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REGISTERED NUMBER: 05563831 (England and Wales)















Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 December 2023

for

Lebus Upholstery Limited

Lebus Upholstery Limited (Registered number: 05563831)






Contents of the Consolidated Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Consolidated Income Statement 9

Consolidated Other Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 18


Lebus Upholstery Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: J Brewster
H Van Der Veen
K F Walker
N M Cawood





SECRETARY: N M Cawood





REGISTERED OFFICE: Queensway Industrial Estate
Dunlop Way
Scunthorpe
North Lincolnshire
DN16 3RN





REGISTERED NUMBER: 05563831 (England and Wales)





AUDITORS: Haines Watts, Chartered Accountants
117 - 119 Cleethorpe Road
Grimsby
North East Lincs
DN31 3ET

Lebus Upholstery Limited (Registered number: 05563831)

Group Strategic Report
for the Year Ended 31 December 2023

Principal Risks and Uncertainties
The Directors consider the principal risks to the business relate to the general economic environment and impact on consumer confidence. We rely on the actions of our customers to drive sales to the end consumer and position our customer and product offer accordingly.

Whilst BoE interest rates remain high, we believe we can continue to service debt interest. Our objective is to reduce debt.

Exchange rate risk is managed in the medium term by arranging suitable foreign exchange contracts, at appropriate rates to preserve or improve realised sales net values and margins.

Key Performance Indicators
£    2023 2022 % change
Turnover 47,463 45,855 +3.5
Margin 14,670 12,125 +21.0
Margin % 30.9 26.4
Pre Tax Profit 2,032 805 +152.4

A strong orderbook, a stabilisation of supplier prices and improved efficiencies meant an increase in turnover to £47.5m (2022 : £45.9m), with margin percentage increasing to 30.9% (2022 : 26.4%).

Employees
The Gender pay information is up to date on the company's website and continues to show a negative pay gap, males to females. This is primarily as males are employed in more senior positions. The company recruits on ability irrespective of gender.

Employee Engagement
Communication with employees principally takes place via regular briefings of key information and these are tailored by local management to suit departmental issues. The employees are also represented by Employee Owned Trust Committee. Employees also share in the performance of the business via a profit related bonus scheme.

Disabled Employees
Disabled persons, whether registered or not, are considered for employment, training, career development and promotion on the basis of their individual aptitude and abilities. Furthermore, where an employee becomes disabled whilst in our employment, every effort is made to ensure continuing employment.

Environment
Whilst the Company does not have a formal Environmental Policy, the management team do focus on the impact of operations. Packaging materials are segregated and recycled where possible. The company also benefits from Solar energy generation. All mains grid electricity is supplied from renewable sources.
Waste timber is used for factory heating and is regulated with and complaint to, the local authority regulations.

ON BEHALF OF THE BOARD:





N M Cawood - Director


19 September 2024

Lebus Upholstery Limited (Registered number: 05563831)

Report of the Directors
for the Year Ended 31 December 2023

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of the manufacture of upholstered furniture for distribution to retail outlets in the UK and Ireland.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2023.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

J Brewster
H Van Der Veen
K F Walker

Other changes in directors holding office are as follows:

N M Cawood - appointed 25 October 2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. Refer to the Group Strategic Report for disclosures relating to employees engagement and environmental responsibilities.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors 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 group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

Lebus Upholstery Limited (Registered number: 05563831)

Report of the Directors
for the Year Ended 31 December 2023


AUDITORS
The auditors, Haines Watts, Chartered Accountants, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





N M Cawood - Director


19 September 2024

Report of the Independent Auditors to the Members of
Lebus Upholstery Limited

Opinion
We have audited the financial statements of Lebus Upholstery Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Lebus Upholstery Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Lebus Upholstery Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Through discussion with management and those charged with governance we gained an understanding of the legal and regulatory framework applicable to the entity and the industry in which it operates, and considered the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud. During the engagement team briefing we communicated the identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.

