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Registered number: 01160806
West Midland Shoe Company Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Sempar Accountancy and Tax Limited
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 01160806
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,158,814 1,041,318
Investments 5 - 1
1,158,814 1,041,319
CURRENT ASSETS
Stocks 6 416,347 393,610
Debtors 7 603,567 522,472
Cash at bank and in hand 3,007 5,128
1,022,921 921,210
Creditors: Amounts Falling Due Within One Year 8 (1,001,229 ) (641,196 )
NET CURRENT ASSETS (LIABILITIES) 21,692 280,014
TOTAL ASSETS LESS CURRENT LIABILITIES 1,180,506 1,321,333
Creditors: Amounts Falling Due After More Than One Year 9 (215,472 ) (281,139 )
NET ASSETS 965,034 1,040,194
CAPITAL AND RESERVES
Called up share capital 11 1,224 1,224
Revaluation reserve 14 252,261 152,261
Capital redemption reserve 1,224 1,224
Profit and Loss Account 710,325 885,485
SHAREHOLDERS' FUNDS 965,034 1,040,194
Page 1
Page 2
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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Keith Williamson
Director
Mrs Karen Williamson
Director
Mrs Helen Fraser
Director
Mr Mark Williamson
Director
25 April 2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
West Midland Shoe Company Limited is a private company, limited by shares, incorporated in England & Wales, registered number 01160806 . The registered office is Dovefields, Uttoxeter, Staffordshire, ST14 8HU.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold Nil
Plant & Machinery 10% per annum on net book value
Motor Vehicles 25% per annum on net book value
Fixtures & Fittings 15% per annum on net book value
Computer Equipment Over 3 years on cost
The directors consider that freehold property is maintained in such a state of repair that it's residual value is at least equal to it's net book value.  As a result, freehold property is not depreciated.
2.4. Leasing and Hire Purchase Contracts
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
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2.8. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 11 (2022: 10)
11 10
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost or Valuation
As at 1 January 2023 975,000 200,013 12,000 54,460 1,241,473
Additions - 21,227 8,500 - 29,727
Revaluation 100,000 - - - 100,000
As at 31 December 2023 1,075,000 221,240 20,500 54,460 1,371,200
Depreciation
As at 1 January 2023 - 142,695 3,000 54,460 200,155
Provided during the period - 7,856 4,375 - 12,231
As at 31 December 2023 - 150,551 7,375 54,460 212,386
Net Book Value
As at 31 December 2023 1,075,000 70,689 13,125 - 1,158,814
As at 1 January 2023 975,000 57,318 9,000 - 1,041,318
Land and buildings with a carrying amount of £822,739 were revalued at 30th November 2021 to £975,000 by Louis Taylor Limited, independent valuers not connected with the company on the basis of market value.  The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties. The directors have subsequently revalued the land and buildings at £1,075,000 based on recent market transactions for similar properties.
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
At cost 822,739 221,240 20,500 54,460 1,118,939
At valuation 252,261 - - - 252,261
1,075,000 221,240 20,500 54,460 1,371,200
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5. Investments
Subsidiaries
£
Cost
As at 1 January 2023 1
Disposals (1 )
As at 31 December 2023 -
Provision
As at 1 January 2023 -
As at 31 December 2023 -
Net Book Value
As at 31 December 2023 -
As at 1 January 2023 1
Fixed asset investments not carried at market value
Shares in subsidiary undertakings are valued at cost.
6. Stocks
2023 2022
£ £
Stock 416,347 393,610
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 128,528 258,353
Prepayments and accrued income 7,897 6,838
Other debtors 467,142 257,281
603,567 522,472
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 81,667 65,024
Bank loans and overdrafts 229,098 375,015
Other loans 24,000 24,000
Other taxes and social security 5,574 2,002
VAT 29,423 30,183
Net wages - 300
Other creditors 558,364 77,958
Accruals and deferred income 23,451 12,634
Directors' loan accounts 49,652 54,080
1,001,229 641,196
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9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 128,472 170,139
Other loans 87,000 111,000
215,472 281,139
10. Secured Creditors
The bank overdraft, loans and invoice discounting facilities are secured by way of debenture.
Of the creditors the following amounts are secured.
2023 2022
£ £
Bank loans and overdrafts 357,570 545,154
11. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 1,224 1,224
12. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are £3,192 (2022 - £4,788).
13. Directors Advances, Credits and Guarantees
Total dividends paid to the directors in the year were £12,000 (2022 - £12,000).
14. Reserves
Revaluation Reserve
£
As at 1 January 2023 152,261
Surplus on revaluation 100,000
As at 31 December 2023 252,261
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