Silverfin false false 30/04/2024 01/05/2023 30/04/2024 A J Mayo 01/03/2011 27 January 2025 The principal activity of the Company during the year was that of podiatry services. 07546366 2024-04-30 07546366 bus:Director1 2024-04-30 07546366 2023-04-30 07546366 core:CurrentFinancialInstruments 2024-04-30 07546366 core:CurrentFinancialInstruments 2023-04-30 07546366 core:Non-currentFinancialInstruments 2024-04-30 07546366 core:Non-currentFinancialInstruments 2023-04-30 07546366 core:ShareCapital 2024-04-30 07546366 core:ShareCapital 2023-04-30 07546366 core:SharePremium 2024-04-30 07546366 core:SharePremium 2023-04-30 07546366 core:RetainedEarningsAccumulatedLosses 2024-04-30 07546366 core:RetainedEarningsAccumulatedLosses 2023-04-30 07546366 core:Goodwill 2023-04-30 07546366 core:Goodwill 2024-04-30 07546366 core:LeaseholdImprovements 2023-04-30 07546366 core:FurnitureFittings 2023-04-30 07546366 core:OfficeEquipment 2023-04-30 07546366 core:LeaseholdImprovements 2024-04-30 07546366 core:FurnitureFittings 2024-04-30 07546366 core:OfficeEquipment 2024-04-30 07546366 core:RemainingRelatedParties core:CurrentFinancialInstruments 2024-04-30 07546366 core:RemainingRelatedParties core:CurrentFinancialInstruments 2023-04-30 07546366 2023-05-01 2024-04-30 07546366 bus:FilletedAccounts 2023-05-01 2024-04-30 07546366 bus:SmallEntities 2023-05-01 2024-04-30 07546366 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 07546366 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 07546366 bus:Director1 2023-05-01 2024-04-30 07546366 core:Goodwill core:TopRangeValue 2023-05-01 2024-04-30 07546366 core:LeaseholdImprovements 2023-05-01 2024-04-30 07546366 core:FurnitureFittings 2023-05-01 2024-04-30 07546366 core:OfficeEquipment 2023-05-01 2024-04-30 07546366 2022-05-01 2023-04-30 07546366 core:Goodwill 2023-05-01 2024-04-30 07546366 core:Non-currentFinancialInstruments 2023-05-01 2024-04-30 iso4217:GBP xbrli:pure

Company No: 07546366 (England and Wales)

FEET COVERED LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH THE REGISTRAR

FEET COVERED LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024

Contents

FEET COVERED LIMITED

COMPANY INFORMATION

FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024
FEET COVERED LIMITED

COMPANY INFORMATION (continued)

FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024
DIRECTOR A J Mayo
REGISTERED OFFICE C/O PM+M First Floor
Sandringham House
Hollins Brook Park
Pilsworth Road
Bury
BL9 8RN
United Kingdom
COMPANY NUMBER 07546366 (England and Wales)
CHARTERED ACCOUNTANTS PM+M Solutions for Business LLP
First Floor
Sandringham House
Hollins Brook Park
Pilsworth Road
Bury
BL9 8RN
FEET COVERED LIMITED

BALANCE SHEET

AS AT 30 APRIL 2024
FEET COVERED LIMITED

BALANCE SHEET (continued)

AS AT 30 APRIL 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 4 56,001 1
Tangible assets 5 120,774 24,401
176,775 24,402
Current assets
Stocks 24,210 10,250
Debtors 6 46,557 88,433
Cash at bank and in hand 38,222 8,029
108,989 106,712
Creditors: amounts falling due within one year 7 ( 149,444) ( 71,304)
Net current (liabilities)/assets (40,455) 35,408
Total assets less current liabilities 136,320 59,810
Creditors: amounts falling due after more than one year 8 ( 57,417) ( 34,095)
Provision for liabilities ( 29,909) ( 4,851)
Net assets 48,994 20,864
Capital and reserves
Called-up share capital 200 200
Share premium account 45,000 45,000
Profit and loss account 3,794 ( 24,336 )
Total shareholder's funds 48,994 20,864

For the financial year ending 30 April 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Feet Covered Limited (registered number: 07546366) were approved and authorised for issue by the Director on 27 January 2025. They were signed on its behalf by:

A J Mayo
Director
FEET COVERED LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024
FEET COVERED LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Feet Covered Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O PM+M First Floor, Sandringham House, , Hollins Brook Park, Pilsworth Road, Bury, BL9 8RN, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 5 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 20 % reducing balance
Fixtures and fittings 20 % reducing balance
Office equipment 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 29 21

4. Intangible assets

Goodwill Total
£ £
Cost
At 01 May 2023 17,722 17,722
Additions 70,000 70,000
At 30 April 2024 87,722 87,722
Accumulated amortisation
At 01 May 2023 17,721 17,721
Charge for the financial year 14,000 14,000
At 30 April 2024 31,721 31,721
Net book value
At 30 April 2024 56,001 56,001
At 30 April 2023 1 1

5. Tangible assets

Leasehold improve-
ments
Fixtures and fittings Office equipment Total
£ £ £ £
Cost
At 01 May 2023 15,152 86,084 0 101,236
Additions 47,267 31,824 42,085 121,176
At 30 April 2024 62,419 117,908 42,085 222,412
Accumulated depreciation
At 01 May 2023 11,281 65,554 0 76,835
Charge for the financial year 7,978 9,755 7,070 24,803
At 30 April 2024 19,259 75,309 7,070 101,638
Net book value
At 30 April 2024 43,160 42,599 35,015 120,774
At 30 April 2023 3,871 20,530 0 24,401

6. Debtors

2024 2023
£ £
Amounts owed by related parties 4,786 84,470
Other debtors 41,771 3,963
46,557 88,433

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 8,933 9,521
Trade creditors 60,928 11,221
Amounts owed to related parties 38,272 36,895
Taxation and social security 21,431 7,607
Other creditors 19,880 6,060
149,444 71,304

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 14,861 23,006
Other creditors 42,556 11,089
57,417 34,095

There are no amounts included above in respect of which any security has been given by the small entity.

9. Related Party Transactions

Included in amounts due from related parties (debtors) is £1,356 due from The Foot Company Skipton Limited. A company under common control. (2023: £6768 due from)

Included in amounts due from related parties (creditor) is £98 due to The Foot Company Lindley Limited. A company under common control. (2023: £14,562 due from)

Included in amounts due from related parties (creditor) is £416 due to The Foot Company Holmfirth Limited. A company under common control. (2023: £17,343 due from)

Included in amounts due from related parties (debtors) is £3,428 due from The Foot Company Culcheth Limited. A company under common control. (2023: £16,095 due from)

Included in amounts due from related parties (creditor) is £14,812 due to Clitheroe Foot Clinic Limited. A company under common control. (2023: £29,702 due from)

Included in amounts due to related parties (creditors) is £17,352 due to Bury Foot Clinic Limited. A company under common control. (2023: £30,600 due to)

Included in amounts due to related parties (creditors) is £5,593 due to AJM (Walkden) Limited. A company under common control. (2023: £6,293 due to)