REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE PERIOD 14 FEBRUARY 2023 TO 31 MARCH 2024 |
FOR |
LONG ASHTON SHOE COMPANY LTD |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE PERIOD 14 FEBRUARY 2023 TO 31 MARCH 2024 |
FOR |
LONG ASHTON SHOE COMPANY LTD |
LONG ASHTON SHOE COMPANY LTD (REGISTERED NUMBER: 14661092) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Period 14 FEBRUARY 2023 TO 31 MARCH 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
LONG ASHTON SHOE COMPANY LTD |
COMPANY INFORMATION |
for the Period 14 FEBRUARY 2023 TO 31 MARCH 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
and Statutory Auditor |
61 Queen Square |
Bristol |
BS1 4JZ |
LONG ASHTON SHOE COMPANY LTD (REGISTERED NUMBER: 14661092) |
BALANCE SHEET |
31 MARCH 2024 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks | 5 |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CAPITAL AND RESERVES |
Called up share capital | 9 |
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. |
LONG ASHTON SHOE COMPANY LTD (REGISTERED NUMBER: 14661092) |
BALANCE SHEET - continued |
31 MARCH 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
LONG ASHTON SHOE COMPANY LTD (REGISTERED NUMBER: 14661092) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Period 14 FEBRUARY 2023 TO 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
Long Ashton Shoe Company Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the 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. |
Tangible fixed assets |
Office equipment | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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. |
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. |
LONG ASHTON SHOE COMPANY LTD (REGISTERED NUMBER: 14661092) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Period 14 FEBRUARY 2023 TO 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
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. |
Financial instruments |
Financial assets and liabilities are recognised in the balance sheet when the company becomes party to the contractual provisions of the instrument. |
Trade and other debtors and creditors are classified as basic financial instruments and are measured on initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company may not be able to collect all amounts due. |
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts which are an integral part of the company's cash management. |
Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of any direct issue costs. |
Going concern |
The directors have reviewed the going concern status of the business and have concluded that they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. This includes confirmation from the directors that The Dury Partnership, a business operated by the directors will not demand repayment of monies owed to it by the company until funds allow. The directors have therefore adopted the going concern basis of accounting in preparing these financial statements. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
LONG ASHTON SHOE COMPANY LTD (REGISTERED NUMBER: 14661092) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Period 14 FEBRUARY 2023 TO 31 MARCH 2024 |
4. | TANGIBLE FIXED ASSETS |
Office |
equipment |
£ |
COST |
Additions |
At 31 March 2024 |
DEPRECIATION |
Charge for period |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
5. | STOCKS |
£ |
Stocks |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Trade debtors |
Directors' current accounts | 7,728 |
Deferred tax asset |
Deferred tax asset |
£ |
Accelerated capital allowances | ( |
) |
Tax losses carried forward |
Other timing differences | 22 |
LONG ASHTON SHOE COMPANY LTD (REGISTERED NUMBER: 14661092) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Period 14 FEBRUARY 2023 TO 31 MARCH 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Bank loans and overdrafts |
Trade creditors |
Social security and other taxes |
VAT | 34,667 |
Other creditors |
Directors' current accounts | 1,267 |
Accruals and deferred income |
8. | DEFERRED TAX |
£ |
Credit to Income Statement during period | ( |
) |
Balance at 31 March 2024 | ( |
) |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal |
value: | £ |
Ordinary | £1 | 3 |
3 Ordinary shares of £1 each were allotted and fully paid for |
10. | RELATED PARTY DISCLOSURES |
At 31 March 2024 the company was owed £7,728 from the director Mr P Dury in respect of monies advanced and repaid during the period. No interest was charged on this loan and it was fully repaid post year end. |
At 31 March 2024 the company owed the director Mr M Dury a total of £268 in respect of monies advanced and repaid during the period. |
At 31 March 2024 the company owed the director Mrs E Dury a total of £999 in respect of monies advanced and repaid during the period. |
During the period the company paid management charges of £4,737, motor expenses of £4,550, royalties of £5,349 and hire charges of £1,134 to The Dury Partnership, a business in which all 3 directors are Partners. In addition, the company acquired stock from The Dury Partnership for £54,660. |
At 31 March 2024 the company owed £1,321 to The Dury Partnership, which is included within Trade Creditors and £62,477 in the form of a loan included within other creditors. |
LONG ASHTON SHOE COMPANY LTD (REGISTERED NUMBER: 14661092) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Period 14 FEBRUARY 2023 TO 31 MARCH 2024 |
11. | ULTIMATE CONTROLLING PARTY |
The company is controlled by its directors Mr P Dury, Mr M Dury & Mrs E Dury by virtue of their majority shareholding. |