We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, UK GAAP (FRS102), the Companies Act 2006 and tax legislations. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

We evaluated management's incentives and opportunities for fraudulent manipulations of the financial statements (including risk of override of controls) and determined that the principal risks were related to management bias in accounting estimates.

Audit procedures undertaken in response to the potential risk relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of:
- enquiries of management and those charged with governance as to whether the entity complies with such laws and regulations;
- enquiries with the same concerning any actual or potential litigation claims;
- reviewed risk of management override;
- review of journal entries posted with unusual account combinations or posted by senior management;
- reviewing accounting estimates for bias;
- performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud;
- agreeing financial statement disclosures to underlying supporting documentation.

The likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities,
the effectiveness of the entity's controls, the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Lebus Upholstery Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Jennifer Toulson FCA (Senior Statutory Auditor)
for and on behalf of Haines Watts, Chartered Accountants
117 - 119 Cleethorpe Road
Grimsby
North East Lincs
DN31 3ET

19 September 2024

Lebus Upholstery Limited (Registered number: 05563831)

Consolidated Income Statement
for the Year Ended 31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   

TURNOVER 47,463,489 45,854,809

Cost of sales 32,793,725 33,730,090
GROSS PROFIT 14,669,764 12,124,719

Distribution costs 2,642,666 2,146,969
Administrative expenses 9,753,746 9,074,200
12,396,412 11,221,169
2,273,352 903,550

Other operating income 133,029 138,010
OPERATING PROFIT 4 2,406,381 1,041,560

Interest receivable and similar income - 472
2,406,381 1,042,032

Interest payable and similar expenses 6 374,155 237,080
PROFIT BEFORE TAXATION 2,032,226 804,952

Tax on profit 7 279,755 125,893
PROFIT FOR THE FINANCIAL YEAR 1,752,471 679,059
Profit attributable to:
Owners of the parent 1,752,471 679,059

Lebus Upholstery Limited (Registered number: 05563831)

Consolidated Other Comprehensive Income
for the Year Ended 31 December 2023

31.12.23 31.12.22
Notes £    £   

PROFIT FOR THE YEAR 1,752,471 679,059


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,752,471

679,059

Total comprehensive income attributable to:
Owners of the parent 1,752,471 679,059

Lebus Upholstery Limited (Registered number: 05563831)

Consolidated Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 1 (43,149 )
Tangible assets 10 7,192,404 7,123,507
Investments 11 - -
7,192,405 7,080,358

CURRENT ASSETS
Stocks 12 1,727,873 1,795,675
Debtors 13 4,617,220 5,199,107
Cash at bank and in hand 212,819 174,345
6,557,912 7,169,127
CREDITORS
Amounts falling due within one year 14 5,163,320 6,910,100
NET CURRENT ASSETS 1,394,592 259,027
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,586,997

7,339,385

CREDITORS
Amounts falling due after more than one
year

15

(2,531,250

)

(3,017,707

)

PROVISIONS FOR LIABILITIES 19 (606,306 ) (424,708 )
NET ASSETS 5,449,441 3,896,970

CAPITAL AND RESERVES
Called up share capital 20 40,000 40,000
Capital redemption reserve 21 60,000 60,000
Retained earnings 21 5,349,441 3,796,970
SHAREHOLDERS' FUNDS 5,449,441 3,896,970

The financial statements were approved by the Board of Directors and authorised for issue on 19 September 2024 and were signed on its behalf by:





N M Cawood - Director


Lebus Upholstery Limited (Registered number: 05563831)

Company Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 2,690,293 2,623,509
Investments 11 975,000 975,000
3,665,293 3,598,509

CURRENT ASSETS
Stocks 12 1,727,873 1,795,675
Debtors 13 7,313,856 8,034,565
Cash at bank and in hand 45,394 78,101
9,087,123 9,908,341
CREDITORS
Amounts falling due within one year 14 4,911,779 6,582,989
NET CURRENT ASSETS 4,175,344 3,325,352
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,840,637

