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REGISTERED NUMBER: 06709243 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

FOR

PAS SHOES LIMITED

PAS SHOES LIMITED (REGISTERED NUMBER: 06709243)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 30 June 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


PAS SHOES LIMITED

COMPANY INFORMATION
for the year ended 30 June 2024







DIRECTOR: P A Stevens





REGISTERED OFFICE: The Old Dairy
9 Loughborough Road
Mountsorrel
Leicestershire
LE12 7AP





REGISTERED NUMBER: 06709243 (England and Wales)





ACCOUNTANTS: Magma Audit LLP
Unit 2 Charnwood Edge Business Park
Syston Road, Leicester
LE7 4UZ
Magma Audit LLP is part
Of the Dains Group

PAS SHOES LIMITED (REGISTERED NUMBER: 06709243)

BALANCE SHEET
30 June 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 - 852

CURRENT ASSETS
Stocks 567,006 622,156
Debtors 5 470,976 423,785
Cash at bank and in hand 209,053 224,925
1,247,035 1,270,866
CREDITORS
Amounts falling due within one year 6 (6,559,018 ) (6,435,003 )
NET CURRENT LIABILITIES (5,311,983 ) (5,164,137 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(5,311,983

)

(5,163,285

)

CREDITORS
Amounts falling due after more than one
year

7

(1,786,748

)

(1,786,748

)
NET LIABILITIES (7,098,731 ) (6,950,033 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (7,098,831 ) (6,950,133 )
(7,098,731 ) (6,950,033 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 27 March 2025 and were signed by:





P A Stevens - Director


PAS SHOES LIMITED (REGISTERED NUMBER: 06709243)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 June 2024


1. STATUTORY INFORMATION

PAS Shoes Limited is a private limited company, limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts and sales commissions received on the sale of footwear as freight on board agents.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment15% Straight line
Motor vehicles25% Straight line

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.

Stocks
Stocks are stated at the lower of cost and net realisable value.

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

Financial instruments
(i) Financial assets

Basic financial assets, including trade and other debtors, cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest rate method.

(ii) Financial liabilities

Basic financial liabilities, including trade and other creditors are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate.


PAS SHOES LIMITED (REGISTERED NUMBER: 06709243)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 June 2024


2. ACCOUNTING POLICIES - continued
Taxation
The tax expense for the year comprises current and deferred tax.

Tax is recognised in profit or loss except that a change attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Foreign currencies
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.

Going concern
The company has been supported financially via settlement of creditors in China and by way of a loan to the company, from Eternal Best Industrial Limited a company incorporated and trading in China. The balance due to Eternal Best Industrial Limited at the period end totalled £6,083,623 (2023 - £6,124,661). Eternal Best Industrial Limited is controlled by Mr J. Shen, a former director and shareholder of PAS Shoes Limited, and as a result of the arrangement the company is entirely reliant on the continued support of Eternal Best Industrial Limited. Mr J. Shen has also made made personal loans to the company totalling £1,786,748 (2023 - £1,786,748) and as such the company is reliant on his continued support.

The directors, after reviewing the 12 month period from the approval of these accounts, consider it appropriate that the company is a going concern based on the continued support of Eternal Best Industrial Limited and Mr J. Shen.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 5 ) .

PAS SHOES LIMITED (REGISTERED NUMBER: 06709243)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 June 2024


4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 July 2023
and 30 June 2024 51,349
DEPRECIATION
At 1 July 2023 50,497
Charge for year 852
At 30 June 2024 51,349
NET BOOK VALUE
At 30 June 2024 -
At 30 June 2023 852

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 452,312 409,846
Directors' current accounts 1,640 -
VAT 2,466 -
Prepayments and accrued income 14,558 13,939
470,976 423,785

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 6,504,394 6,331,155
Social security and other taxes 3,591 3,466
VAT - 33,366
Directors' current accounts - 34,093
Accruals and deferred income 51,033 32,923
6,559,018 6,435,003

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Other borrowings 1,786,748 1,786,748

8. OTHER FINANCIAL COMMITMENTS

Operating lease commitments not included in the balance sheet amount to £21,500 (2023 £21,500)

PAS SHOES LIMITED (REGISTERED NUMBER: 06709243)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 June 2024


9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 June 2024 and 30 June 2023:

2024 2023
£    £   
P A Stevens
Balance outstanding at start of year (34,093 ) (34,381 )
Amounts advanced 35,733 288
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 1,640 (34,093 )