REGISTERED NUMBER: 03469597 (England and Wales)

Leather Taylor Limited

Unaudited Financial Statements for the Year Ended 31st March 2025

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs C M Field

Mr L W Gustar

Mr R A Leather

Mr G Leather

Mr C A Matthissen

Mr A H Medley

Mr P C Taylor

REGISTERED OFFICE:

45 St James Street

Newport

Isle of Wight

PO30 1LG

REGISTERED NUMBER:

03469597 (England and Wales)

ACCOUNTANTS:

Palmer Gray LLP

2 & 3 The Barns

Longham Farm Close

Ferndown

Dorset

BH22 9DE

FIXED ASSETS

Intangible assets

4

67,902

82,902

Tangible assets

5

1,541,643

1,514,955

Investments

6

978

978

1,610,523

1,598,835

CURRENT ASSETS

Stocks

29,545

29,946

Debtors

7

185,756

237,377

Cash and cash equivalents

957,906

1,015,483

1,173,207

1,282,806

CREDITORS

Amounts falling due within one year

8

380,252

354,090

NET CURRENT ASSETS

792,955

928,716

TOTAL ASSETS LESS CURRENT LIABILITIES

2,403,478

2,527,551

PROVISIONS FOR LIABILITIES

(33,880

)

(21,178

)

ACCRUALS AND DEFERRED INCOME

(35,816

)

(36,570

)

NET ASSETS

2,333,782

2,469,803

CAPITAL AND RESERVES

Called up share capital

9

13,541

14,343

Share premium

10

174,103

129,320

Capital redemption reserve

10

43,352

42,098

Share based payments

10

1,000

2,000

Retained earnings

10

2,101,786

2,282,042

SHAREHOLDERS' FUNDS

2,333,782

2,469,803

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2025 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4th December 2025 and were signed on its behalf by:

Mr R A Leather - Director

Mr A H Medley - Director

1.	STATUTORY INFORMATION

Leather Taylor 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.

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Share based payments - equity settled transactions

The cost of equity-settled transactions with employees is measured by reference to the fair value of the equity instruments at the date of grant and is recognised as an expense over the vesting period. Where there is no vesting period the transaction is recognised in full in the year the option is granted.

Fair value is determined using an appropriate pricing model. In valuing equity-settled transactions, no account is taken of any vesting or non vesting conditions.

Turnover

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

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 1999, is being amortised evenly over its estimated useful life of thirty years.

The directors consider that the nature and longevity of the Company business supports the goodwill being written off over 30 years. This policy is reviewed annually.

Tangible fixed assets

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

Freehold Buildings - 2% on cost

Plant and machinery - 10% - 20% on cost

Fernhill plant and machinery - 20% reducing balance

Motor vehicles - 20% on cost

Land for which capital grants relate to is being depreciated over 70 years.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at 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

Financial assets and financial liabilities are recognised when Leather Taylor Limited becomes party to the contractual provisions of the financial instrument.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 and deferred 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 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.

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.

Cash and cash equivalents

These comprise cash at bank and other short term liquid investments.

Debtors

Short term debtors are stated at their nominal value. Loans receivable are measured initially at their nominal value and are measured subsequently at amortised cost using effective interest method. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2024 - 21 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st April 2024

and 31st March 2025

457,902

AMORTISATION

At 1st April 2024

375,000

Charge for year

15,000

At 31st March 2025

390,000

NET BOOK VALUE

At 31st March 2025

67,902

At 31st March 2024

82,902

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1st April 2024

1,759,073

632,278

2,391,351

Additions

-

80,292

80,292

At 31st March 2025

1,759,073

712,570

2,471,643

DEPRECIATION

At 1st April 2024

351,158

525,238

876,396

Charge for year

20,175

33,429

53,604

At 31st March 2025

371,333

558,667

930,000

NET BOOK VALUE

At 31st March 2025

1,387,740

153,903

1,541,643

At 31st March 2024

1,407,915

107,040

1,514,955

Included in land and buildings is land costing £734,606 (2024: £734,606) which is not depreciated.

The directors have considered the value of freehold properties in the balance sheet and are satisfied that the aggregate value is not less than the aggregate amount at which they are stated in the company's accounts.

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1st April 2024

and 31st March 2025

978

NET BOOK VALUE

At 31st March 2025

978

At 31st March 2024

978

At the year end the company owned 100% of the shares for Geoff Leather Limited, H.V. Taylor & Son Limited and RP620 Limited.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

166,900

178,120

Other debtors

13,500

53,605

Founder loans

3

3

Prepayments and accrued income

5,353

5,649

185,756

237,377

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

135,580

123,585

Tax

139,979

115,294

Social security and other taxes

15,907

14,889

Other creditors

394

4,783

Accruals

88,392

95,539

380,252

354,090

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

1,154,148

Ordinary

0.01

11,541

12,343

10,000

A Ordinary

0.10

1,000

1,000

10,000

B Ordinary

0.10

1,000

1,000

13,541

14,343

45,235 Ordinary shares of £0.01 were issued during the year for cash of £45,235.

105,400 Ordinary shares of £0.01 were bought back during the year for £300,000.

20,000 Ordinary shares of £0.01 were bought back during the year for £40,000.

10.

RESERVES

Capital

Share

Retained

Share

redemption

based

earnings

premium

reserve

payments

Totals

£

£

£

£

£

At 1st April 2024

2,282,042

129,320

42,098

2,000

2,455,460

Profit for the year

426,569

426,569

Dividends

(267,825

)

(267,825

)

Purchase of own shares

(340,000

)

-

1,254

-

(338,746

)

Cash share issue

-

44,783

-

-

44,783

Share based payment

1,000

-

-

(1,000

)

-

At 31st March 2025

2,101,786

174,103

43,352

1,000

2,320,241

11.	RELATED PARTY DISCLOSURES

During the year dividends of £222,323 (2024: £240,269) were paid to the directors and other related parties.

12.	SHARE OPTION SCHEMES

In June 2020, the company granted EMI Share Options over a total of 55,000 shares to two employees. The options have the following terms and conditions: the exercise price is £1 per share, the options must be exercised before the tenth anniversary of the grant date, and the right to exercise the options shall terminate upon the employee ceasing to be an employee of the company.

The number of options outstanding is as follows:

Outstanding at 1.4.24 Granted during the year Exercised during the year Outstanding at 31.3.25

2,000 - 1,000 1,000

The fair value at the date of grant of the EMI share options over an aggregate 55,000 shares amounted to £55,000 which was recognised in full in 2021.

In January 2025, the company granted EMI Share Options over a total of 44,235 shares to one employee. The options have the following terms and conditions: the exercise price is £1 per share, the options must be exercised before the tenth anniversary of the grant date, and the right to exercise the options shall terminate upon the employee ceasing to be an employee of the company.

The number of options outstanding is as follows:

Outstanding at 1.4.24 Granted during the year Exercised during the year Outstanding at 31.3.25

- 44,235 44,235 -

The fair value at the date of grant of the EMI share options over an aggregate 44,235 shares amounted to £0.