6,923,861

CREDITORS
Amounts falling due after more than one
year

15

(2,531,250

)

(3,017,707

)

PROVISIONS FOR LIABILITIES 19 (606,306 ) (424,708 )
NET ASSETS 4,703,081 3,481,446

CAPITAL AND RESERVES
Called up share capital 20 40,000 40,000
Capital redemption reserve 21 60,000 60,000
Retained earnings 21 4,603,081 3,381,446
SHAREHOLDERS' FUNDS 4,703,081 3,481,446

Company's profit for the financial year 1,421,635 245,885

The financial statements were approved by the Board of Directors and authorised for issue on 19 September 2024 and were signed on its behalf by:





N M Cawood - Director


Lebus Upholstery Limited (Registered number: 05563831)

Consolidated Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 January 2022 40,000 3,117,911 60,000 3,217,911

Changes in equity
Total comprehensive income - 679,059 - 679,059
Balance at 31 December 2022 40,000 3,796,970 60,000 3,896,970

Changes in equity
Total comprehensive income - 1,752,471 - 1,752,471
Contribution to EOT - (200,000 ) - (200,000 )
Balance at 31 December 2023 40,000 5,349,441 60,000 5,449,441

Lebus Upholstery Limited (Registered number: 05563831)

Company Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 January 2022 40,000 3,135,561 60,000 3,235,561

Changes in equity
Total comprehensive income - 245,885 - 245,885
Balance at 31 December 2022 40,000 3,381,446 60,000 3,481,446

Changes in equity
Total comprehensive income - 1,421,635 - 1,421,635
Contribution to EOT - (200,000 ) - (200,000 )
Balance at 31 December 2023 40,000 4,603,081 60,000 4,703,081

Lebus Upholstery Limited (Registered number: 05563831)

Consolidated Cash Flow Statement
for the Year Ended 31 December 2023

31.12.23 31.12.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 3,407,111 (973,851 )
Interest paid (363,768 ) (223,895 )
Interest element of hire purchase payments
paid

(10,387

)

(13,185

)
Tax paid (51,491 ) 208,530
Net cash from operating activities 2,981,465 (1,002,401 )

Cash flows from investing activities
Purchase of tangible fixed assets (500,496 ) (625,027 )
Sale of tangible fixed assets - 16,827
Interest received - 472
Net cash from investing activities (500,496 ) (607,728 )

Cash flows from financing activities
Loan repayments in year (375,000 ) (388,000 )
Capital repayments in year (185,271 ) (222,989 )
Amount introduced by directors - 174
Net cash from financing activities (560,271 ) (610,815 )

Increase/(decrease) in cash and cash equivalents 1,920,698 (2,220,944 )
Cash and cash equivalents at beginning of
year

2

(2,102,636

)

118,308

Cash and cash equivalents at end of year 2 (181,938 ) (2,102,636 )

Lebus Upholstery Limited (Registered number: 05563831)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 December 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
31.12.23 31.12.22
£    £   
Profit before taxation 2,032,226 804,952
Depreciation charges 387,786 368,446
Finance costs 374,155 237,080
Finance income - (472 )
2,794,167 1,410,006
Decrease/(increase) in stocks 67,802 (286,134 )
Decrease/(increase) in trade and other debtors 382,550 (107,411 )
Increase/(decrease) in trade and other creditors 162,592 (1,990,312 )
Cash generated from operations 3,407,111 (973,851 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 212,819 174,345
Bank overdrafts (394,757 ) (2,276,981 )
(181,938 ) (2,102,636 )
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 174,345 911,413
Bank overdrafts (2,276,981 ) (793,105 )
(2,102,636 ) 118,308


Lebus Upholstery Limited (Registered number: 05563831)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 December 2023

