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Company registration number:
01489148
Lichfield Leather Limited
Unaudited Filleted Financial Statements for the year ended
31 March 2024
Lichfield Leather Limited
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements of Lichfield Leather Limited
Year ended
31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the
financial statements
of
Lichfield Leather Limited
for the year ended
31 March 2024
which comprise the income statement, statement of total comprehensive income, statement of financial position, statement of changes in equity and related notes from the company’s accounting records and from information and explanations you have given me.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), I am subject to its ethical and other professional requirements which are detailed at icaew.com/​regulations.
This report is made solely to the Board of Directors of
Lichfield Leather Limited
, as a body, in accordance with the terms of my engagement letter dated 1 July 2023. My work has been undertaken solely to prepare for your approval the
financial statements
of
Lichfield Leather Limited
and state those matters that I have agreed to state to the Board of Directors of
Lichfield Leather Limited
, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than
Lichfield Leather Limited
and its Board of Directors, as a body, for my work or for this report.
It is your duty to ensure that
Lichfield Leather Limited
has kept adequate accounting records and to prepare statutory
financial statements
that give a true and fair view of the assets, liabilities, financial position and profit of
Lichfield Leather Limited
. You consider that
Lichfield Leather Limited
is exempt from the statutory audit requirement for the year.
I have not been instructed to carry out an audit or a review of the financial statements of Lichfield Leather Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
Gordon & Co
Chartered Accountants and Business Advisors
37A Anchor Road
Aldridge
Walsall
West Midlands
WS9 8PT
United Kingdom
Date:
18 September 2024
Lichfield Leather Limited
Statement of Financial Position
31 March 2024
20242023
Note££
Fixed assets    
Tangible assets 5
440,000
 
661,487
 
Investments 6
120,000
 
127,543
 
560,000
 
789,030
 
Current assets    
Stocks -  
257,650
 
Debtors 7
364,410
 
173,428
 
Cash at bank and in hand
1,220,654
 
1,327,131
 
1,585,064
 
1,758,209
 
Creditors: amounts falling due within one year 8
(9,847
)
(358,339
)
Net current assets
1,575,217
 
1,399,870
 
Total assets less current liabilities 2,135,217   2,188,900  
Provisions for liabilities
(64,738
)
(70,101
)
Net assets
2,070,479
 
2,118,799
 
Capital and reserves    
Called up share capital
54
 
54
 
Revaluation reserve
265,618
 
375,618
 
Other reserves
50
 
50
 
Profit and loss account
1,804,757
 
1,743,077
 
Shareholders funds
2,070,479
 
2,118,799
 
For the year ending
31 March 2024
, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
  • The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
  • The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
18 September 2024
, and are signed on behalf of the board by:
Giles Heathcote
Director
Company registration number:
01489148
Lichfield Leather Limited
Notes to the Financial Statements
Year ended
31 March 2024

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
The Tithe Barn
,
Dean's Lade Farm
,
Lichfield
,
Staffordshire
,
WS14 0AG
, United Kingdom.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Going concern

The company ceased to trade in June 2023. Therefore the directors do not consider the company to be a going concern and have prepared the financial statements on a break up basis.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods and services supplied, net of discounts and Value Added Tax.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount. Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Plant and machinery
20% reducing balance
Fixtures and fittings
10% reducing balance
Office equipment
20% reducing balance
Motor vehicles
25% reducing balance

Fixed asset investments

All other Investments held as fixed assets are initially recorded at cost, and are subsequently stated at cost less any accumulated impairment losses.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the statement of financial position date.

Provisions for liabilities

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably.
Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Defined contribution pension plan

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4 Average number of employees

The average number of persons employed by the company during the year was
3
(2023:
8
).

5 Tangible assets

Land and buildingsPlant and machinery etc.Total
£££
Cost or valuation      
At
1 April 2023
572,693
 
200,030
 
772,723
 
Disposals
(22,693
)
(200,030
)
(222,723
)
Revaluations
(110,000
) -  
(110,000
)
At
31 March 2024
440,000
  -  
440,000
 
Depreciation      
At
1 April 2023
-  
111,236
 
111,236
 
Charge -  
4,719
 
4,719
 
Disposals -  
(115,955
)
(115,955
)
At
31 March 2024
-   -   -  
Carrying amount      
At
31 March 2024
440,000
  -  
440,000
 
At 31 March 2023
572,693
 
88,794
 
661,487
 

6 Investments

Other investments other than loans
£
Cost  
At
1 April 2023
127,543
 
Other movements
(7,543
)
At
31 March 2024
120,000
 
Impairment  
At
1 April 2023
and
31 March 2024
-  
Carrying amount  
At
31 March 2024
120,000
 
At 31 March 2023
127,543
 

7 Debtors

20242023
££
Trade debtors
908
 
164,731
 
Other debtors
363,502
 
8,697
 
364,410
 
173,428
 

8 Creditors: amounts falling due within one year

20242023
££
Trade creditors
3,399
 
66,640
 
Taxation and social security
317
 
9,112
 
Other creditors
6,131
 
282,587
 
9,847
 
358,339