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Registered number: 14356713









ECA FOOTWEAR 21 LTD







UNAUDITED

DIRECTOR'S REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2023

 
ECA FOOTWEAR 21 LTD
 
 
COMPANY INFORMATION


Director
Kiabod Mashad (appointed 14 September 2022)




Registered number
14356713



Registered office
1 Half Moon Street

London

W1J 7AY




Trading Address
1 Half Moon Street

London

W1J 7AY







 
ECA FOOTWEAR 21 LTD
 

CONTENTS



Page
Director's Report
1
Statement of Comprehensive Income
2
Balance Sheet
3
Notes to the Financial Statements
4 - 9


 
ECA FOOTWEAR 21 LTD
 
 
 
DIRECTOR'S REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2023

The director presents his report and the financial statements for the period ended 31 December 2023.

Director's responsibilities statement

The director is responsible for preparing the Director's Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the director is required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable him to ensure that the financial statements comply with the Companies Act 2006He is also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the company continued to be that of trading in footwear. 

Director

The director who served during the period was:

Kiabod Mashad (appointed 14 September 2022)

Small companies note

In preparing this report, the director has taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board on 20 August 2024 and signed on its behalf.
 





Director

Page 1

 
ECA FOOTWEAR 21 LTD
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2023

2023
Note
£

  

Turnover
  
3,227,849

Cost of sales
  
(1,677,238)

Gross profit
  
1,550,611

Administrative expenses
  
(2,050,801)

Operating (loss)/profit
  
(500,190)

Interest payable and similar expenses
  
(4,678)

(Loss)/profit before tax
  
(504,868)

(Loss)/profit for the financial period
  
(504,868)

Other comprehensive income for the period
  

Total comprehensive income for the period
  
(504,868)

The notes on pages 4 to 9 form part of these financial statements.

Page 2

 
ECA FOOTWEAR 21 LTD
REGISTERED NUMBER: 14356713

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
Note
£

Fixed assets
 4 

Intangible assets
  
35,475

Tangible assets
 5 
54,657

  
90,132

Current assets
  

Stocks
 6 
364,831

Debtors: amounts falling due within one year
 7 
161,605

Cash at bank and in hand
 8 
191,526

  
717,962

Creditors: amounts falling due within one year
 9 
(446,593)

Net current assets
  
 
 
271,369

Total assets less current liabilities
  
361,501

  

Net assets
  
361,501


Capital and reserves
  

Called up share capital 
  
100

Other reserves
 10 
9,446,456

Merger reserve
 10 
(8,580,187)

Profit and loss account
 10 
(504,868)

  
361,501


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 August 2024.

Kiabod Mashad
Director

Page 3

 
ECA FOOTWEAR 21 LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

1.


General information

The principal activity of the company continued to be that of trading in footwear.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 4

 
ECA FOOTWEAR 21 LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.4

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the revaluation model, intangible assets shall be carried at a revalued amount, being its fair value at the date of revaluation less any subsequent accumulated amortisation and subsequent impairment losses - provided that the fair value can be determined by reference to an active market.
Revaluations are made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the balance sheet date.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Short-term leasehold property
-
Plant and machinery
-
20%
Fixtures and fittings
-
20%
Office equipment
-
20%
Computer equipment
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 5

 
ECA FOOTWEAR 21 LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

The average monthly number of employees, including the director, during the period was as follows:


        2023
            No.






Average Number of employees
9

Page 6

 
ECA FOOTWEAR 21 LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

4.


Intangible assets



Patents

£



Cost


Additions
35,475



At 31 December 2023

35,475






Net book value



At 31 December 2023
35,475




5.


Tangible fixed assets





Short-term leasehold property
Plant and machinery
Office equipment
Total

£
£
£
£



Cost or valuation


Additions
844
62,515
2,169
65,528



At 31 December 2023

844
62,515
2,169
65,528



Depreciation


Charge for the period on owned assets
724
9,445
702
10,871



At 31 December 2023

724
9,445
702
10,871



Net book value



At 31 December 2023
120
53,070
1,467
54,657

Page 7

 
ECA FOOTWEAR 21 LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

           5.Tangible fixed assets (continued)




The net book value of land and buildings may be further analysed as follows:


2023
£

Short leasehold
120

120



6.


Stocks

2023
£

Finished goods and goods for resale
364,831

364,831



7.


Debtors

2023
£


Trade debtors
79,147

Other debtors
8,307

Prepayments
74,151

161,605



8.


Cash and cash equivalents

2023
£

Cash at bank and in hand
191,526

191,526


Page 8

 
ECA FOOTWEAR 21 LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023

9.


Creditors: Amounts falling due within one year

2023
£

Trade creditors
290,906

VAT & Pension
90,674

Accruals
65,013

446,593



10.


Reserves

Other reserves

Other reserves are shareholder funds


11.


Retained Earning from transferred trade (on succession)

There was succession of trade and upon succession the loss of predecessor were transferred to the successor and the successor begins to carry it on the trade. There are no changes in the nature or conduct of trade that includes a major change in the type of property dealt in or services or facilities provided in the trade, or a major change in customers, outlets or markets of the trade. 


12.


Commitments under operating leases

The Company had no commitments under non-cancellable operating leases at the balance sheet date.


13.


Controlling party

ECA Footwear 21 Limited is wholly owned by ECA Procurement Limited.

Page 9