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REGISTERED NUMBER: 00885078 (England and Wales)













LESLIE WISE LIMITED

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH APRIL 2019






LESLIE WISE LIMITED (REGISTERED NUMBER: 00885078)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH APRIL 2019










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


LESLIE WISE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30TH APRIL 2019







DIRECTORS: N Gundemir
N Gundemir





REGISTERED OFFICE: 39A Welbeck Street
London
W1G 8DH





REGISTERED NUMBER: 00885078 (England and Wales)





AUDITORS: Sinclairs Bartrum Lerner
Statutory Auditor
39A Welbeck Street
London
W1G 8DH

LESLIE WISE LIMITED (REGISTERED NUMBER: 00885078)

BALANCE SHEET
30TH APRIL 2019

2019 2018
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 28,657 22,751
Investments 5 100 100
28,757 22,851

CURRENT ASSETS
Stocks - 17,727
Debtors 6 835,537 1,304,101
Cash at bank and in hand 1,624,008 942,992
2,459,545 2,264,820
CREDITORS
Amounts falling due within one year 7 1,770,782 658,216
NET CURRENT ASSETS 688,763 1,606,604
TOTAL ASSETS LESS CURRENT
LIABILITIES

717,520

1,629,455

PROVISIONS FOR LIABILITIES 5,347 4,081
NET ASSETS 712,173 1,625,374

CAPITAL AND RESERVES
Called up share capital 8 251,256 251,256
Retained earnings 460,917 1,374,118
SHAREHOLDERS' FUNDS 712,173 1,625,374

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 14th January 2020 and were signed on its behalf
by:





N Gundemir - Director


LESLIE WISE LIMITED (REGISTERED NUMBER: 00885078)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH APRIL 2019


1. STATUTORY INFORMATION

Leslie Wise Limited is a private company, limited by shares , registered in England and Wales. The company's
registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are presented in Pounds Sterling which is the functional currency of the company and
rounded to the nearest Pound.

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.

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.

(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.

(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.

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.

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 20% straight line on cost

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.

LESLIE WISE LIMITED (REGISTERED NUMBER: 00885078)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2019


2. ACCOUNTING POLICIES - continued

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.

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.

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.

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.

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.

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.

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.

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)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2019


2. ACCOUNTING POLICIES - continued

Employee benefits
The company provides a range of benefits to employees, including paid holiday arrangements and defined
contribution pension scheme.

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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2018 - 11 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1st May 2018 87,373
Additions 17,322
Disposals (4,456 )
At 30th April 2019 100,239
DEPRECIATION
At 1st May 2018 64,622
Charge for year 9,737
Eliminated on disposal (2,777 )
At 30th April 2019 71,582
NET BOOK VALUE
At 30th April 2019 28,657
At 30th April 2018 22,751

LESLIE WISE LIMITED (REGISTERED NUMBER: 00885078)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2019


5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1st May 2018
and 30th April 2019 100
NET BOOK VALUE
At 30th April 2019 100
At 30th April 2018 100

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2019 2018
£    £   
Trade debtors 789,041 1,280,793
Amounts owed by group undertakings 3,241 3,324
Other debtors 43,255 19,984
835,537 1,304,101

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2019 2018
£    £   
Trade creditors 582,559 315,870
Taxation and social security 155,998 211,070
Other creditors 1,032,225 131,276
1,770,782 658,216

8. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 2019 2018
value: £    £   
251,256 Ordinary £1 251,256 251,256

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Steven Davies (Senior Statutory Auditor)
for and on behalf of Sinclairs Bartrum Lerner

10. CONTINGENT LIABILITIES

There is an unlimited debenture incorporating a fixed and floating charge given to the company's bank.

LESLIE WISE LIMITED (REGISTERED NUMBER: 00885078)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2019


11. RELATED PARTY DISCLOSURES

During the year, total dividends of £1,005,024 were paid to the directors .

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.

At the Balance Sheet date, £3,241 (2018:- £3,324) was owed by Tomorrows Textiles Today Limited, the 100%
subsidiary company.

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.