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2023-01-01
Sage Accounts Production Advanced 2023 - FRS102_2023
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03219176
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2023-12-31
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2023-12-31
COMPANY REGISTRATION NUMBER:
03219176
Shoemaster International Ltd. |
|
Filleted Financial Statements |
|
Shoemaster International Ltd. |
|
Year ended 31 December 2023
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
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