Company registration number 00787586 (England and Wales)
WILLIAM LENNON & CO. (FOOTWEAR MANUFACTURERS) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 27 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
WILLIAM LENNON & CO. (FOOTWEAR MANUFACTURERS) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
WILLIAM LENNON & CO. (FOOTWEAR MANUFACTURERS) LIMITED
BALANCE SHEET
AS AT
27 JUNE 2024
27 June 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
53,569
56,064
Current assets
Stocks
163,560
130,101
Debtors
4
8,597
39,443
Cash at bank and in hand
17,723
8,559
189,880
178,103
Creditors: amounts falling due within one year
5
(170,989)
(160,415)
Net current assets
18,891
17,688
Total assets less current liabilities
72,460
73,752
Creditors: amounts falling due after more than one year
6
(112,106)
(112,106)
Net liabilities
(39,646)
(38,354)
Capital and reserves
Called up share capital
7
15,000
15,000
Capital redemption reserve
1,500
1,500
Profit and loss reserves
(56,146)
(54,854)
Total equity
(39,646)
(38,354)
WILLIAM LENNON & CO. (FOOTWEAR MANUFACTURERS) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
27 JUNE 2024
27 June 2024
- 2 -

For the financial year ended 27 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

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.

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

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

The financial statements were approved by the board of directors and authorised for issue on 26 June 2025 and are signed on its behalf by:
Mrs A E Slattery
Director
Company registration number 00787586 (England and Wales)
WILLIAM LENNON & CO. (FOOTWEAR MANUFACTURERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 27 JUNE 2024
- 3 -
1
Accounting policies
Company information

William Lennon & Co. (Footwear Manufacturers) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Stoney Middleton, Hope Valley, Derbyshire, S32 4TD.

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. The principal accounting policies adopted are set out below.

1.2
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.

 

1.3
Tangible fixed assets

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

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

Land and buildings freehold
2% Straight line
Plant and machinery
25% Reducing balance
Fixtures, fittings & equipment
25% 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.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

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.

WILLIAM LENNON & CO. (FOOTWEAR MANUFACTURERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 27 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
1.6
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.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans, 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. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

WILLIAM LENNON & CO. (FOOTWEAR MANUFACTURERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 27 JUNE 2024
- 5 -
2
Employees

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

2024
2023
Number
Number
Total
8
8
3
Tangible fixed assets
Land and buildings freehold
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
£
Cost
At 28 June 2023 and 27 June 2024
125,920
79,724
22,153
227,797
Depreciation and impairment
At 28 June 2023
69,856
79,724
22,153
171,733
Depreciation charged in the year
2,495
-
0
-
0
2,495
At 27 June 2024
72,351
79,724
22,153
174,228
Carrying amount
At 27 June 2024
53,569
-
0
-
0
53,569
At 27 June 2023
56,064
-
0
-
0
56,064
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
6,501
35,600
Other debtors
2,096
3,843
8,597
39,443
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
37,867
51,014
Taxation and social security
1,768
1,094
Other creditors
131,354
108,307
170,989
160,415

Included in other creditors are loans due to directors totalling £111,181 (2023: £87,129).

WILLIAM LENNON & CO. (FOOTWEAR MANUFACTURERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 27 JUNE 2024
- 6 -
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
112,106
112,106

Other creditors falling due after more than one year includes loans from directors totalling £66,737 (2023: £66,737).

7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
15,000
15,000
15,000
15,000
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