Registered number
05678953
NPS Shoes Ltd
Report and Financial Statements
31 March 2024
NPS Shoes Ltd
Report and accounts
Contents
Page
Company information 1
Directors' report 2
Statement of directors' responsibilities 3
Strategic report 4
Independent auditor's report 5
Income statement 6
Statement of comprehensive income 6
Statement of financial position 7
Statement of changes in equity 8
Statement of cash flows 9
Notes to the financial statements 10
NPS Shoes Ltd
Company Information
Directors
I J Tilley
J Tilley
C J E Castle
Auditors
Robins & Co
35 St Leonards Road
NN4 8DL
Registered office
17 South Street
Wollaston
Northamptonshire
NN29 7RY
Registered number
05678953
NPS Shoes Ltd
Registered number: 05678953
Directors' Report
The directors present their report and financial statements for the year ended 31 March 2024.
Principal activities
The company's principal activity during the year continued to be manufacture of footwear.
Directors
The following persons served as directors during the year:
I J Tilley
J Tilley
C J E Castle
Disclosure of information to auditors
Each person who was a director at the time this report was approved confirms that:
so far as he is aware, there is no relevant audit information of which the company's auditor is unaware; and
he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board on 28 October 2024 and signed on its behalf.
C J E Castle
Director
NPS Shoes Ltd
Statement of Directors' Responsibilities
The directors are responsible for preparing the report and financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (Financial Reporting Standard 102 and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
NPS Shoes Ltd
Strategic Report
The directors present their annual strategic report for the year ended 31 March 2024. The directors are preparing the strategic report have complied with s414c of the Companies Act 2006.

REVIEW OF BUSINESS
The principal activity of the company during the year was the manufacturing and sale of footwear.

The business witnessed continued pressure on prices of all materials used within the operation, whilst we also saw variable transportation costs due to global events.

The business continues to explore like-for like alternatives or invest in machinery to manufacture their own components to supress these cost increases and maintain quality. Our supply chain is now significantly more vertical and therefore more robust than ever before, but that has come at a cost of investment. Additionally, the company has invested, by way of a loan to a related company, in a logistics warehouse and processing facility in Europe. This activity has permitted the distribution of online and wholesale orders from within Europe to eliminate import blockages / delays and incorrect taxes and duties levied, which in turn has reduced our transportation, duty and import tax cost.





Demand for our product has increased, both for direct-to-consumer sales, and wholesale customers. Any direct cost increases have been absorbed by the business to maintain the prices of our product to both end consumers and retailers, to encourage growth in demand / consumption of our footwear. Although our European sales are now distinct from our UK and global (ex. Europe), our turnover has increased again, predominately due to direct-to-consumer sales. Our initial setup costs in European have reduce and thus EBITDA has increased for the year ending 2024.

The directors consider the results for the year to be reasonable. The directors also consider that the continued streamlining of production will allows for higher output without increasing costs.

Demand continues to be strong globally for our product, with a good geographical spread of sales that the Directors therefore feel hedges any local events. We strongly envisaged turnover to increase and also EBITDA in the forthcoming financial year.
PRINCIPAL RISKS AND UNCERTAINTIES
There are some risks and uncertainties that can impact the performance of the company, but few are beyond the control of the company and its board. The company monitors market trends and our risks on an ongoing basis. These market changes and risks are the focus of regular management meetings where business performance is reviewed and assessed.

The company is consistently reviewing all its health and safety requirements to ensure that all its workers and visitors to its sites are complying with safe working practices, as amended from time to time.

Liquidity Risks
The company has net current liabilities of £7,866,154 (2023: £5,576,636 liabilities). Management has reviewed future cash flows and considers that it has sufficient cash facilities to enable it to continue to meet its liabilities as they fall due.
Market Risks
Given the current economic climate the company has taken various measures to reduce its cost base to minimise any risk.

Credit risks
The company's credit risk is primarily attributable to its trade debtors. The amounts presented in the balance sheet are net of allowances for doubtful debts, estimated by the management based on prior experience, the current economic environment or specific customer issues.

