6 5 Teamwork Leathers Limited 05110358 false 2023-07-01 2024-06-30 2024-06-30 The principal activity of the company is manufacturers of leather garments and trading as agents. Digita Accounts Production Advanced 6.30.9574.0 true 05110358 2023-07-01 2024-06-30 05110358 2024-06-30 05110358 bus:OrdinaryShareClass1 2024-06-30 05110358 core:RetainedEarningsAccumulatedLosses 2024-06-30 05110358 core:ShareCapital 2024-06-30 05110358 core:CurrentFinancialInstruments 2024-06-30 05110358 core:CurrentFinancialInstruments core:WithinOneYear 2024-06-30 05110358 core:Non-currentFinancialInstruments 2024-06-30 05110358 core:Non-currentFinancialInstruments core:AfterOneYear 2024-06-30 05110358 core:FurnitureFittings 2024-06-30 05110358 core:LandBuildings core:ShortLeaseholdAssets 2024-06-30 05110358 core:MotorVehicles 2024-06-30 05110358 core:PlantMachinery 2024-06-30 05110358 core:OtherRelatedParties 2024-06-30 05110358 bus:SmallEntities 2023-07-01 2024-06-30 05110358 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 05110358 bus:FilletedAccounts 2023-07-01 2024-06-30 05110358 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 05110358 bus:RegisteredOffice 2023-07-01 2024-06-30 05110358 bus:Director1 2023-07-01 2024-06-30 05110358 bus:OrdinaryShareClass1 2023-07-01 2024-06-30 05110358 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 05110358 core:RetainedEarningsAccumulatedLosses 2023-07-01 2024-06-30 05110358 core:ShareCapital 2023-07-01 2024-06-30 05110358 core:FurnitureFittings 2023-07-01 2024-06-30 05110358 core:LandBuildings 2023-07-01 2024-06-30 05110358 core:LandBuildings core:ShortLeaseholdAssets 2023-07-01 2024-06-30 05110358 core:MotorVehicles 2023-07-01 2024-06-30 05110358 core:PlantMachinery 2023-07-01 2024-06-30 05110358 core:OtherRelatedParties 2023-07-01 2024-06-30 05110358 core:OtherRelatedParties core:RenderingOrReceivingServices 2023-07-01 2024-06-30 05110358 countries:UnitedKingdom 2023-07-01 2024-06-30 05110358 2023-06-30 05110358 core:RetainedEarningsAccumulatedLosses 2023-06-30 05110358 core:ShareCapital 2023-06-30 05110358 core:FurnitureFittings 2023-06-30 05110358 core:LandBuildings core:ShortLeaseholdAssets 2023-06-30 05110358 core:MotorVehicles 2023-06-30 05110358 core:PlantMachinery 2023-06-30 05110358 core:OtherRelatedParties 2023-06-30 05110358 2022-07-01 2023-06-30 05110358 2023-06-30 05110358 bus:OrdinaryShareClass1 2023-06-30 05110358 core:CurrentFinancialInstruments 2023-06-30 05110358 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 05110358 core:Non-currentFinancialInstruments 2023-06-30 05110358 core:Non-currentFinancialInstruments core:AfterOneYear 2023-06-30 05110358 core:FurnitureFittings 2023-06-30 05110358 core:LandBuildings core:ShortLeaseholdAssets 2023-06-30 05110358 core:MotorVehicles 2023-06-30 05110358 core:PlantMachinery 2023-06-30 05110358 core:OtherRelatedParties 2023-06-30 05110358 core:RetainedEarningsAccumulatedLosses 2022-07-01 2023-06-30 05110358 core:ShareCapital 2022-07-01 2023-06-30 05110358 core:OtherRelatedParties 2022-07-01 2023-06-30 05110358 core:OtherRelatedParties core:RenderingOrReceivingServices 2022-07-01 2023-06-30 05110358 2022-06-30 05110358 core:RetainedEarningsAccumulatedLosses 2022-06-30 05110358 core:ShareCapital 2022-06-30 05110358 core:OtherRelatedParties 2022-06-30 xbrli:pure iso4217:GBP xbrli:shares

Registration number: 05110358

Teamwork Leathers Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2024

 

