REGISTERED NUMBER: 09747380 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2024

for

The Shoe Quarter Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

D C D Richards

REGISTERED OFFICE:

Crane Court

302 London Road

Ipswich

Suffolk

IP2 0AJ

BUSINESS ADDRESS:

St George's Works

51 Colegate Street

Norwich

Norfolk

NR3 1DD

REGISTERED NUMBER:

09747380 (England and Wales)

ACCOUNTANTS:

Knights Lowe Ltd

Chartered Accountants

Crane Court

302 London Road

Ipswich

Suffolk

IP2 0AJ

FIXED ASSETS

Tangible assets

4

7,306

8,760

CURRENT ASSETS

Stocks

5

13,842,658

12,741,671

Debtors

6

1,529,638

1,329,759

Cash at bank and in hand

72,614

50,643

15,444,910

14,122,073

CREDITORS

Amounts falling due within one year

7

1,708,965

4,061,684

NET CURRENT ASSETS

13,735,945

10,060,389

TOTAL ASSETS LESS CURRENT LIABILITIES

13,743,251

10,069,149

CREDITORS

Amounts falling due after more than one year

8

2,750,000

-

NET ASSETS

10,993,251

10,069,149

CAPITAL AND RESERVES

Called up share capital

10

100

100

Share premium

14,564,896

13,843,896

Retained earnings

(3,571,745

)

(3,774,847

)

SHAREHOLDERS' FUNDS

10,993,251

10,069,149

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 30 September 2025 and were signed by:

D C D Richards - Director

1.	STATUTORY INFORMATION

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

The presentation currency of the financial statements is the Pound Sterling (£).

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.

The following principal accounting policies have been applied;

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover includes rental income which is recorded over the term of the lease.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

20% on cost

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated by inclusion of all purchases directly related to the development of property.

The net realisable value of inventory is determined by reference to several assumptions which are, by their nature, subject to inherent estimation. Through the use of consultants and in-house professionals, Management considers whether the key assumptions that have been applied in determining net realisable value are appropriate at the statement of financial position date. Any necessary write down to net realisable value is charged to the statement of comprehensive income.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans with related parties.

Debt instruments that are payable or receivable within one year, such as trade payables or receivables, are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Where loans and borrowings are repayable on demand no notional interest charge is accrued.

Financial assets that are measured at cost and amortised cost are assessed at the end of each financial year for evidence of impairment. If objective evidence of impairment is found an impairment loss is recognised in the Income Statement.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 year 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 January 2024

78,593

Additions

2,298

At 31 December 2024

80,891

DEPRECIATION

At 1 January 2024

69,833

Charge for year

3,752

At 31 December 2024

73,585

NET BOOK VALUE

At 31 December 2024

7,306

At 31 December 2023

8,760

5.

STOCKS

2024

2023

£

£

Work-in-progress

12,757,393

11,734,497

Refurbishment costs

1,085,265

1,007,174

13,842,658

12,741,671

As at 31 December 2024, the company's inventory on the statement of financial position comprises work-in-progress representing accumulated development costs of £6,477,327 (2023: £6,199,831), land of £11,773,400 (2023: £11,028,000) and refurbishment costs of £1,085,265 (2023: £1,007,174) less accumulated impairment of £5,493,334 (2023: £5,493,334).

At each reporting date, work-in-progress is assessed for impairment. If work-in-progress is impaired, the carrying amount is reduced to its realisable value. Realisable value is calculated using discounted cash flow models. Both the identification of whether an impairment has occurred and the quantification of any impairment necessary requires the exercise of judgement to calculate key assumptions, which may include the estimation of future sales values and construction and other costs, the outcomes of planning decisions and judgements as to the likely use of the site. Differences between the assumptions made by the Directors and the actual outturn of development projects may have a material impact on the profit and loss account in future periods.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

232,084

170,735

Amounts owed by group undertakings

1,283,385

1,149,838

Other debtors

14,169

9,186

1,529,638

1,329,759

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

-

2,850,000

Trade creditors

108,337

69,178

Amounts owed to group undertakings

1,340,896

852,288

Corporation tax

8

8

VAT

25,278

27,777

Other creditors

123,600

125,208

Deferred income

62,778

59,539

Accruals

48,068

77,686

1,708,965

4,061,684

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Other loans - 2-5 years

2,750,000

-

9.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Bank loans

-

2,850,000

Related party loans

2,750,000

-

2,750,000

2,850,000

The loans above are secured against all freehold and leasehold property held by the company.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

100

Ordinary

1

100

100

13,843,896

Preference

.000000001

-

-

100

100

11.	ULTIMATE CONTROLLING PARTY

The controlling party is Architekton Limited.

The ultimate controlling party is Lord M Hintze.