The company has implemented policies that require appropriate credit checks on potential customers or review of existing customer credit history before a sale is made together, many of our customers are on proforma accounts or make payment whilst placing their online order.
Competitive Pressures
The company continually faces competition in all the markets in which it has a presence. This could be from any one of the following functions: production capacity; product demand; ease of importation and exportation, and availability of raw materials. To limit significant adverse effects of these factors, the directors are continually investing in people, machinery, and process to improve production output and / or limit any perturbation, raise awareness of the company’s brands through continue marketing efforts, invest in stock and warehousing to limit any impact of any delays in both material and finished footwear to consumers, and mitigate any short-term price variation in materials. In addition to ensuring that manufacturing is as efficient as possible, and the cost of manufacturing is kept as low as possible. The company has an emphasis on new product development and continually improving the ergonomics of our footwear so there is a continued appeal to customers and their changing needs. Moreover, we continue to invest in developing internal capabilities of manufacturing components to ensure our supply chain and our production is as sustainable as possible, considering the ever-changing environmental requirements and requests of legislation and our customers.

KEY PERFORMANCE INDICATOR
The company's key performance indicators include turnover (including sales product mix), gross profit margin, EBITDA (being loss before tax, interest, depreciation, and amortisation) and operating cash flow.

The company's key financial and other performance indicators during the year were as follows.
2024 2023 Change
£ £ %
Turnover (as per note 4) 11,619,704 9,351,058 24.2%
Gross profit margin 48.7% 50.3% -1.6%

Demand continues to outstrip our production, but we are investing and working hard to increase our domestic output. Accordingly, we are very optimistic of continued growth and increased EBITDA
This report was approved by the board on 28 October 2024 and signed on its behalf.
C J E Castle
Director
NPS Shoes Ltd
Independent auditor's report
to the members of NPS Shoes Ltd
Qualified Opinion
We have audited the financial statements of NPS Shoes Ltd (the 'company') for the year ended 31 March 2024 which comprise the Income Statement, the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for qualified opinion

With respect to opening stock having a carrying amount of £1,390,749 at 31 March 2023,the audit evidence available to us was limited because we were not appointed auditors until after 31 March 2023.

