REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE PERIOD 1ST MAY 2023 TO 31ST MARCH 2024 |
FOR |
PATRICK SHOES LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE PERIOD 1ST MAY 2023 TO 31ST MARCH 2024 |
FOR |
PATRICK SHOES LIMITED |
PATRICK SHOES LIMITED (REGISTERED NUMBER: 09632082) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1ST MAY 2023 TO 31ST MARCH 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
PATRICK SHOES LIMITED |
COMPANY INFORMATION |
FOR THE PERIOD 1ST MAY 2023 TO 31ST MARCH 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
109 Coleman Road |
Leicester |
Leicestershire |
LE5 4LE |
PATRICK SHOES LIMITED (REGISTERED NUMBER: 09632082) |
BALANCE SHEET |
31ST MARCH 2024 |
31/3/24 | 30/4/23 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
PATRICK SHOES LIMITED (REGISTERED NUMBER: 09632082) |
BALANCE SHEET - continued |
31ST MARCH 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 |
PATRICK SHOES LIMITED (REGISTERED NUMBER: 09632082) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1ST MAY 2023 TO 31ST MARCH 2024 |
1. | STATUTORY INFORMATION |
Patrick Shoes Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
RELATED PARTY EXEMPTION |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
GOING CONCERN |
The directors have reviewed future cash flow projections and financial modelling, which they feel adequately reflect the current uncertain economic environment. The directors are satisfied that this shows its future plans to be viable, and there will be sufficient cash resources available for the forthcoming 12 months to enable the entity to continue as a going concern. |
As shown in the accompanying financial statements, the Company incurred a net loss before taxation of £195,690 for the year ended 31 March 2024 (2023: £89,060). As of 31 March 2024, the company had a positive cash balance of £23,947 (2023: £75,733) and was in a net asset position of £90,062. |
The financial statements do not include any adjustments that might be necessary if it were unable to continue as a going concern. After considering all relevant uncertainties, the directors have a reasonable expectation that the entity has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the annual financial statements. |
TURNOVER |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates and value added tax. Turnover represents revenue earned from the sale of goods. |
Revenue is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, usually on dispatch of the goods, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
GOODWILL |
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the goodwill of 6 years. |
PATRICK SHOES LIMITED (REGISTERED NUMBER: 09632082) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1ST MAY 2023 TO 31ST MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
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 |
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the asset capable of operating as intended. |
Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows: |
Plant and machinery | - | 20% on cost |
Motor vehicles | - | 20% on cost |
Office equipment | - | 20% on cost |
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable. |
STOCKS |
Stocks are stated at the lower of cost and net realisable value. Cost includes all costs incurred in bringing each product to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate. |
DEBTORS AND CREDITORS RECEIVABLE / PAYABLE WITHIN ONE YEAR |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
LOANS AND BORROWINGS |
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value. |
FINANCIAL INSTRUMENTS |
Derivative financial instruments are recognised at fair value using a valuation technique with any gains or losses being reported in profit or loss. Outstanding derivatives at reporting date are included under the appropriate format heading depending on the nature of the derivative. |
TAXATION |
Taxation for the period 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. |
PATRICK SHOES LIMITED (REGISTERED NUMBER: 09632082) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1ST MAY 2023 TO 31ST MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
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 period 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. |
RESEARCH AND DEVELOPMENT |
Expenditure on research and development is written off in the year in which it is incurred. |
FOREIGN CURRENCIES |
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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
HIRE PURCHASE AND LEASING COMMITMENTS |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1st May 2023 |
and 31st March 2024 |
AMORTISATION |
At 1st May 2023 |
Charge for period |
At 31st March 2024 |
NET BOOK VALUE |
At 31st March 2024 |
At 30th April 2023 |
PATRICK SHOES LIMITED (REGISTERED NUMBER: 09632082) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1ST MAY 2023 TO 31ST MARCH 2024 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1st May 2023 |
Additions |
At 31st March 2024 |
DEPRECIATION |
At 1st May 2023 |
Charge for period |
At 31st March 2024 |
NET BOOK VALUE |
At 31st March 2024 |
At 30th April 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/3/24 | 30/4/23 |
£ | £ |
Trade debtors |
Other debtors |
Amounts owed by group undertakings are unsecured, interest free, and repayable on demand. |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/3/24 | 30/4/23 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
Amounts owed by group undertakings are unsecured, interest free, and repayable on demand. |
PATRICK SHOES LIMITED (REGISTERED NUMBER: 09632082) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1ST MAY 2023 TO 31ST MARCH 2024 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31/3/24 | 30/4/23 |
£ | £ |
Bank loans |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31/3/24 | 30/4/23 |
value: | £ | £ |
Ordinary | £1 | 402,800 | 402,800 |
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was qualified on the following basis: |
Basis for qualified opinion |
As this is the first year we are carrying out an an audit for this entity and no audit was performed in prior year, we have not been able to satisfy ourselves by alternative means on the opening or comparative balances. As a result of these matters, we were unable to determine whether any adjustments might have been found necessary in respect of opening balances and the elements making up the statement of comprehensive income and statement of financial position. |
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 Auditors' 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 qualified opinion. |
for and on behalf of |
11. | ULTIMATE CONTROLLING PARENT |
The company is a wholly owned subsidiary of Superhouse Limited, an Indian registered company with registered office at 150 Feet Road, Jajmau, Kanpur, 208 010 India. |