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Registered Number: 00480681
England and Wales

 

 

 

LEATHER & GRINDERY SUPPLIES LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 January 2023

End date: 31 December 2023
Director Patrick Pengilly
Registered Number 00480681
Registered Office 147 High Street
New Malden
Surrey
KT3 4BH
Accountants Ludlow Painter Limited
Produce House
1a Wickham Court Road
West Wickham
Kent
BR4 9LN
Secretary Inez Pengilly
1
Director's report and financial statements
The director present his annual report and the financial statements for the year ended 31 December 2023.
Principal activities
The principal activity of the company during the financial year was of wholesale supply to cobblers.
Director
The director who served the company throughout the year was as follows:
Patrick Pengilly
Statement of director's responsibilities
The director is 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 director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (Financial Reporting Standard 102). Under company law the director 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 director is 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 director is responsible for keeping adequate accounting records that are sufficient to show and explain the companys 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 director is 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 director is 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.

On behalf of the board.


----------------------------------
Patrick Pengilly
Director

Date approved: 09 April 2024
2
Report to the director on the preparation of the unaudited statutory accounts of Leather & Grindery Supplies Limited for the year ended 31 December 2023.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Leather & Grindery Supplies Limited for the year ended 31 December 2023 which comprise of the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the companys accounting records and from information and explanations you have given to us.

As a practising member firm of the Institute of Financial Accountants (IFA), we are subject to its ethical and other professional requirements which are detailed at https://www.ifa.org.uk/about-us/acting-in-the-public-interest/memberregulations.

This report is made solely to the Board of Directors of Leather & Grindery Supplies Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Leather & Grindery Supplies Limited and state those matters that we have agreed to state to the Board of Directors of Leather & Grindery Supplies Limited, as a body, in this report.To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Leather & Grindery Supplies Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Leather & Grindery Supplies Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Leather & Grindery Supplies Limited.You consider that Leather & Grindery Supplies Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit of the accounts of Leather & Grindery Supplies Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements 31 December 2023.



....................................................
Ludlow Painter Limited
Produce House
1a Wickham Court Road
West Wickham
Kent
BR4 9LN
09 April 2024
3
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3 169,071    174,301 
169,071    174,301 
Current assets      
Stocks 4 5,000    5,000 
Debtors 5 43,740    5,901 
Cash at bank and in hand 107,489    96,455 
156,229    107,356 
Creditors: amount falling due within one year 6 (56,069)   (36,592)
Net current assets 100,160    70,764 
 
Total assets less current liabilities 269,231    245,065 
Creditors: amount falling due after more than one year 7 (15,000)   (28,000)
Net assets 254,231    217,065 
 

Capital and reserves
     
Called up share capital 8 2,203    2,203 
Profit and loss account 252,028    214,862 
Shareholder's funds 254,231    217,065 
 


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

Director's 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 director acknowledges 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. In accordance with Section 444 of the Companies Act 2006, the profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the director on 09 April 2024 and were signed by:


-------------------------------
Patrick Pengilly
Director
4
  Equity share capital   Retained Earnings   Total
£ £ £
At 01 January 2022 2,203  238,926  241,129 
Profit for the year 60,036  60,036 
Total comprehensive income for the year 60,036  60,036 
Dividends (84,100) (84,100)
Total investments by and distributions to owners (84,100) (84,100)
At 31 December 2022 2,203  214,862  217,065 
At 01 January 2023 2,203  214,862  217,065 
Profit for the year 89,666  89,666 
Total comprehensive income for the year 89,666  89,666 
Dividends (52,500) (52,500)
Total investments by and distributions to owners (52,500) (52,500)
At 31 December 2023 2,203  252,028  254,231 
5
General Information
Leather & Grindery Supplies Limited is a private company, limited by shares, registered in England and Wales, registration number 00480681, registration address 147 High Street, New Malden, Surrey, KT3 4BH.

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.
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Dividends
Proposed dividends are only included as liabilities in the balance sheet when their payment has been approved by the shareholders prior to the balance sheet date.
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:
Motor Vehicles 25% Reducing Balance
Fixtures and Fittings 25% Straight Line
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets and depreciated over the shorter of the lease term and their estimated expected useful lives.
Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.
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 : 6).
3.

Tangible fixed assets

Cost or valuation Land and Buildings   Motor Vehicles   Fixtures and Fittings   Total
  £   £   £   £
At 01 January 2023 161,265    60,133    4,277    225,675 
Additions      
Disposals   (38,217)     (38,217)
At 31 December 2023 161,265    21,916    4,277    187,458 
Depreciation
At 01 January 2023 1,268    49,037    1,069    51,374 
Charge for year   2,311    1,069    3,380 
On disposals   (36,367)     (36,367)
At 31 December 2023 1,268    14,981    2,138    18,387 
Net book values
Closing balance as at 31 December 2023 159,997    6,935    2,139    169,071 
Opening balance as at 01 January 2023 159,997    11,096    3,208    174,301 


4.

Stocks

2023
£
  2022
£
Stocks 5,000    5,000 
5,000    5,000 

5.

Debtors: amounts falling due within one year

2023
£
  2022
£
Trade Debtors 43,740    5,901 
43,740    5,901 

6.

Creditors: amount falling due within one year

2023
£
  2022
£
Trade Creditors 2,074    119 
Bank Loans & Overdrafts 10,000    7,000 
Taxation and Social Security 39,957    26,184 
Other Creditors 4,038    3,289 
56,069    36,592 

7.

Creditors: amount falling due after more than one year

2023
£
  2022
£
Bank Loans & Overdrafts 15,000    28,000 
15,000    28,000 

8.

Share Capital

Allotted, called up and fully paid
2023
£
  2022
£
1,102 Ordinary shares of £1.00 each 1,102    1,102 
367 Ordinary A shares of £1.00 each 367    367 
734 Ordinary B shares of £1.00 each 734    734 
2,203    2,203 

6