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Registration number: 01051022

Carrington-Fleet Textiles Limited

Unaudited Financial Statements

for the Year Ended 31 August 2023

 

Carrington-Fleet Textiles Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Carrington-Fleet Textiles Limited

(Registration number: 01051022)
Statement of Financial Position as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

-

1,614

Tangible assets

5

14,648

15,852

 

14,648

17,466

Current assets

 

Stocks

588,654

554,309

Debtors

6

1,478,594

1,544,888

Cash at bank and in hand

 

354,460

348,765

 

2,421,708

2,447,962

Creditors: Amounts falling due within one year

7

(180,314)

(259,797)

Net current assets

 

2,241,394

2,188,165

Total assets less current liabilities

 

2,256,042

2,205,631

Provisions for liabilities

(752)

(697)

Net assets

 

2,255,290

2,204,934

Capital and reserves

 

Called up share capital

30,000

30,000

Retained earnings

2,225,290

2,174,934

Shareholders' funds

 

2,255,290

2,204,934

For the financial year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Carrington-Fleet Textiles Limited

(Registration number: 01051022)
Statement of Financial Position as at 31 August 2023

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the director on 24 January 2024
 

.........................................
Mr RA Moyle
Director

 

Carrington-Fleet Textiles Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Suite 9b
The Beehive Lions Drive
Shadsworth Business Park
Blackburn
Lancashire
BB1 2QS

These financial statements were authorised for issue by the director on 24 January 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

Judgements

The preparation of the financial statements requires management to make judgements that affect the amounts reported. These judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

There are no key judgements required in preparing the financial statements.

Revenue recognition

Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Turnover is recognised when goods are delivered.

Foreign currency transactions and balances

Foreign currency transactions are initially recorded at the functional currency, by applying the spot exchnage rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

 

Carrington-Fleet Textiles Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

20% reducing balance

Plant and Machinery

15% reducing balance

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

2 years straight line

Stocks

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

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation an be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

 

Carrington-Fleet Textiles Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Financial instruments

Classification
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 entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilites. Financial liabilites are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilites are included in the profit or loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 9 (2022 - 10).

 

Carrington-Fleet Textiles Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 September 2022

9,689

9,689

At 31 August 2023

9,689

9,689

Amortisation

At 1 September 2022

8,075

8,075

Amortisation charge

1,614

1,614

At 31 August 2023

9,689

9,689

Carrying amount

At 31 August 2023

-

-

At 31 August 2022

1,614

1,614

5

Tangible assets

Fixtures and fittings
 £

Plant and Machinery
£

Total
£

Cost or valuation

At 1 September 2022

80,782

76,422

157,204

Additions

1,830

-

1,830

At 31 August 2023

82,612

76,422

159,034

Depreciation

At 1 September 2022

78,072

63,282

141,354

Charge for the year

1,059

1,973

3,032

At 31 August 2023

79,131

65,255

144,386

Carrying amount

At 31 August 2023

3,481

11,167

14,648

At 31 August 2022

2,711

13,141

15,852

 

Carrington-Fleet Textiles Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

149,449

211,111

Amounts owed by related parties

9

1,239,932

1,232,724

Prepayments

 

89,213

101,053

   

1,478,594

1,544,888

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

117,536

180,517

Taxation and social security

52,720

66,118

Accruals and deferred income

5,528

9,714

Other creditors

4,530

3,448

180,314

259,797

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the statement of financial position

The total future minimum lease payments under non-cancellable operating leases are £37,428 (2022 - £58,893).

Capital committments

The total amount contracted for but not provided in the financial statements was £Nil (2022 - £2,512).

 

Carrington-Fleet Textiles Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

9

Related party transactions

Summary of transactions with parent

The amount due from the parent undertaking at the year end was £1,239,932 (2022: £1,232,724).
 No interest is charged on the outstanding balance and there are no set dates of repayment.