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REGISTERED NUMBER: 00265299 (England and Wales)















WALSALL LEATHER CO. LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2024






WALSALL LEATHER CO. LIMITED (REGISTERED NUMBER: 00265299)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024










Page

Company Information 1

Chartered Accountants' Report 2

Statement of Financial Position 3

Notes to the Financial Statements 5


WALSALL LEATHER CO. LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 28 FEBRUARY 2024







DIRECTORS: Mr DR Stephens
Mr JR Stephens





REGISTERED OFFICE: 1 Townend Street
Walsall
West Midlands
WS2 8LP





REGISTERED NUMBER: 00265299 (England and Wales)





ACCOUNTANTS: Folkes Worton LLP
15-17 Church Street
Stourbridge
West Midlands
DY8 1LU

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
WALSALL LEATHER CO. LIMITED


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Walsall Leather Co. Limited for the year ended 28 February 2024 which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Walsall Leather Co. Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Walsall Leather Co. Limited and state those matters that we have agreed to state to the Board of Directors of Walsall Leather Co. Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Walsall Leather Co. Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Walsall Leather Co. Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Walsall Leather Co. Limited. You consider that Walsall Leather Co. Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Walsall Leather Co. Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Folkes Worton LLP
15-17 Church Street
Stourbridge
West Midlands
DY8 1LU


26 November 2024

WALSALL LEATHER CO. LIMITED (REGISTERED NUMBER: 00265299)

STATEMENT OF FINANCIAL POSITION
28 FEBRUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 258,772 261,496

CURRENT ASSETS
Stocks 81,256 83,564
Debtors 5 32,874 27,392
Cash at bank 93 91
114,223 111,047
CREDITORS
Amounts falling due within one year 6 122,454 127,002
NET CURRENT LIABILITIES (8,231 ) (15,955 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

250,541

245,541

CREDITORS
Amounts falling due after more than one year 7 10,103 20,199
NET ASSETS 240,438 225,342

CAPITAL AND RESERVES
Called up share capital 2,459 2,459
Share premium 480 480
Revaluation reserve 9 193,761 193,761
Other reserves 90,000 90,000
Retained earnings (46,262 ) (61,358 )
SHAREHOLDERS' FUNDS 240,438 225,342

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

WALSALL LEATHER CO. LIMITED (REGISTERED NUMBER: 00265299)

STATEMENT OF FINANCIAL POSITION - continued
28 FEBRUARY 2024


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 November 2024 and were signed on its behalf by:





Mr DR Stephens - Director


WALSALL LEATHER CO. LIMITED (REGISTERED NUMBER: 00265299)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024


1. STATUTORY INFORMATION

Walsall Leather Co. Limited 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 as modified by the revaluation of certain assets.

Turnover
Turnover represents net sales of goods and services, excluding value added tax

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - not depreciated
Plant and machinery - 25% on reducing balance
Motor vehicles - not depreciated

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 Income Statement, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

WALSALL LEATHER CO. LIMITED (REGISTERED NUMBER: 00265299)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2024


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2023 - 11 ) .

4. TANGIBLE FIXED ASSETS
Freehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST OR VALUATION
At 1 March 2023
and 28 February 2024 249,259 332,479 1,350 583,088
DEPRECIATION
At 1 March 2023 - 321,592 - 321,592
Charge for year - 2,724 - 2,724
At 28 February 2024 - 324,316 - 324,316
NET BOOK VALUE
At 28 February 2024 249,259 8,163 1,350 258,772
At 28 February 2023 249,259 10,887 1,350 261,496

Cost or valuation at 28 February 2024 is represented by:

Freehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
Valuation in 1998 193,761 - - 193,761
Cost 55,498 332,479 1,350 389,327
249,259 332,479 1,350 583,088

WALSALL LEATHER CO. LIMITED (REGISTERED NUMBER: 00265299)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2024


4. TANGIBLE FIXED ASSETS - continued

If freehold property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 55,498 55,498

Freehold property was valued on an open market basis on 15 December 1998 by Fraser, Wood, Maya & Pinson .

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST OR VALUATION
At 1 March 2023
and 28 February 2024 8,850
DEPRECIATION
Charge for year 2,213
At 28 February 2024 2,213
NET BOOK VALUE
At 28 February 2024 6,637
At 28 February 2023 8,850

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 25,990 19,863
Other debtors 6,884 7,529
32,874 27,392

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 35,708 39,556
Hire purchase contracts 3,681 1,823
Trade creditors 55,522 52,350
Taxation and social security 9,214 8,470
Other creditors 18,329 24,803
122,454 127,002

WALSALL LEATHER CO. LIMITED (REGISTERED NUMBER: 00265299)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2024


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 6,549 11,645
Hire purchase contracts 3,554 8,554
10,103 20,199

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 30,612 34,144
Bank loans 11,645 17,057
42,257 51,201

9. RESERVES
Revaluation
reserve
£   
At 1 March 2023
and 28 February 2024 193,761

10. RELATED PARTY DISCLOSURES

Included in other creditors are the following amounts owed to directors of the company:

2024 2023
£ £
Mr JR Stephens 15,698 22,267

Interest is paid on the loans at 6% (2023 - 6%) gross. Interest paid during the year in respect of these loans amounted to £1,094 (2023 - £824).

The loan from Mr JR Stephens is being repaid at £500 per month.

11. ULTIMATE CONTROLLING PARTY

Control over the company is exercised by Mr. J.R. and Mrs. M. Stephens, both of whom are directors of the company, by virtue of them holding a majority of the issued share capital of the company.