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Registration number: 05110358

Teamwork Leathers Limited
Annual Report and Unaudited Financial Statements
for the Year Ended 30 June 2025

Teamwork Leathers Limited

Company Information

Director | Mr Asif Ali Malik

Registered office | 9 Berners Place London United Kingdom W1T 3AD

Teamwork Leathers Limited

(Registration number: 05110358)
Balance Sheet as at 30 June 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Tangible assets | 5 | 15,696 | 12,807
Current assets |  |  |
Stocks | 6 | 405 | 390
Debtors | 7 | 225 | 2,547
|  | 630 | 2,937
Creditors: Amounts falling due within one year | 8 | (27,041) | (30,447)
Net current liabilities |  | (26,411) | (27,510)
Total assets less current liabilities |  | (10,715) | (14,703)
Creditors: Amounts falling due after more than one year | 8 | (29,576) | (34,583)
Provisions for liabilities |  | (3,150) | (2,342)
Net liabilities |  | (43,441) | (51,628)
Capital and reserves |  |  |
Called up share capital | 9 | 100 | 100
Retained earnings |  | (43,541) | (51,728)
Shareholders' deficit |  | (43,441) | (51,628)

For the financial year ending 30 June 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 17 March 2026

Teamwork Leathers Limited

(Registration number: 05110358)
Balance Sheet as at 30 June 2025

......................................... Mr Asif Ali Malik Director

Teamwork Leathers Limited

Statement of Changes in Equity for the Year Ended 30 June 2025

| Share capital £ | Retained earnings £ | Total £
At 1 July 2024 | 100 | (51,728) | (51,628)
Profit for the year | - | 8,187 | 8,187
At 30 June 2025 | 100 | (43,541) | (43,441)

| Share capital £ | Retained earnings £ | Total £
At 1 July 2023 | 100 | (42,685) | (42,585)
Loss for the year | - | (9,043) | (9,043)
At 30 June 2024 | 100 | (51,728) | (51,628)

Teamwork Leathers Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2025

1 | General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
9 Berners Place
London
W1T 3AD
United Kingdom

These financial statements were authorised for issue by the director on 17 March 2026.

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.

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.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises 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.

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

Teamwork Leathers Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2025

Tangible assets

Tangible assets are stated in the balance sheet 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
Improvements to property | 10% on reducing balance
Plant and machinery | 10% on reducing balance
Fixtures and fittings | 10% on reducing balance
Motor vehicles | 25% on reducing balance

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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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. Cost is determined using the first-in, first-out (FIFO) method.
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.

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.

Borrowings

Teamwork Leathers Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2025

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

3 | Staff numbers

The average number of persons employed by the company (including the director) during the year, was 7 (2024 - 6).

4 | Taxation

Tax charged/(credited) in the profit and loss account

| 2025 £ | 2024 £
Deferred taxation |  |
Arising from origination and reversal of timing differences | 808 | 488

Deferred tax

Teamwork Leathers Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2025

5 | Tangible assets

| Short leasehold land and buildings £ | Fixtures and fittings £ | Plant and machinery £ | Motor vehicles £ | Total £
Cost or valuation
At 1 July 2024 | 13,874 | 27,616 | 8,768 | 496 | 50,754
Additions | - | 4,633 | - | - | 4,633
At 30 June 2025 | 13,874 | 32,249 | 8,768 | 496 | 55,387
Depreciation
At 1 July 2024 | 10,435 | 19,683 | 7,338 | 491 | 37,947
Charge for the year | 344 | 1,256 | 143 | 1 | 1,744
At 30 June 2025 | 10,779 | 20,939 | 7,481 | 492 | 39,691
Carrying amount
At 30 June 2025 | 3,095 | 11,310 | 1,287 | 4 | 15,696
At 30 June 2024 | 3,439 | 7,933 | 1,430 | 5 | 12,807

Included within the net book value of land and buildings above is £3,095 (2024 - £3,439) in respect of short leasehold land and buildings.

6 | Stocks

| 2025 £ | 2024 £
Finished goods and goods for resale | 405 | 390

7 | Debtors

Current | 2025 £ | 2024 £
Other debtors | 225 | 2,547
| 225 | 2,547

Teamwork Leathers Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2025

8 | Creditors

Creditors: amounts falling due within one year

| Note | 2025 £ | 2024 £
Due within one year |  |  |
Loans and borrowings | 10 | 24,100 | 28,788
Taxation and social security |  | 898 | 1,459
Other creditors |  | 1,843 | -
Directors loan account |  | 200 | 200
|  | 27,041 | 30,447

Creditors: amounts falling due after more than one year

| Note | 2025 £ | 2024 £
Due after one year |  |  |
Loans and borrowings | 10 | 29,576 | 34,583

9 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary of £1 each | 100 | 100 | 100 | 100

10 | Loans and borrowings

Non-current loans and borrowings

| 2025 £ | 2024 £
Bank borrowings | 29,576 | 34,583

Current loans and borrowings

| 2025 £ | 2024 £
Bank overdrafts | 24,100 | 28,788

Teamwork Leathers Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2025

11 | Related party transactions

Director's remuneration

The director's remuneration for the year was as follows:

| 2025 £ | 2024 £
Remuneration | 23,400 | 23,400

Summary of transactions with other related parties

A company controlled by the shareholder's brother.

Income and receivables from related parties

2025 | Other related parties £
Sales commission | 170,000

2024 | Other related parties £
Sales commission | 131,000

Loans to related parties

2025 | Other related parties £ | Total £
At start of period | (1,375) | (1,375)
Repaid | 2,518 | 2,518
At end of period | 1,143 | 1,143

2024 | Other related parties £ | Total £
At start of period | 4,464 | 4,464
Repaid | (5,839) | (5,839)
At end of period | (1,375) | (1,375)

Terms of loans to related parties

Due on demand.