Leo Upholstery Limited 08590313 false 2022-08-01 2023-07-31 2023-07-31 The principal activity of the company is upholsterers. Digita Accounts Production Advanced 6.30.9574.0 true true 08590313 2022-08-01 2023-07-31 08590313 2023-07-31 08590313 bus:OrdinaryShareClass1 bus:CumulativeShares 2023-07-31 08590313 core:RetainedEarningsAccumulatedLosses 2023-07-31 08590313 core:ShareCapital 2023-07-31 08590313 core:CurrentFinancialInstruments 2023-07-31 08590313 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-31 08590313 core:Non-currentFinancialInstruments core:AfterOneYear 2023-07-31 08590313 core:MotorVehicles 2023-07-31 08590313 core:OfficeEquipment 2023-07-31 08590313 core:PlantMachinery 2023-07-31 08590313 bus:SmallEntities 2022-08-01 2023-07-31 08590313 bus:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 08590313 bus:FilletedAccounts 2022-08-01 2023-07-31 08590313 bus:SmallCompaniesRegimeForAccounts 2022-08-01 2023-07-31 08590313 bus:RegisteredOffice 2022-08-01 2023-07-31 08590313 bus:Director1 2022-08-01 2023-07-31 08590313 bus:Director2 2022-08-01 2023-07-31 08590313 bus:OrdinaryShareClass1 bus:CumulativeShares 2022-08-01 2023-07-31 08590313 bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 08590313 core:ComputerEquipment 2022-08-01 2023-07-31 08590313 core:MotorVehicles 2022-08-01 2023-07-31 08590313 core:OfficeEquipment 2022-08-01 2023-07-31 08590313 core:PlantMachinery 2022-08-01 2023-07-31 08590313 countries:AllCountries 2022-08-01 2023-07-31 08590313 2022-07-31 08590313 core:MotorVehicles 2022-07-31 08590313 core:OfficeEquipment 2022-07-31 08590313 core:PlantMachinery 2022-07-31 08590313 2021-08-01 2022-07-31 08590313 2022-07-31 08590313 bus:OrdinaryShareClass1 bus:CumulativeShares 2022-07-31 08590313 core:RetainedEarningsAccumulatedLosses 2022-07-31 08590313 core:ShareCapital 2022-07-31 08590313 core:CurrentFinancialInstruments 2022-07-31 08590313 core:CurrentFinancialInstruments core:WithinOneYear 2022-07-31 08590313 core:Non-currentFinancialInstruments core:AfterOneYear 2022-07-31 08590313 core:MotorVehicles 2022-07-31 08590313 core:OfficeEquipment 2022-07-31 08590313 core:PlantMachinery 2022-07-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 08590313

Leo Upholstery Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2023

 

Leo Upholstery Limited

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Leo Upholstery Limited

Company Information

Directors

Mr Jason Reed

Mr Matthew King

Registered office

C/o Bright Partnership
26 Edward Court
Altrincham
WA14 5GL

Accountants

Bright Partnership LLP
26 Edward Court
Broadheath
Altrincham
WA14 5GL

 

Leo Upholstery Limited

(Registration number: 08590313)
Statement of Financial Position as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

3

77,486

34,250

Current assets

 

Stocks

32,000

10,000

Debtors

4

42,866

43,589

Cash at bank and in hand

 

4,511

21,677

 

79,377

75,266

Creditors: Amounts falling due within one year

5

(115,327)

(59,783)

Net current (liabilities)/assets

 

(35,950)

15,483

Total assets less current liabilities

 

41,536

49,733

Creditors: Amounts falling due after more than one year

5

(35,648)

(39,241)

Provisions for liabilities

(14,722)

(6,507)

Net (liabilities)/assets

 

(8,834)

3,985

Capital and reserves

 

Called up share capital

6

100

100

Retained earnings

(8,934)

3,885

Shareholders' (deficit)/funds

 

(8,834)

3,985

For the financial year ending 31 July 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.

 

Leo Upholstery Limited

(Registration number: 08590313)
Statement of Financial Position as at 31 July 2023

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 4 April 2024 and signed on its behalf by:
 

.........................................
Mr Matthew King
Director

 

Leo Upholstery Limited

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

1

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 are presented in sterling, which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

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.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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.

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 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.

 

Leo Upholstery Limited

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

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

Plant & Machinery

25% reducing balance

Motor Vehicles

25% reducing balance

Office equipment

33% reducing balance

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. Cost is determined using the first-in, first-out (FIFO) method.

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.

Borrowings

 

Leo Upholstery Limited

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

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.

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.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 16 (2022 - 12).

 

Leo Upholstery Limited

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

3

tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2022

33,903

2,055

18,750

54,708

Additions

52,528

-

-

52,528

At 31 July 2023

86,431

2,055

18,750

107,236

Depreciation

At 1 August 2022

10,938

1,317

8,203

20,458

Charge for the year

6,411

244

2,637

9,292

At 31 July 2023

17,349

1,561

10,840

29,750

Carrying amount

At 31 July 2023

69,082

494

7,910

77,486

At 31 July 2022

22,965

738

10,547

34,250

4

Debtors

Current

2023
£

2022
£

Other debtors

42,866

43,589

 

42,866

43,589

5

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

42,296

11,621

trade creditors

 

2,062

112

Taxation and social security

 

67,726

45,175

Accruals and deferred income

 

1,650

1,200

Other creditors

 

1,593

1,675

 

115,327

59,783

Creditors: amounts falling due after more than one year

 

Leo Upholstery Limited

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

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

35,648

39,241

 

Leo Upholstery Limited

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

6

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

7

Related party transactions

At the year end of 31 July 2023, £21,804 (2022: 32,835) was owed by directors Mathew King and Jason Reed to the company.