LINZISHOES LIMITED 31/03/2024 iXBRL

Company registration number: 05628041

LINZISHOES LIMITED

Unaudited filleted financial statements

31 March 2024

LINZISHOES LIMITED

Contents

Director and other information

Statement of financial position

Statement of changes in equity

Notes to the financial statements

LINZISHOES LIMITED

Directors and other information


	Director	Mr A J Morris


	Secretary	Mrs L Morris


	Company number	05628041


	Registered office	Unit 2, Trade City
		Ashton Road
		Romford
		Essex
		RM3 8UJ


	Business address	Unit 2, Trade City
		Ashton Road
		Romford
		Essex
		RM3 8UJ




	Bankers	Barclays Bank
		Barclays Business Centre Birmingham
		15 Colmore Row
		Birmingham
		B3 2BY

		Lloyds Bank
		1-3 Market Place
		Romford
		Essex
		RM1 3AA

LINZISHOES LIMITED

Statement of financial position

31 March 2024

		2024		2023
	Note	£	£	£	£

Fixed assets
Intangible assets	11	-		-
Tangible assets	12	17,291		28,939
		_______		_______
			17,291		28,939

Current assets
Stocks		2,556,630		1,637,637
Debtors	13	607,504		510,505
Cash at bank and in hand		3,400,138		1,566,644
		_______		_______
		6,564,272		3,714,786
Creditors: amounts falling due
within one year	14	( 1,462,348)		( 929,986)
		_______		_______
Net current assets			5,101,924		2,784,800
			_______		_______
Total assets less current liabilities			5,119,215		2,813,739

			_______		_______
Net assets			5,119,215		2,813,739
			_______		_______

Capital and reserves
Called up share capital	15		100		100
Profit and loss account			5,119,115		2,813,639
			_______		_______
Shareholders funds			5,119,215		2,813,739
			_______		_______

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

Director's responsibilities:

- 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 director acknowledges their responsibilities for complying with the requirements of the Act 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 and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 05 December 2024 , and are signed on behalf of the board by:

Mr A J Morris

Director

Company registration number: 05628041

LINZISHOES LIMITED

Statement of changes in equity

Year ended 31 March 2024

	Called up share capital	Profit and loss account	Total
	£	£	£


At 1 April 2022	100	1,710,117	1,710,217

Profit for the year		1,145,522	1,145,522
	_______	_______	_______
Total comprehensive income for the year	-	1,145,522	1,145,522

Dividends paid and payable		( 42,000)	( 42,000)
	_______	_______	_______
Total investments by and distributions to owners	-	( 42,000)	( 42,000)

	_______	_______	_______
At 31 March 2023 and 1 April 2023	100	2,813,639	2,813,739

Profit for the year		2,418,976	2,418,976
	_______	_______	_______
Total comprehensive income for the year	-	2,418,976	2,418,976

Dividends paid and payable		( 113,500)	( 113,500)
	_______	_______	_______
Total investments by and distributions to owners	-	( 113,500)	( 113,500)

	_______	_______	_______
At 31 March 2024	100	5,119,115	5,119,215
	_______	_______	_______

LINZISHOES LIMITED

Notes to the financial statements

Year ended 31 March 2024

1. General information

The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Unit 2, Trade City, Ashton Road, Romford, Essex, RM3 8UJ.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Fittings fixtures and equipment	-	15 %	straight line
Motor vehicles	-	25 %	straight line

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.

4. Turnover

The turnover is attributable to the one principal activity of the company. An analysis of turnover by the geographical markets that substantially differ from each other is given below:

	2024	2023
	£	£
United Kingdom	11,444,740	12,684,568
Europe	10,219	35,281
Rest of the World	56,337	98,928
	_______	_______
	11,511,296	12,818,777
	_______	_______

5. Staff costs

The average number of persons employed by the company during the year, including the director, amounted to:

	2024	2023
Distribution staff	16	9
Administrative staff	43	55
	_______	_______
	59	64
	_______	_______

The aggregate payroll costs incurred during the year were:

	2024	2023
	£	£
Wages and salaries	1,273,579	1,064,050
Social security costs	80,344	65,222
Other pension costs	19,716	16,474
	_______	_______
	1,373,639	1,145,746
	_______	_______

6. Employee numbers

The average number of persons employed by the company during the year amounted to 59 (2023: 64 ).

