4 01/06/2023 31/05/2024 2024-05-31 false false false false false false false true false false true false false false false true true false No description of principal activities is disclosed 2023-06-01 Sage Accounts Production 23.0 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 05756843 2023-06-01 2024-05-31 05756843 2024-05-31 05756843 2023-05-31 05756843 2022-06-01 2023-05-31 05756843 2023-05-31 05756843 2022-05-31 05756843 core:FurnitureFittingsToolsEquipment 2023-06-01 2024-05-31 05756843 bus:LeadAgentIfApplicable 2023-06-01 2024-05-31 05756843 bus:Director1 2023-06-01 2024-05-31 05756843 core:FurnitureFittingsToolsEquipment 2023-05-31 05756843 core:FurnitureFittingsToolsEquipment 2024-05-31 05756843 core:WithinOneYear 2024-05-31 05756843 core:WithinOneYear 2023-05-31 05756843 core:UKTax 2023-06-01 2024-05-31 05756843 core:UKTax 2022-06-01 2023-05-31 05756843 core:ShareCapital 2024-05-31 05756843 core:ShareCapital 2023-05-31 05756843 core:RetainedEarningsAccumulatedLosses 2024-05-31 05756843 core:RetainedEarningsAccumulatedLosses 2023-05-31 05756843 core:AcceleratedTaxDepreciationDeferredTax 2024-05-31 05756843 core:AcceleratedTaxDepreciationDeferredTax 2023-05-31 05756843 core:FurnitureFittingsToolsEquipment 2023-05-31 05756843 bus:Director1 2023-05-31 05756843 bus:Director1 2024-05-31 05756843 bus:Director1 2022-05-31 05756843 bus:Director1 2023-05-31 05756843 bus:Director1 2022-06-01 2023-05-31 05756843 bus:SmallEntities 2023-06-01 2024-05-31 05756843 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 05756843 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 05756843 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 05756843 bus:FullAccounts 2023-06-01 2024-05-31 05756843 core:KeyManagementIndividualGroup1 2023-06-01 2024-05-31 05756843 core:KeyManagementIndividualGroup1 2022-06-01 2023-05-31 05756843 1 2023-06-01 2024-05-31
Company registration number: 05756843
Andrew Graham Shoes Ltd
Unaudited filleted financial statements
31 May 2024
Andrew Graham Shoes Ltd
Contents
Accountants report
Statement of financial position
Notes to the financial statements
Andrew Graham Shoes Ltd
Accountants report to the director on the preparation of the
unaudited statutory financial statements of Andrew Graham Shoes Ltd
Year ended 31 May 2024
As described on the statement of financial position, the director of the company is responsible for the preparation of the financial statements for the year ended 31 May 2024 which comprise the statement of financial position and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Purcell & Co
Certified Public Accountants
204 Mauldeth Rd
Burnage
Manchester
M19 1AJ
11 September 2024
Andrew Graham Shoes Ltd
Statement of financial position
31 May 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 6 709 113
_______ _______
709 113
Current assets
Stocks 40,841 44,560
Debtors 7 2,435 2,160
Cash at bank and in hand 89,915 91,266
_______ _______
133,191 137,986
Creditors: amounts falling due
within one year 8 ( 20,486) ( 20,195)
_______ _______
Net current assets 112,705 117,791
_______ _______
Total assets less current liabilities 113,414 117,904
Provisions for liabilities ( 135) ( 22)
_______ _______
Net assets 113,279 117,882
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 113,179 117,782
_______ _______
Shareholders funds 113,279 117,882
_______ _______
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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.
These financial statements were approved by the board of directors and authorised for issue on 11 September 2024 , and are signed on behalf of the board by:
Mr Andrew Slater
Director
Company registration number: 05756843
Andrew Graham Shoes Ltd
Notes to the financial statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 673 Wilmslow Rd, Didsbury, Manchester, M20 6RA.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Fittings fixtures and equipment - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating 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 are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
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 in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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 in finance costs 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 4 (2023: 4 ).
5. Tax on profit
Major components of tax expense
2024 2023
£ £
Current tax:
UK current tax expense 5,844 5,696
_______ _______
Deferred tax:
Origination and reversal of timing differences 113 ( 7)
_______ _______
Tax on profit 5,957 5,689
_______ _______
Reconciliation of tax expense
The tax assessed on the profit for the year is the same as (2023: the same as) the standard rate of corporation tax in the UK of 19.00 % (2023: 19.00%).
2024 2023
£ £
Profit before taxation 31,354 29,943
_______ _______
Profit multiplied by rate of tax 5,957 5,689
Effect of capital allowances and depreciation ( 113) 7
_______ _______
Tax on profit 5,844 5,696
_______ _______
6. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 June 2023 11,326 11,326
Additions 833 833
_______ _______
At 31 May 2024 12,159 12,159
_______ _______
Depreciation
At 1 June 2023 11,213 11,213
Charge for the year 237 237
_______ _______
At 31 May 2024 11,450 11,450
_______ _______
Carrying amount
At 31 May 2024 709 709
_______ _______
At 31 May 2023 113 113
_______ _______
7. Debtors
2024 2023
£ £
Other debtors 2,435 2,160
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 4,237 2,057
Corporation tax 5,844 5,696
Social security and other taxes 4,699 6,631
Other creditors 5,706 5,811
_______ _______
20,486 20,195
_______ _______
9. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024 2023
£ £
Included in provisions (note ) 135 22
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2024 2023
£ £
Accelerated capital allowances 113 ( 7)
_______ _______
10. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr Andrew Slater ( 2,376) ( 312) 334 ( 2,354)
_______ _______ _______ _______
2023
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr Andrew Slater ( 2,385) - 9 ( 2,376)
_______ _______ _______ _______
11. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value
2024 2023
£ £
Andrew Slater 19,980 19,980
_______ _______
During the year the company rented land and buildings from the director Mr Andrew Slater, at a cost of £19,980 (2023:£19,980). At the year end the company owed him rent of £Nil (2023: £Nil).
12. Controlling party
The company is controlled by the director Mr Andrew Slater .