Consequently, we are unable to confirm the accuracy of the opening stock figure and whether any adjustments to the stock position was necessary for the year ended 31 March 2023, or whether there are any consequential effects on cost of sales for either that period or the period ended 31 March 2024.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
the information given in the strategic report and the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors’ report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors’ remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors’ responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
[Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud.]
A further description of our responsibilities for the audit of the financial statements is available on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Andrew Robins
(Senior Statutory Auditor) 35 St Leonards Road
for and on behalf of
Robins & Co Northampton
Statutory Auditor
28 October 2024 NN4 8DL
NPS Shoes Ltd
Income Statement
for the year ended 31 March 2024
Notes 2024 2023
£ £
Turnover 2 11,619,704 9,351,058
Cost of sales (5,962,529) (4,633,777)
Gross profit 5,657,175 4,717,281
Administrative expenses (2,413,902) (2,241,753)
Other operating income 82,202 27,377
Operating profit 3 3,325,475 2,502,905
Profit on sale of fixed assets 7,161 65
Loss on revaluation of investment property - (5,653)
Income from investments - 5,890
Interest receivable 45,983 9,130
Profit on ordinary activities before taxation 3,378,619 2,512,337
Tax on profit on ordinary activities 6 (743,430) (405,104)
Profit for the financial year 2,635,189 2,107,233
NPS Shoes Ltd
Statement of Comprehensive Income
for the year ended 31 March 2024
Notes 2024 2023
£ £
Profit for the financial year 2,635,189 2,107,233
Other comprehensive income
Gain on revaluation of land and buildings 8 - 40,501
Total comprehensive income for the year 2,635,189 2,147,734
NPS Shoes Ltd
Statement of Financial Position
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 7 - 891
Tangible assets 8 1,812,467 1,756,903
1,812,467 1,757,794
Current assets
Stocks 9 1,815,745 1,390,749
Debtors 10 1,078,045 1,214,459
Cash at bank and in hand 6,726,513 4,022,470
9,620,303 6,627,678
Creditors: amounts falling due within one year 11 (1,754,149) (1,051,042)
Net current assets 7,866,154 5,576,636
Total assets less current liabilities 9,678,621 7,334,430
Provisions for liabilities
Deferred taxation 12 (74,685) (65,683)
Net assets 9,603,936 7,268,747
Capital and reserves
Called up share capital 13 100 100
Other reserves 14 40,501 40,501
Profit and loss account 15 9,563,335 7,228,146
Total equity 9,603,936 7,268,747
C J E Castle
Director
Approved by the board on 28 October 2024
NPS Shoes Ltd
Statement of Changes in Equity
for the year ended 31 March 2024
Share Share Other Profit Total
capital premium reserves and loss
account
£ £ £ £ £
At 1 April 2022 100 - - 5,410,913 5,411,013
Profit for the financial year 2,107,233 2,107,233
Gain on revaluation of land and buildings 40,501 40,501
Other comprehensive income for the financial year - - 40,501 - 40,501
Total comprehensive income for the financial year - - 40,501 2,107,233 2,147,734
Dividends (290,000) (290,000)
At 31 March 2023 100 - 40,501 7,228,146 7,268,747
At 1 April 2023 100 - 40,501 7,228,146 7,268,747
Profit for the financial year 2,635,189 2,635,189
Dividends (300,000) (300,000)
At 31 March 2024 100 - 40,501 9,563,335 9,603,936
NPS Shoes Ltd
Statement of Cash Flows
for the year ended 31 March 2024
Notes 2024 2023
£ £
Operating activities
Profit for the financial year 2,635,189 2,107,233
Adjustments for:
Profit on sale of fixed assets (7,161) -
Loss on revaluation of investment property - 5,653
Income from investments - (5,890)
Interest receivable (45,983) (9,130)
Tax on profit on ordinary activities 743,430 405,104
Depreciation 107,369 85,358
Amortisation of goodwill 891 1,365
Increase in stocks (424,996) (135,738)
Decrease/(increase) in debtors 136,414 (942,562)
Increase/(decrease) in creditors 557,272 (43,051)
3,702,425 1,468,342
Dividends received - 5,890
Interest received 45,983 9,130
Corporation tax paid (557,682) (465,331)
Cash generated by operating activities 3,190,726 1,018,031
Investing activities
Payments to acquire tangible fixed assets (162,933) (572,532)
Proceeds from sale of tangible fixed assets 7,161 4,708
Cash used in investing activities (155,772) (567,824)
Financing activities
Equity dividends paid (300,000) (290,000)
Repayment of loans - (85)
Cash used in financing activities (300,000) (290,085)
Net cash generated
Cash generated by operating activities 3,190,726 1,018,031
Cash used in investing activities (155,772) (567,824)
Cash used in financing activities (300,000) (290,085)
Net cash generated 2,734,954 160,122
Cash and cash equivalents at 1 April 3,991,559 3,831,437
Cash and cash equivalents at 31 March 6,726,513 3,991,559
Cash and cash equivalents comprise:
Cash at bank 6,726,513 4,022,470
Bank overdrafts 11 - (30,911)
6,726,513 3,991,559
NPS Shoes Ltd
Notes to the Accounts
for the year ended 31 March 2024
1 Summary of significant accounting policies
Basis of preparation
The financial statements have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
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 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings at varying rates on cost
Leasehold land and buildings over the lease term
Plant and machinery over 4 years
Fixtures, fittings, tools and equipment over 4 years
Motor Vehicles 25% reducing balance
Investment property
