1 29 January 2025 false false false false false false false false false false true false false false false false false No description of principal activity 2023-01-31 Sage Accounts Production Advanced 2023 - FRS102_2023 25,000 15,000 2,500 17,500 7,500 10,000 6,842 6,842 xbrli:pure xbrli:shares iso4217:GBP 10468335 2023-01-31 2024-01-28 10468335 2024-01-28 10468335 2023-01-30 10468335 2022-01-31 2023-01-30 10468335 2023-01-30 10468335 2022-01-30 10468335 core:NetGoodwill 2023-01-31 2024-01-28 10468335 core:FurnitureFittings 2023-01-31 2024-01-28 10468335 bus:Director1 2023-01-31 2024-01-28 10468335 core:NetGoodwill 2023-01-30 10468335 core:NetGoodwill 2024-01-28 10468335 core:FurnitureFittings 2024-01-28 10468335 core:WithinOneYear 2024-01-28 10468335 core:WithinOneYear 2023-01-30 10468335 core:AfterOneYear 2024-01-28 10468335 core:UKTax 2023-01-31 2024-01-28 10468335 core:UKTax 2022-01-31 2023-01-30 10468335 core:ShareCapital 2024-01-28 10468335 core:ShareCapital 2023-01-30 10468335 core:RetainedEarningsAccumulatedLosses 2024-01-28 10468335 core:RetainedEarningsAccumulatedLosses 2023-01-30 10468335 core:NetGoodwill 2023-01-30 10468335 bus:SmallEntities 2023-01-31 2024-01-28 10468335 bus:Audited 2023-01-31 2024-01-28 10468335 bus:SmallCompaniesRegimeForAccounts 2023-01-31 2024-01-28 10468335 bus:PrivateLimitedCompanyLtd 2023-01-31 2024-01-28 10468335 bus:FullAccounts 2023-01-31 2024-01-28
COMPANY REGISTRATION NUMBER: 10468335
DIRECT FOOTWEAR LTD
FILLETED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
28 January 2024
DIRECT FOOTWEAR LTD
STATEMENT OF FINANCIAL POSITION
28 January 2024
28 Jan 24
30 Jan 23
Note
£
£
£
£
FIXED ASSETS
Intangible assets
6
7,500
10,000
CURRENT ASSETS
Debtors
8
3,925,175
2,889,480
Cash at bank and in hand
3,344
10,603
------------
------------
3,928,519
2,900,083
CREDITORS: amounts falling due within one year
9
( 1,287,407)
( 1,023,195)
------------
------------
NET CURRENT ASSETS
2,641,112
1,876,888
------------
------------
TOTAL ASSETS LESS CURRENT LIABILITIES
2,648,612
1,886,888
CREDITORS: amounts falling due after more than one year
10
( 250,000)
------------
------------
NET ASSETS
2,398,612
1,886,888
------------
------------
CAPITAL AND RESERVES
Called up share capital
1
1
Profit and loss account
2,398,611
1,886,887
------------
------------
SHAREHOLDERS FUNDS
2,398,612
1,886,888
------------
------------
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.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 29 January 2025 , and are signed on behalf of the board by:
S A Buck
Director
Company registration number: 10468335
DIRECT FOOTWEAR LTD
NOTES TO THE FINANCIAL STATEMENTS
PERIOD FROM 31 JANUARY 2023 TO 28 JANUARY 2024
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 34 Roundhay Road, Leeds, LS7 1AB, England.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover comprises revenue recognised by the company in respect of goods supplied, exclusive of Value Added Tax.
Income tax
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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Fixtures and fittings
-
25% straight line
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit and loss. Derivative financial instruments are initially recorded at transaction price and thereafter at fair value with changes recognised in profit and loss. The company holds the following financial assets and liabilities: Cash, Short-term trade and other debtors, and creditors. Cash in the balance sheet comprises cash at banks and in hand and short term deposits with an original maturity date of three months or less. 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 before operating profit.
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.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the period amounted to 1 (2023: 1 ).
5. TAX ON PROFIT
Major components of tax expense
Period from
31 Jan 23 to
Year to
28 Jan 24
30 Jan 23
£
£
Current tax:
UK current tax expense
88,102
122,836
Adjustments in respect of prior periods
140
--------
---------
Total current tax
88,102
122,976
--------
---------
--------
---------
Tax on profit
88,102
122,976
--------
---------
6. INTANGIBLE ASSETS
Goodwill
£
Cost
At 31 January 2023 and 28 January 2024
25,000
--------
Amortisation
At 31 January 2023
15,000
Charge for the period
2,500
--------
At 28 January 2024
17,500
--------
Carrying amount
At 28 January 2024
7,500
--------
At 30 January 2023
10,000
--------
7. TANGIBLE ASSETS
Fixtures and fittings
£
Cost
At 31 January 2023 and 28 January 2024
6,842
-------
Depreciation
At 31 January 2023 and 28 January 2024
6,842
-------
Carrying amount
At 28 January 2024
-------
At 30 January 2023
-------
8. DEBTORS
28 Jan 24
30 Jan 23
£
£
Trade debtors
237,493
176,470
Amounts owed by group undertakings and undertakings in which the company has a participating interest
3,657,704
2,580,938
Other debtors
29,978
132,072
------------
------------
3,925,175
2,889,480
------------
------------
9. CREDITORS: amounts falling due within one year
28 Jan 24
30 Jan 23
£
£
Trade creditors
33,942
4,087
Amounts owed to group undertakings and undertakings in which the company has a participating interest
489,793
369,493
Corporation tax
337,955
376,667
Social security and other taxes
133,088
Invoice discounting
187,354
196,506
Other creditors
105,275
76,442
------------
------------
1,287,407
1,023,195
------------
------------
The invoice discounting facilities totalling £196,506 (2022: £411,450) falling due within one year are secured by the company.
10. CREDITORS: amounts falling due after more than one year
28 Jan 24
30 Jan 23
£
£
Bank loans and overdrafts
250,000
---------
----
11. SUMMARY AUDIT OPINION
The auditor's report dated 29 January 2025 was unqualified .
The senior statutory auditor was JEFFREY WINE , for and on behalf of Wine & Co .