IRIS Accounts Production v24.1.0.578 04217715 Board of Directors 1.8.22 31.7.23 31.7.23 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure042177152022-07-31042177152023-07-31042177152022-08-012023-07-31042177152021-07-31042177152021-08-012022-07-31042177152022-07-3104217715ns16:EnglandWales2022-08-012023-07-3104217715ns15:PoundSterling2022-08-012023-07-3104217715ns11:Director12022-08-012023-07-3104217715ns11:PrivateLimitedCompanyLtd2022-08-012023-07-3104217715ns11:SmallEntities2022-08-012023-07-3104217715ns11:AuditExempt-NoAccountantsReport2022-08-012023-07-3104217715ns11:SmallCompaniesRegimeForDirectorsReport2022-08-012023-07-3104217715ns11:SmallCompaniesRegimeForAccounts2022-08-012023-07-3104217715ns11:AbridgedAccounts2022-08-012023-07-310421771512022-08-012023-07-3104217715ns11:Director22022-08-012023-07-3104217715ns11:CompanySecretary12022-08-012023-07-3104217715ns11:RegisteredOffice2022-08-012023-07-3104217715ns6:CurrentFinancialInstruments2023-07-3104217715ns6:CurrentFinancialInstruments2022-07-3104217715ns6:Non-currentFinancialInstruments2023-07-3104217715ns6:Non-currentFinancialInstruments2022-07-3104217715ns6:ShareCapital2023-07-3104217715ns6:ShareCapital2022-07-3104217715ns6:RetainedEarningsAccumulatedLosses2023-07-3104217715ns6:RetainedEarningsAccumulatedLosses2022-07-3104217715ns6:IntangibleAssetsOtherThanGoodwill2022-08-012023-07-3104217715ns6:ComputerSoftware2022-08-012023-07-3104217715ns6:LeaseholdImprovements2022-08-012023-07-3104217715ns6:PlantMachinery2022-08-012023-07-3104217715ns6:FurnitureFittings2022-08-012023-07-31
REGISTERED NUMBER: 04217715 (England and Wales)












DEREK LEE GUNSMITHS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023






DEREK LEE GUNSMITHS LIMITED (REGISTERED NUMBER: 04217715)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023










Page

Company Information 1

Abridged Statement of Financial Position 2

Notes to the Financial Statements 4


DEREK LEE GUNSMITHS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2023







DIRECTORS: D A Lee
Mrs M Lee





SECRETARY: Mrs M Lee





REGISTERED OFFICE: Four Acres
Toft Hill
Tumby
Boston
Lincolnshire
PE22 7TB





REGISTERED NUMBER: 04217715 (England and Wales)





ACCOUNTANTS: Dexter & Sharpe
Chartered Certified Accountants
Rollestone House
20-22 Bridge Street
Horncastle
Lincolnshire
LN9 5HZ

DEREK LEE GUNSMITHS LIMITED (REGISTERED NUMBER: 04217715)

ABRIDGED STATEMENT OF FINANCIAL POSITION
31 JULY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 11,489 19,669
Property, plant and equipment 5 20,909 24,599
32,398 44,268

CURRENT ASSETS
Inventories 695,310 668,184
Debtors 26,333 37,182
Cash at bank and in hand 110,746 97,273
832,389 802,639
CREDITORS
Amounts falling due within one year 389,995 377,047
NET CURRENT ASSETS 442,394 425,592
TOTAL ASSETS LESS CURRENT
LIABILITIES

474,792

469,860

CREDITORS
Amounts falling due after more than one year (52,905 ) (53,056 )

PROVISIONS FOR LIABILITIES (4,561 ) (4,073 )
NET ASSETS 417,326 412,731

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 416,326 411,731
SHAREHOLDERS' FUNDS 417,326 412,731

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

DEREK LEE GUNSMITHS LIMITED (REGISTERED NUMBER: 04217715)

ABRIDGED STATEMENT OF FINANCIAL POSITION - continued
31 JULY 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Statement of Financial Position for the year ended 31 July 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 April 2024 and were signed on its behalf by:





D A Lee - Director


DEREK LEE GUNSMITHS LIMITED (REGISTERED NUMBER: 04217715)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023


1. STATUTORY INFORMATION

Derek Lee Gunsmiths Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of three years.

Property, plant & equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 20% on cost
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance

Government grants
Grants relating to revenue are recognised on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.

Grants that become receivable as compensation for expenses or losses already incurred, or for the purpose of giving immediate financial support to the entity, with no future related costs shall be recognised in income in the period in which they become receivable.

Inventories
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 5 ) .

DEREK LEE GUNSMITHS LIMITED (REGISTERED NUMBER: 04217715)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023


4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 August 2022 29,735
Additions 2,014
At 31 July 2023 31,749
AMORTISATION
At 1 August 2022 10,066
Amortisation for year 10,194
At 31 July 2023 20,260
NET BOOK VALUE

At 31 July 2023 11,489
At 31 July 2022 19,669

5. PROPERTY, PLANT AND EQUIPMENT
Totals
£   
COST
At 1 August 2022
and 31 July 2023 115,681
DEPRECIATION
At 1 August 2022 91,082
Charge for year 3,690
At 31 July 2023 94,772
NET BOOK VALUE
At 31 July 2023 20,909
At 31 July 2022 24,599