Accounts filed on 31-12-2022

Accounts filed on 31-12-2022

PRICE WESTERN LEATHER COMPANY LIMITED - Company Information

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Registered number: 01243441
PRICE WESTERN LEATHER CO LTD
ACCOUNTS
FOR THE YEAR ENDED 31/12/2022
Prepared By:
Ian Dalzell Ltd
Broughton Lodge Mews
Field Broughton
Grange-over-Sands
Cumbria
LA11 6HL
PRICE WESTERN LEATHER CO LTD
ACCOUNTS
FOR THE YEAR ENDED 31/12/2022
DIRECTORS
J J Littlewood
G A Littlewood
SECRETARY
Mr G A Littlewood
REGISTERED OFFICE
Ponsford Road
Minehead
Somerset
TA24 5DX
COMPANY DETAILS
Private company limited by shares registered in EW - England and Wales, registered number 01243441
ACCOUNTANTS
Ian Dalzell Ltd
Broughton Lodge Mews
Field Broughton
Grange-over-Sands
Cumbria
LA11 6HL
PRICE WESTERN LEATHER CO LTD
ACCOUNTS
FOR THEYEARENDED31/12/2022
CONTENTS
Page
Directors' Report-
Accountants' Report-
Statement Of Comprehensive Income-
Balance Sheet3
Notes To The Accounts4
The following do not form part of the statutory financial statements:
Trading And Profit And Loss Account-
Profit And Loss Account Summaries-
PRICE WESTERN LEATHER CO LTD
BALANCE SHEET AT 31/12/2022
20222021
Notes££
FIXED ASSETS
Intangible assets21,0971,237
Tangible assets3392,272432,637
Investment Assets41,0701,070
394,439434,944
CURRENT ASSETS
Stock396,272362,294
Debtors6998,365816,954
Cash at bank and in hand685,843463,362
2,080,4801,642,610
CREDITORS: Amounts falling due within one year7522,829429,281
NET CURRENT ASSETS1,557,6511,213,329
TOTAL ASSETS LESS CURRENT LIABILITIES1,952,0901,648,273
CREDITORS: Amounts falling due after more than one year852,57280,001
PROVISIONS FOR LIABILITIES AND CHARGES1096,11781,444
NET ASSETS1,803,4011,486,828
CAPITAL AND RESERVES
Called up share capital11100100
Profit and loss account1,803,3011,486,728
SHAREHOLDERS' FUNDS1,803,4011,486,828
For the year ending 31/12/2022 the company was entitled to exemption 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.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have decided not to deliver to the registrar a copy of the company's profit and loss account.
Approved by the board on 20/07/2023 and signed on their behalf by
.............................
J J Littlewood
Director
PRICE WESTERN LEATHER CO LTD
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31/12/2022
1. ACCOUNTING POLICIES
1a. Basis Of Accounting
The accounts have been prepared under the historical cost convention.
The accounts have been prepared in accordance with FRS102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006 .
1b. Depreciation
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.
Land And Buildingsreducing balance 15%
Plant and Machineryreducing balance 15 to 33.3%
1c. Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.
When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs.
1d. Pension Costs
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The cost of contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
1e. Foreign Currency
Transactions in currencies, other than the functional currency of the company, are recorded at the rate of the exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. All differences are taken to the profit and loss account. Non-monetary items that are measured at the historic cost in a foreign currency are not retranslated.
1f. Investments
Fixed asset investments are shown at cost less amounts written off.
Provisions are not made for temporary fluctuations in value but where a value is deemed to be materially lower, then a provison is made.
1g. Leases
Assets held under finance leases and hire purchase contracts are capitalised in the balance sheet at their fair value and depreciated over their expected useful lives. The interest element of leasing payments represents a constant proportion of the capital balance outstanding and is charged to the profit and loss account over the period of the lease. All other leases are regarded as operating leases and the payments made under them are charged to the profit and loss account on a straight line basis over the lease term.
PRICE WESTERN LEATHER CO LTD
2. INTANGIBLE FIXED ASSETS
PatentsTotal
££
Cost
At 01/01/20221,4001,400
At 31/12/20221,4001,400
Depreciation
At 01/01/2022163163
For the year140140
At 31/12/2022303303
Net Book Amounts
At 31/12/20221,0971,097
At 31/12/20211,2371,237
3. TANGIBLE FIXED ASSETS
Land AndPlant and
BuildingsMachineryTotal
£££
Cost
At 01/01/202260,7581,170,7171,231,475
Additions2,49446,25348,747
Disposals-(34,400)(34,400)
At 31/12/202263,2521,182,5701,245,822
Depreciation
At 01/01/202240,687758,151798,838
Disposals-(16,685)(16,685)
For the year2,21469,18371,397
At 31/12/202242,901810,649853,550
Net Book Amounts
At 31/12/202220,351371,921392,272
At 31/12/202120,071412,566432,637
4. FINANCIAL ASSETS
Other
InvestmentsTotal
££
Cost
At 01/01/20221,0701,070
At 31/12/20221,0701,070
Amortisation
Net Book Amounts
At 31/12/20221,0701,070
At 31/12/20211,0701,070
Other Investment Assets comprise Deactivated Weapons.
PRICE WESTERN LEATHER CO LTD
5. STOCK 20222021
££
Stock comprises:
Stock raw materials309,370287,201
Work in progress28,54029,731
Stock of finished goods58,36245,362
396,272362,294
6. DEBTORS 20222021
££
Amounts falling due within one year
Trade debtors369,799183,997
Amounts due from group companies499,022603,174
Prepayments129,54429,783
998,365816,954
Amount owing from Group Company due after one year £499,022 (2021: £603,174)
7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
20222021
££
UK corporation tax88,15567,000
VAT63,04952,633
PAYE control30,79223,027
Bank loans and overdrafts2,355770
Hire purchase29,90537,614
Payments received on account2,62168,757
Trade creditors253,201143,918
Pension schemes1,9441,600
Accruals50,80733,962
522,829429,281
Included in Other Creditors is £29,905 (2021: £37,614) is repayable by instalments.
8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
20222021
££
Hire purchase >1yr43,94069,845
Deferred income>1yr8,63210,156
52,57280,001
£43,940 (2021: £66,781) is repayable by instalments after one year and within five years. £nil (£3,064) is repayable by instalments after 5 years
9. EMPLOYEES
20222021
No.No.
Average number of employees3130
PRICE WESTERN LEATHER CO LTD
10. PROVISIONS FOR LIABILITIES 20222021
££
Deferred taxation96,11781,444
96,11781,444
11. SHARE CAPITAL 20222021
££
Allotted, issued and fully paid:
100 Ordinary shares of £1 each100100
100100
12. CONTROLLING PARTY
The company is a wholly owned subsidiary of JJL Holding Company Ltd, a company registered in England.
13. RELATED PARTY TRANSACTIONS
Management Charges of £70,800 (2021: £70,800) were paid to the Parent Company. This is in addition to Dividends paid.
Amounts owed by the Parent Company at the balance sheet date were 2022: £499,022; 2021: £603,174..