Registered number
06940819
Smart Range Leather Company Limited
Unaudited Filleted Accounts
31 October 2023
Smart Range Leather Company Limited
Registered number: 06940819
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 3,078 3,078
Tangible assets 4 659,566 685,339
662,644 688,417
Current assets
Stocks 325,344 768,865
Debtors 5 72,874 98,047
Cash at bank and in hand 54,091 2,949
452,309 869,861
Creditors: amounts falling due within one year 6 (715,853) (1,149,711)
Net current liabilities (263,544) (279,850)
Total assets less current liabilities 399,100 408,567
Creditors: amounts falling due after more than one year 7 (266,017) (290,378)
Provisions for liabilities (12,250) (12,250)
Net assets 120,833 105,939
Capital and reserves
Called up share capital 100 100
Profit and loss account 120,733 105,839
Shareholders' funds 120,833 105,939
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S I Butt
Director
Approved by the board on 30 July 2024
Smart Range Leather Company Limited
Notes to the Accounts
for the year ended 31 October 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods . Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery 20% reducing balance
Fixtures, fittings, tools and equipment 20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 9 11
3 Intangible fixed assets £
Goodwill:
Cost
At 1 November 2022 15,383
At 31 October 2023 15,383
Amortisation
At 1 November 2022 12,305
At 31 October 2023 12,305
Net book value
At 31 October 2023 3,078
At 31 October 2022 3,078
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Short leasehold Plant and machinery etc Total
£ £ £
Cost
At 1 November 2022 727,977 19,139 94,992 842,108
At 31 October 2023 727,977 19,139 94,992 842,108
Depreciation
At 1 November 2022 72,495 14,818 67,542 154,855
Charge for the year 13,377 8,820 5,490 27,687
At 31 October 2023 85,872 23,638 73,032 182,542
Net book value
At 31 October 2023 642,105 (4,499) 21,960 659,566
At 31 October 2022 655,482 4,321 27,450 687,253
5 Debtors 2023 2022
£ £
Trade debtors 17,535 25,512
Other debtors 55,339 72,535
72,874 98,047
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 25,000 (23,210)
Trade creditors 443,089 790,201
Taxation and social security costs 12,472 8,244
Other creditors 235,292 374,476
715,853 1,149,711
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 266,017 290,378
8 Loans 2023 2022
£ £
Creditors include:
Secured bank loans 280,465 280,465
The bank loan is secured against the freehold property.
9 Other information
Smart Range Leather Company Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 3 Dominion Works
Freshwater Road
Dagenham
Essex
RM8 1RX
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