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REGISTERED NUMBER: 00859898 (England and Wales)














Unaudited Financial Statements

for the Year Ended 29 February 2024

for

Leon's Fabrics Ltd

Leon's Fabrics Ltd (Registered number: 00859898)






Contents of the Financial Statements
for the Year Ended 29 February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Leon's Fabrics Ltd

Company Information
for the Year Ended 29 February 2024







DIRECTOR: Mr B Leon





REGISTERED OFFICE: Reedham House
31 King Street West
Manchester
Greater Manchester
M3 2PJ





BUSINESS ADDRESS: 419 Barlow Moor Road
Chorlton-Cum-Hardy
Manchester
M21 8ER





REGISTERED NUMBER: 00859898 (England and Wales)





ACCOUNTANTS: Freedman Frankl & Taylor
Chartered Accountants
Reedham House
31 King Street West
Manchester
M3 2PJ

Leon's Fabrics Ltd (Registered number: 00859898)

Balance Sheet
29 February 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 4,709 6,038

CURRENT ASSETS
Stocks 500,059 493,851
Debtors 5 500 3,278
Cash at bank and in hand 38,293 24,575
538,852 521,704
CREDITORS
Amounts falling due within one year 6 85,318 74,510
NET CURRENT ASSETS 453,534 447,194
TOTAL ASSETS LESS CURRENT
LIABILITIES

458,243

453,232

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 458,143 453,132
SHAREHOLDERS' FUNDS 458,243 453,232

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 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.

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 27 September 2024 and were signed by:



Mr B Leon - Director


Leon's Fabrics Ltd (Registered number: 00859898)

Notes to the Financial Statements
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

Leon's Fabrics Ltd 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.

Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company 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.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Interest income
Interest income is recognised in the statement of comprehensive income using the effective interest method.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property10% on cost
Fixtures and fittings15% on reducing balance
Plant and machinery15% on reducing balance
Motor vehicles25% on reducing balance

Tangible fixed assets are recorded at cost less accumulated depreciation and accumulated impairment losses.

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 Statement of Income and Retained Earnings, 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.


Leon's Fabrics Ltd (Registered number: 00859898)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

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.

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.

Going concern
The company's financial statements for the year ended 29 February 2024 have been prepared on a going concern basis as, after making appropriate enquiries, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2023 - 19 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 March 2023
and 29 February 2024 26,544 1,500 38,852 25,750 92,646
DEPRECIATION
At 1 March 2023 26,544 1,109 37,707 21,248 86,608
Charge for year - 59 172 1,098 1,329
At 29 February 2024 26,544 1,168 37,879 22,346 87,937
NET BOOK VALUE
At 29 February 2024 - 332 973 3,404 4,709
At 28 February 2023 - 391 1,145 4,502 6,038

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 500 3,278

Leon's Fabrics Ltd (Registered number: 00859898)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 23,951 22,463
Taxation and social security 38,427 30,483
Other creditors 22,940 21,564
85,318 74,510

7. RELATED PARTY DISCLOSURES

At 29 February 2024, others creditors included £7,902 (2023: £719) in respect of the directors current account. There are no fixed repayment terms and no interest is chargeable to the company in respect of this balance.

During the year, the company was charged rent of £40,400 (2023: £40,600) for premises owned by the director of the company.

During the year, the company was charged rent of £31,450 (2023: £31,450) by Leons Fabrics Pension Scheme, an entity in which the director is a trustee and beneficiary.