Teamwork Leathers Limited

Company Information

Director

Mr Asif Ali Malik

Registered office

9 Berners Place
London
W1T 3AD

 

Teamwork Leathers Limited

(Registration number: 05110358)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

12,807

11,236

Current assets

 

Stocks

6

390

465

Debtors

7

2,547

594

 

2,937

1,059

Creditors: Amounts falling due within one year

8

(30,447)

(13,447)

Net current liabilities

 

(27,510)

(12,388)

Total assets less current liabilities

 

(14,703)

(1,152)

Creditors: Amounts falling due after more than one year

8

(34,583)

(39,579)

Provisions for liabilities

(2,342)

(1,854)

Net liabilities

 

(51,628)

(42,585)

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

(51,728)

(42,685)

Shareholders' deficit

 

(51,628)

(42,585)

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.

Director's 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 director acknowledges his 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 5 March 2025
 

 

Teamwork Leathers Limited

(Registration number: 05110358)
Balance Sheet as at 30 June 2024

.........................................
Mr Asif Ali Malik
Director

 

Teamwork Leathers Limited

Statement of Changes in Equity for the Year Ended 30 June 2024

Share capital
£

Retained earnings
£

Total
£

At 1 July 2023

100

(42,685)

(42,585)

Loss for the year

-

(9,043)

(9,043)

At 30 June 2024

100

(51,728)

(51,628)

Share capital
£

Retained earnings
£

Total
£

At 1 July 2022

100

(49,724)

(49,624)

Profit for the year

-

7,039

7,039

At 30 June 2023

100

(42,685)

(42,585)

 

Teamwork Leathers 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 United Kingdom.

The address of its registered office is:
9 Berners Place
London
W1T 3AD
United Kingdom

These financial statements were authorised for issue by the director on 5 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

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

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

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

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.

 

Teamwork Leathers Limited

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

Tangible assets

Tangible assets are stated in the balance sheet 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

Improvements to property

10% on reducing balance

Plant and machinery

10% on reducing balance

Fixtures and fittings

10% on reducing balance

Motor vehicles

25% on reducing balance

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Teamwork Leathers Limited

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

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 6 (2023 - 5).

4

Taxation

Tax charged/(credited) in the profit and loss account

2024
£

2023
£

Deferred taxation

Arising from origination and reversal of timing differences

488

-

Arising from changes in tax rates and laws

-

69

Total deferred taxation

488

69

Deferred tax

 

Teamwork Leathers Limited

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

5

Tangible assets

Short leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2023

13,874

24,621

8,768

496

47,759

Additions

-

2,995

-

-

2,995

At 30 June 2024

13,874

27,616

8,768

496

50,754

Depreciation

At 1 July 2023

10,053

18,802

7,179

489

36,523

Charge for the year

382

881

159

2

1,424

At 30 June 2024

10,435

19,683

7,338

491

37,947

Carrying amount

At 30 June 2024

3,439

7,933

1,430

5

12,807

At 30 June 2023

3,821

5,819

1,589

7

11,236

Included within the net book value of land and buildings above is £3,439 (2023 - £3,821) in respect of short leasehold land and buildings.
 

6

Stocks

2024
£

2023
£

Finished goods and goods for resale

390

465

7

Debtors

Current

2024
£

2023
£

Other debtors

2,547

594

 

2,547

594

 

Teamwork Leathers Limited

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

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

28,788

11,694

Taxation and social security

 

1,459

1,523

Other creditors

 

-

30

Directors loan account

 

200

200

 

30,447

13,447

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

34,583

39,579

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

34,583

39,579

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

28,788

7,230

Other borrowings

-

4,464

28,788

11,694

 

Teamwork Leathers Limited

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

11

Related party transactions

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

23,400

22,170

Summary of transactions with other related parties

A company controlled by the shareholder's brother.

Income and receivables from related parties

2024

Other related parties
£

Sales commission

131,000

2023

Other related parties
£

Sales commission

131,000

Loans to related parties

2024

Other related parties
£

Total
£

At start of period

4,464

4,464

Repaid

(5,839)

(5,839)

At end of period

(1,375)

(1,375)

2023

Other related parties
£

Total
£

At start of period

15,583

15,583

Repaid

(11,119)

(11,119)

At end of period

4,464

4,464

Terms of loans to related parties

Due on demand.