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Registered number: 01243441

PRICE WESTERN LEATHER CO LTD

ACCOUNTS
FOR THE YEAR ENDED 31/12/2023

Prepared By:
Ian Dalzell Ltd
Broughton Lodge Mews
Field Broughton
Grange-over-Sands
Cumbria
LA11 6HL

PRICE WESTERN LEATHER CO LTD

ACCOUNTS
FOR THE YEAR ENDED 31/12/2023
DIRECTORS
J J Littlewood
G A Littlewood
SECRETARY
Mr G A Littlewood
REGISTERED OFFICE
Ponsford Road
Minehead
Somerset
TA24 5DX
COMPANY DETAILS
Private company limited by shares registered in EW - England and Wales, registered number 01243441
ACCOUNTANTS
Ian Dalzell Ltd
Broughton Lodge Mews
Field Broughton
Grange-over-Sands
Cumbria
LA11 6HL

PRICE WESTERN LEATHER CO LTD

ACCOUNTS
FOR THEYEARENDED31/12/2023
CONTENTS
Page
Directors' Report-
Accountants' Report-
Statement Of Comprehensive Income-
Balance Sheet3
Notes To The Accounts4
The following do not form part of the statutory financial statements:
Trading And Profit And Loss Account-
Profit And Loss Account Summaries-

PRICE WESTERN LEATHER CO LTD

BALANCE SHEET AT 31/12/2023
20232022
Notes££
FIXED ASSETS
Intangible assets29571,097
Tangible assets31,299,971392,272
Investment Assets41,0701,070
1,301,998394,439
CURRENT ASSETS
Stock647,128396,272
Debtors61,323,053998,365
Cash at bank and in hand279,847685,843
2,250,0282,080,480
CREDITORS: Amounts falling due within one year7705,130522,829
NET CURRENT ASSETS1,544,8981,557,651
TOTAL ASSETS LESS CURRENT LIABILITIES2,846,8961,952,090
CREDITORS: Amounts falling due after more than one year8482,63152,572
PROVISIONS FOR LIABILITIES AND CHARGES10146,33596,117
NET ASSETS2,217,9301,803,401
CAPITAL AND RESERVES
Called up share capital11100100
Profit and loss account2,217,8301,803,301
SHAREHOLDERS' FUNDS2,217,9301,803,401
For the year ending 31/12/2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have decided not to deliver to the registrar a copy of the company's profit and loss account.
Approved by the board on 24/09/2024 and signed on their behalf by
.............................
J J Littlewood
Director

PRICE WESTERN LEATHER CO LTD

NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31/12/2023
1. ACCOUNTING POLICIES
1a. Basis Of Accounting
The accounts have been prepared under the historical cost convention.
The accounts have been prepared in accordance with FRS102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006 .
1b. Depreciation
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.
Land And Buildingsreducing balance 15%
Plant and Machineryreducing balance 15 to 33.3%
1c. Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.
When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs.
1d. Pension Costs
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The cost of contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
1e. Foreign Currency
Transactions in currencies, other than the functional currency of the company, are recorded at the rate of the exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. All differences are taken to the profit and loss account. Non-monetary items that are measured at the historic cost in a foreign currency are not retranslated.
1f. Investments
Fixed asset investments are shown at cost less amounts written off.
Provisions are not made for temporary fluctuations in value but where a value is deemed to be materially lower, then a provison is made.
1g. Leases
Assets held under finance leases and hire purchase contracts are capitalised in the balance sheet at their fair value and depreciated over their expected useful lives. The interest element of leasing payments represents a constant proportion of the capital balance outstanding and is charged to the profit and loss account over the period of the lease. All other leases are regarded as operating leases and the payments made under them are charged to the profit and loss account on a straight line basis over the lease term.

PRICE WESTERN LEATHER CO LTD

2. INTANGIBLE FIXED ASSETS
PatentsTotal
££
Cost
At 01/01/20231,4001,400
At 31/12/20231,4001,400
Depreciation
At 01/01/2023303303
For the year140140
At 31/12/2023443443
Net Book Amounts
At 31/12/2023957957
At 31/12/20221,0971,097
3. TANGIBLE FIXED ASSETS
Land AndPlant and
BuildingsMachineryTotal
£££
Cost
At 01/01/202363,2521,182,5701,245,822
Additions710,715285,166995,881
At 31/12/2023773,9671,467,7362,241,703
Depreciation
At 01/01/202342,901810,649853,550
For the year4,89183,29188,182
At 31/12/202347,792893,940941,732
Net Book Amounts
At 31/12/2023726,175573,7961,299,971
At 31/12/202220,351371,921392,272
4. FINANCIAL ASSETS
Other
InvestmentsTotal
££
Cost
At 01/01/20231,0701,070
At 31/12/20231,0701,070
Amortisation
Net Book Amounts
At 31/12/20231,0701,070
At 31/12/20221,0701,070
Other Investment Assets comprise Deactivated Weapons.

PRICE WESTERN LEATHER CO LTD

5. STOCK 20232022
££
Stock comprises:
Stock raw materials527,399309,370
Work in progress51,82628,540
Stock of finished goods67,90358,362
647,128396,272
6. DEBTORS 20232022
££
Amounts falling due within one year
Trade debtors255,681369,799
Amounts due from group companies791,657499,022
Prepayments275,715129,544
1,323,053998,365
Amount owing from Group Company due after one year £791,657 (2022: £499,022)
7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
20232022
££
UK corporation tax67,68888,155
VAT34,70563,049
PAYE control38,69330,792
Bank loans and overdrafts3,0322,355
Mortgage8,227-
Hire purchase29,06129,905
Payments received on account-2,621
Trade creditors472,374253,201
Pension schemes2,7831,944
Accruals48,56750,807
705,130522,829
Included in Other Creditors is £37,288 (2022: £29,905) is repayable by instalments.
8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
20232022
££
Bank loans (secured) >1yr389,364-
Hire purchase >1yr32,47543,940
Deferred income>1yr60,7928,632
482,63152,572
Hire Purchase and Finance Leases: £32,475 (2022: £43,940) is repayable by instalments after one year and within five years. £nil is repayable by instalments after 5 years. Bank Loan (secured): £40,872 (2022: £nil) is repayable by instalments after one year and within five years. £348,492 (2022: £nil) is repaybale by instalments after 5 years.

PRICE WESTERN LEATHER CO LTD

9. EMPLOYEES
20232022
No.No.
Average number of employees3631
10. PROVISIONS FOR LIABILITIES 20232022
££
Deferred taxation146,33596,117
146,33596,117
11. SHARE CAPITAL 20232022
££
Allotted, issued and fully paid:
100 Ordinary shares of £1 each100100
100100
12. CONTROLLING PARTY
The company is a wholly owned subsidiary of JJL Holding Company Ltd, a company registered in England.
13. RELATED PARTY TRANSACTIONS
Management Charges of £27,987 (2022: £70,800) were paid to the Parent Company. This is in addition to Dividends paid.
Amounts owed by the Parent Company at the balance sheet date were 2023: £791,657; 2022: £499,022.