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Registered number: 04430630
Ella Shoes Ltd
Unaudited Financial Statements
For The Year Ended 31 May 2024
FB Accountancy Services Limited
Chartered Certified Accountants
Unit 16, Heronsgate Trading Estate
Paycocke Road
Basildon
Essex
SS14 3EU
Contents
Page
Accountant's Report 1
Statement of Financial Position 2—3
Notes to the Financial Statements 4—7
Page 1
Accountant's Report
Report to the director on the preparation of the unaudited statutory accounts of Ella Shoes Ltd For The Year Ended 31 May 2024
To assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the accounts of Ella Shoes Ltd which comprise the Income Statement, the Statement of Financial Position and the related notes, from the company’s accounting records and from information and explanations you have given us.
As a practising member of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.
This report is made to the director of Ella Shoes Ltd , as a body, in accordance with the terms of our engagement letter dated 20 January 2025. Our work has been undertaken solely to prepare for your approval the accounts of Ella Shoes Ltd and state those matters that we have agreed to state to the director of Ella Shoes Ltd , as a body, in this report in accordance with the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ella Shoes Ltd and its director as a body for our work or for this report.
It is your duty to ensure that Ella Shoes Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Ella Shoes Ltd . You consider that Ella Shoes Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Ella Shoes Ltd . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
04/02/2025
FB Accountancy Services Limited
Chartered Certified Accountants
Unit 16, Heronsgate Trading Estate
Paycocke Road
Basildon
Essex
SS14 3EU
Page 1
Page 2
Statement of Financial Position
Registered number: 04430630
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 9,537 -
Tangible Assets 5 6,708 399
16,245 399
CURRENT ASSETS
Stocks 6 315,927 365,927
Debtors 7 280,314 345,049
Cash at bank and in hand 258,962 226,481
855,203 937,457
Creditors: Amounts Falling Due Within One Year 8 (217,910 ) (183,103 )
NET CURRENT ASSETS (LIABILITIES) 637,293 754,354
TOTAL ASSETS LESS CURRENT LIABILITIES 653,538 754,753
Creditors: Amounts Falling Due After More Than One Year 9 (12,500 ) (22,500 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (1,777 ) (106 )
NET ASSETS 639,261 732,147
CAPITAL AND RESERVES
Called up share capital 10 50 50
Income Statement 639,211 732,097
SHAREHOLDERS' FUNDS 639,261 732,147
Page 2
Page 3
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Mr Michael Smith
Director
04/02/2025
The notes on pages 4 to 7 form part of these financial statements.
Page 3
Page 4
Notes to the Financial Statements
1. General Information
Ella Shoes Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 04430630 . The registered office is Unit 6 Trade City, Ashton Road, Romford, Essex, RM3 8UF.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are stamp duty on lease renewal. It is amortised to income statement over the associated lease term of 10 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% Reducing Balance
Fixtures & Fittings 20% Straight Line
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
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2.7. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.8. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the income statement as they become payable in accordance with the rules of the scheme.
2.9. Government Grant
Government grants are recognised in the income statement in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the income statement. Grants towards general activities of the entity over a specific period are recognised in the income statement over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the income statement over the useful life of the asset concerned.
All grants in the income statement are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 6 (2023: 3)
6 3
4. Intangible Assets
Other
£
Cost
As at 1 June 2023 -
Additions 10,218
As at 31 May 2024 10,218
Amortisation
As at 1 June 2023 -
Provided during the period 681
As at 31 May 2024 681
Net Book Value
As at 31 May 2024 9,537
As at 1 June 2023 -
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5. Tangible Assets
Plant & Machinery Fixtures & Fittings Total
£ £ £
Cost
As at 1 June 2023 4,050 12,213 16,263
Additions 6,150 877 7,027
As at 31 May 2024 10,200 13,090 23,290
Depreciation
As at 1 June 2023 3,971 11,893 15,864
Provided during the period 404 314 718
As at 31 May 2024 4,375 12,207 16,582
Net Book Value
As at 31 May 2024 5,825 883 6,708
As at 1 June 2023 79 320 399
6. Stocks
2024 2023
£ £
Finished goods 315,927 365,927
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 171,575 170,958
Prepayments and accrued income 105,589 151,650
Other debtors 3,150 22,441
280,314 345,049
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 4,745 4,639
Bank loans and overdrafts 10,000 10,000
Corporation tax 91,349 43,391
Other taxes and social security 106 -
VAT 74,358 74,528
Other creditors 8,074 9,472
Accruals and deferred income 28 73
Amounts owed to parent undertaking 29,250 41,000
217,910 183,103
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Page 7
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 12,500 22,500
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 50 50
11. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 126,170 34,670
Later than one year and not later than five years 312,340 21,081
438,510 55,751
12. Ultimate Parent Undertaking and Controlling Party
The company's immediate and ultimate parent undertaking is M & H Smith Limited , a Company registered at 16 Heronsgate Trading Estate, Paycocke Road, Basildon, Essex, SS14 3EU .
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