City Shoes (Wholesale) Limited Company accounts

COMPANY REGISTRATION NUMBER: 02723329

City Shoes (Wholesale) Limited

Financial Statements

31 March 2025

City Shoes (Wholesale) Limited

Financial Statements

Year ended 31 March 2025

Contents	Page

Officers and professional advisers	1

Strategic report	2

Directors' report	3

Independent auditor's report to the members	5

Statement of income and retained earnings	9

Statement of financial position	10

Statement of cash flows	11

Notes to the financial statements	12

City Shoes (Wholesale) Limited

Officers and Professional Advisers

The board of directors	A S Johal
	V P S Johal

Registered office	Unit D, Forest Business Park
	Walker Road
	Bardon
	Coalville
	LE67 1TU

Auditor	Muras Baker Jones Limited
	Chartered accountants & statutory auditor
	Regent House
	Bath Avenue
	Wolverhampton
	West Midlands
	WV1 4EG

Bankers	National Westminster Bank Plc
	1 Granby Street
	Leicester
	LE1 6EJ

City Shoes (Wholesale) Limited

Strategic Report

Year ended 31 March 2025

PRINCIPAL ACTIVITY The principal activity of the company continues to be the wholesale of footwear.

REVIEW OF BUSINESS The statement of income and retained earnings is set out on page 9. The profit before tax in 2025 is £909,460 compared with a profit of £846,233 in 2024. The statement of financial position at 31 March 2025 shows 'total assets less current liabilities' of £3,494,003 (2024 - £2,702,216) with shareholders funds at £3,400,685 compared to £2,702,216 at 31 March 2024.

PRINCIPAL RISKS AND UNCERTAINTIES As in any trading organisation, the directors acknowledge that as well as rewards, there are risks and uncertainties which are constantly monitored. The company is dependent upon the supply of products from overseas and the demand of the UK market. The directors believe that the company has adequate financial resources and bank facilities in place to enable continued trading for the foreseeable future and all risks and uncertainties are reasonably covered.

DEVELOPMENT AND PERFORMANCE The directors continue to be encouraged by the results and remains committed to the future success of the company. Based on an initial assessment for the coming year the company should experience similar results depending on its ability to maintain the current level of operations and continue to control expenses.

FINANCIAL KEY PERFORMANCE INDICATORS We consider that our key financial performance indicators are those that communicate the financial performance and strength of the company as a whole, these being profit levels and profit margins. The gross profit percentage has decreased from 17.2% in the previous period to 15.1% this year. Operating profit has increased from £844,942 last year to £896,135 this year. Furthermore profit after tax has increased from £633,873 in the previous period to a profit of £698,469 this year.

This report was approved by the board of directors on 23 December 2025 and signed on behalf of the board by:

V P S Johal

Director

City Shoes (Wholesale) Limited

Directors' Report

Year ended 31 March 2025

The directors present their report and the financial statements of the company for the year ended 31 March 2025 .

Principal activities

The principal activity of the company continued to be the wholesale of footwear.

Directors

The directors who served the company during the year were as follows:

A S Johal
V P S Johal

Dividends

The directors do not recommend the payment of a dividend.

Disclosure of information in the strategic report

In accordance with section 414C(11) of the companies Act 2006 (Strategic Report and Directors' Report)Regulations 2013 and schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 the company has produced a Strategic Report which can be seen on pages 2 and 3 of the financial statements.

Directors' responsibilities statement

The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

This report was approved by the board of directors on 23 December 2025 and signed on behalf of the board by:

V P S Johal

Director

City Shoes (Wholesale) Limited

Independent Auditor's Report to the Members of City Shoes (Wholesale) Limited

Year ended 31 March 2025

Opinion

We have audited the financial statements of City Shoes (Wholesale) Limited (the 'company') for the year ended 31 March 2025 which comprise the statement of income and retained earnings, statement of financial position, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: In planning and designing our audit tests we identify and assess the risks of material misstatement within the financial statements, whether due to fraud or error. Our assessment of these risks includes consideration of the nature of the industry and sector, the control environment and the business performance along with the results of our enquiries of management about their own identification and assessment of risks and irregularities. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, UK tax legislation and other laws and regulations identified as risk areas identified from our discussions with management. We communicated relevant identified laws and regulations and potential fraud risks to all engagement team members including internal specialists, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. After consideration of the above risks we then carried out audit procedures including the following: - performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; - reading minutes of management meetings; - reviewing correspondence with H M Revenue & Customs; - enquiring of management and reviewing any correspondence with legal advisors concerning actual and potential litigation and claims; - reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; - in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. There are inherent limitations in our audit procedures described above. The more removed that the laws and regulations are from financial transactions the less likely it is that we would be aware on non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. Use of our report

