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REGISTERED NUMBER: 05172362 (England and Wales)






















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2023

FOR

LEADING FABRICS LIMITED

LEADING FABRICS LIMITED (REGISTERED NUMBER: 05172362)

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










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


LEADING FABRICS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2023







DIRECTOR: L Williamson





REGISTERED OFFICE: 3 Doolittle Yard
Froghall Road
Ampthill
Bedfordshire
MK45 2NW





REGISTERED NUMBER: 05172362 (England and Wales)





ACCOUNTANTS: GKP (Ampthill) Limited
Chartered Accountants
3 Doolittle Yard
Froghall Road
Ampthill
Bedfordshire
MK45 2NW

LEADING FABRICS LIMITED (REGISTERED NUMBER: 05172362)

BALANCE SHEET
31 OCTOBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 42,453 43,450
Investments 5 51 51
42,504 43,501

CURRENT ASSETS
Stocks 601,569 365,369
Debtors 6 154,865 197,181
Cash at bank 108,227 29,040
864,661 591,590
CREDITORS
Amounts falling due within one year 7 713,197 371,441
NET CURRENT ASSETS 151,464 220,149
TOTAL ASSETS LESS CURRENT
LIABILITIES

193,968

263,650

CREDITORS
Amounts falling due after more than one
year

8

(38,462

)

(71,500

)

PROVISIONS FOR LIABILITIES (18,009 ) (1,252 )
NET ASSETS 137,497 190,898

CAPITAL AND RESERVES
Called up share capital 125 100
Retained earnings 137,372 190,798
SHAREHOLDERS' FUNDS 137,497 190,898

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

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

The director acknowledges his 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.

LEADING FABRICS LIMITED (REGISTERED NUMBER: 05172362)

BALANCE SHEET - continued
31 OCTOBER 2023


The 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 16 July 2024 and were signed by:





L Williamson - Director


LEADING FABRICS LIMITED (REGISTERED NUMBER: 05172362)

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


1. STATUTORY INFORMATION

Leading Fabrics 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.

Preparation of consolidated financial statements
The financial statements contain information about Leading Fabrics Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 15% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on cost
Computer equipment - 33% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks 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 Income Statement, 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 balance sheet date.


LEADING FABRICS LIMITED (REGISTERED NUMBER: 05172362)

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


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Options and forward exchange contracts
A forward exchange contract is an agreement under which a business agrees to buy a certain amount of foreign currency on a specific future date. The purchase is made at a predetermined exchange rate and thus avoids fluctuations in currency prices.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2022 - 8 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and Motor Computer
property fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 November 2022 - 6,774 44,950 10,642 62,366
Additions 669 4,189 2,900 3,879 11,637
At 31 October 2023 669 10,963 47,850 14,521 74,003
DEPRECIATION
At 1 November 2022 - 5,532 5,619 7,765 18,916
Charge for year 50 777 10,196 1,611 12,634
At 31 October 2023 50 6,309 15,815 9,376 31,550
NET BOOK VALUE
At 31 October 2023 619 4,654 32,035 5,145 42,453
At 31 October 2022 - 1,242 39,331 2,877 43,450

LEADING FABRICS LIMITED (REGISTERED NUMBER: 05172362)

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


4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 November 2022
and 31 October 2023 44,950
DEPRECIATION
At 1 November 2022 5,619
Charge for year 9,833
At 31 October 2023 15,452
NET BOOK VALUE
At 31 October 2023 29,498
At 31 October 2022 39,331

5. FIXED ASSET INVESTMENTS
Shares in
group
undertaking
£   
COST
At 1 November 2022
and 31 October 2023 51
NET BOOK VALUE
At 31 October 2023 51
At 31 October 2022 51

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 120,996 156,303
Other debtors 25,993 31,326
Prepayments 7,876 9,552
154,865 197,181

LEADING FABRICS LIMITED (REGISTERED NUMBER: 05172362)

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


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 21,337 28,075
Hire purchase contracts 11,650 11,650
Trade creditors 112,884 60,267
Amounts owed to group undertakings 26,668 -
Tax 44,272 15,364
Social security and other taxes 2,383 3,311
VAT 31,831 45,219
Other creditors 129,957 25,733
Directors' current accounts 329,275 179,472
Accruals 2,940 2,350
713,197 371,441

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 1-2 years 20,000 21,387
Bank loans - 2-5 years 11,666 31,667
Hire purchase contracts 6,796 18,446
38,462 71,500

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 18,446 30,096

Liabilities under hire purchase agreements are secured on the assets acquired.

10. ULTIMATE CONTROLLING PARTY

Mr L and Mrs K Williamson control the entity by virtue of their shareholdings.