91,928
------------
------------
------------
-------------
At 30 November 2023
295,912
1,197,094
1,493,006
------------
------------
------------
-------------
Carrying amount
At 30 November 2023
3,888,319
305,594
4,455,000
8,648,913
------------
------------
------------
-------------
At 30 November 2022
3,870,749
331,076
4,455,000
8,656,825
------------
------------
------------
-------------
The company's investment properties were revalued on a fair value basis by the directors on 30 November 2023.
7. Debtors
2023
2022
£
£
Trade debtors
126,856
106,987
Other debtors
48,734
35,299
---------
---------
175,590
142,286
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
104,784
116,971
Corporation tax
41,891
65,733
Social security and other taxes
81,482
84,013
Other creditors
41,785
39,666
---------
---------
269,942
306,383
---------
---------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
3,045,000
3,045,000
------------
------------
The following liabilities disclosed under creditors falling due after more than one year are secured by the company: Bank loans and overdrafts £3,045,000 (2022 - £3,045,000)