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2020-12-31
| Leather Connection Limited |
| Registered Number:05003870 |
For the year ended 31 December 2020
England and Wales
Unaudited Financial Statements
2
For the year ended 31 December 2020
Leather Connection Limited
Contents Page
1
Statement of Financial Position
2 to 6
Notes to the Financial Statements
3
Leather Connection Limited
Statement of Financial Position
2019
2020
15,000
15,000
2
| Property, plant and equipment |
135,515
102,568
3
347,001
822,001
4
972,516
464,569
12,552
17,227
5
| Trade and other receivables |
709,252
822,160
6
204,155
| Cash and cash equivalents |
832,989
1,672,376
925,959
| Trade and other payables: amounts falling due within one |
| year |
(139,146)
(809,034)
7
786,813
863,342
Net current assets
| Total assets less current liabilities |
1,835,858
1,251,382
| Trade and other payables: amounts falling due after more |
| than one year |
(43,944)
(143,904)
8
(20,895)
(14,390)
| Provisions for liabilities |
1,671,059
Net assets
1,193,048
2
2
1,671,057
1,193,046
1,671,059
1,193,048
Shareholders' funds
| For the year ended 31 December 2020 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies. |
| The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 in accordance with Section 476 of the Companies Act 2006 |
| The directors acknowledge their responsibilities for:a) ensuring that the company keeps proper 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 Section |
| 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. |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. |
1 of 6
4
For the year ended 31 December 2020
Leather Connection Limited
Statement of Financial Position Continued
| These financial statements were approved and authorised for issue by the Board on 28 December 2021 and were signed by: |
| The notes form part of these financial statements |
2 of 6
5
For the year ended 31 December 2020
Leather Connection Limited
Notes to the Financial Statements
Statutory Information
| Leather Connection Limited is a private limited company, limited by shares, domiciled in England and Wales, |
| registration number 05003870. |
2nd Floor, Clyde Mill
Stewart Street
Bolton
Lancashire
BL1 3PA
| The presentation currency is £ sterling. |
Basis of preparing the financial statements
| These financial statements have been prepared in accordance with the provisions of Section 1A 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 costs convention as |
| modified by the revaluation of certain assets. |
Revenue recognition
| Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts. |
Goodwill
| Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of 0 years. |
Property, plant and equipment
| Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis: |
Plant and machinery
Computer equipment
Motor vehicles
Fixtures and fittings
| No depreciation is provided on the company''s freehold properties since in the opinion of the directors the expected |
| useful lives are sufficiently long and the estimated residual values are sufficiently high that any such depreciation |
| would be immaterial. The directors undertake an annual impairment review of these properties. |
Investment property
| Investment properties are included in the balance sheet at their open market value at the balance sheet date. The resulting aggregate surplus or deficit is transferred to a revaluation reserve. Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years. Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified. |
Inventories
| Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. |
3 of 6
6
For the year ended 31 December 2020
Leather Connection Limited
Notes to the Financial Statements Continued
Foreign currencies
| Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the profit and loss account. |
Hire purchase and leasing commitments
| Rentals payable under operating leases are charged against income on a straight line basis over the lease term. The finance element of the rental payment is charged to the profit and loss account on a method giving a constant rate of return on the balance outstanding. |
| 2. Intangible fixed assets |
Goodwill
15,000
15,000
15,000
15,000
| 3. Property, plant and equipment |
Motor vehicles
399,490
31,248
27,000
321,566
19,676
87,419
15,354
-
72,065
-
393,631
27,000
46,602
486,909
19,676
| Provision for depreciation and impairment |
296,922
27,796
27,000
242,126
-
Charge for year
54,472
3,895
-
50,577
-
351,394
31,691
27,000
292,703
-
19,676
100,928
-
14,911
135,515
19,676
79,440
-
3,452
102,568
4 of 6
7
For the year ended 31 December 2020
Leather Connection Limited
Notes to the Financial Statements Continued
| 4. Investments held as fixed assets |
347,001
347,001
475,000
475,000
822,001
822,001
822,001
822,001
347,001
347,001
2019
2020
17,227
12,552
| 6. Trade and other receivables |
2019
2020
161,495
166,649
660,665
542,603
709,252
822,160
| The debtors above include the following amounts falling due after more than one year: |
540,487
539,062
5 of 6
8
For the year ended 31 December 2020
Leather Connection Limited
Notes to the Financial Statements Continued
| 7. Trade and other payables: amounts falling due within one year |
2019
2020
535,138
49,597
| Taxation and social security |
103,683
17,814
170,213
71,735
809,034
139,146
| 8. Trade and other payables: amounts falling due after more than one year |
2019
2020
| Bank loans and overdraft (secured) |
50,000
-
93,904
43,944
143,904
43,944
| 9. Average number of persons employed |
During the year the average number of employees was 18 (2019 : 18)
6 of 6
