Gregory's (Leather) Limited 00461913 false 2023-02-01 2024-01-31 2024-01-31 The principal activity of the company is leather goods retailer Digita Accounts Production Advanced 6.30.9574.0 true true 00461913 2023-02-01 2024-01-31 00461913 2024-01-31 00461913 core:CurrentFinancialInstruments 2024-01-31 00461913 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-31 00461913 core:Non-currentFinancialInstruments core:AfterOneYear 2024-01-31 00461913 core:FurnitureFittings 2024-01-31 00461913 core:LandBuildings core:OwnedOrFreeholdAssets 2024-01-31 00461913 core:MotorVehicles 2024-01-31 00461913 bus:SmallEntities 2023-02-01 2024-01-31 00461913 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 00461913 bus:FullAccounts 2023-02-01 2024-01-31 00461913 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 00461913 bus:RegisteredOffice 2023-02-01 2024-01-31 00461913 bus:Director2 2023-02-01 2024-01-31 00461913 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 00461913 core:FurnitureFittings 2023-02-01 2024-01-31 00461913 core:LandBuildings 2023-02-01 2024-01-31 00461913 core:LandBuildings core:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 00461913 core:MotorVehicles 2023-02-01 2024-01-31 00461913 countries:AllCountries 2023-02-01 2024-01-31 00461913 2023-01-31 00461913 core:FurnitureFittings 2023-01-31 00461913 core:LandBuildings core:OwnedOrFreeholdAssets 2023-01-31 00461913 core:MotorVehicles 2023-01-31 00461913 2022-02-01 2023-01-31 00461913 2023-01-31 00461913 core:CurrentFinancialInstruments 2023-01-31 00461913 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 00461913 core:Non-currentFinancialInstruments core:AfterOneYear 2023-01-31 00461913 core:FurnitureFittings 2023-01-31 00461913 core:LandBuildings core:OwnedOrFreeholdAssets 2023-01-31 00461913 core:MotorVehicles 2023-01-31 iso4217:GBP xbrli:pure

Registration number: 00461913

Gregory's (Leather) Limited

Unaudited Financial Statements

for the Year Ended 31 January 2024

 

Gregory's (Leather) Limited

(Registration number: 00461913)

Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

3

116,272

60,253

Current assets

 

Stocks

34,276

26,804

Debtors

4

6,454

3,651

Cash at bank and in hand

 

23,638

75,151

 

64,368

105,606

Creditors: Amounts falling due within one year

5

(52,032)

(29,979)

Net current assets

 

12,336

75,627

Total assets less current liabilities

 

128,608

135,880

Creditors: Amounts falling due after more than one year

5

(46,232)

(21,421)

Net assets

 

82,376

114,459

Capital and reserves

 

Called up share capital

8,672

8,672

Other reserves

6,328

6,328

Profit and loss account

67,376

99,459

Shareholders' funds

 

82,376

114,459

For the financial year ending 31 January 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

Gregory's (Leather) Limited

(Registration number: 00461913)

Balance Sheet as at 31 January 2024

These financial statements, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A Small Entities, were approved and authorised for issue by the Board on 2 October 2024 and signed on its behalf by:
 

.........................................

N Gregory
Director

 

Gregory's (Leather) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

Accounting policies

Gregory's (Leather) Limited is a private company, limited by shares, domiciled in England and Wales, company number 00461913. The registered office is at Unit 4, Frenchgate Centre, Doncaster, DN1 1LA.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value. The presentation currency is United Kingdom pounds sterling, which is the functional currency of the company. The financial statements are those of an individual entity.

These financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

After due consideration of all relevant factors, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Government grants

Grants that do not impose specified future performance-related conditions are recognised in income when the grant proceeds are received or receivable. Grants that impose specified future performance-related conditions are recognised in income only when the performance-related conditions are met. Grants received before the revenue recognition criteria are satisfied are recognised as a liability.

Tax

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Gregory's (Leather) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 ecacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and Buildings

Not depreciated

Fixtures and fittings

20% reducing balance

Motor vehicles

25% reducing balance

Stocks

Stocks are stated at the lower of cost and net realisable value.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

 

Gregory's (Leather) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the statement of comprehensive income.


 

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

 

Gregory's (Leather) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

3

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Motor vehicles
 £

Total
£

Cost

At 1 February 2023

56,198

10,310

-

66,508

Additions

-

7,078

61,696

68,774

At 31 January 2024

56,198

17,388

61,696

135,282

Depreciation

At 1 February 2023

-

6,255

-

6,255

Charge for the year

-

2,227

10,528

12,755

At 31 January 2024

-

8,482

10,528

19,010

Carrying amount

At 31 January 2024

56,198

8,906

51,168

116,272

At 31 January 2023

56,198

4,055

-

60,253

4

Debtors

2024
 £

2023
 £

Trade debtors

1,150

-

Prepayments

5,304

3,651

6,454

3,651

5

Creditors

2024
 £

2023
 £

Due within one year

 

Bank loan

14,892

8,198

Trade creditors

 

995

5,311

Amounts due to related parties

12,018

-

Social security and other taxes

 

5,454

5,867

Outstanding defined contribution pension costs

 

262

202

Other creditors

 

5,415

4,370

Accrued expenses

 

12,996

6,031

 

52,032

29,979

 

Gregory's (Leather) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

 

Loans and borrowings

46,232

21,421

6

Commitments

As at the balance sheet date, the company had total commitments under non-cancellable operating leases over the remaining term of those leases of £88,333 (2023 - £83,124)