Registration number: 00681674

Lees of Grimsby (Furnishers) Limited

Contents

Balance Sheet	1
Notes to the Unaudited Financial Statements	2 to 8

Lees of Grimsby (Furnishers) Limited

(Registration number: 00681674)
Balance Sheet as at 31 March 2025

	Note	2025 £	2024 £
Fixed assets
Intangible assets	4	-	6,088
Tangible assets	5	876,891	874,311
Investments	6	8,000	8,000
		884,891	888,399
Current assets
Stocks	7	969,495	1,060,717
Debtors	8	365,278	467,120
Cash at bank and in hand		955,832	758,446
		2,290,605	2,286,283
Creditors: Amounts falling due within one year	9	(1,047,184)	(913,764)
Net current assets		1,243,421	1,372,519
Total assets less current liabilities		2,128,312	2,260,918
Creditors: Amounts falling due after more than one year	9	(35,563)	(27,124)
Provisions for liabilities: Deferred tax		(26,964)	(21,773)
Net assets		2,065,785	2,212,021
Capital and reserves
Called up share capital		10,000	10,000
Retained earnings		2,055,785	2,202,021
Shareholders' funds		2,065,785	2,212,021

For the financial year ending 31 March 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 prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 15 October 2025 and signed on its behalf by:
 

......................................... G C Lee Company secretary and director

Lees of Grimsby (Furnishers) Limited

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

1	General information

The Company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
222 Victoria Street
Grimsby
North East Lincolnshire
DN31 1BJ

These financial statements were authorised for issue by the Board on 15 October 2025.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

These financial statements cover the individual entity, have been prepared in pound sterling and rounded to the nearest pound.

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.

Government grants

Government grants which become receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the business with no future related costs are recognised as income in the period in which they become receivable.

Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets.

Tax

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

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.

Lees of Grimsby (Furnishers) Limited

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

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

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
Freehold land and buildings	2% straight line
Motor vehicles	5 years straight line
Fixtures and fittings	5 years straight line

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Computer software	3 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Lees of Grimsby (Furnishers) Limited

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

3	Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 44 (2024 - 48).

Lees of Grimsby (Furnishers) Limited

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

4	Intangible assets

	Computer software £	Total £
Cost or valuation
At 1 April 2024	24,213	24,213
At 31 March 2025	24,213	24,213
Amortisation
At 1 April 2024	18,125	18,125
Amortisation charge	6,088	6,088
At 31 March 2025	24,213	24,213
Carrying amount
At 31 March 2025	-	-
At 31 March 2024	6,088	6,088

5	Tangible assets

	Freehold land and buildings £	Furniture, fittings and equipment  £	Motor vehicles  £	Total £
Cost or valuation
At 1 April 2024	1,061,595	404,600	86,876	1,553,071
Additions	-	35,394	39,671	75,065
Disposals	-	-	(39,495)	(39,495)
At 31 March 2025	1,061,595	439,994	87,052	1,588,641
Depreciation
At 1 April 2024	283,675	334,623	60,463	678,761
Charge for the year	21,232	25,526	11,709	58,467
Eliminated on disposal	-	-	(25,478)	(25,478)
At 31 March 2025	304,907	360,149	46,694	711,750
Carrying amount
At 31 March 2025	756,688	79,845	40,358	876,891
At 31 March 2024	777,921	69,977	26,413	874,311

Lees of Grimsby (Furnishers) Limited

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

6	Investments

	Unlisted investments at cost £	Total £
Cost or valuation
At 1 April 2024	8,000	8,000
At 31 March 2025	8,000	8,000
Impairment
Carrying amount
At 31 March 2025	8,000	8,000

7

Stocks

	2025 £	2024 £
Work in progress	100,545	139,709
Finished goods and goods for resale	868,950	921,008
	969,495	1,060,717

8

Debtors

Current	2025 £	2024 £
Trade debtors	207,988	356,145
Prepayments	4,679	8,210
Other debtors	152,611	102,765
	365,278	467,120

9

Creditors

Creditors: amounts falling due within one year

	Note	2025 £	2024 £
Due within one year
Loans and borrowings	10	9,952	11,521
Trade creditors		861,657	699,561
Taxation and social security		101,173	126,419
Accruals and deferred income		39,466	51,908
Other creditors		34,936	24,355
		1,047,184	913,764

Creditors: amounts falling due after more than one year

Lees of Grimsby (Furnishers) Limited

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

	Note	2025 £	2024 £
Due after one year
Loans and borrowings	10	30,260	19,054
Deferred income		5,303	8,070
		35,563	27,124

10	Loans and borrowings

Non-current loans and borrowings

	2025 £	2024 £
Hire purchase contracts	30,260	19,054

Current loans and borrowings

	2025 £	2024 £
Hire purchase contracts	7,885	3,850
Director's loan account	2,067	7,671
	9,952	11,521

11	Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £48,828 (2024 - £73,508).

Lees of Grimsby (Furnishers) Limited

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

12	Related party transactions

Transactions with Directors

2025	At 1 April 2024 £	Advances to Director £	Repayments by Director £	At 31 March 2025 £
G C Lee
Directors' loan accounts - no interest is charged in respect of this balance	(4,671)	27,603	(25,000)	(2,068)
G E Lee
Directors' loan accounts - no interest is charged in respect of this balance	5,816	-	(362)	5,454

2024	At 1 April 2023 £	Advances to Director £	Repayments by Director £	At 31 March 2024 £
G C Lee
Directors' loan accounts - no interest is charged in respect of this balance	(9,126)	51,526	(47,071)	(4,671)
G E Lee
Directors' loan accounts - no interest is charged in respect of this balance	-	5,816	-	5,816