Yarwood Leather Limited 923798 false 2022-03-01 2023-02-28 2023-02-28 The principal activity of the company is Leather processors and dealers Digita Accounts Production Advanced 6.30.9574.0 true true true 923798 2022-03-01 2023-02-28 923798 2023-02-28 923798 bus:Chairman 1 2023-02-28 923798 bus:OrdinaryShareClass1 2023-02-28 923798 bus:Original 2023-02-28 923798 core:RetainedEarningsAccumulatedLosses 2023-02-28 923798 core:RevaluationReserve 2023-02-28 923798 core:ShareCapital 2023-02-28 923798 core:CurrentFinancialInstruments 2023-02-28 923798 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 923798 core:Non-currentFinancialInstruments 2023-02-28 923798 core:Non-currentFinancialInstruments core:AfterOneYear 2023-02-28 923798 core:LandBuildings 2023-02-28 923798 core:MotorVehicles 2023-02-28 923798 core:OtherPropertyPlantEquipment 2023-02-28 923798 bus:SmallEntities 2022-03-01 2023-02-28 923798 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 923798 bus:FullAccounts 2022-03-01 2023-02-28 923798 bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 923798 bus:RegisteredOffice 2022-03-01 2023-02-28 923798 bus:Chairman 2022-03-01 2023-02-28 923798 bus:Chairman 1 2022-03-01 2023-02-28 923798 bus:Director5 2022-03-01 2023-02-28 923798 bus:OrdinaryShareClass1 2022-03-01 2023-02-28 923798 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 923798 core:LandBuildings 2022-03-01 2023-02-28 923798 core:MotorVehicles 2022-03-01 2023-02-28 923798 core:OtherPropertyPlantEquipment 2022-03-01 2023-02-28 923798 core:PlantMachinery 2022-03-01 2023-02-28 923798 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2022-03-01 2023-02-28 923798 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity core:SaleOrPurchaseGoods 2022-03-01 2023-02-28 923798 1 2022-03-01 2023-02-28 923798 countries:England 2022-03-01 2023-02-28 923798 2022-02-28 923798 bus:Chairman 1 2022-02-28 923798 core:LandBuildings 2022-02-28 923798 core:MotorVehicles 2022-02-28 923798 core:OtherPropertyPlantEquipment 2022-02-28 923798 2021-03-01 2022-02-28 923798 2022-02-28 923798 bus:OrdinaryShareClass1 2022-02-28 923798 core:RetainedEarningsAccumulatedLosses 2022-02-28 923798 core:RevaluationReserve 2022-02-28 923798 core:ShareCapital 2022-02-28 923798 core:CurrentFinancialInstruments 2022-02-28 923798 core:CurrentFinancialInstruments core:WithinOneYear 2022-02-28 923798 core:Non-currentFinancialInstruments 2022-02-28 923798 core:Non-currentFinancialInstruments core:AfterOneYear 2022-02-28 923798 core:LandBuildings 2022-02-28 923798 core:MotorVehicles 2022-02-28 923798 core:OtherPropertyPlantEquipment 2022-02-28 923798 1 2022-02-28 923798 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity core:SaleOrPurchaseGoods 2021-03-01 2022-02-28 923798 1 2021-03-01 2022-02-28 923798 1 2021-02-28 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 923798

Yarwood Leather Limited

Unaudited Filleted Financial Statements

for the Year Ended 28 February 2023

 

Yarwood Leather Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Yarwood Leather Limited

(Registration number: 923798)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,217,649

759,606

Current assets

 

Stocks

5

1,523,732

1,081,239

Debtors

6

430,754

861,424

Cash at bank and in hand

 

147,259

410,879

 

2,101,745

2,353,542

Creditors: Amounts falling due within one year

7

(685,670)

(837,608)

Net current assets

 

1,416,075

1,515,934

Total assets less current liabilities

 

2,633,724

2,275,540

Creditors: Amounts falling due after more than one year

7

(858,695)

(858,695)

Provisions for liabilities

(59,539)

