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Registration number: 00681674

Lees of Grimsby (Furnishers) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Lees of Grimsby (Furnishers) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Lees of Grimsby (Furnishers) Limited

Company Information

Directors

G C Lee

H R Lee

I Lee

G E Lee

Company secretary

G C Lee

Registered office

222 Victoria Street
Grimsby
North East Lincolnshire
DN31 1BJ

Solicitors

Wilkin Chapman
Cartergate House
26 Chantry Lane
Grimsby
North East Lincolnshire
DN31 2LJ

Bankers

HSBC Bank PLC
Grimsby
55 Victoria Street
Grimsby
N E Lincolnshire
DN31 1UX

 

Lees of Grimsby (Furnishers) Limited

(Registration number: 00681674)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

12,729

19,370

Tangible assets

5

916,621

945,209

Investment properties

6

-

229,900

Investments

7

8,000

8,000

 

937,350

1,202,479

Current assets

 

Stocks

8

1,039,762

1,270,179

Debtors

9

585,519

747,598

Cash at bank and in hand

 

886,622

503,945

 

2,511,903

2,521,722

Creditors: Amounts falling due within one year

10

(1,122,733)

(1,204,141)

Net current assets

 

1,389,170

1,317,581

Total assets less current liabilities

 

2,326,520

2,520,060

Creditors: Amounts falling due after more than one year

10

(33,741)

-

Provisions for liabilities

(27,938)

(26,113)

Net assets

 

2,264,841

2,493,947

Capital and reserves

 

Called up share capital

10,000

10,000

Fair vair reserve

-

36,756

Profit and loss account

2,254,841

2,447,191

Total equity

 

2,264,841

2,493,947

For the financial year ending 31 March 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.

 

Lees of Grimsby (Furnishers) Limited

(Registration number: 00681674)
Balance Sheet as at 31 March 2023

Approved and authorised by the Board on 13 March 2024 and signed on its behalf by:

.........................................
H R Lee
Director

 

Lees of Grimsby (Furnishers) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

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

The address of its registered office is:
222 Victoria Street
Grimsby
North East Lincolnshire
DN31 1BJ

These financial statements were authorised for issue by the Board on 13 March 2024.

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.

These financial statements cover the individual entity, have been prepared in pound sterling and rounded to the nearest pound.

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.

Government grants

Government grants which become receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the business with no future related costs are recognised as income in the period in which they become receivable.

Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and 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.

 

Lees of Grimsby (Furnishers) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Tangible assets

Tangible assets are stated in the statement of financial position 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 and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold land and buildings

2% straight line

Fixtures and fittings

5 years straight line

Motor vehicles

5 years straight line

Investment properties

Investment properties are carried at fair value, derived from the current market prices for comparable real estate determined annually by the director. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Computer software

3 years straight line

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.

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.

 

Lees of Grimsby (Furnishers) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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 50 (2022 - 49).

4

Intangible assets

Computer software
£

Total
£

Cost or valuation

At 1 April 2022

24,213

24,213

At 31 March 2023

24,213

24,213

Amortisation

At 1 April 2022

4,843

4,843

Amortisation charge

6,641

6,641

At 31 March 2023

11,484

11,484

Carrying amount

At 31 March 2023

12,729

12,729

At 31 March 2022

19,370

19,370

 

Lees of Grimsby (Furnishers) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

5

Tangible assets

Freehold land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

1,061,595

413,669

126,926

1,602,190

Additions

-

48,254

29,000

77,254

Disposals

-

(83,641)

-

(83,641)

At 31 March 2023

1,061,595

378,282

155,926

1,595,803

Depreciation

At 1 April 2022

241,211

330,085

85,685

656,981

Charge for the year

21,232

67,277

17,333

105,842

Eliminated on disposal

-

(83,641)

-

(83,641)

At 31 March 2023

262,443

313,721

103,018

679,182

Carrying amount

At 31 March 2023

799,152

64,561

52,908

916,621

At 31 March 2022

820,384

83,584

41,241

945,209

6

Investment properties

2023
£

At 1 April

229,900

Disposals

(229,900)

At 31 March

-

Fair value has been determined by the directors based on an estimated open market value.

The changes in fair values of the investments properties has resulted in a credit of £nil (2022: credit of £31,137) charged in the profit and loss account.

 

Lees of Grimsby (Furnishers) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

7

Investments

Unlisted investments at cost
£

Total
£

Cost or valuation

At 1 April 2022

8,000

8,000

At 31 March 2023

8,000

8,000

Carrying amount

At 31 March 2023

8,000

8,000

At 31 March 2022

8,000

8,000

8

Stocks

2023
£

2022
£

Work in progress

133,348

354,079

Finished goods and goods for resale

906,414

916,100

1,039,762

1,270,179

9

Debtors

Current

2023
£

2022
£

Trade debtors

452,848

632,828

Prepayments

8,047

2,526

Other debtors

124,624

112,244

 

585,519

747,598

 

Lees of Grimsby (Furnishers) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

10

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

HP and finance leases

3,850

-

Trade creditors

925,269

1,004,867

Taxation and social security

85,392

111,246

Other creditors

33,243

31,868

Accruals and deferred income

74,979

41,107

Corporation tax

-

15,053

1,122,733

1,204,141

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

HP and finance leases

22,904

-

Deferred income

10,837

-

33,741

-

11

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

HP and finance leases

3,850

-

Director's loan account

9,126

67

12,976

67

2023
£

2022
£

Non-current loans and borrowings

HP and finance leases

22,904

-