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| Leather Connection Limited |
| Registered Number:05003870 |
For the year ended 31 December 2022
England and Wales
Unaudited Financial Statements
2
For the year ended 31 December 2022
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
2021
2022
15,000
15,000
2
| Property, plant and equipment |
234,389
192,547
3
922,001
1,123,051
4
1,372,440
1,129,548
19,529
63,427
5
| Trade and other receivables |
615,137
947,126
6
709,546
| Cash and cash equivalents |
526,189
1,536,742
1,344,212
| Trade and other payables: amounts falling due within one |
| year |
(431,077)
(560,443)
7
913,135
976,299
Net current assets
| Total assets less current liabilities |
2,348,739
2,042,683
| Trade and other payables: amounts falling due after more |
| than one year |
(268,132)
(360,110)
8
(52,944)
(32,165)
| Provisions for liabilities |
1,935,685
Net assets
1,742,386
1,000
1,000
1,934,685
1,741,386
1,935,685
1,742,386
Shareholders' funds
| For the year ended 31 December 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 of its financial statements for the year ended 31 December 2022 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 2022
Leather Connection Limited
Statement of Financial Position Continued
| These financial statements were approved and authorised for issue by the Board on 28 December 2023 and were signed by: |
| The notes form part of these financial statements |
2 of 6
5
For the year ended 31 December 2022
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 2022
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
597,032
52,818
27,000
497,538
19,676
116,419
16,594
-
99,825
-
597,363
27,000
69,412
713,451
19,676
| Provision for depreciation and impairment |
404,485
35,162
27,000
342,323
-
Charge for year
74,577
4,992
-
69,585
-
479,062
40,154
27,000
411,908
-
19,676
185,455
-
29,258
234,389
19,676
155,215
-
17,656
192,547
4 of 6
7
For the year ended 31 December 2022
Leather Connection Limited
Notes to the Financial Statements Continued
| 4. Investments held as fixed assets |
922,001
922,001
201,050
201,050
1,123,051
1,123,051
1,123,051
1,123,051
922,001
922,001
2021
2022
63,427
19,529
| 6. Trade and other receivables |
2021
2022
201,615
67,767
745,511
547,370
615,137
947,126
| The debtors above include the following amounts falling due after more than one year: |
740,760
543,085
5 of 6
8
For the year ended 31 December 2022
Leather Connection Limited
Notes to the Financial Statements Continued
| 7. Trade and other payables: amounts falling due within one year |
2021
2022
| Bank loans and overdraft (secured) |
17,000
-
144,308
68,689
| Taxation and social security |
131,585
164,789
267,550
197,599
560,443
431,077
| 8. Trade and other payables: amounts falling due after more than one year |
2021
2022
| Bank loans and overdraft (secured) |
100,000
135,000
260,110
133,132
360,110
268,132
| 9. Average number of persons employed |
During the year the average number of employees was 19 (2021 : 18)
6 of 6