This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Oliver Ross BSc (Hons) FCA

(Senior Statutory Auditor)

For and on behalf of

Muras Baker Jones Limited

Chartered accountants & statutory auditor

Regent House

Bath Avenue

Wolverhampton

West Midlands

WV1 4EG

23 December 2025

City Shoes (Wholesale) Limited

Statement of Income and Retained Earnings

Year ended 31 March 2025

		2025	2024
Note		£	£
Turnover	4	14,137,009	13,464,264

Cost of sales	12,001,786	11,135,691
	-------------	-------------
Gross profit	2,135,223	2,328,573

Administrative expenses		1,239,088	1,626,141
Other operating income	5	–	142,510
		------------	------------
Operating profit	6	896,135	844,942

Other interest receivable and similar income	10	15,358	2,779
Interest payable and similar expenses	11	2,033	1,488
		------------	------------
Profit before taxation		909,460	846,233

Tax on profit	12	210,991	212,360
		---------	---------
Profit for the financial year and total comprehensive income		698,469	633,873
		---------	---------

Retained earnings at the start of the year	2,701,216	2,067,343
	------------	------------
Retained earnings at the end of the year	3,399,685	2,701,216
	------------	------------

All the activities of the company are from continuing operations.

City Shoes (Wholesale) Limited

Statement of Financial Position

31 March 2025

	2025		2024
Note	£	£	£

Fixed assets

Tangible assets	13		120,484	12,942

Current assets

Stocks	14	913,107	1,798,205
Debtors	15	2,922,904	3,803,205
Cash at bank and in hand		2,402,770	1,321,713
		------------	------------
		6,238,781	6,923,123

Creditors: amounts falling due within one year	16	2,865,262		4,233,849
		------------		------------
Net current assets			3,373,519	2,689,274
			------------	------------
Total assets less current liabilities			3,494,003	2,702,216

Creditors: amounts falling due after more than one year	17		75,318	–

Provisions

Taxation including deferred tax	19	18,000	–
		------------	------------
Net assets		3,400,685	2,702,216
		------------	------------

Capital and reserves

Called up share capital	22	1,000	1,000
Profit and loss account	23	3,399,685	2,701,216
		------------	------------
Shareholders funds		3,400,685	2,702,216
		------------	------------

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

These financial statements were approved by the board of directors and authorised for issue on 23 December 2025 , and are signed on behalf of the board by:

V P S Johal

Director

Company registration number: 02723329

City Shoes (Wholesale) Limited

Statement of Cash Flows

Year ended 31 March 2025

	2025	2024
	£	£

Cash flows from operating activities

Profit for the financial year	698,469	633,873

Adjustments for:
Depreciation of tangible assets	17,458	5,844
Other interest receivable and similar income	( 15,358)	( 2,779)
Interest payable and similar expenses	2,033	1,488
Tax on profit	210,991	212,360
Accrued (income)/expenses	( 16,366)	34,318

Changes in:
Stocks	885,098	( 127,326)
Trade and other debtors	880,301	( 239,448)
Trade and other creditors	( 1,272,041)	526,662
	------------	------------
Cash generated from operations	1,390,585	1,044,992

Interest paid	( 2,033)	( 1,488)
Interest received	15,358	2,779
Tax paid	( 178,052)	( 203,146)
	------------	------------
Net cash from operating activities	1,225,858	843,137
	------------	------------

Cash flows from investing activities

Purchase of tangible assets	( 125,000)	–
	------------	------------
Net cash used in investing activities	( 125,000)	–
	------------	------------

Cash flows from financing activities

Proceeds from borrowings	( 117,506)	( 21,435)
Payments of finance lease liabilities	97,705	–
	------------	------------
Net cash used in financing activities	( 19,801)	( 21,435)
	------------	------------

Net increase in cash and cash equivalents	1,081,057	821,702
Cash and cash equivalents at beginning of year	1,321,713	500,011
	------------	------------
Cash and cash equivalents at end of year	2,402,770	1,321,713
	------------	------------

City Shoes (Wholesale) Limited

Notes to the Financial Statements

Year ended 31 March 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit D, Forest Business Park, Walker Road, Bardon, Coalville, LE67 1TU.

