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REGISTERED NUMBER: 01622950 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2023

FOR

PARKHILL TEXTILES LIMITED

PARKHILL TEXTILES LIMITED (REGISTERED NUMBER: 01622950)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PARKHILL TEXTILES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MARCH 2023







DIRECTORS: N Ridge
Mrs P Ridge
Mrs J S Sözen
J C Ridge
Mrs K E Tipton



SECRETARY: Mrs P Ridge



REGISTERED OFFICE: Gordon Street Mill
Worsthorne
Burnley
Lancashire
BB10 3NA



REGISTERED NUMBER: 01622950 (England and Wales)



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



BANKERS: Lloyds TSB Plc
5 Hargreaves Street
Burnley
Lancashire
BB11 1EN

PARKHILL TEXTILES LIMITED (REGISTERED NUMBER: 01622950)

BALANCE SHEET
31ST MARCH 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 33,314 38,549

CURRENT ASSETS
Stocks 393,451 317,192
Debtors 5 462,545 546,911
Cash at bank and in hand 46,541 15,158
902,537 879,261
CREDITORS
Amounts falling due within one year 6 476,265 488,046
NET CURRENT ASSETS 426,272 391,215
TOTAL ASSETS LESS CURRENT
LIABILITIES

459,586

429,764

CREDITORS
Amounts falling due after more than one
year

7

(21,667

)

(31,667

)

PROVISIONS FOR LIABILITIES (5,139 ) (5,872 )
NET ASSETS 432,780 392,225

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 432,680 392,125
SHAREHOLDERS' FUNDS 432,780 392,225

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

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

PARKHILL TEXTILES LIMITED (REGISTERED NUMBER: 01622950)

BALANCE SHEET - continued
31ST MARCH 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 26th September 2023 and were signed on its behalf by:





J C Ridge - Director


PARKHILL TEXTILES LIMITED (REGISTERED NUMBER: 01622950)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2023


1. STATUTORY INFORMATION

Parkhill Textiles 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.
Improvements to property - Straight line over 3 years
Plant and machinery - Straight line over 7 years
Fixtures and fittings - Straight line over 7 years
Motor vehicles - Straight line over 4 years

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


PARKHILL TEXTILES LIMITED (REGISTERED NUMBER: 01622950)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023


2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 14 (2022 - 15 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1st April 2022 600 506,797 23,206 34,999 565,602
Additions - - 580 - 580
At 31st March 2023 600 506,797 23,786 34,999 566,182
DEPRECIATION
At 1st April 2022 600 468,467 22,987 34,999 527,053
Charge for year - 5,668 147 - 5,815
At 31st March 2023 600 474,135 23,134 34,999 532,868
NET BOOK VALUE
At 31st March 2023 - 32,662 652 - 33,314
At 31st March 2022 - 38,330 219 - 38,549

PARKHILL TEXTILES LIMITED (REGISTERED NUMBER: 01622950)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 372,997 458,533
Other debtors 89,548 88,378
462,545 546,911

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans and overdrafts 40,690 87,862
Trade creditors 219,920 223,751
Taxation and social security 26,396 24,679
Other creditors 189,259 151,754
476,265 488,046

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.23 31.3.22
£    £   
Bank loans 21,667 31,667

8. SECURED DEBTS

The following secured debts are included within creditors:

31.3.23 31.3.22
£    £   
Bank overdrafts 30,690 77,862
Mortgage loan 10,000 10,000
40,690 87,862

PARKHILL TEXTILES LIMITED (REGISTERED NUMBER: 01622950)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023


9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

(i) As at 31st March 2023 the company owed £Nil (2022: £Nil) to N Ridge and Mrs P Ridge, both of whom are directors of the company. Such loans are unsecured, interest free and are repayable on demand.

(ii) As at 31st March 2023 the company owed £1,033 (2022: £1,033) to Mrs J S Sözen, a director of the company. Such loans are unsecured, interest free and are repayable on demand.

(iii) As at 31st March 2023 the company owed £Nil (2022: £Nil) to J C Ridge, a director of the company. Such loans are unsecured, interest free and are repayable on demand.

(iv) As at 31st March 2023 the company owed £1,375 (2022: £3,175) to Mrs K E Tipton, a director of the company. Such loans are unsecured, interest free and are repayable on demand.