Company Registration No. 528788 (England and Wales)
ACME SPINNING CO (OLDBURY) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
PAGES FOR FILING WITH REGISTRAR
ACME SPINNING CO (OLDBURY) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
ACME SPINNING CO (OLDBURY) LIMITED
BALANCE SHEET
AS AT 31 JANUARY 2023
31 January 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
91,696
94,174
Current assets
Stocks
25,895
25,350
Debtors
4
59,149
59,867
Cash at bank and in hand
61,638
49,772
146,682
134,989
Creditors: amounts falling due within one year
5
(102,927)
(56,725)
Net current assets
43,755
78,264
Total assets less current liabilities
135,451
172,438
Provisions for liabilities
(322)
(413)
Net assets
135,129
172,025
Capital and reserves
Called up share capital
4,084
4,084
Revaluation reserve
85,500
87,500
Capital redemption reserve
1,917
1,917
Profit and loss reserves
43,628
78,524
Total equity
135,129
172,025
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
ACME SPINNING CO (OLDBURY) LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2023
31 January 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 14 August 2023 and are signed on its behalf by:
S Davis
S Bettridge
Director
Director
Company Registration No. 528788
ACME SPINNING CO (OLDBURY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
- 3 -
1
Accounting policies
Company information
Acme Spinning Co (Oldbury) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Garratts Lane, Cradley Heath, Warley, West Midlands, B64 5RE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold
Straight line over 20 years
Plant and machinery
15% Reducing balance
Fixtures, fittings & equipment
15% Reducing balance
Motor vehicles
25% Reducing balance
1.4
Stocks
Stock is valued at the lower of cost and estimated selling price less costs to sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacture/completion.
1.5
Financial instruments
The following assets and liabilities are classified as financial instruments – trade debtors, trade creditors, bank loans and directors’ loans.
Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised costs using the effective interest method.
Directors’ loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of cash or other consideration expected to be paid or received.
ACME SPINNING CO (OLDBURY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Tax deferred or accelerated is accounted for in respect of all material timing differences, in particular accelerated capital allowances. All deferred tax is charged/(credited) to the Statement of Income and Retained Earnings.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
6
7
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 February 2022 and 31 January 2023
136,770
42,805
179,575
Depreciation and impairment
At 1 February 2022
44,770
40,631
85,401
Depreciation charged in the year
2,000
478
2,478
At 31 January 2023
46,770
41,109
87,879
Carrying amount
At 31 January 2023
90,000
1,696
91,696
At 31 January 2022
92,000
2,174
94,174
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
56,920
53,890
Other debtors
2,229
5,977
59,149
59,867
ACME SPINNING CO (OLDBURY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 5 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
21,329
5,466
Corporation tax
8,353
16,710
Other taxation and social security
28,494
31,454
Other creditors
44,751
3,095
102,927
56,725