Leathergrace Limited
Leathergrace Limited
Registered number: 02603376
Unaudited ABRIDGED Financial Statements
For The Year Ended
31 December 2019
Jacob Charles & Co.
Leathergrace Limited
Unaudited Financial Statements
For The Year Ended
31 December 2019
Unaudited Financial Statements
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| Page | |
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| Balance Sheet | 1—2 |
| Notes to the Abridged Financial Statements | 3—5 |
Leathergrace Limited
Balance Sheet
As at
31 December 2019
Balance Sheet
Registered number:
02603376
For the year ending 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 2019 | 2018 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 7 |
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| CURRENT ASSETS | |||||
| Stocks | 8 |
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| Debtors | 9 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 10 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 11 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 814,596 | 820,989 | |||
Page 1
Leathergrace Limited
Balance Sheet (continued)
As at
31 December 2019
Directors' responsibilities:
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The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
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All of the company's members have consented to the preparation of an Abridged Profit and Loss Account for the year end 31 December 2019 in accordance with section 444(2A) of the Companies Act 2006.
On behalf of the board
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Director
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The notes on pages 3 to 5 form part of these financial statements.
Page 2
Leathergrace Limited
Notes to the Abridged Financial Statements
For The Year Ended
31 December 2019
Notes to the Abridged Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
1.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Leasehold |
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| Plant & Machinery |
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| Computer Equipment |
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1.4.
Stocks and Work in Progress
Stocks of finished goods are valued at the lower of cost and net realisable value.
1.5.
Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
1.6.
Taxation
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in periods in which the timing differences reverse, based on tax rates and the law enacted or substantively enacted at the balance sheet date.
1.7.
Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account. The notes which are not included have been hidden but original note numbering has remained the same for those that are present.
4.
Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2018: 5)
Page 3
Leathergrace Limited
Notes to the Abridged Financial Statements (continued)
For The Year Ended
31 December 2019
7.
Tangible Assets
| Land & Property | ||||
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| Leasehold | Plant & Machinery | Computer Equipment | Total | |
| £ | £ | £ | £ | |
| Cost | ||||
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| Depreciation | ||||
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| Provided during the period |
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| Net Book Value | ||||
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8.
Stocks
| 2019 | 2018 | ||
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| £ | £ | ||
| Stock - finished goods |
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9.
Debtors
| 2019 | 2018 | ||
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| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Prepayments and accrued income |
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| Other debtors |
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| Corporation tax recoverable assets |
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| Amounts owed by related company (Note 11) |
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| Due after more than one year | |||
| Amounts owed by associates |
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Other debtors comprise £588,591 (2018 - £588,591) advanced to Puran Hotel Limited, a company connected by common ownership and directors.
Page 4
Leathergrace Limited
Notes to the Abridged Financial Statements (continued)
For The Year Ended
31 December 2019
10.
Creditors: Amounts Falling Due Within One Year
| 2019 | 2018 | ||
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| £ | £ | ||
| Trade creditors |
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| Corporation tax |
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| Other taxes and social security |
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| Accruals and deferred income |
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12.
Related Party Transactions
The directors own the main warehouse premises from which the company trades, upon a Tenancy at Will. The annual rent is £12,000.
The company purchased stock from Lloyd Baker Leather Ltd during the year totalling £23,000 (2018 - £49,124). The companies are related by common ownership and directors.
On 10 December 2019 the company received £108,111 being part of a short term loan to Lloyd Baker Leather Ltd. On the same day this amount was advanced to Lloyd Baker
Stevenage Ltd, a company related by common ownership and directors.
13.
Ultimate Controlling Party
The company is controlled by the directors, who jointly own all the issued share capital.
14.
General Information
Leathergrace Limited
, Registered number
02603376
, is a limited by shares company incorporated in England & Wales. The Registered Office is Lloyd Baker House, Travellers Lane, Welham Green, Hertfordshire, AL9 7HF.
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