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COMPANY REGISTRATION NUMBER: 1922263
WEST YORKSHIRE FABRICS LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 June 2023
WEST YORKSHIRE FABRICS LTD
STATEMENT OF FINANCIAL POSITION
30 June 2023
2023
2022
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
204,233
195,238
CURRENT ASSETS
Stocks
69,393
46,574
Debtors
6
328,872
15,403
Cash at bank and in hand
90,933
432,898
---------
---------
489,198
494,875
CREDITORS: amounts falling due within one year
7
( 117,383)
( 120,392)
---------
---------
NET CURRENT ASSETS
371,815
374,483
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
576,048
569,721
PROVISIONS
Taxation including deferred tax
( 2,805)
( 1,323)
---------
---------
NET ASSETS
573,243
568,398
---------
---------
CAPITAL AND RESERVES
Called up share capital
100
100
Profit and loss account
573,143
568,298
---------
---------
SHAREHOLDERS FUNDS
573,243
568,398
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 June 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
WEST YORKSHIRE FABRICS LTD
STATEMENT OF FINANCIAL POSITION (continued)
30 June 2023
These financial statements were approved by the board of directors and authorised for issue on 21 February 2024 , and are signed on behalf of the board by:
N J Stroud
Director
Company registration number: 1922263
WEST YORKSHIRE FABRICS LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 JUNE 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 23 Park Lane Mews, Leeds, West Yorkshire, LS17 8SN.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and 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.
Revenue recognition
Turnover comprises revenue recognised by the company in respect of goods supplied, exclusive of Value Added Tax.
Income tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange 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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Computer Equipment
-
33% straight line
Fixtures and Fittings
-
15% reducing balance
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its open market value at each reporting date and any changes in value are recognised in the Statement of Income and Retained Earnings.
Stocks
Stock is valued at the lower of cost and net realisable value.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Financial instruments
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.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 6 (2022: 6 ).
5. TANGIBLE ASSETS
Investment Property
Plant and machinery
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 July 2022
188,277
18,073
16,822
223,172
Additions
2,840
10,000
12,840
---------
--------
--------
---------
At 30 June 2023
188,277
20,913
26,822
236,012
---------
--------
--------
---------
Depreciation
At 1 July 2022
14,597
13,337
27,934
Charge for the year
2,447
1,398
3,845
---------
--------
--------
---------
At 30 June 2023
17,044
14,735
31,779
---------
--------
--------
---------
Carrying amount
At 30 June 2023
188,277
3,869
12,087
204,233
---------
--------
--------
---------
At 30 June 2022
188,277
3,476
3,485
195,238
---------
--------
--------
---------
The investment properties have been valued on an open market basis by the director as at 30 June 2023.
6. DEBTORS
2023
2022
£
£
Trade debtors
43,997
10,454
Other debtors
284,875
4,949
---------
--------
328,872
15,403
---------
--------
7. CREDITORS: amounts falling due within one year
2023
2022
£
£
Trade creditors
63,428
51,329
Corporation tax
26,408
47,622
Social security and other taxes
2,813
5,789
Other creditors
3,486
920
Other creditors
21,248
14,732
---------
---------
117,383
120,392
---------
---------