3. ANALYSIS OF CHANGES IN NET DEBT

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank and in hand 174,345 38,474 212,819
Bank overdrafts (2,276,981 ) 1,882,224 (394,757 )
(2,102,636 ) 1,920,698 (181,938 )
Debt
Finance leases (296,729 ) 185,271 (111,458 )
Debts falling due within 1 year (375,000 ) - (375,000 )
Debts falling due after 1 year (2,906,250 ) 375,000 (2,531,250 )
(3,577,979 ) 560,271 (3,017,708 )
Total (5,680,615 ) 2,480,969 (3,199,646 )

Lebus Upholstery Limited (Registered number: 05563831)

Notes to the Consolidated Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Lebus Upholstery 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 General 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Basis of consolidation
The consolidated financial statements present the results of the company and its own subsidiaries ("the group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

The consolidated financial statements incorporate the results of business combinations using the purchase method. In the balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Income Statement from the date on which control is obtained. They are deconsolidated from the date control ceases.

Significant judgements and estimates
In applying the company's accounting policies set out below management is required to make certain estimates and judgements concerning the future. These judgements are regularly reviewed and updated as necessary. The estimates and judgements that have most significant effect on the amounts included in these financial statements are as follows:

- Useful lives of plant and equipment
Depreciation is provided so as to write down the assets to their residual values over their estimated useful lives as set out in the company's accounting policy. The selection of these estimated useful lives requires the exercise of management judgement. Useful lives are regularly reviewed and should management's assessment of useful lives shorten then depreciation charges in the financial statements would increase and carrying amounts of property, plant and equipment would reduce accordingly.

- Trade debtors
The company reviews the recoverability of trade debtors and makes allowances for doubtful debts where considered appropriate. If there is evidence of impairment the carrying amount of the debtor is reduced to its recoverable amount., The impairment loss is recognised immediately in the income statement.

- Stock obsolescence
At each reporting date, stocks are assessed for obsolescence. If stock is considered to be obsolete, the carrying amount is reduced through applying provisions as considered necessary to correctly reflect the stock that is considered recoverable. Movements in stock provisions are recognised immediately in the income statement.

Lebus Upholstery Limited (Registered number: 05563831)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sales of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
- the Group has transferred the significant risks and rewards of ownership to the buyer;
- the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the Group will receive the consideration due under the transaction;
- the costs incurred or to be incurred in respect of the transaction an be measured reliably.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2019, is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation in assets is charged so as to allocate the cost of assets less their residual value over the estimated useful lives, using the straight line method.

Depreciation is provided on the following basis:

Long leasehold-10% on cost and 5% on cost
Plant and machinery-10% on cost and 20% on cost
Fixtures and fittings-10% on cost and 20% on cost
Motor vehicles -25% on cost
Computer equipment-20% on cost


The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant charge since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the income statement.

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Lebus Upholstery Limited (Registered number: 05563831)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond the normal business terms or financed at a rate of interest that is not market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective of impairment is found, an impairment loss is recognised in the income statement.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.

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.

Lebus Upholstery Limited (Registered number: 05563831)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Foreign currencies
Functional and presentation currency
The Group's functional and presentation currency is GBP.

Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement.

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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Debtors
Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured at transaction price unless they are not charged at a commercial rate of interest, in which case they are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Lebus Upholstery Limited (Registered number: 05563831)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

3. EMPLOYEES AND DIRECTORS

31.12.23 31.12.22
£ £
Wages and salaries 14,856,885 14,708,932
Other pension costs 284,352 323,896
15,141,237 15,032,828

The average number of employees during the year was as follows:
31.12.23 31.12.22

Manufacturing 372 403
Admin 73 75
Directors 3 3
447 481

31.12.23 31.12.22
£    £   
Directors' remuneration 490,179 573,763
Directors' pension contributions to money purchase schemes 20,000 29,167

Information regarding the highest paid director is as follows:
31.12.23 31.12.22
£    £   
Emoluments etc 204,465 173,415
Pension contributions to money purchase schemes 10,000 9,167

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.12.23 31.12.22
£    £   
Depreciation - owned assets 345,465 325,462
Depreciation - assets on hire purchase contracts 86,134 86,133
Goodwill amortisation (43,150 ) (43,150 )
Auditors' remuneration 20,020 19,808
Foreign exchange differences (46,999 ) (84,061 )

5. EXCEPTIONAL ITEMS
31.12.23 31.12.22
£    £   
Exceptional items - (16,826 )

Exceptional items in the prior year of £16,826 relates to costs relating to the decision to abandon the implementation of an ERP system.

