Registration number:
Gregory's (Leather) Limited
for the Year Ended 31 January 2024
Gregory's (Leather) Limited
(Registration number: 00461913)
Balance Sheet as at 31 January 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
8,672 |
8,672 |
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Other reserves |
6,328 |
6,328 |
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Profit and loss account |
67,376 |
99,459 |
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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:
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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
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Director
Gregory's (Leather) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024
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
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
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Gregory's (Leather) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024
Tangible assets |
Land and buildings |
Fixtures and fittings |
Motor vehicles |
Total |
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Cost |
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At 1 February 2023 |
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- |
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Additions |
- |
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At 31 January 2024 |
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Depreciation |
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At 1 February 2023 |
- |
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- |
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Charge for the year |
- |
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At 31 January 2024 |
- |
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Carrying amount |
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At 31 January 2024 |
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At 31 January 2023 |
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- |
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Debtors |
2024 |
2023 |
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Trade debtors |
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- |
Prepayments |
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Creditors |
2024 |
2023 |
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Due within one year |
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Bank loan |
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Trade creditors |
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Amounts due to related parties |
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- |
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Social security and other taxes |
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Outstanding defined contribution pension costs |
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Other creditors |
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Accrued expenses |
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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 |
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Due after one year |
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Loans and borrowings |
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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)