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REGISTERED NUMBER:
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LESLIE WISE LIMITED |
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AUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30TH APRIL 2019 |
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REGISTERED NUMBER:
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LESLIE WISE LIMITED |
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AUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30TH APRIL 2019 |
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LESLIE WISE LIMITED (REGISTERED NUMBER: 00885078) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH APRIL 2019 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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LESLIE WISE LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 30TH APRIL 2019 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Statutory Auditor |
39A Welbeck Street |
London |
W1G 8DH |
LESLIE WISE LIMITED (REGISTERED NUMBER: 00885078) |
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BALANCE SHEET |
30TH APRIL 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investments | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 8 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
by: |
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LESLIE WISE LIMITED (REGISTERED NUMBER: 00885078) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH APRIL 2019 |
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1. | STATUTORY INFORMATION |
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Leslie Wise Limited is a
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registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The financial statements are presented in Pounds Sterling which is the functional currency of the company and |
rounded to the nearest Pound. |
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The significant accounting policies applied in the preparation of these financial statements are set out below. |
These policies have been consistently applied to all years presented unless otherwise stated. |
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Significant judgements and estimates |
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will by |
definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of |
causing a material adjustment to the carrying amounts of the assets and liabilities within the next financial years |
are addressed below. |
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(a) Useful economic lives of assets |
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives |
and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They |
are amended when necessary to reflect current estimates, based on future investments, economic utilisation and |
the physical condition of the assets. |
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(b) Impairment of debtors |
The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment |
of trade and other debtors, management considers factors including the current credit rating of the debtor, the |
ageing profile of debtors and historical experience. |
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Turnover |
Revenue is measured at the fair value of the consideration received or receivable and represents the amount |
receivable for goods supplied or services rendered, net of returns, discounts and rebates allowed by the company |
and value added tax. |
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The company recognises revenue when (a) the significant risk and rewards of ownership have been transferred to |
the buyer; (b) the company retains no continuing involvement or control over the goods and (c) the amount of |
revenue can be measured reliably. The company considers that those three conditions are fulfilled when the |
buyer takes delivery of the goods. |
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Tangible fixed assets |
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Plant and machinery etc | - |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
moving items. |
LESLIE WISE LIMITED (REGISTERED NUMBER: 00885078) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH APRIL 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to profit or loss in the period to which they relate. |
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Financial instruments |
Financial assets |
Basic financial assets, including trade and other debtors, cash and bank balances and amount owed by group |
undertakings are initially recognised at transaction price, unless the arrangement constitutes a financing |
transaction, where the transaction is measured at the present value of the future receipts discounted at a market |
rate of interest. |
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Financial assets are derecognised when (a) the contractual rights to the cash flows from the assets expire or are |
settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another part |
or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the |
asset to an unrelated third party without imposing additional restrictions. |
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Financial liabilities |
Basic financial liabilities, including trade and other creditors, bank loans, loans from related parties are initially |
recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt |
instrument is measured at the present value of the future receipts discounted at a market rate of interest. |
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Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of the |
business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or |
less. If not, they are presented as non-current liabilities. Trade creditors are recognised at transaction price. |
LESLIE WISE LIMITED (REGISTERED NUMBER: 00885078) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH APRIL 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Employee benefits |
The company provides a range of benefits to employees, including paid holiday arrangements and defined |
contribution pension scheme. |
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Short term benefits |
Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense |
in the period in which the service is received. |
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Defined contribution pension |
The company operates a defined contribution pension scheme for the benefit of its employees. Contributions |
payable to the company's pension scheme are charged to profit and loss in the period to which they relate. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1st May 2018 |
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Additions |
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Disposals | ( |
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At 30th April 2019 |
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DEPRECIATION |
At 1st May 2018 |
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Charge for year |
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Eliminated on disposal | ( |
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At 30th April 2019 |
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NET BOOK VALUE |
At 30th April 2019 |
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At 30th April 2018 |
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LESLIE WISE LIMITED (REGISTERED NUMBER: 00885078) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH APRIL 2019 |
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5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
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COST |
At 1st May 2018 |
and 30th April 2019 |
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NET BOOK VALUE |
At 30th April 2019 |
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At 30th April 2018 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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8. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2019 | 2018 |
value: | £ | £ |
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Ordinary | £1 | 251,256 | 251,256 |
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9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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10. | CONTINGENT LIABILITIES |
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There is an unlimited debenture incorporating a fixed and floating charge given to the company's bank. |
LESLIE WISE LIMITED (REGISTERED NUMBER: 00885078) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH APRIL 2019 |
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11. | RELATED PARTY DISCLOSURES |
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During the year, total dividends of £1,005,024 were paid to the directors . |
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During the year the company purchased goods of £1,625,211 (2018: £2,446,765) from Savcan Tekstil, a |
company under the common control of the directors Nedim and Nuvit Gundemir. At the Balance Sheet date, an |
amount of £504,442 (2018: £292,419) was owed to Savcan Tekstil. |
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At the Balance Sheet date, £3,241 (2018:- £3,324) was owed by Tomorrows Textiles Today Limited, the 100% |
subsidiary company. |
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At the Balance Sheet date, an amount of £1,005,024 was owed to the directors. The amount owed is interest free |
and is included in other creditors. |