IRIS Accounts Production v22.1.0.628 05017618 Board of Directors 1.3.21 28.2.22 28.2.22 false true false false false true false 5888 77975 5755 147087 75000 133 5888 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure050176182021-02-28050176182022-02-28050176182021-03-012022-02-28050176182020-02-29050176182020-03-012021-02-28050176182021-02-2805017618ns16:EnglandWales2021-03-012022-02-2805017618ns15:PoundSterling2021-03-012022-02-2805017618ns11:Director12021-03-012022-02-2805017618ns11:PrivateLimitedCompanyLtd2021-03-012022-02-2805017618ns11:SmallEntities2021-03-012022-02-2805017618ns11:AuditExempt-NoAccountantsReport2021-03-012022-02-2805017618ns11:SmallCompaniesRegimeForDirectorsReport2021-03-012022-02-2805017618ns11:SmallCompaniesRegimeForAccounts2021-03-012022-02-2805017618ns11:FullAccounts2021-03-012022-02-280501761812021-03-012022-02-280501761842ns11:Director22021-02-280501761842ns11:Director22020-02-290501761842ns11:Director22021-03-012022-02-280501761842ns11:Director22020-03-012021-02-280501761842ns11:Director22022-02-280501761842ns11:Director22021-02-2805017618ns11:Director22021-03-012022-02-2805017618ns11:Director32021-03-012022-02-2805017618ns11:Director42021-03-012022-02-2805017618ns11:CompanySecretary12021-03-012022-02-2805017618ns11:RegisteredOffice2021-03-012022-02-2805017618ns6:CurrentFinancialInstruments2022-02-2805017618ns6:CurrentFinancialInstruments2021-02-2805017618ns6:Non-currentFinancialInstruments2022-02-2805017618ns6:Non-currentFinancialInstruments2021-02-2805017618ns6:ShareCapital2022-02-2805017618ns6:ShareCapital2021-02-2805017618ns6:RetainedEarningsAccumulatedLosses2022-02-2805017618ns6:RetainedEarningsAccumulatedLosses2021-02-2805017618ns6:NetGoodwill2021-03-012022-02-2805017618ns6:IntangibleAssetsOtherThanGoodwill2021-03-012022-02-2805017618ns6:PlantMachinery2021-03-012022-02-2805017618ns6:NetGoodwill2021-02-2805017618ns6:NetGoodwill2022-02-2805017618ns6:NetGoodwill2021-02-2805017618ns6:LandBuildings2021-02-2805017618ns6:PlantMachinery2021-02-2805017618ns6:LandBuildings2021-03-012022-02-2805017618ns6:LandBuildings2022-02-2805017618ns6:PlantMachinery2022-02-2805017618ns6:LandBuildings2021-02-2805017618ns6:PlantMachinery2021-02-2805017618ns6:WithinOneYearns6:CurrentFinancialInstruments2022-02-2805017618ns6:WithinOneYearns6:CurrentFinancialInstruments2021-02-2805017618ns11:Director112021-02-2805017618ns11:Director112020-02-2905017618ns11:Director112021-03-012022-02-2805017618ns11:Director112020-03-012021-02-2805017618ns11:Director112022-02-2805017618ns11:Director112021-02-2805017618ns11:Director442021-02-2805017618ns11:Director442020-02-2905017618ns11:Director442021-03-012022-02-2805017618ns11:Director442020-03-012021-02-2805017618ns11:Director442022-02-2805017618ns11:Director442021-02-28
REGISTERED NUMBER: 05017618 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28TH FEBRUARY 2022

FOR

ORIGINAL FABRICS LIMITED

ORIGINAL FABRICS LIMITED (REGISTERED NUMBER: 05017618)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28TH FEBRUARY 2022










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ORIGINAL FABRICS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 28TH FEBRUARY 2022







DIRECTORS: Mr S Hargreaves
Mrs A Hargreaves
Mr D F Gilrane
Mr T Hargreaves





SECRETARY: Mrs A Hargreaves





REGISTERED OFFICE: Unit B
Knowsley Park Way
Knowsley Road Industrial Estate
Haslingden
Lancashire
BB4 4RS





REGISTERED NUMBER: 05017618 (England and Wales)





ACCOUNTANTS: Ainsworths Limited
Charter House
Stansfield Street
Nelson
Lancashire
BB9 9XY

ORIGINAL FABRICS LIMITED (REGISTERED NUMBER: 05017618)

BALANCE SHEET
28TH FEBRUARY 2022

28.2.22 28.2.21
as restated
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 75,595 62,944
75,595 62,944

CURRENT ASSETS
Stocks 973,140 901,306
Debtors 6 1,034,151 762,972
Cash at bank and in hand 1,166,789 472,116
3,174,080 2,136,394
CREDITORS
Amounts falling due within one year 7 1,327,721 789,694
NET CURRENT ASSETS 1,846,359 1,346,700
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,921,954

1,409,644

CREDITORS
Amounts falling due after more than one
year

8

(250,000

)

(6,493

)

PROVISIONS FOR LIABILITIES (14,317 ) (12,301 )
NET ASSETS 1,657,637 1,390,850

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 1,656,637 1,389,850
SHAREHOLDERS' FUNDS 1,657,637 1,390,850

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28th February 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 28th February 2022 in accordance with Section 476 of the Companies Act 2006.

