Silverfin false false 31/12/2023 01/01/2023 31/12/2023 Mr G Harrington 29/12/2005 12 September 2024 The principal activity of the Company during the financial year is the sale of sports clothing and equipment. 05662458 2023-12-31 05662458 bus:Director1 2023-12-31 05662458 2022-12-31 05662458 core:CurrentFinancialInstruments 2023-12-31 05662458 core:CurrentFinancialInstruments 2022-12-31 05662458 core:ShareCapital 2023-12-31 05662458 core:ShareCapital 2022-12-31 05662458 core:RetainedEarningsAccumulatedLosses 2023-12-31 05662458 core:RetainedEarningsAccumulatedLosses 2022-12-31 05662458 core:PatentsTrademarksLicencesConcessionsSimilar 2022-12-31 05662458 core:PatentsTrademarksLicencesConcessionsSimilar 2023-12-31 05662458 core:LandBuildings 2022-12-31 05662458 core:PlantMachinery 2022-12-31 05662458 core:Vehicles 2022-12-31 05662458 core:FurnitureFittings 2022-12-31 05662458 core:LandBuildings 2023-12-31 05662458 core:PlantMachinery 2023-12-31 05662458 core:Vehicles 2023-12-31 05662458 core:FurnitureFittings 2023-12-31 05662458 bus:OrdinaryShareClass1 2023-12-31 05662458 core:WithinOneYear 2023-12-31 05662458 core:WithinOneYear 2022-12-31 05662458 core:BetweenOneFiveYears 2023-12-31 05662458 core:BetweenOneFiveYears 2022-12-31 05662458 2023-01-01 2023-12-31 05662458 bus:FilletedAccounts 2023-01-01 2023-12-31 05662458 bus:SmallEntities 2023-01-01 2023-12-31 05662458 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 05662458 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 05662458 bus:Director1 2023-01-01 2023-12-31 05662458 core:PatentsTrademarksLicencesConcessionsSimilar core:TopRangeValue 2023-01-01 2023-12-31 05662458 core:LandBuildings core:TopRangeValue 2023-01-01 2023-12-31 05662458 core:PlantMachinery 2023-01-01 2023-12-31 05662458 core:Vehicles 2023-01-01 2023-12-31 05662458 core:FurnitureFittings 2023-01-01 2023-12-31 05662458 2022-01-01 2022-12-31 05662458 core:LandBuildings 2023-01-01 2023-12-31 05662458 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 05662458 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 05662458 (England and Wales)

TWO BARE FEET LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

TWO BARE FEET LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

TWO BARE FEET LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2023
TWO BARE FEET LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2023
DIRECTOR Mr G Harrington
SECRETARY Mrs H L Harrington
REGISTERED OFFICE Sigma House Oak View Close
Edginswell Park
Torquay
TQ2 7FF
United Kingdom
COMPANY NUMBER 05662458 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Sigma House
Oak View Close
Edginswell Park
Torquay
TQ2 7FF
TWO BARE FEET LIMITED

BALANCE SHEET

As at 31 December 2023
TWO BARE FEET LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 1,406,531 1,382,538
1,406,531 1,382,538
Current assets
Stocks 1,012,800 1,325,785
Debtors 5 1,201,645 863,042
Investments 100 100
Cash at bank and in hand 1,162,468 1,170,492
3,377,013 3,359,419
Creditors: amounts falling due within one year 6 ( 317,699) ( 323,804)
Net current assets 3,059,314 3,035,615
Total assets less current liabilities 4,465,845 4,418,153
Provision for liabilities ( 50,143) ( 38,989)
Net assets 4,415,702 4,379,164
Capital and reserves
Called-up share capital 7 2 2
Profit and loss account 4,415,700 4,379,162
Total shareholders' funds 4,415,702 4,379,164

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.

Director's responsibilities:

The financial statements of Two Bare Feet Limited (registered number: 05662458) were approved and authorised for issue by the Director on 12 September 2024. They were signed on its behalf by:

Mr G Harrington
Director
TWO BARE FEET LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
TWO BARE FEET LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Two Bare Feet Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Sigma House, Oak View Close, Edginswell Park, Torquay, TQ2 7FF.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption in section 399 of the Companies Act 2006 not to prepare consolidated accounts, because the group it heads qualifies as small. The financial statements present information about the Company as an individual entity only.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Trademarks, patents and licences 5 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line/reducing balance basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 13 16

3. Intangible assets

Trademarks, patents
and licences
Total
£ £
Cost
At 01 January 2023 21,743 21,743
At 31 December 2023 21,743 21,743
Accumulated amortisation
At 01 January 2023 21,743 21,743
At 31 December 2023 21,743 21,743
Net book value
At 31 December 2023 0 0
At 31 December 2022 0 0

4. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
At 01 January 2023 1,448,934 320,983 45,289 119,830 1,935,036
Additions 7,539 12,258 87,855 3,997 111,649
Disposals 0 0 ( 22,999) 0 ( 22,999)
At 31 December 2023 1,456,473 333,241 110,145 123,827 2,023,686
Accumulated depreciation
At 01 January 2023 180,045 246,420 32,778 93,255 552,498
Charge for the financial year 29,129 21,699 23,727 7,643 82,198
Disposals 0 0 ( 17,541) 0 ( 17,541)
At 31 December 2023 209,174 268,119 38,964 100,898 617,155
Net book value
At 31 December 2023 1,247,299 65,122 71,181 22,929 1,406,531
At 31 December 2022 1,268,889 74,563 12,511 26,575 1,382,538

5. Debtors

2023 2022
£ £
Trade debtors 25,427 60,801
Amounts owed by director 385,176 0
Prepayments 37,036 38,800
Other debtors 754,006 763,441
1,201,645 863,042

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 56,629 95,147
Amounts owed to director 0 21,504
Accruals 3,980 3,866
Corporation tax 57,515 58,087
Other taxation and social security 116,567 144,203
Other creditors 83,008 997
317,699 323,804

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2

8. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
£ £
within one year 18,667 32,000
between one and five years 0 18,667
18,667 50,667

9. Related party transactions

Transactions with entities in which the entity itself has a participating interest

2023 2022
£ £
At the balance sheet date the amount due from associated companies totalled 672,374 763,441

Transactions with the entity's director

2023 2022
£ £
Balance brought forward (21,504) (3,154)
Add : Advances made during the year 1,635,211 340,511
Less : Repayments made during the year (1,228,531) (358,861)
Balance carried forward 385,176 (21,504)

Interest has been charged on any balance outstanding during the year in excess of £10,000 at HMRC's official rate of interest.