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REGISTERED NUMBER: 04689753 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023

FOR

FINE FABRICS LTD

FINE FABRICS LTD (REGISTERED NUMBER: 04689753)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


FINE FABRICS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2023







DIRECTORS: R C Ralph
Mrs A D Moreton





REGISTERED OFFICE: Unit 2 Portal House
Botterley Court
Calveley
Tarporley
Cheshire
CW6 9GT





REGISTERED NUMBER: 04689753 (England and Wales)





ACCOUNTANTS: Accountancy Services (Cheshire) Limited
205a Nantwich Road
Crewe
Cheshire
CW2 6DD

FINE FABRICS LTD (REGISTERED NUMBER: 04689753)

BALANCE SHEET
31 MAY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 12,771 17,326
12,771 17,326

CURRENT ASSETS
Stocks 6 795 845
Debtors 7 6,144 6,830
Cash at bank and in hand 44,364 67,041
51,303 74,716
CREDITORS
Amounts falling due within one year 8 42,652 64,085
NET CURRENT ASSETS 8,651 10,631
TOTAL ASSETS LESS CURRENT
LIABILITIES

21,422

27,957

CREDITORS
Amounts falling due after more than
one year

9

23,000

29,000
NET LIABILITIES (1,578 ) (1,043 )

FINE FABRICS LTD (REGISTERED NUMBER: 04689753)

BALANCE SHEET - continued
31 MAY 2023

2023 2022
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 11 (1,678 ) (1,143 )
SHAREHOLDERS' FUNDS (1,578 ) (1,043 )

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

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

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 20 November 2023 and were signed on its behalf by:





R C Ralph - Director


FINE FABRICS LTD (REGISTERED NUMBER: 04689753)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023


1. STATUTORY INFORMATION

Fine Fabrics Ltd 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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2004, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - 33% on cost
Fixtures and fittings - 15% on cost
Motor vehicles - 20% on cost
Computer equipment - 33% 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.


FINE FABRICS LTD (REGISTERED NUMBER: 04689753)

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


2. ACCOUNTING POLICIES - continued
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.

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 5 (2022 - 5 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 June 2022
and 31 May 2023 48,000
AMORTISATION
At 1 June 2022
and 31 May 2023 48,000
NET BOOK VALUE
At 31 May 2023 -
At 31 May 2022 -

FINE FABRICS LTD (REGISTERED NUMBER: 04689753)

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


5. TANGIBLE FIXED ASSETS
Fixtures
Short and Motor Computer
leasehold fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 June 2022
and 31 May 2023 3,256 6,215 18,155 4,322 31,948
DEPRECIATION
At 1 June 2022 3,256 6,215 3,631 1,520 14,622
Charge for year - - 3,631 924 4,555
At 31 May 2023 3,256 6,215 7,262 2,444 19,177
NET BOOK VALUE
At 31 May 2023 - - 10,893 1,878 12,771
At 31 May 2022 - - 14,524 2,802 17,326

6. STOCKS
2023 2022
£    £   
Stocks 795 845

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 6,039 6,694
Other debtors - 31
Prepayments 105 105
6,144 6,830

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 7,739 26,315
Tax 1,847 -
Social security and other taxes 2,305 816
VAT 5,901 11,451
Wages control 100 2,333
Directors' current accounts 20,895 19,435
Accrued expenses 3,865 3,735
42,652 64,085

FINE FABRICS LTD (REGISTERED NUMBER: 04689753)

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


9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2023 2022
£    £   
Bank loans - 1-2 years 1,750 1,750
Bank loans more 5 yr by instal 21,250 27,250
23,000 29,000

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 21,250 27,250

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
70 Ordinary A £1 70 70
30 Ordinary B £1 30 30
100 100

11. RESERVES
Retained
earnings
£   

At 1 June 2022 (1,143 )
Profit for the year 5,465
Dividends (6,000 )
At 31 May 2023 (1,678 )