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Registration number: 12677824

Gummer Leathes Limited

Unaudited Financial Statements

for the Year Ended 30 June 2024

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Gummer Leathes Limited

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Gummer Leathes Limited

Company Information

Directors

B M Gummer

T Leathes

Registered office

80 Petty France
London
SW1H 9EX

Accountants

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Gummer Leathes Limited

Statement of Financial Position as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

22,310

21,192

Investments

1

1

 

22,311

21,193

Current assets

 

Debtors

5

1,004,233

316,016

Cash at bank and in hand

 

282,406

86,551

 

1,286,639

402,567

Creditors: Amounts falling due within one year

6

(552,473)

(260,076)

Net current assets

 

734,166

142,491

Total assets less current liabilities

 

756,477

163,684

Provisions for liabilities

(5,578)

(5,298)

Net assets

 

750,899

158,386

Capital and reserves

 

Called up share capital

2

2

Retained earnings

750,897

158,384

Shareholders' funds

 

750,899

158,386

For the financial year ending 30 June 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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

 

Gummer Leathes Limited

Statement of Financial Position as at 30 June 2024

Approved and authorised by the Board on 14 March 2025 and signed on its behalf by:
 

.........................................

B M Gummer

Director

Company registration number: 12677824

 

Gummer Leathes Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

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

The address of its registered office is:
80 Petty France
London
SW1H 9EX

The principal activity of the company is that of real estate development.

2

Accounting policies

Statement of compliance

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' Section 1A and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

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.

Going concern

The company made a profit for the year ended 30 June 2024 and had net assets at that date amounting to £750,899. The company continues to trade profitably and the directors do not anticipate that the company will be materially adversely affected by the current economic climate.

On the basis of the above, and after making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company's activities. Turnover is shown net of value added tax, rebates and discounts.

The company recognises revenue from developments based upon the stage of contractual completion.

Tax

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

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.

 

Gummer Leathes Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 reporting date and that are expected to apply to the reversal of the timing difference.

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

Office equipment

Straight line over 3 years

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

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.

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.

 

Gummer Leathes Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

3

Staff numbers

The average number of persons employed by the company during the year, was 8 (2023 - 5).

4

Tangible assets

Office equipment
 £

Total
£

Cost or valuation

At 1 July 2023

24,756

24,756

Additions

11,073

11,073

At 30 June 2024

35,829

35,829

Depreciation

At 1 July 2023

3,564

3,564

Charge for the year

9,955

9,955

At 30 June 2024

13,519

13,519

Carrying amount

At 30 June 2024

22,310

22,310

At 30 June 2023

21,192

21,192

 

Gummer Leathes Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

5

Debtors

2024
£

2023
£

Trade debtors

318,373

126,214

Amounts owed by group undertakings

99,158

97,159

Other debtors

586,702

92,643

1,004,233

316,016

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Trade creditors

138,131

144,126

Taxation and social security

378,597

85,123

Accruals and deferred income

25,685

20,434

Other creditors

10,060

10,393

552,473

260,076

7

Financial commitments, guarantees and contingencies

Amounts not provided for in the statement of financial position

The total amount of financial commitments not included in the statement of financial position is £117,180 (2023 - £Nil).

8

Related party transactions

In accordance with FRS 102 paragraph 1AC.35 exemption has been taken from disclosing transactions or amounts falling due between wholly owned group undertakings.

At 30 June 2024 an amount of £486,216 (2023: £309) was due from the directors. During the year there were advances of £483,382 and repayments of £1,000. Interest of £3,850 (2023: £Nil) has been charged at a rate of 2.25% per annum. There are no set terms in place.