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REGISTERED NUMBER: 00885078 (England and Wales)













LESLIE WISE LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024






LESLIE WISE LIMITED (REGISTERED NUMBER: 00885078)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


LESLIE WISE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTORS: Mr N Gundemir
Mr N Gundemir





REGISTERED OFFICE: Second Floor
34 Lime Street
London
EC3M 7AT





REGISTERED NUMBER: 00885078 (England and Wales)





ACCOUNTANTS: Carston ETL
Chartered Accountants
Second Floor
34 Lime Street
London
EC3M 7AT

LESLIE WISE LIMITED (REGISTERED NUMBER: 00885078)

BALANCE SHEET
30 APRIL 2024

2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible assets 4 16,070 16,605

CURRENT ASSETS
Stocks - 136,080
Debtors 5 368,040 5,037,346
Cash at bank and in hand 1,096,070 285,305
1,464,110 5,458,731
CREDITORS
Amounts falling due within one year 6 617,541 4,509,359
NET CURRENT ASSETS 846,569 949,372
TOTAL ASSETS LESS CURRENT LIABILITIES 862,639 965,977

PROVISIONS FOR LIABILITIES 8 3,839 3,934
NET ASSETS 858,800 962,043

CAPITAL AND RESERVES
Called up share capital 9 251,256 251,256
Retained earnings 607,544 710,787
SHAREHOLDERS' FUNDS 858,800 962,043

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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.

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 January 2025 and were signed on its behalf by:





Mr N Gundemir - Director


LESLIE WISE LIMITED (REGISTERED NUMBER: 00885078)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024


1. STATUTORY INFORMATION

Leslie Wise 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.

The financial statements are presented in Pounds Sterling which is the functional currency of the company and rounded to the nearest Pound.

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

Significant judgements and estimates
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of the assets and liabilities within the next financial years are addressed below.

(a) Useful economic lives of assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on future investments, economic utilisation and the physical condition of the assets.

(b) Impairment of debtors
The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.

Turnover
Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of returns, discounts and rebates allowed by the company and value added tax.

The company recognises revenue when (a) the significant risk and rewards of ownership have been transferred to the buyer; (b) the company retains no continuing involvement or control over the goods and (c) the amount of revenue can be measured reliably. The company considers that those three conditions are fulfilled when the buyer takes delivery of the goods.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on reducing balance
Computer equipment - 20% straight line on cost

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 Statement of Income and Retained Earnings, 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 balance sheet date.


LESLIE WISE LIMITED (REGISTERED NUMBER: 00885078)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

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.

Financial instruments
Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances and amount owed by group undertakings are initially recognised at transaction price, 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 are derecognised when (a) the contractual rights to the cash flows from the assets expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another part or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors, bank loans, loans from related parties 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 receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of the business from suppliers. Trade creditors 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 at transaction price.

Employee benefits
The company provides a range of benefits to employees, including paid holiday arrangements and defined contribution pension scheme.

Short term benefits
Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received.

Defined contribution pension
The company operates a defined contribution pension scheme for the benefit of its employees. Contributions payable to the company's pension scheme are charged to profit and loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2023 - 9 ) .

LESLIE WISE LIMITED (REGISTERED NUMBER: 00885078)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


4. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£ £ £
COST
At 1 May 2023 5,169 29,217 34,386
Additions 1,506 3,739 5,245
Disposals (1,118 ) - (1,118 )
At 30 April 2024 5,557 32,956 38,513
DEPRECIATION
At 1 May 2023 3,857 13,924 17,781
Charge for year 406 5,048 5,454
Eliminated on disposal (792 ) - (792 )
At 30 April 2024 3,471 18,972 22,443
NET BOOK VALUE
At 30 April 2024 2,086 13,984 16,070
At 30 April 2023 1,312 15,293 16,605

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors 299,729 4,986,523
Other debtors 68,311 50,823
368,040 5,037,346

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Bank loans and overdrafts 1 -
Trade creditors 582,889 4,306,491
Taxation and social security 7,375 88,759
Other creditors 27,276 114,109
617,541 4,509,359

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£ £
Within one year 29,550 39,400
Between one and five years - 29,550
29,550 68,950

8. PROVISIONS FOR LIABILITIES
2024 2023
£ £
Deferred tax 3,839 3,934

LESLIE WISE LIMITED (REGISTERED NUMBER: 00885078)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


8. PROVISIONS FOR LIABILITIES - continued

Deferred tax
£
Balance at 1 May 2023 3,934
Provided during year (95 )
Balance at 30 April 2024 3,839

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
251,256 Ordinary £1 251,256 251,256

10. CONTINGENT LIABILITIES

There is an unlimited debenture incorporating a fixed and floating charge given to the company's bank.

11. RELATED PARTY DISCLOSURES

During the year the company purchased goods of £3,180,397 (2023 - £8,449,949) from Savcan Tekstil and goods of £2,322,918 (2023 - £nil) from Safran Tekstil Konfeksiyon Sanayi VE Ticaret, companies under the common control of the directors Nedim and Nuvit Gundemir. Those transactions were at arm's length and at market rates.

The company also received income from Savcan Tekstil in the amount of £106,192 (2023 - £515,287) and income of £130,881 from Safran Tekstil Konfeksiyon Sanayi VE Ticaret. Those transactions were at arm's length and at market rates.

At the Balance Sheet date, a net amount of £nil (2023 - £4,240,381) was owed to Savcan Tekstil and a net amount of £538,112 (2023 - £nil) was owed to Safran Tekstil Konfeksiyon Sanayi VE Ticaret.

At the Balance Sheet date, a net amount of £1,594 (2023 - £nil) was owed from Savcan Tekstil.