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Registration number: 09551796

The Art Of Sole Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

 

The Art Of Sole Ltd

(Registration number: 09551796)
Statement of Financial Position as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

17,282

20,564

Current assets

 

Stocks

5

77,276

88,528

Debtors

6

6,152

11,315

Cash at bank and in hand

 

10,538

34,047

 

93,966

133,890

Creditors: Amounts falling due within one year

7

(163,746)

(98,524)

Net current (liabilities)/assets

 

(69,780)

35,366

Total assets less current liabilities

 

(52,498)

55,930

Creditors: Amounts falling due after more than one year

7

(2,451)

(7,528)

Net (liabilities)/assets

 

(54,949)

48,402

Capital and reserves

 

Called up share capital

120

120

Share premium reserve

249,988

249,988

Retained earnings

(305,057)

(201,706)

Shareholders' (deficit)/funds

 

(54,949)

48,402

 

The Art Of Sole Ltd

(Registration number: 09551796)
Statement of Financial Position as at 31 December 2024

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

The Art Of Sole Ltd

(Registration number: 09551796)
Statement of Financial Position as at 31 December 2024

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

Approved and authorised by the Board on 29 July 2025 and signed on its behalf by:
 

.........................................
Mr D J Spurling
Director

 

The Art Of Sole Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
4 Lansdowne Terrace
Gosforth
Newcastle Upon Tyne
Tyne And Wear
NE3 1HN

These financial statements were authorised for issue by the Board on 29 July 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

The Art Of Sole Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures & Fittings

20% reducing balance

Equipment

20% reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

The Art Of Sole Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 4).

 

The Art Of Sole Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

4

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 January 2024

29,719

20,455

50,174

Additions

-

1,438

1,438

At 31 December 2024

29,719

21,893

51,612

Depreciation

At 1 January 2024

21,888

7,722

29,610

Charge for the year

1,566

3,154

4,720

At 31 December 2024

23,454

10,876

34,330

Carrying amount

At 31 December 2024

6,265

11,017

17,282

At 31 December 2023

7,831

12,733

20,564

5

Stocks

2024
£

2023
£

Raw materials and consumables

77,276

88,528

6

Debtors

Current

2024
£

2023
£

Trade debtors

6,152

11,315

 

6,152

11,315

7

Creditors

Creditors: amounts falling due within one year

 

The Art Of Sole Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

4,945

4,945

Trade creditors

 

43,012

31,157

Taxation and social security

 

22,423

23,413

Accruals and deferred income

 

2,346

5,450

Other creditors

 

91,020

33,559

 

163,746

98,524

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

2,451

7,528

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

2,451

7,528

Current loans and borrowings

2024
£

2023
£

Bank borrowings

4,945

4,945

9

Related party transactions

 

The Art Of Sole Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

12,000

7,000