Caseware UK (AP4) 2024.0.164 2024.0.164 trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.32023-10-01falseNo description of principal activity3truefalse 04525252 2023-10-01 2024-09-30 04525252 2022-10-01 2023-09-30 04525252 2024-09-30 04525252 2023-09-30 04525252 c:CompanySecretary1 2023-10-01 2024-09-30 04525252 c:Director1 2023-10-01 2024-09-30 04525252 c:RegisteredOffice 2023-10-01 2024-09-30 04525252 d:MotorVehicles 2023-10-01 2024-09-30 04525252 d:MotorVehicles 2024-09-30 04525252 d:MotorVehicles 2023-09-30 04525252 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 04525252 d:FurnitureFittings 2023-10-01 2024-09-30 04525252 d:FurnitureFittings 2024-09-30 04525252 d:FurnitureFittings 2023-09-30 04525252 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 04525252 d:OfficeEquipment 2023-10-01 2024-09-30 04525252 d:OfficeEquipment 2024-09-30 04525252 d:OfficeEquipment 2023-09-30 04525252 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 04525252 d:OtherPropertyPlantEquipment 2023-10-01 2024-09-30 04525252 d:OtherPropertyPlantEquipment 2024-09-30 04525252 d:OtherPropertyPlantEquipment 2023-09-30 04525252 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 04525252 d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 04525252 d:CurrentFinancialInstruments 2024-09-30 04525252 d:CurrentFinancialInstruments 2023-09-30 04525252 d:CurrentFinancialInstruments 1 2024-09-30 04525252 d:CurrentFinancialInstruments 1 2023-09-30 04525252 d:Non-currentFinancialInstruments 2024-09-30 04525252 d:Non-currentFinancialInstruments 2023-09-30 04525252 d:CurrentFinancialInstruments d:WithinOneYear 2024-09-30 04525252 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 04525252 d:Non-currentFinancialInstruments d:AfterOneYear 2024-09-30 04525252 d:Non-currentFinancialInstruments d:AfterOneYear 2023-09-30 04525252 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-09-30 04525252 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-09-30 04525252 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-09-30 04525252 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-09-30 04525252 d:ShareCapital 2024-09-30 04525252 d:ShareCapital 2023-09-30 04525252 d:RetainedEarningsAccumulatedLosses 2024-09-30 04525252 d:RetainedEarningsAccumulatedLosses 2023-09-30 04525252 c:OrdinaryShareClass1 2023-10-01 2024-09-30 04525252 c:OrdinaryShareClass1 2024-09-30 04525252 c:OrdinaryShareClass1 2023-09-30 04525252 c:FRS102 2023-10-01 2024-09-30 04525252 c:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 04525252 c:FullAccounts 2023-10-01 2024-09-30 04525252 c:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 04525252 2 2023-10-01 2024-09-30 04525252 f:PoundSterling 2023-10-01 2024-09-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 04525252










Grade Leather Limited








Unaudited

Financial statements

Information for filing with the registrar

For the year ended 30 September 2024

 
Grade Leather Limited
 

Company Information


Director
Mr G Bird 




Company secretary
Mrs S Bird



Registered number
04525252



Registered office
11 Avenue Gardens
Cliftonville

Margate

Kent

CT9 3BD




Accountants
Kreston Reeves LLP
Chartered Accountants

37 St Margaret's Street

Canterbury

Kent

CT1 2TU





 
Grade Leather Limited
 

Contents



Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 10


 
Grade Leather Limited
 
  
Chartered accountants' report to the director on the preparation of the unaudited statutory financial statements of Grade Leather Limited for the year ended 30 September 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Grade Leather Limited for the year ended 30 September 2024 which comprise  the Balance sheet 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 at https://www.icaew.com /regulation.

This report is made solely to the director of Grade Leather Limited in accordance with the terms of our engagement letter dated 27 March 2024Our work has been undertaken solely to prepare for your approval the financial statements of Grade Leather Limited and state those matters that we have agreed to state to the director of Grade Leather Limited in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Grade Leather Limited and its director for our work or for this report. 

It is your duty to ensure that Grade Leather 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 Grade Leather Limited. You consider that Grade Leather Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Grade Leather 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.

