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COMPANY REGISTRATION NUMBER: 03219176
Shoemaster International Ltd.
Filleted Financial Statements
31 December 2023
Shoemaster International Ltd.
Financial Statements
Year ended 31 December 2023
Contents
Pages
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
3 to 7
Shoemaster International Ltd.
Officers and Professional Advisers
The board of directors
Dr M Cantella
A Caresana
Company secretary
Miss C Tincknell
Registered office
12a Leigh Road
Street
England
BA16 0HA
Auditor
Bishop Jones
Chartered accountants & statutory auditor
9 Sadler Street
Wells
Somerset
BA5 2RR
Shoemaster International Ltd.
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
4,922
1,455
Current assets
Debtors
6
116,762
131,590
Cash at bank and in hand
95,102
60,604
---------
---------
211,864
192,194
Creditors: amounts falling due within one year
7
34,102
32,785
---------
---------
Net current assets
177,762
159,409
---------
---------
Total assets less current liabilities
182,684
160,864
Provisions
935
276
---------
---------
Net assets
181,749
160,588
---------
---------
Capital and reserves
Called up share capital
49,000
49,000
Capital redemption reserve
45,000
45,000
Profit and loss account
87,749
66,588
---------
---------
Shareholders funds
181,749
160,588
---------
---------
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 income and retained earnings has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 15 April 2024 , and are signed on behalf of the board by:
Dr M Cantella
A Caresana
Director
Director
Company registration number: 03219176
Shoemaster International Ltd.
Notes to the Financial Statements
Year ended 31 December 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 12a Leigh Road, Street, BA16 0HA, England.
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. Turnover is reduced for customer returns, rebates or other similar allowances and is net if value added tax. Turnover includes revenue earned from the sale of software licences, the sale of goods and from the rendering of services. Revenue from the sale of goods is recognised when all of the following conditions are satisfied: - the company has transferred to the buyer the significant risks and rewards of ownership of the goods; - the company retains neither continuing managerial involvement to the degree associated with ownership nor effective control over the goods sold; - the amount of revenue can be measured reliably; and - it is probable that the economic benefits associated with he transaction can be measured reliably. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract and is accrued evenly over the length of the services provided.
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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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:
Fixtures and fittings
-
20% straight line
Equipment
-
20% to 50% straight line
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.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship (see hedge accounting policy). Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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 9 (2022: 8 ).
5. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 January 2023
24,690
405,713
430,403
Additions
5,550
5,550
Disposals
( 2,500)
( 2,500)
--------
---------
---------
At 31 December 2023
22,190
411,263
433,453
--------
---------
---------
Depreciation
At 1 January 2023
24,690
404,258
428,948
Charge for the year
2,083
2,083
Disposals
( 2,500)
( 2,500)
--------
---------
---------
At 31 December 2023
22,190
406,341
428,531
--------
---------
---------
Carrying amount
At 31 December 2023
4,922
4,922
--------
---------
---------
At 31 December 2022
1,455
1,455
--------
---------
---------
6. Debtors
2023
2022
£
£
Trade debtors
3,740
Amounts owed by group undertakings and undertakings in which the company has a participating interest
94,740
112,445
Other debtors
18,282
19,145
---------
---------
116,762
131,590
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
790
1,278
Corporation tax
4,313
5,309
Social security and other taxes
12,446
11,186
Other creditors
16,553
15,012
--------
--------
34,102
32,785
--------
--------
8. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
7,000
24,000
Later than 1 year and not later than 5 years
12,000
-------
--------
7,000
36,000
-------
--------
9. Summary audit opinion
The auditor's report dated 15 April 2024 was unqualified . The statutory auditor was Michele Bishop (Senior Statutory Auditor) .
10. Related party disclosures
During the year the company entered into the following transactions with related parties:
Transaction value
2023
2022
£
£
Sales - Atom S.p.A
568,670
552,567
---------
---------
Debtors include £94,740 (2022 - £112,445) due from Atom S.p.A. Creditors falling due within one year include an unsecured loan of £Nil (2022 - £Nil) from Atom S.p.A. This loan was repaid by 31 December 2022 with interest being charged at 3%.
11. Controlling party
Atom S.p.A (incorporated in Italy) is the ultimate parent company of Shoemaster International Ltd. Copies of the consolidated financial statements of Atom S.p.A may be obtained from that company at:- Via E Morosini 6 Vigevano 27029 Italy