Investment property is initially recognised at cost and then subsequently measured at fair value. Changes in value are recognised in profit or loss.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the average cost method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Analysis of turnover 2024 2023
£ £
Sale of goods 11,619,704 9,351,058
By geographical market:
UK 3,479,829 2,878,870
Europe 1,985,801 1,575,426
North America 4,762,957 4,071,360
Rest of world 1,391,117 825,402
11,619,704 9,351,058
3 Operating profit 2024 2023
£ £
This is stated after charging:
Depreciation of owned fixed assets 107,369 85,366
Amortisation of goodwill 891 1,365
Auditors' remuneration for audit services 10,000 15,000
Carrying amount of stock sold 3,488,882 2,044,532
4 Directors' emoluments 2024 2023
£ £
Emoluments 12,540 10,223
Company contributions to defined contribution pension plans 60,000 40,120
72,540 50,343
Highest paid director:
Emoluments 12,540 10,223
Company contributions to defined contribution pension plans 60,000 40,120
72,540 50,343
Number of directors to whom retirement benefits accrued: 2024 2023
Number Number
Defined contribution plans 1 1
5 Staff costs 2024 2023
£ £
Wages and salaries 857,990 653,571
Social security costs 73,106 59,392
Other pension costs 92,988 68,709
1,024,084 781,672
Average number of employees during the year Number Number
Administration 24 25
Manufacturing 36 36
60 61
6 Taxation 2024 2023
£ £
Analysis of charge in period
Current tax:
UK corporation tax on profits of the period 839,167 385,847
Adjustments in respect of previous periods (104,739) -
734,428 385,847
Deferred tax:
Origination and reversal of timing differences 9,002 19,257
Tax on profit on ordinary activities 743,430 405,104
Factors affecting tax charge for period
The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows:
2024 2023
£ £
Profit on ordinary activities before tax 3,378,619 2,512,337
Standard rate of corporation tax in the UK 25% 19%
£ £
Profit on ordinary activities multiplied by the standard rate of corporation tax 844,655 477,344
Effects of:
Expenses not deductible for tax purposes (5,488) (91,497)
Adjustments to tax charge in respect of previous periods (104,739) -
Current tax charge for period 734,428 385,847
Factors that may affect future tax charges
7 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2023 40,136
At 31 March 2024 40,136
Amortisation
At 1 April 2023 39,245
Provided during the year 891
At 31 March 2024 40,136
Carrying amount
At 31 March 2024 -
At 31 March 2023 891
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
8 Tangible fixed assets
Land and buildings Plant and machinery Fixtures, fittings, tools and equipment Total
At cost At cost At cost
£ £ £ £
Cost or valuation
At 1 April 2023 1,672,299 460,287 58,072 2,190,658
Additions - 120,620 42,313 162,933
At 31 March 2024 1,672,299 580,907 100,385 2,353,591
Depreciation
At 1 April 2023 131,759 270,056 31,940 433,755
Charge for the year 26,813 65,884 14,672 107,369
At 31 March 2024 158,572 335,940 46,612 541,124
Carrying amount
At 31 March 2024 1,513,727 244,967 53,773 1,812,467
At 31 March 2023 1,540,540 190,231 26,132 1,756,903
9 Stocks 2024 2023
£ £
Finished goods and goods for resale 1,815,745 1,390,749
10 Debtors 2024 2023
£ £
Trade debtors 473,155 397,941
Other debtors 589,847 798,119
Prepayments and accrued income 15,043 18,399
1,078,045 1,214,459
11 Creditors: amounts falling due within one year 2024 2023
£ £
Bank overdrafts - 30,911
Trade creditors 886,813 337,678
Corporation tax 429,607 252,861
Other taxes and social security costs 199,587 143,165
Other creditors 55,373 68,223
Accruals and deferred income 182,769 218,204
1,754,149 1,051,042
12 Deferred taxation 2024 2023
£ £
Accelerated capital allowances 74,685 65,683
2024 2023
£ £
At 1 April 65,683 46,426
Charged to the profit and loss account 9,002 19,257
At 31 March 74,685 65,683
13 Share capital Nominal 2024 2024 2023
value Number £ £
Allotted, called up and fully paid:
Ordinary shares £1 each - 100 100
14 Other reserves 2024 2023
Revaluation reserve £ £
At 1 April 40,501 -
Gain on revaluation of land and buildings - 40,501
At 31 March 40,501 40,501
15 Profit and loss account 2024 2023
£ £
At 1 April 7,228,146 5,410,913
Profit for the financial year 2,635,189 2,107,233
Dividends (300,000) (290,000)
At 31 March 9,563,335 7,228,146
16 Dividends 2024 2023
£ £
Dividends on ordinary shares (note 15) 300,000 -
17 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
C J E Castle
Loan 85 - - 85
85 - - 85
18 Related party transactions
During the period the Company made transfers totalling £125,000 (2023: Nil) to a company with a connected person as director. At the year end this balance was still outstanding.

There were also transactions made from another company with a connected person as a director. The balance at year end was £35,412 (2023: £52,913) due to be paid back.
During the year there were also a repayment of £341,541 relating to the amount outstanding in 2023 of £798,034 to a company with a connected person as director. The balance at the year end was £464,762 this has now been fully repaid after the year end.
19 Presentation currency
The financial statements are presented in Sterling.
20 Legal form of entity and country of incorporation
NPS Shoes Ltd is a private company limited by shares and incorporated in England.
21 Principal place of business
The address of the company's principal place of business and registered office is:
17 South Street
Wollaston
Northamptonshire
NN29 7RY
22 Government grants and assistance
Other income includes government grants and assistance.

During the year, the company has received government support to create new jobs from the invest to grow grant scheme amounting to £18,337. (2023 £9,000)
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