Registration number: 00461913

Gregory's (Leather) Limited

(Registration number: 00461913)

Balance Sheet as at 31 January 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	3	104,183	116,272
Current assets
Stocks		48,789	34,276
Debtors	4	2,755	6,454
Cash at bank and in hand		13,837	23,638
		65,381	64,368
Creditors: Amounts falling due within one year	5	(55,798)	(52,032)
Net current assets		9,583	12,336
Total assets less current liabilities		113,766	128,608
Creditors: Amounts falling due after more than one year	5	(31,557)	(46,232)
Net assets		82,209	82,376
Capital and reserves
Called up share capital		8,672	8,672
Other reserves		6,328	6,328
Retained earnings		67,209	67,376
Shareholders' funds		82,209	82,376

For the financial year ending 31 January 2025 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 delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Directors' Report and the Profit and Loss Account has been taken.

Gregory's (Leather) Limited

(Registration number: 00461913)

Balance Sheet as at 31 January 2025 (continued)

These financial statements, which 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 the provisions of FRS 102 Section 1A Small Entities, were approved and authorised for issue by the Board on 20 October 2025 and signed on its behalf by:
 

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

N Gregory

Director

Gregory's (Leather) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

1	Accounting policies

Statutory information

Gregory's (Leather) Limited is a private company, limited by shares, domiciled in England and Wales, company number 00461913. The registered office is at Unit 4, Frenchgate Centre, Doncaster, DN1 1LA.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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. The presentation currency is United Kingdom pounds sterling, which is the functional currency of the company. The financial statements are those of an individual entity.

These financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

After due consideration of all relevant factors, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.

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.

Tax

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.

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 ecacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Gregory's (Leather) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025 (continued)

1	Accounting policies (continued)

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
Land and Buildings	Not depreciated
Fixtures and fittings	20% reducing balance
Motor vehicles	25% reducing balance

Stocks

Stocks are stated at the lower of cost and net realisable value.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the statement of comprehensive income.

Gregory's (Leather) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025 (continued)

2	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2024 - 3).

3	Tangible assets

	Land and buildings £	Fixtures and fittings £	Motor vehicles  £	Total £
Cost
At 1 February 2024	56,198	17,388	61,696	135,282
Disposals	-	(1,880)	-	(1,880)
At 31 January 2025	56,198	15,508	61,696	133,402
Depreciation
At 1 February 2024	-	8,482	10,528	19,010
Charge for the year	-	1,636	9,727	11,363
Eliminated on disposal	-	(1,154)	-	(1,154)
At 31 January 2025	-	8,964	20,255	29,219
Carrying amount
At 31 January 2025	56,198	6,544	41,441	104,183
At 31 January 2024	56,198	8,906	51,168	116,272

4

Debtors

	2025 £	2024 £
Trade debtors	-	1,150
Prepayments	2,755	5,304
	2,755	6,454

Gregory's (Leather) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025 (continued)

5

Creditors

		2025  £	2024  £
Due within one year
Bank loan		8,080	8,188
HP and finance lease liabilities		6,705	6,704
Trade creditors		15,149	995
Amounts due to related parties		7,751	12,018
Social security and other taxes		5,057	5,454
Outstanding defined contribution pension costs		252	262
Other creditors		4,475	5,415
Accrued expenses		8,329	12,996
		55,798	52,032

Gregory's (Leather) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025 (continued)

5	Creditors (continued)

		2025 £	2024 £
Due after one year
Bank loan		5,272	13,243
HP and finance lease liabilities		26,285	32,989
		31,557	46,232

The HP and finance lease liabilities are secured on the assets to which they relate.

6	Commitments

As at the balance sheet date, the company had total commitments under non-cancellable operating leases over the remaining term of those leases of £53,000 (2024 - £88,333)