Lebus Upholstery Limited (Registered number: 05563831)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

6. INTEREST PAYABLE AND SIMILAR EXPENSES
31.12.23 31.12.22
£    £   
Factoring interest 134,444 80,389
Mortgage interest 228,708 119,767
Loan 616 23,739
Hire purchase 10,387 13,185
374,155 237,080

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.12.23 31.12.22
£    £   
Current tax:
UK corporation tax 98,157 81,628

Deferred tax 181,598 44,265
Tax on profit 279,755 125,893

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.23 31.12.22
£    £   
Profit before tax 2,032,226 804,952
Profit multiplied by the standard rate of corporation tax in the UK of
23.500 % (2022 - 19 %)

477,573

152,941

Effects of:
Expenses not deductible for tax purposes 7,571 (4,107 )
Capital allowances in excess of depreciation (14,275 ) -
Depreciation in excess of capital allowances - 1,059
Utilisation of tax losses (5,326 ) (7,985 )
enhanced deduction
Amortisation on goodwill arising on consolidation (10,140 ) (8,198 )
Trading losses carried forward - (7,817 )
Prior year R&D under/over provisions (175,648 ) -
Total tax charge 279,755 125,893

8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


Lebus Upholstery Limited (Registered number: 05563831)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

9. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 (215,749 )
AMORTISATION
At 1 January 2023 (172,600 )
Amortisation for year (43,150 )
At 31 December 2023 (215,750 )
NET BOOK VALUE
At 31 December 2023 1
At 31 December 2022 (43,149 )

10. TANGIBLE FIXED ASSETS

Group
Fixtures
Long Plant and and
leasehold machinery fittings
£    £    £   
COST
At 1 January 2023 4,581,371 3,410,566 1,846,250
Additions - 220,449 45,249
At 31 December 2023 4,581,371 3,631,015 1,891,499
DEPRECIATION
At 1 January 2023 38,460 1,995,576 861,335
Charge for year 5,259 255,834 159,794
At 31 December 2023 43,719 2,251,410 1,021,129
NET BOOK VALUE
At 31 December 2023 4,537,652 1,379,605 870,370
At 31 December 2022 4,542,911 1,414,990 984,915

Lebus Upholstery Limited (Registered number: 05563831)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

10. TANGIBLE FIXED ASSETS - continued

Group

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2023 41,823 270,111 10,150,121
Additions - 234,798 500,496
At 31 December 2023 41,823 504,909 10,650,617
DEPRECIATION
At 1 January 2023 30,603 100,640 3,026,614
Charge for year 10,712 - 431,599
At 31 December 2023 41,315 100,640 3,458,213
NET BOOK VALUE
At 31 December 2023 508 404,269 7,192,404
At 31 December 2022 11,220 169,471 7,123,507

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 January 2023
and 31 December 2023 657,691 55,042 37,423 750,156
DEPRECIATION
At 1 January 2023 117,162 36,696 28,067 181,925
Charge for year 65,769 11,009 9,356 86,134
At 31 December 2023 182,931 47,705 37,423 268,059
NET BOOK VALUE
At 31 December 2023 474,760 7,337 - 482,097
At 31 December 2022 540,529 18,346 9,356 568,231

Lebus Upholstery Limited (Registered number: 05563831)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

