Company Registration No. SC126791 (Scotland)
Aero Leather Clothing Ltd.
Unaudited accounts
for the year ended 31 October 2022
Aero Leather Clothing Ltd.
Unaudited accounts
Contents
Aero Leather Clothing Ltd.
Company Information
for the year ended 31 October 2022
Directors
K Calder
L Calder
D Calder
H Calder
H Tsuchiya
Company Number
SC126791 (Scotland)
Registered Office
Greenbank Woollen Mill
Huddersfield Street
Galashiels
Scotland
TD1 3AY
Accountants
CMM Accountancy (Inverness) Limited
The Green House
Beechwood Business Park North
Inverness
IV2 3BL
Aero Leather Clothing Ltd.
Statement of financial position
as at 31 October 2022
Intangible assets
26,245
19,265
Tangible assets
18,683
22,861
Inventories
245,532
430,087
Cash at bank and in hand
128,343
154,006
Creditors: amounts falling due within one year
(96,136)
(162,996)
Net current assets
432,311
466,857
Total assets less current liabilities
477,239
508,983
Provisions for liabilities
Deferred tax
(3,550)
(4,344)
Net assets
473,689
504,639
Called up share capital
4,000
4,000
Profit and loss account
469,689
500,639
Shareholders' funds
473,689
504,639
For the year ending 31 October 2022 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 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.
The members have agreed to the preparation of abridged accounts for the year in accordance with Section 444(2A).
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 24 July 2023 and were signed on its behalf by
K Calder
Director
Company Registration No. SC126791
Aero Leather Clothing Ltd.
Notes to the Accounts
for the year ended 31 October 2022
Aero Leather Clothing Ltd. is a private company, limited by shares, registered in Scotland, registration number SC126791. The registered office is Greenbank Woollen Mill, Huddersfield Street, Galashiels, Scotland, TD1 3AY.
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Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
15% straight line
Fixtures & fittings
15% straight line
Intangible fixed assets (including purchased goodwill, patents, trade marks and capitalised website costs) are included at cost less accumulated amortisation. All intangible fixed assets are being amortised over 5 years.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Aero Leather Clothing Ltd.
Notes to the Accounts
for the year ended 31 October 2022
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
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Intangible fixed assets
Total
At 1 November 2021
121,809
At 31 October 2022
133,838
At 1 November 2021
102,544
At 31 October 2022
107,593
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Tangible fixed assets
Total
6
Operating lease commitments
2022
2021
At 31 October 2022 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
114
-
Later than one year and not later than five years
2,030
4,566
Aero Leather Clothing Ltd.
Notes to the Accounts
for the year ended 31 October 2022
7
Average number of employees
During the year the average number of employees was 26 (2021: 24).
