2022-06-012023-05-312023-05-31false09046712YORKSHIRE FABRIC 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YORKSHIRE FABRIC LIMITED

Registered Number
09046712
(England and Wales)

Unaudited Financial Statements for the Year ended
31 May 2023

YORKSHIRE FABRIC LIMITED
Company Information
for the year from 1 June 2022 to 31 May 2023

Directors

SMITH, Andrew Martin
SMITH, Nichola

Registered Address

Third Floor
10 South Parade
Leeds
LS1 5QS

Registered Number

09046712 (England and Wales)
YORKSHIRE FABRIC LIMITED
Statement of Financial Position
31 May 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets51,3711,819
1,3711,819
Current assets
Stocks731,11335,086
Debtors18,17518,839
Cash at bank and on hand18,40519,171
67,69373,096
Creditors amounts falling due within one year9(33,143)(33,231)
Net current assets (liabilities)34,55039,865
Total assets less current liabilities35,92141,684
Creditors amounts falling due after one year10(35,370)(41,265)
Provisions for liabilities11(260)(179)
Net assets291240
Capital and reserves
Called up share capital100100
Profit and loss account191140
Shareholders' funds291240
The financial statements were approved and authorised for issue by the Board of Directors on 21 February 2024, and are signed on its behalf by:
SMITH, Andrew Martin
Director
SMITH, Nichola
Director

Registered Company No. 09046712
YORKSHIRE FABRIC LIMITED
Notes to the Financial Statements
for the year ended 31 May 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the Income Statement
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Fixtures and fittings20-
Office Equipment-4
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete the sale. The impairment loss is recognised immediately in the Income Statement.
Financial instruments
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Government grants or assistance
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Income Statement in the same period as the related expenditure.
2.Average number of employees

20232022
Average number of employees during the year22
3.Intangible assets

Goodwill

Total

££
Cost or valuation
At 01 June 225,0005,000
At 31 May 235,0005,000
Amortisation and impairment
At 01 June 225,0005,000
At 31 May 235,0005,000
Net book value
At 31 May 23--
At 31 May 22--
4.Useful life of intangible assets
Intangible assets are not permitted to have an indefinite life and must be amortised over their estimated useful life. The estimated useful life of goodwill has been set at 5 years and the asset will be amortised on a straight-line basis over that period.
5.Tangible fixed assets

Fixtures & fittings

Total

££
Cost or valuation
At 01 June 227,2457,245
At 31 May 237,2457,245
Depreciation and impairment
At 01 June 225,4265,426
Charge for year448448
At 31 May 235,8745,874
Net book value
At 31 May 231,3711,371
At 31 May 221,8191,819
6.Impairment of tangible fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.
7.Stocks

2023

2022

££
Finished goods31,11335,086
Total31,11335,086
8.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables2,8686,718
Other debtors15,30712,121
Total18,17518,839
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
9.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables11,39910,985
Bank borrowings and overdrafts5,8955,895
Taxation and social security11,3697,290
Other creditors1,3115,311
Accrued liabilities and deferred income3,1693,750
Total33,14333,231
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
10.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts35,37041,265
Total35,37041,265
11.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)260179
Total260179
12.Directors advances, credits and guarantees
As at 31 May 2023, the directors owed the company £14,267 (2022: £10,946) - this was repaid to the company on 19 February 2024. The amount is disclosed in the "other debtors" note. Interest has been charged at the official rate of 2%.