10. TANGIBLE FIXED ASSETS - continued

Company
Fixtures
Long Plant and and
leasehold machinery fittings
£    £    £   
COST
At 1 January 2023 81,371 3,410,566 1,832,788
Additions - 220,449 41,416
At 31 December 2023 81,371 3,631,015 1,874,204
DEPRECIATION
At 1 January 2023 38,460 1,995,576 847,871
Charge for year 5,259 255,834 158,074
At 31 December 2023 43,719 2,251,410 1,005,945
NET BOOK VALUE
At 31 December 2023 37,652 1,379,605 868,259
At 31 December 2022 42,911 1,414,990 984,917

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2023 41,823 270,111 5,636,659
Additions - 234,798 496,663
At 31 December 2023 41,823 504,909 6,133,322
DEPRECIATION
At 1 January 2023 30,603 100,640 3,013,150
Charge for year 10,712 - 429,879
At 31 December 2023 41,315 100,640 3,443,029
NET BOOK VALUE
At 31 December 2023 508 404,269 2,690,293
At 31 December 2022 11,220 169,471 2,623,509

Lebus Upholstery Limited (Registered number: 05563831)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

10. TANGIBLE FIXED ASSETS - continued

Company

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 January 2023
and 31 December 2023 657,691 55,042 37,423 750,156
DEPRECIATION
At 1 January 2023 117,162 36,696 28,067 181,925
Charge for year 65,769 11,009 9,356 86,134
At 31 December 2023 182,931 47,705 37,423 268,059
NET BOOK VALUE
At 31 December 2023 474,760 7,337 - 482,097
At 31 December 2022 540,529 18,346 9,356 568,231

11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 1,546,754
PROVISIONS
At 1 January 2023
and 31 December 2023 571,754
NET BOOK VALUE
At 31 December 2023 975,000
At 31 December 2022 975,000

Lebus Upholstery Limited (Registered number: 05563831)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

11. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Lebus (Ireland) Limited
Registered office: Ireland
Nature of business: Wholesaling of furniture
%
Class of shares: holding
Ordinary shares 100.00
31.12.23 31.12.22
£    £   
Aggregate capital and reserves 261,095 236,339
Profit for the year 5,304 42,029

Lebus Furniture Limited
Registered office: Queensway Industrial Estate, Dunlop Way, Scunthorpe, N Lincolnshire, DN16 3RN
Nature of business: Rental company
%
Class of shares: holding
Ordinary 100.00
31.12.23 31.12.22
£    £   
Aggregate capital and reserves 1,460,269 1,197,338
Profit for the year 262,931 347,994


12. STOCKS

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
£    £    £    £   
Raw materials 1,527,156 1,548,165 1,527,156 1,548,165
Work-in-progress 82,749 117,190 82,749 117,190
Finished goods 117,968 130,320 117,968 130,320
1,727,873 1,795,675 1,727,873 1,795,675

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
£    £    £    £   
Trade debtors 4,102,716 4,633,254 3,808,512 4,130,457
Amounts owed by group undertakings - - 2,998,343 3,338,258
Other debtors 6,500 28,689 6,497 28,686
Prepayments and accrued income 508,004 537,164 500,504 537,164
4,617,220 5,199,107 7,313,856 8,034,565

Lebus Upholstery Limited (Registered number: 05563831)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
£    £    £    £   
Bank loans and overdrafts (see note 16) 769,757 2,651,981 769,757 2,651,981
Hire purchase contracts (see note 17) 111,458 185,272 111,458 185,272
Trade creditors 1,866,066 2,197,637 1,860,499 2,191,864
Corporation tax 273,805 227,139 192,943 145,510
Social security and other taxes 287,236 240,021 278,351 231,907
VAT 1,026,194 754,977 912,968 553,386
Other creditors 4,355 - 4,354 -
Accruals and deferred income 824,449 653,073 781,449 623,069
5,163,320 6,910,100 4,911,779 6,582,989

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
£    £    £    £   
Bank loans (see note 16) 2,531,250 2,906,250 2,531,250 2,906,250
Hire purchase contracts (see note 17) - 111,457 - 111,457
2,531,250 3,017,707 2,531,250 3,017,707

