REGISTERED NUMBER: |
Leather Taylor Limited |
Financial Statements for the Year Ended 31st March 2023 |
REGISTERED NUMBER: |
Leather Taylor Limited |
Financial Statements for the Year Ended 31st March 2023 |
Leather Taylor Limited (Registered number: 03469597) |
Contents of the Financial Statements |
for the Year Ended 31st March 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Leather Taylor Limited |
Company Information |
for the Year Ended 31st March 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
2 Oriel Court |
Omega Park |
Alton |
Hampshire |
GU34 2YT |
Leather Taylor Limited (Registered number: 03469597) |
Balance Sheet |
31st March 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
ACCRUALS AND DEFERRED INCOME | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Share premium | 10 |
Capital redemption reserve | 10 |
Share based payments | 10 |
Retained earnings | 10 |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps 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 Sections 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. |
Leather Taylor Limited (Registered number: 03469597) |
Balance Sheet - continued |
31st March 2023 |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Leather Taylor Limited (Registered number: 03469597) |
Notes to the Financial Statements |
for the Year Ended 31st March 2023 |
1. | STATEMENT OF COMPLIANCE |
Leather Taylor Limited is a private company, limited by shares, incorporated in England and Wales. The address of the registered office is 2 Oriel Court, Omega Park, Alton, Hampshire, GU34 2YT. The registration number is 03469597. |
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest pound. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" 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 cost convention. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Goodwill |
Goodwill, being the amount paid in connection with the acquisition of a business in 1999, is being amortised evenly over its estimated useful life of thirty years. |
The directors consider that the nature and longevity of the Company's business supports the goodwill being written off over 30 years. This policy is reviewed annually. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Freehold property | - | 2% on cost |
Plant and machinery | - | 10% - 20% on cost |
Fernhill plant and machinery | - | 20% reducing balance |
Motor vehicles | - | 20% on cost |
Land for which capital grants relates to is being depreciated over 70 years. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Leather Taylor Limited (Registered number: 03469597) |
Notes to the Financial Statements - continued |
for the Year Ended 31st March 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Financial assets and financial liabilities are recognised when Leather Taylor Limited becomes party to the contractual provisions of the financial instrument. |
Cash and cash equivalents |
These comprise cash at bank and other short term liquid investments. |
Debtors |
Short term debtors are stated at their nominal value. Loans receivable are measured initially at their nominal value and are measured subsequently at amortised cost using the effective interest method. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and loss account when there is objective evidence that the asset is impaired. |
Creditors |
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
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. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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. |
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. |
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. |
Grants |
Capital grants are accounted for when all conditions have been met to receive them. The grants are treated as deferred income and are written off over the life of the related asset. |
Share based payments - equity settled transactions |
The cost of equity-settled transactions with employees is measured by reference to the fair value of the equity instruments at the date of grant and is recognised as an expense over the vesting period. Where there is no vesting period the transaction is recognised in full in the year the option is granted. |
Fair value is determined by an external valuer using an appropriate pricing model. In valuing equity-settled transactions, no account is taken of any vesting or non vesting conditions. |
Leather Taylor Limited (Registered number: 03469597) |
Notes to the Financial Statements - continued |
for the Year Ended 31st March 2023 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1st April 2022 |
and 31st March 2023 |
AMORTISATION |
At 1st April 2022 |
Charge for year |
At 31st March 2023 |
NET BOOK VALUE |
At 31st March 2023 |
At 31st March 2022 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1st April 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 31st March 2023 |
DEPRECIATION |
At 1st April 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31st March 2023 |
NET BOOK VALUE |
At 31st March 2023 |
At 31st March 2022 |
Included within £1,486,295 is land and buildings costing £734,606 (2022: £168,403) which is not depreciated. |
The directors have considered the value of freehold properties in the balance sheet and are satisfied that the aggregate value is not less than the aggregate amount at which they are stated in the company's accounts. |
Leather Taylor Limited (Registered number: 03469597) |
Notes to the Financial Statements - continued |
for the Year Ended 31st March 2023 |
6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
Additions |
At 31st March 2023 |
NET BOOK VALUE |
At 31st March 2023 |
At the year end the company owned 100% of the shares for Geoff Leather Limited, H.V. Taylor & Son Limited and RP620 Limited. |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
Secured Loan | - | 557,000 |
Founder loans | 3 | 3 |
Prepayments and accrued income |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Tax |
Social security and other taxes |
Other creditors |
Accrued expenses |
Included in Other creditors is the pensions creditor balance as at 31st March 2023 of £Nil (2022: £2,449). |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £0.01 | 12,133 | 12,323 |
(2022 - 1,232,313 ) |
A Ordinary | 10p | 1,000 | 1,000 |
B Ordinary | 10p | 1,000 | 1,000 |
14,133 | 14,323 |
Leather Taylor Limited (Registered number: 03469597) |
Notes to the Financial Statements - continued |
for the Year Ended 31st March 2023 |
9. | CALLED UP SHARE CAPITAL - continued |
1,000 Ordinary shares of £0.01 were issued during the year for cash of £1,000. |
20,000 Ordinary shares of £0.01 were bought back during the year for £40,000. |
10. | RESERVES |
Capital | Share |
Retained | Share | redemption | based |
earnings | premium | reserve | payments | Totals |
£ | £ | £ | £ | £ |
At 1st April 2022 | 2,323,200 |
Profit for the year | - | - | - |
Dividends | ( |
) | - | - | - | ( |
) |
Purchase of own shares | (40,000 | ) | - | 200 | - | (39,800 | ) |
Cash share issue | - | 990 | - | - | 990 |
Share based payments | 1,000 | - | - | (1,000 | ) | - |
At 31st March 2023 | 2,429,722 |
11. | RELATED PARTY DISCLOSURES |
During the year dividends of £203,471 (2022: £225,154) were paid to the directors and other related parties. |
Charitable donations of £10,000 (2022: £13,000) were made to the Daisie Rich Trust of which A H Medley was a Trustee until June 2022. |
The company is not controlled by any one individual shareholder or director. |
12. | SHARE OPTION SCHEMES |
In June 2020, the company granted EMI Share Options over a total of 55,000 shares to two employees. The options have the following terms and conditions: the exercise price is £1 per share, the options must be exercised before the tenth anniversary of the grant date, and the right to exercise the options shall terminate upon the employee ceasing to be an employee of the company. |
The number of options outstanding is as follows: |
Outstanding at 1.4.22 | Granted during the year | Exercised during the year | Outstanding at 31.3.23 |
4,000 | - | 1,000 | 3,000 |
The fair value at the date of grant of the EMI share options over an aggregate 55,000 shares amounted to £55,000 which was recognised in full in 2021. |