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Company No: 01493244 (England and Wales)

LEATHERBARROWS REMOVALS AND STORAGE LIMITED

Unaudited Financial Statements
For the financial year ended 31 October 2023
Pages for filing with the registrar

LEATHERBARROWS REMOVALS AND STORAGE LIMITED

Unaudited Financial Statements

For the financial year ended 31 October 2023

Contents

LEATHERBARROWS REMOVALS AND STORAGE LIMITED

BALANCE SHEET

As at 31 October 2023
LEATHERBARROWS REMOVALS AND STORAGE LIMITED

BALANCE SHEET (continued)

As at 31 October 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 506,800 290,354
Investments 4 70,664 61,999
577,464 352,353
Current assets
Stocks 5 29,106 33,096
Debtors 6 389,783 384,580
Cash at bank and in hand 154,246 387,387
573,135 805,063
Creditors: amounts falling due within one year 7 ( 336,940) ( 491,845)
Net current assets 236,195 313,218
Total assets less current liabilities 813,659 665,571
Creditors: amounts falling due after more than one year 8 ( 217,977) ( 41,418)
Provision for liabilities ( 81,380) ( 41,708)
Net assets 514,302 582,445
Capital and reserves
Called-up share capital 45,100 45,100
Revaluation reserve 20,959 14,561
Profit and loss account 448,243 522,784
Total shareholders' funds 514,302 582,445

For the financial year ending 31 October 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Leatherbarrows Removals and Storage Limited (registered number: 01493244) were approved and authorised for issue by the Board of Directors on 28 February 2024. They were signed on its behalf by:

Darren James Vale
Director
LEATHERBARROWS REMOVALS AND STORAGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2023
LEATHERBARROWS REMOVALS AND STORAGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Leatherbarrows Removals and Storage Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 16 Wilfred Road, Boscombe, Bournemouth, BH5 1ND, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.
Revenue from services is recognised as they are delivered.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill not amortised
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a basis over its expected useful life, as follows:

Leasehold improvements 10 years straight line
Plant and machinery 10 % reducing balance
Vehicles 2 - 8 years straight line
Office equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 30 31

3. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Office equipment Total
£ £ £ £ £
Cost
At 01 November 2022 16,731 670,294 506,040 36,168 1,229,233
Additions 0 0 336,794 17,429 354,223
Disposals 0 0 ( 140,863) 0 ( 140,863)
At 31 October 2023 16,731 670,294 701,971 53,597 1,442,593
Accumulated depreciation
At 01 November 2022 16,731 494,339 395,959 31,850 938,879
Charge for the financial year 0 54,970 73,575 6,815 135,360
Disposals 0 0 ( 138,446) 0 ( 138,446)
At 31 October 2023 16,731 549,309 331,088 38,665 935,793
Net book value
At 31 October 2023 0 120,985 370,883 14,932 506,800
At 31 October 2022 0 175,955 110,081 4,318 290,354

4. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 November 2022 61,999 61,999
Additions 2,268 2,268
Movement in fair value 6,397 6,397
At 31 October 2023 70,664 70,664
Carrying value at 31 October 2023 70,664 70,664
Carrying value at 31 October 2022 61,999 61,999

Investments in shares

Name of entity Registered office Principal activity Class of
shares
Ownership
31.10.2023
Ownership
31.10.2022
Tappers Removals and Storage Limited 16 Wilfred Road, Boscombe, Bournemouth, Dorset, BH5 1ND. England and Wales Dormant company Ordinary 100.00% 100.00%

5. Stocks

2023 2022
£ £
Stocks 29,106 33,096

6. Debtors

2023 2022
£ £
Trade debtors 244,596 297,773
Other debtors 145,187 86,807
389,783 384,580

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 10,101 14,506
Trade creditors 165,953 125,642
Taxation and social security 38,976 88,717
Obligations under finance leases and hire purchase contracts 46,222 25,113
Other creditors 75,688 237,867
336,940 491,845

Hire purchase agreements are secured against the assets to which they relate.

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

2023 2022
£ £
Bank loans 217,977 41,418

Hire purchase agreements are secured against the assets to which they relate.