  



Kreston Reeves LLP
Chartered Accountants
Canterbury
15 April 2025
Page 1

 
Grade Leather Limited
Registered number:04525252

Balance sheet
As at 30 September 2024

          2024
2023
              £
£

Fixed assets
  

Tangible assets
 4 
2,536
9,365

  
2,536
9,365

Current assets
  

Stocks
  
275,812
302,257

Debtors: amounts falling due within one year
 5 
286,080
314,838

Cash at bank and in hand
  
8,381
43,970

  
570,273
661,065

Creditors: amounts falling due within one year
 6 
(361,340)
(443,810)

Net current assets
  
 
 
208,933
 
 
217,255

Total assets less current liabilities
  
211,469
226,620

Creditors: amounts falling due after more than one year
 7 
(7,903)
(21,845)

Provisions for liabilities
  

Deferred tax
  
(870)
(2,253)

  
 
 
(870)
 
 
(2,253)

Net assets
  
202,696
202,522


Capital and reserves
  

Called up share capital 
 9 
100
100

Profit and loss account
  
202,596
202,422

  
202,696
202,522


Page 2

 
Grade Leather Limited
Registered number:04525252

Balance sheet (continued)
As at 30 September 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mr G Bird
Director
Date: 15 April 2025

The notes on pages 4 to 10 form part of these financial statements.

Page 3

 
Grade Leather Limited
 
 
Notes to the financial statements
For the year ended 30 September 2024

1.


General information

Grade Leather is a private company limited by shares and is incorporated in England with registration number 04525252. The registered office address of the company is 11 Avenue Gardens, Cliftonville, Margate, CT9 3BD.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

These financial statements are rounded to the nearest pound.

The following principal accounting policies have been applied:

 
2.2

Going concern

The director has the reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the annual financial statements.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 4

 
Grade Leather Limited
 

Notes to the financial statements
For the year ended 30 September 2024

2.Accounting policies (continued)

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Motor vehicles
-
25%
Fixtures and fittings
-
15%
Office equipment
-
15%
Other fixed assets
-
15%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
Grade Leather Limited
 

Notes to the financial statements
For the year ended 30 September 2024

2.Accounting policies (continued)

 
2.10

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.11

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.12

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.13

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.14

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 6

 
Grade Leather Limited
 

Notes to the financial statements
For the year ended 30 September 2024

2.Accounting policies (continued)

  
2.15

Provision for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
2.16

Current and deferred taxation

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.



3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2023 - 3).

Page 7

 
Grade Leather Limited
 
 
Notes to the financial statements
For the year ended 30 September 2024

4.


Tangible fixed assets





Motor vehicles
Fixtures & fittings
Office equipment
Other fixed assets
Total

£
£
£
£
£



Cost or valuation


At 1 October 2023
46,279
2,570
22,703
1,500
73,052



At 30 September 2024

46,279
2,570
22,703
1,500
73,052



Depreciation


At 1 October 2023
40,930
1,685
20,172
900
63,687


Charge for the year on owned assets
5,349
277
978
225
6,829



At 30 September 2024

46,279
1,962
21,150
1,125
70,516



Net book value



At 30 September 2024
-
608
1,553
375
2,536



At 30 September 2023
5,349
885
2,531
600
9,365


5.


Debtors

         2024
2023
              £
£


Trade debtors
281,180
311,015

Prepayments and accrued income
4,900
3,823

286,080
314,838



6.


Creditors: Amounts falling due within one year

         2024
2023
             £
£

Bank loans
10,311
10,056

Trade creditors
108,325
126,506

Corporation tax
1,213
10,155

Other taxation and social security
58,360
88,516

Obligations under finance lease and hire purchase contracts
3,630
4,098

Proceeds of factored debts
109,102
114,788

Other creditors
67,399
86,941

Accruals and deferred income
3,000
2,750

361,340
443,810


Page 8

 
Grade Leather Limited
 
 
Notes to the financial statements
For the year ended 30 September 2024

7.


Creditors: Amounts falling due after more than one year

         2024
2023
              £
£

Bank loans
7,903
18,215

Net obligations under finance leases and hire purchase contracts
-
3,630

7,903
21,845


The hire purchase contract is secured via a fixed charge over the asset it relates to.


8.


Loans


Analysis of the maturity of loans is given below:


          2024
2023
             £
£

Amounts falling due within one year

Bank loans
10,311
10,056


10,311
10,056

Amounts falling due 1-2 years

Bank loans
7,903
10,311


7,903
10,311

Amounts falling due 2-5 years

Bank loans
-
7,904


-
7,904


18,214
28,271


Page 9

 
Grade Leather Limited
 
 
Notes to the financial statements
For the year ended 30 September 2024

9.


Share capital

          2024
2023
             £
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1.00 each
100
100



10.


Related party transactions

All related party transactions during the year were concluded under normal market conditions.


11.


Controlling party

The ultimate controlling party is Mr G Bird by the way of his majority shareholding.


Page 10