Lees of Grimsby (Furnishers) Limited 00681674 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is that of retailing home furnishings Digita Accounts Production Advanced 6.30.9574.0 true 00681674 2023-04-01 2024-03-31 00681674 2024-03-31 00681674 bus:Director6 1 2024-03-31 00681674 core:RetainedEarningsAccumulatedLosses 2024-03-31 00681674 core:ShareCapital 2024-03-31 00681674 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-03-31 00681674 core:FinancialAssetsCostLessImpairment core:Non-currentFinancialInstruments 2024-03-31 00681674 core:CurrentFinancialInstruments 2024-03-31 00681674 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 00681674 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 00681674 core:OtherResidualIntangibleAssets 2024-03-31 00681674 core:FurnitureFittingsToolsEquipment 2024-03-31 00681674 core:LandBuildings 2024-03-31 00681674 core:MotorVehicles 2024-03-31 00681674 bus:SmallEntities 2023-04-01 2024-03-31 00681674 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 00681674 bus:FilletedAccounts 2023-04-01 2024-03-31 00681674 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 00681674 bus:RegisteredOffice 2023-04-01 2024-03-31 00681674 bus:CompanySecretaryDirector1 2023-04-01 2024-03-31 00681674 bus:Director5 2023-04-01 2024-03-31 00681674 bus:Director6 2023-04-01 2024-03-31 00681674 bus:Director6 1 2023-04-01 2024-03-31 00681674 bus:Director7 2023-04-01 2024-03-31 00681674 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 00681674 bus:Agent1 2023-04-01 2024-03-31 00681674 core:ComputerSoftware 2023-04-01 2024-03-31 00681674 core:OtherResidualIntangibleAssets 2023-04-01 2024-03-31 00681674 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 00681674 core:LandBuildings 2023-04-01 2024-03-31 00681674 core:MotorVehicles 2023-04-01 2024-03-31 00681674 countries:England 2023-04-01 2024-03-31 00681674 2023-03-31 00681674 bus:Director6 1 2023-03-31 00681674 core:OtherResidualIntangibleAssets 2023-03-31 00681674 core:FurnitureFittingsToolsEquipment 2023-03-31 00681674 core:LandBuildings 2023-03-31 00681674 core:MotorVehicles 2023-03-31 00681674 2022-04-01 2023-03-31 00681674 2023-03-31 00681674 core:RetainedEarningsAccumulatedLosses 2023-03-31 00681674 core:ShareCapital 2023-03-31 00681674 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-03-31 00681674 core:FinancialAssetsCostLessImpairment core:Non-currentFinancialInstruments 2023-03-31 00681674 core:CurrentFinancialInstruments 2023-03-31 00681674 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 00681674 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 00681674 core:OtherResidualIntangibleAssets 2023-03-31 00681674 core:FurnitureFittingsToolsEquipment 2023-03-31 00681674 core:LandBuildings 2023-03-31 00681674 core:MotorVehicles 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 00681674

Lees of Grimsby (Furnishers) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Lees of Grimsby (Furnishers) Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Lees of Grimsby (Furnishers) Limited

Company Information

Directors

G C Lee

I Lee

G E Lee

H R Lee

Company secretary

G C Lee

Registered office

222 Victoria Street
Grimsby
North East Lincolnshire
DN31 1BJ

Solicitors

Wilkin Chapman
Cartergate House
26 Chantry Lane
Grimsby
North East Lincolnshire
DN31 2LJ

Bankers

HSBC Bank PLC
Grimsby
55 Victoria Street
Grimsby
N E Lincolnshire
DN31 1UX

 

Lees of Grimsby (Furnishers) Limited

(Registration number: 00681674)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

6,088

12,729

Tangible assets

5

874,311

916,621

Investments

6

8,000

8,000

 

888,399

937,350

Current assets

 

Stocks

7

1,060,717

1,039,762

Debtors

8

467,120

585,519

Cash at bank and in hand

 

758,446

886,622

 

2,286,283

2,511,903

Creditors: Amounts falling due within one year

9

(913,764)

