2023-01-012023-12-312023-12-31false02612990SOMERSET FOOTWEAR 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SOMERSET FOOTWEAR LIMITED

Registered Number
02612990
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

SOMERSET FOOTWEAR LIMITED
Company Information
for the year from 1 January 2023 to 31 December 2023

Directors

Martin Harris
Clive Shakespeare
David Hyde
Jessica Shakespeare
Linda Shakespeare

Company Secretary

SHAKESPEARE, Linda

Registered Address

Walker House Walker House
Market Place
Somerton
TA11 7LZ

Registered Number

02612990 (England and Wales)
SOMERSET FOOTWEAR LIMITED
Balance Sheet as at
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets3429,207444,436
429,207444,436
Current assets
Stocks496,511196,149
Debtors5131,04390,712
Cash at bank and on hand2,198,6662,116,860
2,426,2202,403,721
Creditors amounts falling due within one year6(100,065)(41,459)
Net current assets (liabilities)2,326,1552,362,262
Total assets less current liabilities2,755,3622,806,698
Provisions for liabilities8(9,465)(9,465)
Net assets2,745,8972,797,233
Capital and reserves
Called up share capital25,00125,001
Profit and loss account2,720,8962,772,232
Shareholders' funds2,745,8972,797,233
The financial statements were approved and authorised for issue by the Board of Directors on 21 August 2024, and are signed on its behalf by:
Clive Shakespeare
Director
Martin Harris
Director

Registered Company No. 02612990
SOMERSET FOOTWEAR LIMITED
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Turnover policy
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.
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
2.Average number of employees

20232022
Average number of employees during the year55
3.Tangible fixed assets

Land & buildings

Plant & machinery

Vehicles

Fixtures & fittings

Total

£££££
Cost or valuation
At 01 January 23580,068324,30230,91652,925988,211
At 31 December 23580,068324,30230,91652,925988,211
Depreciation and impairment
At 01 January 23158,888309,38029,52445,983543,775
Charge for year11,6012,2383481,04215,229
At 31 December 23170,489311,61829,87247,025559,004
Net book value
At 31 December 23409,57912,6841,0445,900429,207
At 31 December 22421,18014,9221,3926,942444,436
4.Stocks

2023

2022

££
Raw materials and consumables96,511196,149
Total96,511196,149
5.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables66,65432,632
Other debtors57,99251,787
Prepayments and accrued income6,3976,293
Total131,04390,712
6.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables3,0282,249
Taxation and social security47,13614,769
Other creditors47,76522,462
Accrued liabilities and deferred income2,1361,979
Total100,06541,459
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
7.Creditors: amounts due after one year
8.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)9,4659,465
Total9,4659,465