Silverfin false false 31/03/2024 01/04/2023 31/03/2024 J S Leach 09/05/2006 H Leach 09/05/2006 18 March 2024 The principal activity of the company is that of scrap metal merchants. 05810577 2024-03-31 05810577 bus:Director1 2024-03-31 05810577 bus:Director2 2024-03-31 05810577 2023-03-31 05810577 core:CurrentFinancialInstruments 2024-03-31 05810577 core:CurrentFinancialInstruments 2023-03-31 05810577 core:ShareCapital 2024-03-31 05810577 core:ShareCapital 2023-03-31 05810577 core:RetainedEarningsAccumulatedLosses 2024-03-31 05810577 core:RetainedEarningsAccumulatedLosses 2023-03-31 05810577 core:Goodwill 2023-03-31 05810577 core:Goodwill 2024-03-31 05810577 core:PlantMachinery 2023-03-31 05810577 core:Vehicles 2023-03-31 05810577 core:ComputerEquipment 2023-03-31 05810577 core:PlantMachinery 2024-03-31 05810577 core:Vehicles 2024-03-31 05810577 core:ComputerEquipment 2024-03-31 05810577 2023-04-01 2024-03-31 05810577 bus:FilletedAccounts 2023-04-01 2024-03-31 05810577 bus:SmallEntities 2023-04-01 2024-03-31 05810577 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 05810577 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 05810577 bus:Director1 2023-04-01 2024-03-31 05810577 bus:Director2 2023-04-01 2024-03-31 05810577 core:PlantMachinery 2023-04-01 2024-03-31 05810577 core:Vehicles 2023-04-01 2024-03-31 05810577 core:ComputerEquipment 2023-04-01 2024-03-31 05810577 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Company No: 05810577 (England and Wales)

J S LEACH & SONS LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH THE REGISTRAR

J S LEACH & SONS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024

Contents

J S LEACH & SONS LIMITED

COMPANY INFORMATION

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
J S LEACH & SONS LIMITED

COMPANY INFORMATION (continued)

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
DIRECTORS J S Leach
H Leach
SECRETARY H Leach
REGISTERED OFFICE 194 Burnley Road
Rawtenstall
Rossendale
Lancashire
BB4 8HH
United Kingdom
COMPANY NUMBER 05810577 (England and Wales)
CHARTERED ACCOUNTANTS PM+M Solutions for Business LLP
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
BB1 5QB
J S LEACH & SONS LIMITED

BALANCE SHEET

AS AT 31 MARCH 2024
J S LEACH & SONS LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 46,413 15,827
46,413 15,827
Current assets
Stocks 28,200 39,495
Debtors 5 25,419 17,765
Cash at bank and in hand 502,052 557,547
555,671 614,807
Creditors: amounts falling due within one year 6 ( 61,718) ( 87,343)
Net current assets 493,953 527,464
Total assets less current liabilities 540,366 543,291
Provision for liabilities ( 11,604) ( 3,884)
Net assets 528,762 539,407
Capital and reserves
Called-up share capital 100 100
Profit and loss account 528,662 539,307
Total shareholders' funds 528,762 539,407

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 financial statements of J S Leach & Sons Limited (registered number: 05810577) were approved and authorised for issue by the Board of Directors on 18 March 2024. They were signed on its behalf by:

J S Leach
Director
J S LEACH & SONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
J S LEACH & SONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

J S Leach & Sons Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 194 Burnley Road, Rawtenstall, Rossendale, Lancashire, BB4 8HH, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance
Computer equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill has been fully depreciated.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 April 2023 175,000 175,000
At 31 March 2024 175,000 175,000
Accumulated amortisation
At 01 April 2023 175,000 175,000
At 31 March 2024 175,000 175,000
Net book value
At 31 March 2024 0 0
At 31 March 2023 0 0

4. Tangible assets

Plant and machinery Vehicles Computer equipment Total
£ £ £ £
Cost
At 01 April 2023 145,294 57,950 17,378 220,622
Additions 35,414 0 0 35,414
At 31 March 2024 180,708 57,950 17,378 256,036
Accumulated depreciation
At 01 April 2023 135,507 55,503 13,785 204,795
Charge for the financial year 3,318 612 898 4,828
At 31 March 2024 138,825 56,115 14,683 209,623
Net book value
At 31 March 2024 41,883 1,835 2,695 46,413
At 31 March 2023 9,787 2,447 3,593 15,827

5. Debtors

2024 2023
£ £
Trade debtors 23,324 15,734
Other debtors 2,095 2,031
25,419 17,765

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 19,947 366
Amounts owed to directors 7,022 7,916
Accruals 5,509 5,673
Corporation tax 9,408 31,796
Other taxation and social security 18,818 40,323
Other creditors 1,014 1,269
61,718 87,343