Company Registration No. 00315140 (England and Wales)
NEWMAN'S FOOTWEAR LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
29 DECEMBER 2023
29 December 2023
PAGES FOR FILING WITH REGISTRAR
PM+M Solutions for Business LLP
Chartered Accountants
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
NEWMAN'S FOOTWEAR LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 8
NEWMAN'S FOOTWEAR LIMITED
BALANCE SHEET
AS AT
29 DECEMBER 2023
29 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
-
0
4,053
Tangible assets
4
446,800
455,400
Investments
5
-
0
5,211
446,800
464,664
Current assets
Stocks
28,381
91,178
Debtors
7
5,597
6,032
Cash at bank and in hand
17,298
50,400
51,276
147,610
Creditors: amounts falling due within one year
8
(122,866)
(486,452)
Net current liabilities
(71,590)
(338,842)
Total assets less current liabilities
375,210
125,822
Capital and reserves
Called up share capital
60,000
60,000
Revaluation reserve
9
156,300
158,929
Profit and loss reserves
158,910
(93,107)
Total equity
375,210
125,822

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 29 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 13 September 2024
A Newman
Director
Company Registration No. 00315140
NEWMAN'S FOOTWEAR LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 DECEMBER 2023
- 2 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 30 December 2021
60,000
161,558
(2,604)
218,954
Year ended 29 December 2022:
Loss and total comprehensive income
-
-
(93,132)
(93,132)
Transfers
-
(2,629)
2,629
-
Balance at 29 December 2022
60,000
158,929
(93,107)
125,822
Year ended 29 December 2023:
Profit and total comprehensive income
-
-
249,388
249,388
Transfers
-
(2,629)
2,629
-
Balance at 29 December 2023
60,000
156,300
158,910
375,210
NEWMAN'S FOOTWEAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Newman's Footwear Limited is a private company limited by shares incorporated in England and Wales. The registered office is River Mill, Dixon Street, Blackburn, Lancashire, BB2 1TR.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold property. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Intangible fixed assets other than goodwill

Intangible fixed assets comprise website development costs and are measured at cost.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Website costs
- 20% reducing balance
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
- 2% straight line
Plant and equipment
- 20% straight line
Motor vehicles
- 25% reducing balance
Other fixed assets
- 20% reducing balance
NEWMAN'S FOOTWEAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -

Freehold land is not depreciated.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Fixed asset investments

Interests in subsidiaries initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.9
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

NEWMAN'S FOOTWEAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.10
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies are recognised at transaction price

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

1.11
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.12
Retirement benefits

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

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
3
NEWMAN'S FOOTWEAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 DECEMBER 2023
- 6 -
3
Intangible fixed assets
Website costs
£
Cost
At 30 December 2022 and 29 December 2023
8,150
Amortisation and impairment
At 30 December 2022
4,097
Amortisation charged for the year
4,053
At 29 December 2023
8,150
Carrying amount
At 29 December 2023
-
0
At 29 December 2022
4,053
4
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Motor vehicles
Other fixed assets
Total
£
£
£
£
£
Cost or valuation
At 30 December 2022 and 29 December 2023
550,000
6,767
49,938
16,482
623,187
Depreciation and impairment
At 30 December 2022
94,600
6,767
49,938
16,482
167,787
Depreciation charged in the year
8,600
-
0
-
0
-
0
8,600
At 29 December 2023
103,200
6,767
49,938
16,482
176,387
Carrying amount
At 29 December 2023
446,800
-
0
-
0
-
0
446,800
At 29 December 2022
455,400
-
0
-
0
-
0
455,400

Freehold land and buildings are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

Freehold land and buildings
2023
2022
£
£
Cost
418,570
418,570
Accumulated depreciation
(128,071)
(122,100)
Carrying value
290,499
296,470
NEWMAN'S FOOTWEAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 DECEMBER 2023
- 7 -
5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
-
0
5,211
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 30 December 2022 & 29 December 2023
5,211
Impairment
At 30 December 2022
-
Impairment losses
5,211
At 29 December 2023
5,211
Carrying amount
At 29 December 2023
-
At 29 December 2022
5,211
6
Subsidiaries

Details of the company's subsidiaries at 29 December 2023 are as follows:

Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Rammon Accessories Limited
UK
Dormant
Ordinary
100.00
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
134
836
Other debtors
348
23
Prepayments and accrued income
5,115
5,173
5,597
6,032
NEWMAN'S FOOTWEAR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 DECEMBER 2023
- 8 -
8
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
9,183
10,817
Amounts due to group undertakings
-
0
99,102
Other taxation and social security
615
761
Other creditors
111,198
374,072
Accruals and deferred income
1,870
1,700
122,866
486,452
9
Revaluation reserve

The revaluation reserve is the cumulative net effect of the revaluation of land and buildings.

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