(1,122,733)

Net current assets

 

1,372,519

1,389,170

Total assets less current liabilities

 

2,260,918

2,326,520

Creditors: Amounts falling due after more than one year

9

(27,124)

(33,741)

Provisions for liabilities

(21,773)

(27,938)

Net assets

 

2,212,021

2,264,841

Capital and reserves

 

Called up share capital

10,000

10,000

Retained earnings

2,202,021

2,254,841

Shareholders' funds

 

2,212,021

2,264,841

For the financial 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 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. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 21 October 2024 and signed on its behalf by:

.........................................
G C Lee
Company secretary and director

 

Lees of Grimsby (Furnishers) Limited

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

1

General information

The Company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
222 Victoria Street
Grimsby
North East Lincolnshire
DN31 1BJ

These financial statements were authorised for issue by the Board on 21 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

These financial statements cover the individual entity, have been prepared in pound sterling and rounded to the nearest pound.

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

Government grants which become receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the business with no future related costs are recognised as income in the period in which they become receivable.

Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Lees of Grimsby (Furnishers) Limited

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

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.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

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

Freehold land and buildings

2% straight line

Motor vehicles

5 years straight line

Fixtures and fittings

5 years straight line

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Computer software

3 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Lees of Grimsby (Furnishers) Limited

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

Leases

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 48 (2023 - 50).

4

Intangible assets

Computer software
£

Total
£

Cost or valuation

At 1 April 2023

24,213

24,213

At 31 March 2024

24,213

24,213

Amortisation

At 1 April 2023

11,484

11,484

Amortisation charge

6,641

6,641

At 31 March 2024

18,125

18,125

Carrying amount

At 31 March 2024

6,088

6,088

At 31 March 2023

12,729

12,729

 

Lees of Grimsby (Furnishers) Limited

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

5

Tangible assets

Freehold land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

1,061,595

378,282

155,926

1,595,803

Additions

-

26,319

-

26,319

Disposals

-

-

(69,050)

(69,050)

At 31 March 2024

1,061,595

404,601

86,876

1,553,072

Depreciation

At 1 April 2023

262,443

313,721

103,018

679,182

Charge for the year

21,231

20,903

17,711

59,845

Eliminated on disposal

-

-

(60,266)

(60,266)

At 31 March 2024

283,674

334,624

60,463

678,761

Carrying amount

At 31 March 2024

777,921

69,977

26,413

874,311

At 31 March 2023

799,152

64,561

52,908

916,621

6

Investments

Unlisted investments at cost
£

Total
£

Cost or valuation

At 1 April 2023

8,000

8,000

At 31 March 2024

8,000

8,000

Carrying amount

At 31 March 2024

8,000

8,000

At 31 March 2023

8,000

8,000

7

Stocks

2024
£

2023
£

Work in progress

139,709

133,348

Finished goods and goods for resale

921,008

906,414

1,060,717

1,039,762

 

Lees of Grimsby (Furnishers) Limited

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

8

Debtors

Current

2024
£

2023
£

Trade debtors

356,145

452,848

Prepayments

8,210

8,047

Other debtors

102,765

124,624

 

467,120

585,519

9

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

HP and finance leases

3,850

3,850

Trade creditors

699,561

925,269

Taxation and social security

126,419

85,392

Other creditors

32,026

33,243

Accruals and deferred income

51,908

74,979

913,764

1,122,733

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

HP and finance leases

19,054

22,904

Deferred income

8,070

10,837

27,124

33,741

10

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

HP and finance leases

3,850

3,850

Director's loan account

7,671

9,126

11,521

12,976

2024
£

2023
£

Non-current loans and borrowings

HP and finance leases

19,054

22,904

 

Lees of Grimsby (Furnishers) Limited

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

11

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet in resepct of commerical vehicles are £73,508 (2023 - £99,799).

12

Related party transactions

Transactions with Directors

2024

At 1 April 2023
£

Advances to Director
£

At 31 March 2024
£

G E Lee

Directors' loan accounts - no interest is charged in respect of this balance

-

5,816

5,816