Tower Boots London Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 03658157 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2022

FOR

TOWER BOOTS LONDON LIMITED

Page

Statement of Financial Position

1

Notes to the Financial Statements

3

FIXED ASSETS

Intangible assets

4

137,731

113,923

Property, plant and equipment

5

991,198

714,396

Investments

6

2

2

1,128,931

828,321

CURRENT ASSETS

Inventories

2,779,245

3,333,274

Debtors

7

807,463

616,280

Cash at bank and in hand

585,555

653,761

4,172,263

4,603,315

CREDITORS

Amounts falling due within one year

8

2,526,798

2,756,934

NET CURRENT ASSETS

1,645,465

1,846,381

TOTAL ASSETS LESS CURRENT LIABILITIES

2,774,396

2,674,702

CREDITORS

Amounts falling due after more than one year

9

(399,617

)

(550,589

)

PROVISIONS FOR LIABILITIES

11

(166,722

)

(142,068

)

NET ASSETS

2,208,057

1,982,045

CAPITAL AND RESERVES

Called up share capital

102

102

Retained earnings

2,207,955

1,981,943

2,208,057

1,982,045

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 December 2023 and were signed on its behalf by:

Mr C Demopoulos - Director

1.	STATUTORY INFORMATION

Tower Boots London Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

03658157

Registered office:

Foundation House 16g Perseverance Works

38 Kingsland Road

London

E2 8DD

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.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates

In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period or in the period of the revision and future periods where the revision affects both current and future periods.

There are no significant judgements or estimates involved in the preparation of the financial statements.

Revenue

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,value added tax.

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

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of 5 years.

Property, plant and equipment

Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the assets capable of operating as intended.

The carrying value of tangible assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

Short leasehold property - 15% reducing balance

Plant and machinery - 20% reducing balance

Fixtures and fittings - 20% reducing balance

Motor vehicles - 20% reducing balance

The company has adopted the policy of not depreciating the assets in the first year, however full depreciation is provided in the year of disposal.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost less any impairment.

Inventories

Inventories are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of inventory sold is recognised as an expense in the period in which the related revenue is recognised.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Cash and cash equivalent

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 48 (2021 - 49 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 November 2021

165,111

Additions

56,830

At 31 October 2022

221,941

AMORTISATION

At 1 November 2021

51,188

Charge for year

33,022

At 31 October 2022

84,210

NET BOOK VALUE

At 31 October 2022

137,731

At 31 October 2021

113,923

5.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

Short

Plant and

and

Motor

leasehold

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 November 2021

100,247

225,154

1,248,508

175,109

1,749,018

Additions

3,500

-

355,146

70,780

429,426

Disposals

-

-

-

(26,250

)

(26,250

)

At 31 October 2022

103,747

225,154

1,603,654

219,639

2,152,194

DEPRECIATION

At 1 November 2021

28,152

165,857

678,854

161,759

1,034,622

Charge for year

10,814

11,859

113,931

2,670

139,274

Eliminated on disposal

-

-

-

(12,900

)

(12,900

)

At 31 October 2022

38,966

177,716

792,785

151,529

1,160,996

NET BOOK VALUE

At 31 October 2022

64,781

47,438

810,869

68,110

991,198

At 31 October 2021

72,095

59,297

569,654

13,350

714,396

Included within motor vehicles are £70,780 of assets held under finance lease

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 November 2021

and 31 October 2022

2

NET BOOK VALUE

At 31 October 2022

2

At 31 October 2021

2

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

178,122

16,800

Other debtors

629,341

599,480

807,463

616,280

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

184,230

281,438

Hire purchase contracts

27,160

26,331

Trade creditors

1,863,447

1,680,276

Taxation and social security

394,565

624,157

Other creditors

57,396

144,732

2,526,798

2,756,934

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans

263,096

366,539

Hire purchase contracts

33,686

11,220

Other creditors

102,835

172,830

399,617

550,589

10.	FINANCIAL INSTRUMENTS

The company has provided a cross guarantee to a connected company by virtue of a a fixed and floating charge over the assets of the business.

11.	PROVISIONS FOR LIABILITIES

2022

2021

£

£

Deferred tax

Accelerated capital allowances

24,654

13,349

Deferred tax

142,068

128,719

166,722

142,068

Deferred

tax

£

Balance at 1 November 2021

142,068

Provided during year

24,654

Balance at 31 October 2022

166,722

12.	RELATED PARTY DISCLOSURES

Included in the other creditors, more than one year, is an amount of £102,835 (2021: £172,831) due to the directors of the company. These loans are interest free.

Included in other debtors due within one year, are amounts totalling £309,010 (2021: £109,308) due from the connected companies. These loans are provided interest free and repayable on demand.