Company registration number 01121792 (England and Wales)
LEAR, BROWNE & DUNSFORD LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
LEAR, BROWNE & DUNSFORD LIMITED
COMPANY INFORMATION
Directors
Mr J O Dunsford
Mr M R Dunsford
Mr P J Dunsford
Mr S Howard
Secretary
Mr P J Dunsford
Company number
01121792
Registered office
LBD House
Waterbridge Court
Matford Park Road
Exeter
Devon
EX2 8ED
Accountants
Streets Bush Limited
2 Barnfield Crescent
Exeter
EX1 1QT
LEAR, BROWNE & DUNSFORD LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
LEAR, BROWNE & DUNSFORD LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2024
31 October 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
97,568
103,444
Tangible assets
4
96,043
115,573
193,611
219,017
Current assets
Stocks
2,902,610
3,212,591
Debtors
5
668,749
722,430
Cash at bank and in hand
60,220
110,704
3,631,579
4,045,725
Creditors: amounts falling due within one year
6
(1,133,712)
(1,419,990)
Net current assets
2,497,867
2,625,735
Total assets less current liabilities
2,691,478
2,844,752
Creditors: amounts falling due after more than one year
7
(719,921)
(887,262)
Provisions for liabilities
(14,368)
(18,460)
Net assets
1,957,189
1,939,030
Capital and reserves
Called up share capital
15,000
15,000
Capital redemption reserve
50,000
50,000
Retained earnings
1,892,189
1,874,030
Total equity
1,957,189
1,939,030
LEAR, BROWNE & DUNSFORD LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2024
31 October 2024
- 2 -

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 7 May 2025 and are signed on its behalf by:
Mr J O Dunsford
Mr M R Dunsford
Director
Director
Company Registration No. 01121792
LEAR, BROWNE & DUNSFORD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 3 -
1
Accounting policies
Company information

Lear, Browne & Dunsford Limited is a private company limited by shares incorporated in England and Wales. The registered office is LBD House, Waterbridge Court, Matford Park Road, Exeter, Devon, EX2 8ED.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Where goodwill is considered to have a finite useful life, it is amortised on a systematic basis over its expected life, over a period not exceeding 5 years, and all goodwill has been fully amortised.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

LEAR, BROWNE & DUNSFORD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 4 -
1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
3 Years Straight Line
Patents & licences
10% Straight Line
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
25% Straight Line
Fixtures and fittings
20% Straight Line
Computers
25% Straight Line
Motor vehicles
25% Reducing Balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

LEAR, BROWNE & DUNSFORD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 5 -
1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
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.

 

 

 

 

LEAR, BROWNE & DUNSFORD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 6 -
1.10
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.11
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
24
24
LEAR, BROWNE & DUNSFORD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 7 -
3
Intangible fixed assets
Goodwill
Other
Total
£
£
£
Cost
At 1 November 2023
358,778
162,885
521,663
Additions
-
0
9,026
9,026
At 31 October 2024
358,778
171,911
530,689
Amortisation and impairment
At 1 November 2023
358,778
59,441
418,219
Amortisation charged for the year
-
0
14,902
14,902
At 31 October 2024
358,778
74,343
433,121
Carrying amount
At 31 October 2024
-
0
97,568
97,568
At 31 October 2023
-
0
103,444
103,444
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 November 2023
43,005
472,223
515,228
Additions
-
0
40,012
40,012
At 31 October 2024
43,005
512,235
555,240
Depreciation and impairment
At 1 November 2023
39,217
360,438
399,655
Depreciation charged in the year
1,263
58,279
59,542
At 31 October 2024
40,480
418,717
459,197
Carrying amount
At 31 October 2024
2,525
93,518
96,043
At 31 October 2023
3,788
111,785
115,573
LEAR, BROWNE & DUNSFORD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 8 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
635,093
638,441
Other debtors
33,656
83,989
668,749
722,430
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
16,951
40,000
Trade creditors
260,970
521,689
Taxation and social security
91,841
95,546
Other creditors
763,950
762,755
1,133,712
1,419,990
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
-
0
13,417
Other creditors
719,921
873,845
719,921
887,262
8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
146,451
225,270
LEAR, BROWNE & DUNSFORD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 9 -
9
Related party transactions

Included in other creditors are amounts owed to the directors of £853,551. The loans are charged interest at 6% per annum and carry no fixed terms of repayment.

 

Included in other creditors are amounts owed to a close family member of the directors of £392,977. The loan is charged interest at 6% per annum and carries no fixed terms of repayment.

 

2024-10-312023-11-01falsefalsefalse07 May 2025CCH SoftwareCCH Accounts Production 2025.100The principal activity in the year was that of wholesale of textiles

Mr J O DunsfordMr M R DunsfordMr S HowardMr S HowardMr P J Dunsford
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