Company registration number 02124853 (England and Wales)
COLLEGE SEWING MACHINE PARTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
COLLEGE SEWING MACHINE PARTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
COLLEGE SEWING MACHINE PARTS LIMITED
BALANCE SHEET
AS AT
30 JUNE 2023
30 June 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
60,966
68,779
Investments
4
2
2
60,968
68,781
Current assets
Stocks
1,533,425
1,425,556
Debtors
6
878,672
657,805
Cash at bank and in hand
85,060
139,522
2,497,157
2,222,883
Creditors: amounts falling due within one year
7
(484,884)
(341,260)
Net current assets
2,012,273
1,881,623
Total assets less current liabilities
2,073,241
1,950,404
Provisions for liabilities
(3,689)
(4,842)
Net assets
2,069,552
1,945,562
Capital and reserves
Called up share capital
9
1,000
1,000
Profit and loss reserves
2,068,552
1,944,562
Total equity
2,069,552
1,945,562

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 30 June 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 member has 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.

COLLEGE SEWING MACHINE PARTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2023
30 June 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 25 November 2023 and are signed on its behalf by:
Mr J O Atherton
Director
Company Registration No. 02124853
COLLEGE SEWING MACHINE PARTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
1
Accounting policies
Company information

College Sewing Machine Parts Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit A, Waterfold Business Park, Rochdale Road, Bury, Lancashire, BL9 7BR.

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.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

The directors are not aware of any material uncertainties affecting the company and consider that the company will have sufficient resources to continue trading for the foreseeable future. As a result the directors have continued to adopt the going concern basis in preparing the financial statements.true

1.3
Turnover
Turnover represents amounts receivable for the sale of sewing machines, sewing machine parts, scissors and knives net of VAT and trade discounts.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Land and buildings Leasehold
5 years straight line
Fixtures, fittings & equipment
10% reducing balance and 33.33% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

COLLEGE SEWING MACHINE PARTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, and loans from fellow group companies are recognised at transaction price.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable 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 initially at transaction price and subsequently measured at amortised cost using the effective interest method.

COLLEGE SEWING MACHINE PARTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 5 -
1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.15
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

COLLEGE SEWING MACHINE PARTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 6 -
1.16
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
15
16
3
Tangible fixed assets
Land and buildings Leasehold
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 July 2022
193,582
255,335
16,900
465,817
Additions
-
0
2,018
-
0
2,018
At 30 June 2023
193,582
257,353
16,900
467,835
Depreciation and impairment
At 1 July 2022
193,012
196,632
7,394
397,038
Depreciation charged in the year
309
7,145
2,377
9,831
At 30 June 2023
193,321
203,777
9,771
406,869
Carrying amount
At 30 June 2023
261
53,576
7,129
60,966
At 30 June 2022
570
58,703
9,506
68,779
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
2
2
5
Subsidiaries

Details of the company's subsidiaries at 30 June 2023 are as follows:

COLLEGE SEWING MACHINE PARTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
5
Subsidiaries
(Continued)
- 7 -
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Zeva Limited
Unit A, Waterfold Business Park, Bury, BL9 7BR
Ordinary
100.00
0
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
705,077
486,953
Amounts owed by group undertakings
139,988
129,303
Other debtors
33,607
41,549
878,672
657,805
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
174,506
48,973
Amounts owed to group undertakings
2
2
Taxation and social security
295,889
286,002
Other creditors
14,487
6,283
484,884
341,260
8
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
3,689
4,842
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
COLLEGE SEWING MACHINE PARTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 8 -
10
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
184,271
256,771
2023-06-302022-07-01false27 November 2023CCH SoftwareCCH Accounts Production 2023.300No description of principal activityMr R AthertonMrs C L AthertonMr J O AthertonMr R Atherton JnrMr M AthertonMrs C L Athertonfalse021248532022-07-012023-06-30021248532023-06-30021248532022-06-3002124853core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-06-3002124853core:FurnitureFittings2023-06-3002124853core:MotorVehicles2023-06-3002124853core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-06-3002124853core:FurnitureFittings2022-06-3002124853core:MotorVehicles2022-06-3002124853core:CurrentFinancialInstrumentscore:WithinOneYear2023-06-3002124853core:CurrentFinancialInstrumentscore:WithinOneYear2022-06-3002124853core:CurrentFinancialInstruments2023-06-3002124853core:CurrentFinancialInstruments2022-06-3002124853core:ShareCapital2023-06-3002124853core:ShareCapital2022-06-3002124853core:RetainedEarningsAccumulatedLosses2023-06-3002124853core:RetainedEarningsAccumulatedLosses2022-06-3002124853bus:Director22022-07-012023-06-3002124853core:LandBuildingscore:LongLeaseholdAssets2022-07-012023-06-3002124853core:FurnitureFittings2022-07-012023-06-3002124853core:MotorVehicles2022-07-012023-06-30021248532021-07-012022-06-3002124853core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-06-3002124853core:FurnitureFittings2022-06-3002124853core:MotorVehicles2022-06-30021248532022-06-3002124853core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-07-012023-06-3002124853core:WithinOneYear2023-06-3002124853core:WithinOneYear2022-06-3002124853bus:PrivateLimitedCompanyLtd2022-07-012023-06-3002124853bus:SmallCompaniesRegimeForAccounts2022-07-012023-06-3002124853bus:FRS1022022-07-012023-06-3002124853bus:AuditExemptWithAccountantsReport2022-07-012023-06-3002124853bus:Director12022-07-012023-06-3002124853bus:Director32022-07-012023-06-3002124853bus:Director42022-07-012023-06-3002124853bus:Director52022-07-012023-06-3002124853bus:CompanySecretary12022-07-012023-06-3002124853bus:FullAccounts2022-07-012023-06-30xbrli:purexbrli:sharesiso4217:GBP