REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2018 |
FOR |
LEATHER SOFA COMPANY LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2018 |
FOR |
LEATHER SOFA COMPANY LIMITED |
LEATHER SOFA COMPANY LIMITED (REGISTERED NUMBER: 04823687) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2018 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
LEATHER SOFA COMPANY LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 JANUARY 2018 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
44 St Helens Road |
Swansea |
West Glamorgan |
SA1 4BB |
LEATHER SOFA COMPANY LIMITED (REGISTERED NUMBER: 04823687) |
BALANCE SHEET |
31 JANUARY 2018 |
2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
LEATHER SOFA COMPANY LIMITED (REGISTERED NUMBER: 04823687) |
BALANCE SHEET - continued |
31 JANUARY 2018 |
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 on behalf by: |
LEATHER SOFA COMPANY LIMITED (REGISTERED NUMBER: 04823687) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2018 |
1. | STATUTORY INFORMATION |
Leather Sofa Company Limited is a |
company's registered number and registered office address can be found on the Company Information page. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, |
rebates, value added tax and other sales taxes. |
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. |
Tangible fixed assets |
Leasehold property | - |
Plant and machinery | - |
Motor vehicles | - |
Equipment | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, and have been valued by the directors. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange |
ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those |
held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance |
leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital |
element of the future payments is treated as a liability. |
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. |
Going concern |
Based on the results shown in these financial statements together with their knowledge of the business and |
post year end trading, the directors are confident that the going concern principle may be applied. |
LEATHER SOFA COMPANY LIMITED (REGISTERED NUMBER: 04823687) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2018 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2017 - 14 ). |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 February 2017 |
and 31 January 2018 |
AMORTISATION |
At 1 February 2017 |
Amortisation for year |
At 31 January 2018 |
NET BOOK VALUE |
At 31 January 2018 |
At 31 January 2017 |
5. | TANGIBLE FIXED ASSETS |
Leasehold | Plant and | Motor |
property | machinery | vehicles | Equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 February 2017 |
and 31 January 2018 |
DEPRECIATION |
At 1 February 2017 |
Charge for year |
At 31 January 2018 |
NET BOOK VALUE |
At 31 January 2018 |
At 31 January 2017 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments |
LEATHER SOFA COMPANY LIMITED (REGISTERED NUMBER: 04823687) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2018 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Corporation tax |
Social security and other taxes |
VAT | 25,801 | 11,446 |
Other Creditors | 10,000 | 10,000 |
Directors' current accounts | 562,043 | 491,021 |
Accrued expenses |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2018 | 2017 |
£ | £ |
Bank loans - 1-2 years |
Hire purchase contracts |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2018 | 2017 |
£ | £ |
Bank overdrafts |
Bank loans |
Hire purchase contracts | 21,955 | 27,417 |
10. | RELATED PARTY DISCLOSURES |
During the year rent in the sum of £138,333 (2017 : £138,333) was paid to Leather Sofa Co, a partnership |
under the common control of the directors. |
During the year the company received management fees in the sum of £12,000 (2017 : £11,000) from Leather |
Sofa Co, a partnership under the common control of the directors. |
Trade debtors includes an amount of £122,156 (2017 : £92,110) owing by a related company, DT Two Limited. |
Transactions between the companies are all at arms' length. |
The following amounts were owing to the directors at the year end; Mr J & Mrs C Dark £492,966 (2017 : |
£425,109), and Mr J S Dark £69,076 (2017 : £65,910). |
LEATHER SOFA COMPANY LIMITED (REGISTERED NUMBER: 04823687) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2018 |
11. | ULTIMATE CONTROLLING PARTY |
In the opinion of the directors, the ultimate controlling parties are any shareholders who when taken together |
hold a majority of the voting rights. |