REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 January 2024 |
for |
Reid's Shoes Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 January 2024 |
for |
Reid's Shoes Limited |
Reid's Shoes Limited (Registered number: NI002039) |
Contents of the Financial Statements |
for the Year Ended 31 January 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
Reid's Shoes Limited |
Company Information |
for the Year Ended 31 January 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Unit HF 9, Twin Spires Complex |
Howard Buildings |
155 Northumberland Street |
Belfast |
Antrim |
BT13 2JF |
BANKERS: |
1 Donegall Square South |
Belfast |
Antrim |
BT1 | 5LR |
SOLICITORS: |
50 Bedford Street |
Belfast |
Co. Antrim |
BT2 7FW |
Reid's Shoes Limited (Registered number: NI002039) |
Statement of Financial Position |
31 January 2024 |
31.1.24 | 31.1.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Other reserves |
Retained earnings |
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. |
Reid's Shoes Limited (Registered number: NI002039) |
Statement of Financial Position - continued |
31 January 2024 |
The financial statements were authorised and approved for issue by the Board of Directors and authorised for issue on |
Reid's Shoes Limited (Registered number: NI002039) |
Notes to the Financial Statements |
for the Year Ended 31 January 2024 |
1. | STATUTORY INFORMATION |
Reid's Shoes Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
As noted in the Directors' Report, the Company ceased activity on 21st October 2023 and accordingly, the financial statements for the year ended 31st January 2024 have been prepared on the basis other than going concern. |
The Directors consider there to be no difference between the valuation on a going concern basis and valuation on termination. |
Significant judgements and estimates |
In preparing these financial statements the director has made the following judgements: |
Determine whether there are indicators of impairment of the company's fixed assets. Factors taken into account include economic viability and future expected financial performance of the business in general. Estimates are made in respect of the recoverable value of stock. When assessing the level of provisions required, factors considered include age and condition of stock. Amounts identified as irrecoverable will be provided against in the relevant period. |
Consider the depreciation rates on an annual basis to ensure there is sufficient evidence to support these and that the estimates remains reasonable. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Freehold property | - |
Fixtures and fittings | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Reid's Shoes Limited (Registered number: NI002039) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
All financial statements of the company are considered to meet the definition of basic financial instruments. |
-Short term debtors and creditors |
Debtors and creditors with no stated interest rate and are receivable or payable on demand are recognised at transaction price, and subject to annual impairment reviews. Any losses arising on impairment are recognised in the profit and loss account. |
-Cash and cash equivalents |
Cash and cash equivalents comprise cash at bank and in hand. |
Loans and borrowings |
All loans and borrowings are initially recorded at the present value of cash payable to the lender in settlement of the liability discounted at the market interest rate. Subsequently loans and borrowings are stated at amortised cost using the effective interest rate method. The computation of amortised cost includes any issues costs, transaction costs and fees, and any discount or premium on settlement, and the effect of this is to amortise these amounts over the expected borrowing period. Loans with no stated interest rate and repayable within one period or on demand are not amortised. Loans and borrowing are classified as current liabilities unless the borrower has an unconditional right to defer settlement of the liability for at least 12 months after the financial period end date. |
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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
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. |
Holiday pay |
A liability is recognised to the extent of any unused holiday pay entitlement which has accrued at the balance sheet date and is available to carry forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date. |
Termination benefits |
Termination benefits are amounts payable as a result of a decision of an entity to terminate a member of staff's employment before normal retirement date or a member of staff's decision to accept voluntary redundancy. Termination benefits are charged to the profit and loss on an accruals basis. |
Reid's Shoes Limited (Registered number: NI002039) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
2. | ACCOUNTING POLICIES - continued |
Post balance sheet events |
The company ceased activities on 21st October 2023, No provision has been made for the future costs of terminating the business, unless such costs were committed at the reporting date. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | and |
property | fittings | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 February 2023 |
and 31 January 2024 |
DEPRECIATION |
At 1 February 2023 |
Charge for year |
At 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
Cost or valuation at 31 January 2024 is represented by: |
Fixtures |
Freehold | and |
property | fittings | Totals |
£ | £ | £ |
Valuation in 2021 | 1,512,483 | 468,795 | 1,981,278 |
If property had not been revalued it would have been included at the following historical cost: |
31.1.24 | 31.1.23 |
£ | £ |
Cost | 2,460,862 | 2,460,862 |
Aggregate depreciation | 1,280,591 | 1,280,591 |
Value of land in freehold land and buildings | 1,180,271 | 1,180,271 |
Freehold property was valued on an open market basis on 31 October 2021 by McQuoids Estate Agents&CharteredSurveyors . |
Reid's Shoes Limited (Registered number: NI002039) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.1.24 | 31.1.23 |
£ | £ |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.1.24 | 31.1.23 |
£ | £ |
Bank loans and overdrafts |
Trade creditors | ( |
) |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.1.24 | 31.1.23 |
£ | £ |
Bank loans |
8. | POST BALANCE SHEET EVENTS |
As explained in Note 2 Accounting Policies the company ceased activities on 21st October 2023. No provision has been made for the future costs of terminating the business, unless such costs were committed at the reporting date. |