International Leather Products Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05062442 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH JUNE 2019

FOR

INTERNATIONAL LEATHER PRODUCTS

LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

AK Bedi

REGISTERED OFFICE:

Unit F Northfield Point

Cunliffe Drive

Kettering

Northamptonshire

NN16 9QJ

REGISTERED NUMBER:

05062442 (England and Wales)

ACCOUNTANTS:

Bewers Turner & Co Limited

Chartered Accountants

Portland House

11-13 Station Road

Kettering

Northamptonshire

NN15 7HH

FIXED ASSETS

Tangible assets

4

21,152

19,197

CURRENT ASSETS

Stocks

233,968

317,429

Debtors

5

227,616

200,556

Cash at bank and in hand

510,812

619,336

972,396

1,137,321

CREDITORS

Amounts falling due within one year

6

431,593

614,161

NET CURRENT ASSETS

540,803

523,160

TOTAL ASSETS LESS CURRENT LIABILITIES

561,955

542,357

PROVISIONS FOR LIABILITIES

2,489

1,893

NET ASSETS

559,466

540,464

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

559,366

540,364

SHAREHOLDERS' FUNDS

559,466

540,464

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th June 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th June 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 18th October 2019 and were signed by:

AK Bedi - Director

1.	STATUTORY INFORMATION

International Leather Products 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 presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small

Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK

and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared

under the historical cost convention.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102

'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related

party transactions with it's parent company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Plant and machinery etc

-

15% on reducing balance

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

The company is party to only the basic financial instruments such as cash, trade debtors and creditors

and loans. Instruments such as trade debtors and trade creditors are initially recognised at their

transaction cost and reviewed at the year end for impairment. Debt instruments not repayable on

demand or due within one year, such as bank loans, are measured at amortised cost using the

effective interest rate.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,

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 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the

period of the lease.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2018 - 9 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st July 2018

48,214

Additions

5,139

At 30th June 2019

53,353

DEPRECIATION

At 1st July 2018

29,017

Charge for year

3,184

At 30th June 2019

32,201

NET BOOK VALUE

At 30th June 2019

21,152

At 30th June 2018

19,197

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

222,794

193,467

Other debtors

4,822

7,089

227,616

200,556

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

188,089

236,344

Taxation and social security

111,607

126,622

Other creditors

131,897

251,195

431,593

614,161

7.	RELATED PARTY DISCLOSURES