2. Statement of compliance

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

3. Accounting policies

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

(b) Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

(c) Revenue recognition

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. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

(d) Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exceptions: Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

(e) Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange prevailing at the accounting date. Transactions in foreign currencies are recorded at the date of transactions. All differences are taken to the Profit and Loss account.

(f) Tangible assets

Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

(g) 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:

Short leasehold property	-	Straight line over the life of the lease
Plant & machinery	-	25% straight line
Motor vehicles	-	25% straight line
Fixtures, fittings & equipment	-	25 % straight line

(h) Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

(i) Stocks

Stock is valued at the lower of cost and net realisable value. Cost is based on the cost of purchases on a first in, first out basis. Net realisable value is based on estimated selling price less additional costs to completion and disposal.

(j) Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

(k) Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

(l) 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.

4. Turnover

Turnover arises from:

	2025	2024
	£	£
Sale of goods	14,137,009	13,464,264
	-------------	-------------

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:

	2025	2024
	£	£
United Kingdom	13,649,825	12,940,931
Europe	102,831	324,454
Rest of the World	384,353	198,879
	-------------	-------------
	14,137,009	13,464,264
	-------------	-------------

5. Other operating income

	2025	2024
	£	£
Commission receivable	–	58,207
Other operating income	–	84,303
	----	---------
	–	142,510
	----	---------

6. Operating profit

Operating profit or loss is stated after charging/crediting:

	2025	2024
	£	£
Depreciation of tangible assets	17,458	5,844
Impairment of trade debtors	(29)	(131)
Foreign exchange differences	( 2,841)	71,756
	--------	--------

7. Auditor's remuneration

	2025	2024
	£	£
Fees payable for the audit of the financial statements	9,730	15,225
	-------	--------

8. Staff costs

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

	2025	2024
	No.	No.
Distribution staff	6	5
Administrative staff	9	8
Management staff	2	2
	----	----
	17	15
	----	----

The aggregate payroll costs incurred during the year, relating to the above, were:

	2025	2024
	£	£
Wages and salaries	530,562	439,151
Social security costs	39,364	38,109
Other pension costs	29,957	418,902
	---------	---------
	599,883	896,162
	---------	---------

9. Directors' remuneration

The directors' aggregate remuneration in respect of qualifying services was:

	2025	2024
	£	£
Remuneration	29,876	26,440
Company contributions to defined contribution pension plans	20,358	240,000
	--------	---------
	50,234	266,440
	--------	---------

10. Other interest receivable and similar income

	2025	2024
	£	£
Interest on cash and cash equivalents	15,358	2,779
	--------	-------

11. Interest payable and similar expenses

	2025	2024
	£	£
Interest on banks loans and overdrafts	–	1,488
Other interest	2,033	–
	-------	-------
	2,033	1,488
	-------	-------

12. Tax on profit

Major components of tax expense

	2025	2024
	£	£

Current tax:

UK current tax expense	203,000	212,360
Adjustments in respect of prior periods	( 10,009)	–
	---------	---------
Total current tax	192,991	212,360
	---------	---------

Deferred tax:

Origination and reversal of timing differences	18,000	–
	---------	---------
Tax on profit	210,991	212,360
	---------	---------

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the year is lower than (2024: higher than) the standard rate of corporation tax in the UK of 25 % (2024: 25 %).

