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REGISTERED NUMBER: 04576139 (England and Wales)















Financial Statements for the Year Ended 31st January 2023

for

Stitchline Limited

Stitchline Limited (Registered number: 04576139)






Contents of the Financial Statements
for the Year Ended 31st January 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Stitchline Limited

Company Information
for the Year Ended 31st January 2023







DIRECTORS: J E Fleming
Mrs H B Fleming





REGISTERED OFFICE: Unit G1-G2, Mercia Way
Park Farm Road
Foxhills Industrial Estate
Scunthorpe
North Lincolnshire
DN15 8RE





REGISTERED NUMBER: 04576139 (England and Wales)





ACCOUNTANTS: Peter R Burton Accountants
43 Oswald Road
Scunthorpe
North Lincolnshire
DN15 7PN

Stitchline Limited (Registered number: 04576139)

Balance Sheet
31st January 2023

31.1.23 31.1.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 79,093 98,148

CURRENT ASSETS
Stocks 32,255 38,914
Debtors 5 91,641 72,275
Cash at bank and in hand 94,761 72,605
218,657 183,794
CREDITORS
Amounts falling due within one year 6 89,689 98,314
NET CURRENT ASSETS 128,968 85,480
TOTAL ASSETS LESS CURRENT
LIABILITIES

208,061

183,628

CREDITORS
Amounts falling due after more than
one year

7

53,543

66,389
NET ASSETS 154,518 117,239

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 8 154,418 117,139
SHAREHOLDERS' FUNDS 154,518 117,239

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st January 2023 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.

Stitchline Limited (Registered number: 04576139)

Balance Sheet - continued
31st January 2023


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 28th September 2023 and were signed on its behalf by:





Mrs H B Fleming - Director


Stitchline Limited (Registered number: 04576139)

Notes to the Financial Statements
for the Year Ended 31st January 2023

1. STATUTORY INFORMATION

Stitchline 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.

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 - 20% on reducing balance
Motor vehicles - 25% 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.

Stitchline Limited (Registered number: 04576139)

Notes to the Financial Statements - continued
for the Year Ended 31st January 2023

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 7 ) .

4. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1st February 2022 228,071 119,420 347,491
Additions 3,502 - 3,502
At 31st January 2023 231,573 119,420 350,993
DEPRECIATION
At 1st February 2022 181,455 67,888 249,343
Charge for year 9,674 12,883 22,557
At 31st January 2023 191,129 80,771 271,900
NET BOOK VALUE
At 31st January 2023 40,444 38,649 79,093
At 31st January 2022 46,616 51,532 98,148

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.23 31.1.22
£    £   
Trade debtors 91,020 72,275
Other debtors 621 -
91,641 72,275

Stitchline Limited (Registered number: 04576139)

Notes to the Financial Statements - continued
for the Year Ended 31st January 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.23 31.1.22
£    £   
Hire purchase contracts and finance leases 4,845 4,845
Trade creditors 59,076 54,308
Taxation and social security 24,605 15,944
Other creditors 1,163 23,217
89,689 98,314

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.1.23 31.1.22
£    £   
Bank loans 26,667 34,667
Hire purchase contracts and finance leases 26,876 31,722
53,543 66,389

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 26,667 34,667

8. RESERVES
Retained
earnings
£   

At 1st February 2022 117,139
Profit for the year 47,279
Dividends (10,000 )
At 31st January 2023 154,418