7. Directors remuneration

The director's aggregate remuneration in respect of qualifying services was:

	2024	2023
	£	£
Remuneration	24,000	24,000
Company contributions to pension schemes in respect of qualifying services	533	533
	_______	_______
	24,533	24,533
	_______	_______

8. Other interest receivable and similar income

	2024	2023
	£	£
Bank deposits	35,748	1,670
Other interest receivable and similar income	111	-
	_______	_______
	35,859	1,670
	_______	_______

9. Tax on profit

Major components of tax expense

	2024	2023
	£	£
Current tax:
UK current tax expense	810,219	265,215
Adjustments in respect of previous periods	32	-
	_______	_______
Tax on profit	810,251	265,215
	_______	_______

Reconciliation of tax expense

The tax assessed on the profit for the year is higher than (2023: lower than) the standard rate of corporation tax in the UK of 25.00 % (2023: 19.00%).

	2024	2023
	£	£
Profit before taxation	3,229,227	1,410,737
	_______	_______

Profit multiplied by rate of tax	807,307	268,040
Adjustments in respect of prior periods	32	-
Effect of expenses not deductible for tax purposes	2,912	-
Effect of capital allowances and depreciation	-	( 2,825)
	_______	_______
Tax on profit	810,251	265,215
	_______	_______

10. Dividends

Equity dividends

	2024	2023
	£	£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year)	113,500	42,000
	_______	_______

11. Intangible assets

	Goodwill	Total
	£	£
Cost
At 1 April 2023 and 31 March 2024	187,500	187,500
	_______	_______
Amortisation
At 1 April 2023 and 31 March 2024	187,500	187,500
	_______	_______
Carrying amount
At 31 March 2024	-	-
	_______	_______
At 31 March 2023	-	-
	_______	_______

12. Tangible assets

	Fixtures, fittings and equipment	Motor vehicles	Total
	£	£	£
Cost
At 1 April 2023 and 31 March 2024	187,162	25,493	212,655
	_______	_______	_______
Depreciation
At 1 April 2023	178,197	5,519	183,716
Charge for the year	5,274	6,374	11,648
	_______	_______	_______
At 31 March 2024	183,471	11,893	195,364
	_______	_______	_______
Carrying amount
At 31 March 2024	3,691	13,600	17,291
	_______	_______	_______
At 31 March 2023	8,965	19,974	28,939
	_______	_______	_______

13. Debtors

	2024	2023
	£	£
Trade debtors	524,997	429,190
Prepayments and accrued income	82,507	81,315
	_______	_______
	607,504	510,505
	_______	_______

14. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loan	-	31,667
Trade creditors	516,029	322,303
Amount owed to participating undertaking	28,560	54,600
Accruals and deferred income	12,442	8,274
Corporation tax	810,219	437,338
Social security and other taxes	90,441	70,957
Director's loan account	237	1,136
Other creditors	4,420	3,711
	_______	_______
	1,462,348	929,986
	_______	_______

15. Called up share capital

Issued, called up and fully paid

	2024		2023
	No	£	No	£
Ordinary shares of £ 1.00 each	100	100	100	100
	_______	_______	_______	_______

16. Directors advances, credits and guarantees

	During the year the director entered into the following advances and credits with the company:

2024
		Balance brought forward	Advances /(credits) to the director	Balance o/standing
		£	£	£
	Mr A J Morris	( 1,136)	899	( 237)
		_______	_______	_______

2023
		Balance brought forward	Advances /(credits) to the director	Balance o/standing
		£	£	£
	Mr A J Morris	( 4,432)	3,296	( 1,136)
		_______	_______	_______

17. Related party transactions

During the year the company entered into the following transactions with related parties:

	Transaction value		Balance owed by/(owed to)
	2024	2023	2024	2023
	£	£	£	£
WWW.Linzishoes Limited	( 28,560)	( 54,600)	( 28,560)	( 54,600)
	_______	_______	_______	_______

During the year, management charges of £23,800 (2023: £33,000) were incurred from a related undertaking, WWW.Linzishoes Limited, a company which has the same director and shareholder as the company.

During the year, the company paid rents totalling £78,000 (2023 - £78,000) to Mr AJ Morris for the use of commercial premises.

18. Controlling party

The company is under the control of Mr A J Morris , the company's director and majority shareholder throughout the current year and previous year.