REGISTERED NUMBER: 07887835 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

SIMPLY LEATHER (BLACKBURN) LIMITED

Page

Company information

1

Balance sheet

2

Notes to the financial statements

4

DIRECTORS:

R Voce

A Aspden

REGISTERED OFFICE:

Unit 7, Navigaition Mill

Forrest Street

Blackburn

BB1 3BB

REGISTERED NUMBER:

07887835 (England and Wales)

ACCOUNTANTS:

Hunter & Co.

Chartered Accountants

415 Blackburn Road

Bolton

BL1 8NJ

FIXED ASSETS

Tangible assets

4

6,991

10,646

CURRENT ASSETS

Stocks

470,026

512,548

Debtors

5

24,692

118,259

Prepayments and accrued income

14,552

14,233

Cash at bank

13,799

36,033

523,069

681,073

CREDITORS

Amounts falling due within one year

6

(565,768

)

(697,779

)

NET CURRENT LIABILITIES

(42,699

)

(16,706

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(35,708

)

(6,060

)

PROVISIONS FOR LIABILITIES

(1,274

)

(5,093

)

NET LIABILITIES

(36,982

)

(11,153

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(37,082

)

(11,253

)

SHAREHOLDERS' FUNDS

(36,982

)

(11,153

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 24 September 2025 and were signed on its behalf by:

R Voce - Director

A Aspden - Director

1.	STATUTORY INFORMATION

Simply Leather (Blackburn) 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 haver been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 (FRS 102) "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention..

The presentation currency of the financial statements is the Pound Sterling (£)

Going concern

After detailed consideration, the directors have reasonable expectations that the company has adequate resources to continue in operational existence for the foreseeable future (being the 12 month period from the date these accounts are approved) and therefore continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on cost

Fixtures and fittings

-

25% 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.

Financial instruments

The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

Basic financial assets, including trade and other receivables, cash and bank balances, 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. Such assets are subsequently carried at amortised cost using the effective interest method.

Basic financial liabilities, including trade and other payables 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. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the income statement, 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 balance sheet date.

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.

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.

Revenue recognition

Revenue is recognised to the extent that it is probable that the economic benefit will flow to the company. Revenue is measured at the fair value of the consideration received or receivable excluding discounts and Value Added Tax.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 32 (2023 - 35 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2024

87,145

Additions

8,229

At 31 December 2024

95,374

DEPRECIATION

At 1 January 2024

76,499

Charge for year

11,884

At 31 December 2024

88,383

NET BOOK VALUE

At 31 December 2024

6,991

At 31 December 2023

10,646

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

23,682

80,194

Other debtors

1,010

38,065

24,692

118,259

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

462,111

569,891

Taxation and social security

52,179

74,851

Other creditors

51,478

53,037

565,768

697,779