Company registration number SC412417 (Scotland)
SHOES 2 U LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
SHOES 2 U LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
SHOES 2 U LIMITED
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
3
-
0
9,932
Current assets
Debtors
4
143
42,353
Cash at bank and in hand
13,907
7,701
14,050
50,054
Creditors: amounts falling due within one year
5
(5,383)
(23,144)
Net current assets
8,667
26,910
Total assets less current liabilities
8,667
36,842
Creditors: amounts falling due after more than one year
6
-
0
(7,891)
Provisions for liabilities
-
0
(2,483)
Net assets
8,667
26,468
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
8,567
26,368
Total equity
8,667
26,468

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

SHOES 2 U LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2025
31 March 2025
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 28 May 2025 and are signed on its behalf by:
Mr I McGrady
Director
Company Registration No. SC412417
SHOES 2 U LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
1
Accounting policies
Company information

Shoes 2 U Limited is a private company limited by shares incorporated in Scotland. The registered office is 29 Craigholm Road, Ayr, KA7 3LJ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Going concern

On 31 March 2025, Shoes 2 U Limited ceased trading. The directors have resolved to wind up the company in the near future. The directors consider it inappropriate to prepare the financial statements on a going concern basis, and therefore the directors have prepared these financial statements on a break-up basis, as set out under the basis of preparation.true

1.3
Turnover

The turnover shown in the profit and loss account represents revenue recognised by the company in respect of commission from shoe sales during the period, exclusive of Value Added Tax and any trade discounts if appropriate.

1.4
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:

Computer equipment
20% on cost
Motor vehicles
25% on reducing balance

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.

1.5
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

SHOES 2 U LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 4 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.7
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.

1.8
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Total
2
2
SHOES 2 U LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 5 -
3
Tangible fixed assets
Computer equipment
Motor vehicles
Total
£
£
£
Cost
At 1 April 2024
3,774
21,148
24,922
Additions
982
-
0
982
Disposals
(4,756)
(21,148)
(25,904)
At 31 March 2025
-
0
-
0
-
0
Depreciation and impairment
At 1 April 2024
3,259
11,731
14,990
Eliminated in respect of disposals
(3,259)
(11,731)
(14,990)
At 31 March 2025
-
0
-
0
-
0
Carrying amount
At 31 March 2025
-
0
-
0
-
0
At 31 March 2024
515
9,417
9,932
4
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
-
0
42,353
Other debtors
143
-
0
143
42,353
5
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans and overdrafts
176
2,856
Obligations under finance leases
-
0
3,063
Other borrowings
24
12
Corporation tax
4,703
9,848
Other taxation and social security
-
0
3,998
Accruals and deferred income
480
3,367
5,383
23,144

Included within other borrowings is £14 (2024: £12) owed to the director, I McGrady. This loan was made on an interest free basis and no repayment plan is in place.

SHOES 2 U LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 6 -
6
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
-
0
4,225
Obligations under finance leases
-
0
3,666
-
0
7,891
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