REGISTERED NUMBER: |
Leather Solutions Limited |
Financial Statements |
for the Year Ended 30 September 2024 |
REGISTERED NUMBER: |
Leather Solutions Limited |
Financial Statements |
for the Year Ended 30 September 2024 |
Leather Solutions Limited (Registered number: 01333675) |
Contents of the Financial Statements |
for the year ended 30 September 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Leather Solutions Limited |
Company Information |
for the year ended 30 September 2024 |
Director: |
Registered office: |
Registered number: |
Leather Solutions Limited (Registered number: 01333675) |
Balance Sheet |
30 September 2024 |
2024 | 2023 |
Notes | £ | £ |
Current assets |
Debtors | 4 |
Cash at bank |
Total assets less current liabilities |
Capital and reserves |
Called up share capital | 5 |
Retained earnings | 6 |
Shareholders' funds |
The director acknowledges his 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. |
The financial statements were approved by the director and authorised for issue on |
Leather Solutions Limited (Registered number: 01333675) |
Notes to the Financial Statements |
for the year ended 30 September 2024 |
1. | Statutory information |
Leather Solutions Limited is a |
2. | Accounting policies |
Basis of preparing the financial statements |
Turnover |
Turnover represents amounts receivable for good and services net of VAT and trade discounts. |
Financial instruments |
The Company has chosen to adopt Section 11 of FRS 102 in respect of financial instruments. |
(i) Financial assets |
Basic financial assets, including trade and other receivables, and cash and bank balances, are initially recognised at transaction price. |
(ii) Financial liabilities |
Basic financial liabilities, including trade and other payables, are initially recognised at transaction price. |
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Critical accounting judgements and estimation uncertainty |
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
(a) Critical judgements in applying the Company's accounting policies |
The Company makes a number of assessments which require judgement in preparing the accounts and can have a significant effect upon the financial statements. However due to the straight forward nature of the company's business, management does not believe that there are any judgements that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. |
(b) Key accounting estimates and assumptions |
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. However due to the straight forward nature of the Company's business, management does not believe that there are any estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. |
Leather Solutions Limited (Registered number: 01333675) |
Notes to the Financial Statements - continued |
for the year ended 30 September 2024 |
2. | Accounting policies - continued |
Going concern |
These financial statements have been prepared on a going concern basis. |
The current economic conditions present increased risks for all businesses. In response to such conditions, the director has carefully considered these risks including an assessment on uncertainty on future trading projection for a period of at least 12 months from the date of signing the financial statements, and the extent to which they might affect the preparation of the financial statements on a going concern basis. |
Based on assessment, the director considers that the Company maintains an appropriate level of liquidity, sufficient to meet the demands of the business including any capital and servicing obligations and external debt liabilities. |
In addition, the Company's assets are assessed for recoverability on a regular basis, and the director considers that the Company is not exposed to losses on these assets which would affect their decision to adopt the going concern basis. |
The director has a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and that there are no material uncertainties that lead to significant doubts upon the Company's ability to continue as a going concern. Thus the director has continued to adopt the going concern basis of accounting in preparing these financial statements. |
3. | Employees and directors |
The average number of employees during the year was NIL (2023 - NIL). |
4. | Debtors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Amounts due from connected |
company | 9,625 | 9,625 |
5. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 2 | 2 |
6. | Reserves |
Retained |
earnings |
£ |
At 1 October 2023 |
Profit for the year |
At 30 September 2024 |
Leather Solutions Limited (Registered number: 01333675) |
Notes to the Financial Statements - continued |
for the year ended 30 September 2024 |
7. | Ultimate controlling party |
The controlling party is Paul Hanson Pettengell. |