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Registered number: 01243441

PRICE WESTERN LEATHER CO LTD

ACCOUNTS
FOR THE YEAR ENDED 31/12/2017

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 31/12/2017
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 THEYEARENDED31/12/2017
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 31/12/2017
20172016
Notes££
FIXED ASSETS
Intangible assets21,5462,351
Tangible assets3221,614228,494
Investment Assets41,0701,070
224,230231,915
CURRENT ASSETS
Stock250,031205,631
Debtors6586,796455,313
Cash at bank and in hand61,90932,182
898,736693,126
CREDITORS: Amounts falling due within one year7345,840242,928
NET CURRENT ASSETS552,896450,198
TOTAL ASSETS LESS CURRENT LIABILITIES777,126682,113
CREDITORS: Amounts falling due after more than one year842,54855,676
PROVISIONS FOR LIABILITIES AND CHARGES1040,23044,513
NET ASSETS694,348581,924
CAPITAL AND RESERVES
Called up share capital11100100
Profit and loss account694,248581,824
SHAREHOLDERS' FUNDS694,348581,924
For the year ending 31/12/2017 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 14/03/2018 and signed on their behalf by
.............................
J J Littlewood
Director

PRICE WESTERN LEATHER CO LTD

NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31/12/2017
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 50%
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. 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.
1f. 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 01/01/201710,76110,761
Disposals(4,463)(4,463)
At 31/12/20176,2986,298
Depreciation
At 01/01/20178,4108,410
Disposals(4,463)(4,463)
For the year805805
At 31/12/20174,7524,752
Net Book Amounts
At 31/12/20171,5461,546
At 31/12/20162,3512,351
3. TANGIBLE FIXED ASSETS
Land AndPlant and
BuildingsMachineryTotal
£££
Cost
At 01/01/201746,224731,631777,855
Additions5,05531,52736,582
Disposals(730)(30,366)(31,096)
At 31/12/201750,549732,792783,341
Depreciation
At 01/01/201727,708521,653549,361
Disposals(730)(30,366)(31,096)
For the year2,82840,63443,462
At 31/12/201729,806531,921561,727
Net Book Amounts
At 31/12/201720,743200,871221,614
At 31/12/201618,516209,978228,494

PRICE WESTERN LEATHER CO LTD

4. FiNANCIAL ASSETS
Shares in group companies Other
and participating interestsInvestmentsTotal
£££
Cost
At 01/01/20175401,0701,610
Disposals(540)-(540)
At 31/12/2017-1,0701,070
Amortisation
At 01/01/2017540-540
Disposals(540)-(540)
Net Book Amounts
At 31/12/2017-1,0701,070
At 31/12/2016-1,0701,070
Other Investment Assets comprise Deactivated Weapons.
5. STOCK 20172016
££
Stock comprises:
Stock raw materials177,199157,779
Work in progress21,95812,576
Stock of finished goods50,87435,276
250,031205,631
6. DEBTORS 20172016
££
Amounts falling due within one year
Trade debtors150,477129,768
UK corporation tax-12,626
Other debtors20929
Amounts due from group companies387,502295,471
Prepayments48,60817,419
586,796455,313
Amount owing from Group Company due after one year £387,502 (2016: £295,471)
7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
20172016
££
UK corporation tax32,636-
VAT44,37220,423
PAYE control13,1195,732
Bank loans and overdrafts4,4572,859
Hire purchase10,79215,794
Payments received on account33,69540,601
Trade creditors140,102121,166
Pension schemes579247
Accruals66,08836,106
345,840242,928
Included in Other Creditors is £10,792 (2016: £15,794) is repayable by instalments

PRICE WESTERN LEATHER CO LTD

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
20172016
££
Hire purchase >1yr29,31040,102
Deferred income>1yr13,23815,574
42,54855,676
£29,310 (2016: £40,102) is repayable by instalments within 5 years
9. EMPLOYEES
20172016
No.No.
Average number of employees2522
10. PROVISIONS FOR LIABILITIES 20172016
££
Deferred taxation40,23044,513
40,23044,513
11. SHARE CAPITAL 20172016
££
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 £83,544 (2016: £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 2017: 387,502; 2016: £295,471.