	2025	2024
	£	£
Profit on ordinary activities before taxation	909,460	846,233
	---------	---------
Profit on ordinary activities by rate of tax	227,365	211,558
Adjustment to tax charge in respect of prior periods	( 10,009)	–
Effect of expenses not deductible for tax purposes	3,390	355
Effect of capital allowances and depreciation	( 9,807)	447
Rounding on tax charge	52	–
	---------	---------
Tax on profit	210,991	212,360
	---------	---------

13. Tangible assets

	Short Leasehold Property	Plant and machinery	Motor vehicles	Fixtures, Fittings & Equipment	Total
	£	£	£	£	£
Cost
At 1 April 2024	154,315	17,750	–	224,446	396,511
Additions	–	–	125,000	–	125,000
	---------	--------	---------	---------	---------
At 31 March 2025	154,315	17,750	125,000	224,446	521,511
	---------	--------	---------	---------	---------
Depreciation
At 1 April 2024	154,315	4,808	–	224,446	383,569
Charge for the year	–	4,438	13,020	–	17,458
	---------	--------	---------	---------	---------
At 31 March 2025	154,315	9,246	13,020	224,446	401,027
	---------	--------	---------	---------	---------
Carrying amount
At 31 March 2025	–	8,504	111,980	–	120,484
	---------	--------	---------	---------	---------
At 31 March 2024	–	12,942	–	–	12,942
	---------	--------	---------	---------	---------

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

	Motor vehicles
	£
At 31 March 2025	111,980
	---------
At 31 March 2024	–
	---------

14. Stocks

	2025	2024
	£	£
Finished goods and goods for resale	913,107	1,798,205
	---------	------------

15. Debtors

	2025	2024
	£	£
Trade debtors	2,824,316	3,476,599
Amounts owed by undertakings in which the company has a participating interest	24,528	–
Prepayments and accrued income	74,060	326,606
	------------	------------
	2,922,904	3,803,205
	------------	------------

16. Creditors: amounts falling due within one year

	2025	2024
	£	£
Trade creditors	2,167,557	3,327,255
Accruals and deferred income	57,591	73,957
Corporation tax	203,000	188,061
Social security and other taxes	188,601	307,004
Obligations under finance leases and hire purchase contracts	22,387	–
Director loan accounts	211,494	329,000
Other creditors	14,632	8,572
	------------	------------
	2,865,262	4,233,849
	------------	------------

Obligations under finance leases and hire purchase contracts are secured by related assets.

17. Creditors: amounts falling due after more than one year

	2025	2024
	£	£
Obligations under finance leases and hire purchase contracts	75,318	–
	--------	----

18. Finance leases and hire purchase contracts

The total future minimum lease payments under finance leases and hire purchase contracts are as follows:

	2025	2024
	£	£
Not later than 1 year	22,387	–
Later than 1 year and not later than 5 years	75,318	–
	--------	----
	97,705	–
	--------	----

19. Provisions

	Deferred tax (note 20)
	£
At 1 April 2024	–
Additions	18,000
	--------
At 31 March 2025	18,000
	--------

20. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2025	2024
	£	£
Included in provisions (note 19)	18,000	–
	--------	----

The deferred tax account consists of the tax effect of timing differences in respect of:

	2025	2024
	£	£
Accelerated capital allowances	18,000	–
	--------	----

21. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 29,957 (2024: £ 418,902 ).

22. Called up share capital

Issued, called up and fully paid

	2025		2024
	No.	£	No.	£
Ordinary shares of £ 1 each	1,000	1,000	1,000	1,000
	-------	-------	-------	-------

23. Reserves

Profit and loss account - This reserve records retained earnings and accumulated losses.

24. Analysis of changes in net debt

	At 1 Apr 2024	Cash flows	At 31 Mar 2025
	£	£	£
Cash at bank and in hand	1,321,713	1,081,057	2,402,770
Debt due within one year	(329,000)	95,119	(233,881)
Debt due after one year	–	(75,318)	(75,318)
	------------	------------	------------
	992,713	1,100,858	2,093,571
	------------	------------	------------

City Shoes (Wholesale) Limited

Notes to the Financial Statements (continued)

Year ended 31 March 2025

25. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2025	2024
	£	£
Not later than 1 year	103,254	97,668
Later than 1 year and not later than 5 years	53,611	141,114
	---------	---------
	156,865	238,782
	---------	---------

26. Directors' advances, credits and guarantees

At 31 March 2025 £102,031 was owed to A S Johal (2024 - £135,148) and £109,463 was owed to V P S Johal (2024 - £198,852).

27. Related party transactions

The company is controlled by A Johal and V Johal. During the year the company supplied stock and other services to Citystyle Online Ltd amounting to £24,528 (2024 - £Nil). At the balance sheet date £24,528 (2024 - £nil) was due from Citystyle Online Ltd for trading transactions.