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Registration number: 00681674

Lees of Grimsby (Furnishers) Limited
Unaudited Filleted Financial Statements
for the Year Ended 31 March 2026

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 2026

| Note | 2026 £ | 2025 £
Fixed assets |  |  |
Tangible assets | 5 | 909,491 | 876,891
Investments | 6 | 8,000 | 8,000
|  | 917,491 | 884,891
Current assets |  |  |
Stocks | 7 | 1,065,537 | 969,495
Debtors | 8 | 410,457 | 365,278
Cash at bank and in hand |  | 584,595 | 955,832
|  | 2,060,589 | 2,290,605
Creditors: Amounts falling due within one year | 9 | (1,026,450) | (1,047,184)
Net current assets |  | 1,034,139 | 1,243,421
Total assets less current liabilities |  | 1,951,630 | 2,128,312
Creditors: Amounts falling due after more than one year | 9 | (72,984) | (35,563)
Provisions for liabilities: Deferred tax |  | (12,543) | (26,964)
Net assets |  | 1,866,103 | 2,065,785
Capital and reserves |  |  |
Called up share capital |  | 10,000 | 10,000
Retained earnings |  | 1,856,103 | 2,055,785
Shareholders' funds |  | 1,866,103 | 2,065,785

For the financial year ending 31 March 2026 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 22 July 2026 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 2026

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 22 July 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.

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 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 2026

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 2026

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 42 (2025 - 44).

Lees of Grimsby (Furnishers) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026

4 | Intangible assets

| Computer software £ | Total £
Cost or valuation
At 1 April 2025 | 24,213 | 24,213
At 31 March 2026 | 24,213 | 24,213
Amortisation
At 1 April 2025 | 24,213 | 24,213
At 31 March 2026 | 24,213 | 24,213
Carrying amount
At 31 March 2026 | - | -

5 | Tangible assets

| Freehold land and buildings £ | Furniture, fittings and equipment £ | Motor vehicles £ | Total £
Cost or valuation
At 1 April 2025 | 1,061,595 | 439,994 | 87,052 | 1,588,641
Additions | 7,066 | 11,175 | 84,327 | 102,568
Disposals | - | (616) | (34,786) | (35,402)
At 31 March 2026 | 1,068,661 | 450,553 | 136,593 | 1,655,807
Depreciation
At 1 April 2025 | 304,907 | 360,149 | 46,694 | 711,750
Charge for the year | 21,232 | 26,805 | 21,932 | 69,969
Eliminated on disposal | - | (616) | (34,787) | (35,403)
At 31 March 2026 | 326,139 | 386,338 | 33,839 | 746,316
Carrying amount
At 31 March 2026 | 742,522 | 64,215 | 102,754 | 909,491
At 31 March 2025 | 756,688 | 79,845 | 40,358 | 876,891

Lees of Grimsby (Furnishers) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026

6 | Investments

| Unlisted investments at cost £ | Total £
Cost or valuation
At 1 April 2025 | 8,000 | 8,000
At 31 March 2026 | 8,000 | 8,000
Impairment
Carrying amount
At 31 March 2026 | 8,000 | 8,000

7 | Stocks

| 2026 £ | 2025 £
Work in progress | 131,977 | 100,545
Finished goods and goods for resale | 933,560 | 868,950
| 1,065,537 | 969,495

8 | Debtors

Current | 2026 £ | 2025 £
Trade debtors | 250,050 | 207,988
Prepayments | 4,734 | 4,679
Other debtors | 155,673 | 152,611
| 410,457 | 365,278

9 | Creditors

Creditors: amounts falling due within one year

| Note | 2026 £ | 2025 £
Due within one year |  |  |
Loans and borrowings | 10 | 32,856 | 9,952
Trade creditors |  | 803,041 | 861,657
Taxation and social security |  | 114,839 | 101,173
Accruals and deferred income |  | 46,461 | 39,466
Other creditors |  | 29,253 | 34,936
|  | 1,026,450 | 1,047,184

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 2026

| Note | 2026 £ | 2025 £
Due after one year |  |  |
Loans and borrowings | 10 | 70,448 | 30,260
Deferred income |  | 2,536 | 5,303
|  | 72,984 | 35,563

10 | Loans and borrowings

Non-current loans and borrowings

| 2026 £ | 2025 £
Hire purchase contracts | 70,448 | 30,260

Current loans and borrowings

| 2026 £ | 2025 £
Hire purchase contracts | 32,856 | 7,885
Director's loan account | - | 2,067
| 32,856 | 9,952

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 £23,353 (2025 - £48,828).

Lees of Grimsby (Furnishers) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026

12 | Related party transactions

Transactions with Directors

2026 | At 1 April 2025 £ | Advances to Director £ | Repayments by Director £ | At 31 March 2026 £
G C Lee
Directors' loan accounts - no interest is charged in respect of this balance | - | 51,467 | (48,059) | 3,408
G E Lee
Directors' loan accounts - no interest is charged in respect of this balance | 5,454 | - | (200) | 5,254

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 | - | 22,933 | (22,933) | -
G E Lee
Directors' loan accounts - no interest is charged in respect of this balance | 5,816 | - | (362) | 5,454