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.

ORIGINAL FABRICS LIMITED (REGISTERED NUMBER: 05017618)

BALANCE SHEET - continued
28TH FEBRUARY 2022


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 and authorised for issue on 17th May 2022 and were signed on its behalf by:





Mr S Hargreaves - Director


ORIGINAL FABRICS LIMITED (REGISTERED NUMBER: 05017618)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28TH FEBRUARY 2022


1. STATUTORY INFORMATION

Original Fabrics 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.

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
During the year an impairment review was carried out on goodwill purchased in 2005. It was decided by the director that it no longer had any value to the company.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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 - 25% on cost and 20% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

ORIGINAL FABRICS LIMITED (REGISTERED NUMBER: 05017618)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28TH FEBRUARY 2022


2. ACCOUNTING POLICIES - continued

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.

Grants
Government grants in respect of capital expenditure are credited to a deferred income account and are released to the profit and loss account over the expected useful lives of the relevant assets.

Employee benefit trust
The company has established trusts for the benefit of employees and certain of their dependants. Monies held in these trusts are held by independent trustees and managed at their discretion.

Where the company retains future economic benefit from, and has de facto control of the assets and liabilities of the trust, they are accounted for as assets and liabilities of the company until the earlier of the date an allocation of trust funds to employees in respect of past services is declared and the date that assets of the trust vest in identified individuals.

Where monies held in a trust are determined by the company on the basis of employees' past services to the business and the company can obtain no future economic benefit from those monies, such monies, whether in the trust or accrued for by the company are charged to the profit and loss account in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2021 - 10 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st March 2021
and 28th February 2022 450,000
AMORTISATION
At 1st March 2021
and 28th February 2022 450,000
NET BOOK VALUE
At 28th February 2022 -
At 28th February 2021 -

ORIGINAL FABRICS LIMITED (REGISTERED NUMBER: 05017618)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28TH FEBRUARY 2022


5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1st March 2021 12,846 175,244 188,090
Additions - 28,720 28,720
At 28th February 2022 12,846 203,964 216,810
DEPRECIATION
At 1st March 2021 12,846 112,300 125,146
Charge for year - 16,069 16,069
At 28th February 2022 12,846 128,369 141,215
NET BOOK VALUE
At 28th February 2022 - 75,595 75,595
At 28th February 2021 - 62,944 62,944

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.22 28.2.21
as restated
£    £   
Trade debtors 857,250 583,034
Other debtors 176,901 179,938
1,034,151 762,972

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.22 28.2.21
as restated
£    £   
Bank loans and overdrafts 50,000 -
Trade creditors 791,331 516,332
Amounts owed to group undertakings - 9,252
Taxation and social security 432,859 215,557
Other creditors 53,531 48,553
1,327,721 789,694

ORIGINAL FABRICS LIMITED (REGISTERED NUMBER: 05017618)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28TH FEBRUARY 2022


8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
28.2.22 28.2.21
as restated
£    £   
Bank loans 250,000 -
Other creditors - 6,493
250,000 6,493

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 10,000 -

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 28th February 2022 and 28th February 2021:

28.2.22 28.2.21
as restated
£    £   
Mr S Hargreaves and Mrs A Hargreaves
Balance outstanding at start of year (5,888 ) (77,975 )
Amounts advanced 5,755 147,087
Amounts repaid - (75,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (133 ) (5,888 )

Mr T Hargreaves
Balance outstanding at start of year 1,257 (14 )
Amounts advanced - 16,271
Amounts repaid (18,561 ) (15,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (17,304 ) 1,257

These loans are interest free, unsecured and are repayable on demand.

ORIGINAL FABRICS LIMITED (REGISTERED NUMBER: 05017618)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28TH FEBRUARY 2022


10. RELATED PARTY DISCLOSURES

i) A loan balance exists with Alice James Fabrics Ltd, a company in which S Hargreaves and T Hargreaves (who are directors and shareholders) have a controlling interest.

As at 28th February 2022 the company was owed £3,198 (owed 2021: £9,252 to) by this related party. Such loans are interest free and repayable on demand.

ii) A loan balance exists with Coolsoft Sleep Ltd, a company in which S Hargreaves and T Hargreaves (who are directors and shareholders) have a controlling interest.

As at 28th February 2022 the company was owed £136,774 (2021: £138,764) by this related party. Such loans are interest free and repayable on demand.

11. ULTIMATE CONTROLLING PARTY

The company is a wholly owned subsidiary of Original Fabrics (Wholesale) Limited. In the opinion of the directors the ultimate controlling party of the company is the shareholder of the parent undertaking, Mr S Hargreaves.