REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 May 2024 |
for |
The New Boot Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 May 2024 |
for |
The New Boot Limited |
The New Boot Limited (Registered number: 07254560) |
Contents of the Financial Statements |
for the Year Ended 31 May 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
The New Boot Limited |
Company Information |
for the Year Ended 31 May 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
7 Merlin Courtyard |
Gatehouse Close |
Aylesbury |
Buckinghamshire |
HP19 8DP |
The New Boot Limited (Registered number: 07254560) |
Balance Sheet |
31 May 2024 |
31.5.24 | 31.5.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 10 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Retained earnings | 12 |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The New Boot Limited (Registered number: 07254560) |
Balance Sheet - continued |
31 May 2024 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
The New Boot Limited (Registered number: 07254560) |
Notes to the Financial Statements |
for the Year Ended 31 May 2024 |
1. | STATUTORY INFORMATION |
The New Boot Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover, representing rental income, is recognised consistently with the right to receive consideration in exchange for the use of the company asset. |
Goodwill |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Plant and machinery etc | - |
Government grants |
Grants of a revenue nature are recognised in "other income" within profit or loss in the same period as the related expenditure. |
Apart from the 2.5% rate of interest charged on the Bounce Back loan the company has not benefitted from any other forms of COVID19 business support assistance. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
The New Boot Limited (Registered number: 07254560) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2024 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 June 2023 |
and 31 May 2024 |
AMORTISATION |
At 1 June 2023 |
and 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 June 2023 |
and 31 May 2024 |
DEPRECIATION |
At 1 June 2023 |
Charge for year |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.24 | 31.5.23 |
£ | £ |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.24 | 31.5.23 |
£ | £ |
Bank loan |
Taxation and social security |
Other creditors |
The New Boot Limited (Registered number: 07254560) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2024 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.5.24 | 31.5.23 |
£ | £ |
Bank loans |
Other creditors |
In December 2022 the company arranged two loans of £10,000 each from shareholders. |
The £20,000 was used immediately to make a partial repayment of the Benefactors Loan. |
These loans, which are unsecured, are scheduled to be repaid by monthly repayments over a maximum period of 90 months from drawdown. |
Interest is payable at the rate of 2.5% per annum above the Bank of England base rate. |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.5.24 | 31.5.23 |
£ | £ |
Bank loans |
The company borrowed £8,500 under the Bounce Back Loan Scheme in July 2020. |
UK Government paid any interest payable in the first 12 months through a Business Interruption Payment to the lender, and lenders benefit from a 100% government backed guarantee. |
The government has set the interest rate for this loan at 2.5% per annum and the repayment term is fixed at six years. No repayments were due during the first 12 months.The company remains 100% liable to repay the full loan amount,as well as interest, after the first year. |
10. | PROVISIONS FOR LIABILITIES |
31.5.24 | 31.5.23 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Deferred |
tax |
£ |
Balance at 1 June 2023 |
Movements in year |
Accelerated capital allowances | (284 | ) |
Balance at 31 May 2024 |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.5.24 | 31.5.23 |
value: | £ | £ |
Ordinary | £1 | 645 | 645 |
The New Boot Limited (Registered number: 07254560) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2024 |
12. | RESERVES |
Retained |
earnings |
£ |
At 1 June 2023 |
Profit for the year |
At 31 May 2024 |
13. | TRANSACTIONS WITH THE DIRECTORS |
In the company's first year, and subsequently, it received interest free loans from each shareholder. These loans were made on issue of each share and on the basis that they will only be repaid when the company is in a financial position to do so. The following balances relate to the directors in office at the balance sheet date and are included within the shareholders loans. |
N J Cox | £5,988 |
Mrs J D Dexter | £9,980 |
L W Stringfellow | £499 |
Mrs C E Stevens | £1,497 |
M L Vian | £2,495 |
14. | RELATED PARTY DISCLOSURES |
In the company's first year, and subsequently, it received interest free loans from each shareholder. These loans were made on issue of each share and on the basis that repayment will only be made when the company is in a financial position to do so. No repayment of the loans has been made during the year. At the year end the total amount loaned to the company was £321,855 (2023 - £321,855) which is shown as a long term liability. Details of the individual balances can be obtained from the directors on request. |
15. | CONTROL |
The company is not under the control of any one shareholder. |