9 false false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 20,000 13,333 4,000 17,333 2,667 6,667 xbrli:pure xbrli:shares iso4217:GBP 07053941 2023-01-01 2023-12-31 07053941 2023-12-31 07053941 2022-12-31 07053941 2022-01-01 2022-12-31 07053941 2022-12-31 07053941 2021-12-31 07053941 core:NetGoodwill 2023-01-01 2023-12-31 07053941 core:PlantMachinery 2023-01-01 2023-12-31 07053941 core:FurnitureFittings 2023-01-01 2023-12-31 07053941 core:MotorVehicles 2023-01-01 2023-12-31 07053941 bus:Director3 2023-01-01 2023-12-31 07053941 core:NetGoodwill 2022-12-31 07053941 core:NetGoodwill 2023-12-31 07053941 core:LandBuildings 2022-12-31 07053941 core:PlantMachinery 2022-12-31 07053941 core:FurnitureFittings 2022-12-31 07053941 core:MotorVehicles 2022-12-31 07053941 core:LandBuildings 2023-12-31 07053941 core:PlantMachinery 2023-12-31 07053941 core:FurnitureFittings 2023-12-31 07053941 core:MotorVehicles 2023-12-31 07053941 core:LandBuildings 2023-01-01 2023-12-31 07053941 core:WithinOneYear 2023-12-31 07053941 core:WithinOneYear 2022-12-31 07053941 core:AfterOneYear 2023-12-31 07053941 core:AfterOneYear 2022-12-31 07053941 core:ShareCapital 2023-12-31 07053941 core:ShareCapital 2022-12-31 07053941 core:RetainedEarningsAccumulatedLosses 2023-12-31 07053941 core:RetainedEarningsAccumulatedLosses 2022-12-31 07053941 core:NetGoodwill 2022-12-31 07053941 core:LandBuildings 2022-12-31 07053941 core:PlantMachinery 2022-12-31 07053941 core:FurnitureFittings 2022-12-31 07053941 core:MotorVehicles 2022-12-31 07053941 bus:SmallEntities 2023-01-01 2023-12-31 07053941 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 07053941 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 07053941 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 07053941 bus:FullAccounts 2023-01-01 2023-12-31 07053941 core:LandBuildings core:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 07053941 core:OfficeEquipment 2023-01-01 2023-12-31 07053941 core:OfficeEquipment 2022-12-31 07053941 core:OfficeEquipment 2023-12-31
COMPANY REGISTRATION NUMBER: 07053941
FOOTWEAR OPERATION SOLUTIONS LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 December 2023
FOOTWEAR OPERATION SOLUTIONS LTD
STATEMENT OF FINANCIAL POSITION
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
5
2,667
6,667
Tangible assets
6
334,707
344,304
----------
----------
337,374
350,971
Current assets
Debtors
7
148,902
95,508
Cash at bank and in hand
130,193
98,792
----------
----------
279,095
194,300
Creditors: amounts falling due within one year
8
57,289
63,603
----------
----------
Net current assets
221,806
130,697
----------
----------
Total assets less current liabilities
559,180
481,668
Creditors: amounts falling due after more than one year
9
18,333
28,333
Provisions
Taxation including deferred tax
5,401
5,705
----------
----------
Net assets
535,446
447,630
----------
----------
FOOTWEAR OPERATION SOLUTIONS LTD
STATEMENT OF FINANCIAL POSITION (continued)
31 December 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
400,100
400,100
Profit and loss account
135,346
47,530
----------
----------
Shareholders funds
535,446
447,630
----------
----------
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.
For the 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.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act 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 18 June 2024 , and are signed on behalf of the board by:
B K Kim
Director
Company registration number: 07053941
FOOTWEAR OPERATION SOLUTIONS 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 Tower House, Lucy Tower Street, Lincoln, LN1 1XW, 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
The turnover shown in the statement of comprehensive income represents the value of all work done during the period, exclusive of Value Added Tax. Turnover is recognised at the point at which the company has fulfilled its contractual obligations and the risks and rewards attaching to the sale have been transferred to the customer.
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.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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:
Land & Buildings
-
2% Straight line with a 50% Residual Value
Fixtures and fittings
-
15% reducing balance
Plant and machinery
-
15% reducing balance
Office Interiors
-
10% straight line
Equipment
-
15% reducing balance
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 cashgenerating 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.
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. Other financial instruments, including derivatives, are recognised at fair value, with any subsequent changes to fair value recognised in profit or loss.
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: 10 ).
5. Intangible assets
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
20,000
---------
Amortisation
At 1 January 2023
13,333
Charge for the year
4,000
---------
At 31 December 2023
17,333
---------
Carrying amount
At 31 December 2023
2,667
---------
At 31 December 2022
6,667
---------
6. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Office interiors
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Jan 2023
303,670
10,559
806
25,304
42,258
382,597
Additions
785
785
----------
---------
----
---------
---------
----------
At 31 Dec 2023
303,670
10,559
806
25,304
43,043
383,382
----------
---------
----
---------
---------
----------
Depreciation
At 1 Jan 2023
9,110
3,824
373
7,310
17,676
38,293
Charge for the year
3,037
1,010
65
2,531
3,739
10,382
----------
---------
----
---------
---------
----------
At 31 Dec 2023
12,147
4,834
438
9,841
21,415
48,675
----------
---------
----
---------
---------
----------
Carrying amount
At 31 Dec 2023
291,523
5,725
368
15,463
21,628
334,707
----------
---------
----
---------
---------
----------
At 31 Dec 2022
294,560
6,735
433
17,994
24,582
344,304
----------
---------
----
---------
---------
----------
7. Debtors
2023
2022
£
£
Other debtors
148,902
95,508
----------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
9,956
9,988
Trade creditors
5,879
8,048
Corporation tax
16,627
Social security and other taxes
22,854
23,788
Other creditors
1,973
21,779
---------
---------
57,289
63,603
---------
---------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
18,333
28,333
---------
---------
10. Related party transactions
There were no other transactions with related parties were undertaken as such as are required to be disclosed under FRS102 (Section 1A).
11. Controlling party
The company is wholly owned by FOS International Limited, a company registered in the Republic of Korea. The ultimate controlling party is Mr B Kim, by virtue of his interest in the parent company.