16. LOANS

An analysis of the maturity of loans is given below:

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
£    £    £    £   
Amounts falling due within one year or on demand:
Bank overdrafts 394,757 2,276,981 394,757 2,276,981
Bank loans 375,000 375,000 375,000 375,000
769,757 2,651,981 769,757 2,651,981
Amounts falling due between one and two years:
Bank loans - 1-2 years 375,000 375,000 375,000 375,000
Amounts falling due between two and five years:
Bank loans - 2-5 years 2,156,250 2,531,250 2,156,250 2,531,250

Lebus Upholstery Limited (Registered number: 05563831)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
31.12.23 31.12.22
£    £   
Net obligations repayable:
Within one year 111,458 185,272
Between one and five years - 111,457
111,458 296,729

Company
Hire purchase contracts
31.12.23 31.12.22
£    £   
Net obligations repayable:
Within one year 111,458 185,272
Between one and five years - 111,457
111,458 296,729

Group
Non-cancellable operating leases
31.12.23 31.12.22
£    £   
Within one year 63,007 82,256
Between one and five years 87,148 150,155
150,155 232,411

Company
Non-cancellable operating leases
31.12.23 31.12.22
£    £   
Within one year 63,007 82,256
Between one and five years 87,148 150,155
150,155 232,411

Lebus Upholstery Limited (Registered number: 05563831)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

18. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
£    £    £    £   
Bank overdraft - - 394,757 2,276,981
Bank loans 2,906,250 3,281,250 2,906,250 3,281,250
Hire purchase contracts 111,458 296,729 111,458 296,729
3,017,708 3,577,979 3,412,465 5,854,960

Lloyds Bank Commercial Finance Limited holds security over the company in the form of a general debenture and on all assets and chattels debenture.

Assets on hire purchase are secured against the assets to which they relate.

19. PROVISIONS FOR LIABILITIES

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
£    £    £    £   
Deferred tax 606,306 424,708 606,306 424,708

Group
Deferred
tax
£   
Balance at 1 January 2023 424,708
Provided during year 181,598
Balance at 31 December 2023 606,306

Company
Deferred
tax
£   
Balance at 1 January 2023 424,708
Provided during year 181,598
Prior year adjustment
Balance at 31 December 2023 606,306

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
10,000 Ordinary 'A' £1 10,000 10,000
30,000 Ordinary 'B' £1 30,000 30,000
40,000 40,000

Lebus Upholstery Limited (Registered number: 05563831)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

21. RESERVES

Group
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 January 2023 3,796,970 60,000 3,856,970
Profit for the year 1,752,471 1,752,471
Contribution to EOT (200,000 ) - (200,000 )
At 31 December 2023 5,349,441 60,000 5,409,441

Company
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 January 2023 3,381,446 60,000 3,441,446
Profit for the year 1,421,635 1,421,635
Contribution to EOT (200,000 ) - (200,000 )
At 31 December 2023 4,603,081 60,000 4,663,081


22. PENSION COMMITMENTS

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £304,352 (2022: £385,764).

Included within the creditors under accruals and deferred income is a liability of pension contributions totalling £5,261 (2022: £62,024).

Lebus Upholstery Limited (Registered number: 05563831)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

23. RELATED PARTY DISCLOSURES

During the year the company had the following related party transactions with companies which are under the control of one of the directors:

31.12.23 31.12.22
£ £
Directors buying services 25,000 25,000

All loans from related parties are repayable on demand.

The company has taken advantage of the exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Gifts to the value of £Nil were paid during 2023 (2022: £Nil) to the Lebus Upholstery Limited Employee Ownership Trust of which the directors are potential beneficiaries.

Key management personnel
Management do not consider there to be any key management personnel other than the directors. See note 3 for the directors' remuneration for the year.

24. ULTIMATE CONTROLLING PARTY

The Lebus Upholstery Limited Employee Ownership Trust has a majority shareholding in Lebus Upholstery Limited, but control of the Group remains with the board of directors.