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Reports Dated : 03/10/2023 Registered Number: 11340691
England and Wales

 

 

 

NENE VALLEY LEATHER LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 June 2022

End date: 31 May 2023
Director Daniel Mark Heginbotham
Registered Number 11340691
Registered Office 48 Rushden Road
Wymington
Northants
NN10 9LH
Accountants Denton Tavara Limited
61a High Street South
Rushden
NN10 0RA
1
Director's report and financial statements
The directors present his/her/their annual report and the financial statements for the year ended 31 May 2023.
Principal activities
The principal activity of the company during the financial year was that of the supply of leather.
Directors
The directors who served the company throughout the year were as follows:
Daniel Mark Heginbotham
Coral Ann Mills
Statement of directors' responsibilities
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations and in accordance with United Kingdom Generally Accepted Accounting Practice.
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 (Financial Reporting Standard 102). 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 judgements and accounting estimates that are reasonable and prudent
  • state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements and
  • 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. The directors 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.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom, governing the preparation and dissemination of financial statements, may differ from legislation in other jurisdictions

This report was approved by the board and signed on its behalf by:


----------------------------------
Daniel Mark Heginbotham
Director

Date approved: 03 October 2023
2
Accountants report
You consider that the company is exempt from an audit for the year ended 31 May 2023 . You have acknowledged, on the Statement of Financial Position , your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year.
In accordance with your instructions, we have prepared the accounts which comprise the Income Statement, the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes from the accounting records of the company and on the basis of information and explanations you have given to us.
We have not carried out an audit or any other review, and consequently we do not express any opinion on these accounts.



....................................................
Denton Tavara Limited
61a High Street South
Rushden
NN10 0RA
03 October 2023
3
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Intangible fixed assets 3 5,000    6,000 
Tangible fixed assets 4 5,640    5,320 
10,640    11,320 
Current assets      
Stocks 5 322,554    513,001 
Debtors 6 112,771    301,769 
Cash at bank and in hand 44,636    11,422 
479,961    826,192 
Creditors: amount falling due within one year 7 (658,629)   (876,466)
Net current liabilities (178,668)   (50,274)
 
Total assets less current liabilities (168,028)   (38,954)
Creditors: amount falling due after more than one year 8 (30,381)   (36,396)
Net liabilities (198,409)   (75,350)
 

Capital and reserves
     
Called up share capital 100    100 
Profit and loss account (198,509)   (75,450)
Shareholder's funds (198,409)   (75,350)
 


For the year ended 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
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 the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 03 October 2023 and were signed on its behalf by:


-------------------------------
Daniel Mark Heginbotham
Director
4
General Information
Nene Valley Leather Limited is a private company, limited by shares, registered in England and Wales, registration number 11340691, registration address 48 Rushden Road, Wymington, Northants, NN10 9LH.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the income statement on a straight line basis.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Goodwill
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the goodwill of 10 years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 25% Reducing Balance
Fixtures and Fittings 25% Reducing Balance
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2.

Average number of employees

Average number of employees during the year was 5 (2022 : 4).
3.

Intangible fixed assets

Cost Goodwill   Total
  £   £
At 01 June 2022 10,000    10,000 
Additions  
Disposals  
At 31 May 2023 10,000    10,000 
Amortisation
At 01 June 2022 4,000    4,000 
Charge for year 1,000    1,000 
On disposals  
At 31 May 2023 5,000    5,000 
Net book values
At 31 May 2023 5,000    5,000 
At 31 May 2022 6,000    6,000 


4.

Tangible fixed assets

Cost or valuation Plant and Machinery   Fixtures and Fittings   Total
  £   £   £
At 01 June 2022 5,808    1,983    7,791 
Additions 2,200      2,200 
Disposals    
At 31 May 2023 8,008    1,983    9,991 
Depreciation
At 01 June 2022 1,697    774    2,471 
Charge for year 1,578    302    1,880 
On disposals    
At 31 May 2023 3,275    1,076    4,351 
Net book values
Closing balance as at 31 May 2023 4,733    907    5,640 
Opening balance as at 01 June 2022 4,111    1,209    5,320 


5.

Stocks

2023
£
  2022
£
Closing Stocks and WIP 322,554    513,001 
322,554    513,001 

6.

Debtors: amounts falling due within one year

2023
£
  2022
£
Trade Debtors 111,404    222,345 
Prepayments & Accrued Income 1,367    1,074 
VAT   78,350 
112,771    301,769 

7.

Creditors: amount falling due within one year

2023
£
  2022
£
Trade Creditors 623,371    782,277 
Bank Loans & Overdrafts 4,496    74,819 
Corporation Tax 1,012    14,666 
PAYE & Social Security 279    308 
Accruals   1,500 
Other Creditors 605    800 
Hire Purchase/Financial Leases 1,495    1,495 
Directors' Current Accounts 233    601 
VAT 27,138   
658,629    876,466 

8.

Creditors: amount falling due after more than one year

2023
£
  2022
£
Bank Loans and Overdrafts 30,381    34,901 
Hire Purchase / Financial Leases   1,495 
30,381    36,396 

5