-

Net assets

 

1,715,490

1,416,845

Capital and reserves

 

Called up share capital

8

280,000

280,000

Revaluation reserve

583,608

203,556

Retained earnings

851,882

933,289

Shareholders' funds

 

1,715,490

1,416,845

For the financial year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 8 November 2023 and signed on its behalf by:
 

 

Yarwood Leather Limited

(Registration number: 923798)
Balance Sheet as at 28 February 2023

.........................................
Mrs Catherine Dixon
Director

 

Yarwood Leather Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Treefield Industrial Estate
Gelderd Road
Gildersome
Leeds
West Yorkshire
LS27 7JU
England

These financial statements were authorised for issue by the Board on 8 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Foreign currency transactions and balances

Transactions denominated in a foreign currency are translated into sterling at an average exchange rate for the year. At the balance sheet date monetary assets and liabilities denominated in a foreign currency are translated by using the closing exchange rate. Non-monetary items carried at fair value that are denominated in a foreign currency are retranslated at the rate previailing on the initial transaction date.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Yarwood Leather Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold land and buildings

1% on cost/revaluation of buildings

Plant and machinery

20 to 33% on cost

Motor vehicles

25% reducing balance basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Yarwood Leather Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 19 (2022 - 20).

 

Yarwood Leather Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

4

Tangible assets

Land and buildings
£

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 March 2022

800,000

11,495

1,187,050

1,998,545

Revaluations

410,000

-

-

410,000

Additions

-

-

1,587

1,587

At 28 February 2023

1,210,000

11,495

1,188,637

2,410,132

Depreciation

At 1 March 2022

51,800

7,858

1,179,281

1,238,939

Charge for the year

7,400

909

4,435

12,744

Eliminated on revaluation

(59,200)

-

-

(59,200)

At 28 February 2023

-

8,767

1,183,716

1,192,483

Carrying amount

At 28 February 2023

1,210,000

2,728

4,921

1,217,649

At 28 February 2022

748,200

3,637

7,769

759,606

Included within the net book value of land and buildings above is £1,210,000 (2022 - £748,200) in respect of freehold land and buildings.
 

Revaluation

The fair value of the company's Land and buildings was revalued on 3 October 2023 by an independent valuer. . The name and qualification of the independent valuer are Eddisons Chartered Surveyors.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £627,681 (2022 - £621,804).

5

Stocks

2023
£

2022
£

Raw materials and consumables

1,523,732

1,081,239

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

161,101

448,958

Amounts owed by related parties

10

241,615

356,391

Prepayments

 

28,038

56,075

   

430,754

861,424

 

Yarwood Leather Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

43,340

211,513

Trade creditors

 

502,247

470,122

Taxation and social security

 

96,882

113,708

Accruals and deferred income

 

43,201

42,265

 

685,670

837,608

Creditors include amounts owed to the invoice discounter which are secured of £39,603 (2022 - £167,715).

 

Yarwood Leather Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

858,695

858,695

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

280,000

280,000

280,000

280,000

         

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

858,695

858,695

2023
£

2022
£

Current loans and borrowings

Other borrowings

43,340

211,513

10

Related party transactions

Transactions with directors

2023

At 1 March 2022
£

Advances to director
£

Repayments by director
£

At 28 February 2023
£

Mr John Lewis Nicholls

Directors loan account

(43,797)

190,060

(150,000)

(3,737)

         
       

 

2022

At 1 March 2021
£

Advances to director
£

Repayments by director
£

At 28 February 2022
£

Directors loan account

(112,685)

158,888

(90,000)

(43,797)

         
       

 

Summary of transactions with entities with joint control or significant interest

 

Yarwood Leather Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Yarwood Cutting Concepts Limited
 

Income and receivables from related parties

2023

Entities with joint control or significant influence
£

Sale of goods

208,523

2022

Entities with joint control or significant influence
£

Sale of goods

130,115

11

Parent and ultimate parent undertaking

The company's immediate parent is Yarwood 2000 Limited, incorporated in England.