J & M Sherry Textiles Limited 05311972 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is the sale of textile goods Digita Accounts Production Advanced 6.30.9574.0 true true true 05311972 2022-04-01 2023-03-31 05311972 2023-03-31 05311972 core:RetainedEarningsAccumulatedLosses 2023-03-31 05311972 core:ShareCapital 2023-03-31 05311972 core:CurrentFinancialInstruments 2023-03-31 05311972 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 05311972 core:Non-currentFinancialInstruments 2023-03-31 05311972 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 05311972 core:Goodwill 2023-03-31 05311972 core:FurnitureFittingsToolsEquipment 2023-03-31 05311972 core:LandBuildings 2023-03-31 05311972 bus:SmallEntities 2022-04-01 2023-03-31 05311972 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 05311972 bus:FullAccounts 2022-04-01 2023-03-31 05311972 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 05311972 bus:RegisteredOffice 2022-04-01 2023-03-31 05311972 bus:Director1 2022-04-01 2023-03-31 05311972 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 05311972 bus:Agent1 2022-04-01 2023-03-31 05311972 core:Goodwill 2022-04-01 2023-03-31 05311972 core:FurnitureFittings 2022-04-01 2023-03-31 05311972 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 05311972 core:LandBuildings 2022-04-01 2023-03-31 05311972 core:OfficeEquipment 2022-04-01 2023-03-31 05311972 core:PlantMachinery 2022-04-01 2023-03-31 05311972 1 2022-04-01 2023-03-31 05311972 countries:EnglandWales 2022-04-01 2023-03-31 05311972 2022-03-31 05311972 core:Goodwill 2022-03-31 05311972 core:FurnitureFittingsToolsEquipment 2022-03-31 05311972 core:LandBuildings 2022-03-31 05311972 2021-04-01 2022-03-31 05311972 2022-03-31 05311972 core:RetainedEarningsAccumulatedLosses 2022-03-31 05311972 core:ShareCapital 2022-03-31 05311972 core:CurrentFinancialInstruments 2022-03-31 05311972 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 05311972 core:Non-currentFinancialInstruments 2022-03-31 05311972 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 05311972 core:FurnitureFittingsToolsEquipment 2022-03-31 05311972 core:LandBuildings 2022-03-31 iso4217:GBP xbrli:pure

Registration number: 05311972

J & M Sherry Textiles Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

J & M Sherry Textiles Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 10

 

J & M Sherry Textiles Limited

Company Information

Director

Mr A S Ahmed

Registered office

Enterprise House Billington Road Industrial Estate
Billington Road
Burnley
Lancashire
BB11 5UB

Accountants

Hargreaves Brown & Benson
Chartered Accountant
1 Bond Street
Colne
Lancashire
BB8 9DG

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
J & M Sherry Textiles Limited
for the Year Ended 31 March 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of J & M Sherry Textiles Limited for the year ended 31 March 2023 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of J & M Sherry Textiles Limited, as a body. Our work has been undertaken solely to prepare for your approval the accounts of J & M Sherry Textiles Limited and state those matters that we have agreed to state to the Board of Directors of J & M Sherry Textiles Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than J & M Sherry Textiles Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that J & M Sherry Textiles Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of J & M Sherry Textiles Limited. You consider that J & M Sherry Textiles Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of J & M Sherry Textiles Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Hargreaves Brown & Benson
Chartered Accountant
1 Bond Street
Colne
Lancashire
BB8 9DG

28 March 2024

 

J & M Sherry Textiles Limited

(Registration number: 05311972)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

9,296

933,486

Current assets

 

Stocks

6

687,656

1,224,690

Debtors

7

1,466,352

1,983,819

Cash at bank and in hand

 

2,203

1,965

 

2,156,211

3,210,474

Creditors: Amounts falling due within one year

8

(1,179,889)

(1,983,415)

Net current assets

 

976,322

1,227,059

Total assets less current liabilities

 

985,618

2,160,545

Creditors: Amounts falling due after more than one year

8

(1,596,934)

(2,511,887)

Provisions for liabilities

143,029

95,851

Net liabilities

 

(468,287)

(255,491)

Capital and reserves

 

Called up share capital

150,000

150,000

Profit and loss account

(618,287)

(405,491)

Shareholders' deficit

 

(468,287)

(255,491)

For the financial year ending 31 March 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.

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 and the option not to file the Profit and Loss Account has been taken.

 

J & M Sherry Textiles Limited

(Registration number: 05311972)
Balance Sheet as at 31 March 2023

Approved and authorised by the director on 28 March 2024
 

.........................................
Mr A S Ahmed
Director

 

J & M Sherry Textiles Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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:
Enterprise House Billington Road Industrial Estate
Billington Road
Burnley
Lancashire
BB11 5UB

These financial statements were authorised for issue by the director on 28 March 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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The company is reliant upon the support of its director. The director has a reasonable expectation that the company has adequate resources available to continue in operational existence for the foreseeable future, thus he continues to adopt the going concern basis of accounting in preparing the annual financial statements.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

J & M Sherry Textiles Limited

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

Tangible assets

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

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

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

Plant and machinery

15% reducing balance

Fixtures and fittings

20% straight line

Equipment

20% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

J & M Sherry Textiles Limited

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year was 5 (2022 - 5).

 

J & M Sherry Textiles Limited

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2022

128,000

128,000

At 31 March 2023

128,000

128,000

Amortisation

At 1 April 2022

128,000

128,000

At 31 March 2023

128,000

128,000

Carrying amount

At 31 March 2023

-

-

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2022

918,323

89,305

1,007,628

Additions

-

1,722

1,722

Disposals

(918,323)

-

(918,323)

At 31 March 2023

-

91,027

91,027

Depreciation

At 1 April 2022

-

74,144

74,144

Charge for the year

-

7,587

7,587

At 31 March 2023

-

81,731

81,731

Carrying amount

At 31 March 2023

-

9,296

9,296

At 31 March 2022

918,323

15,163

933,486

Included within the net book value of land and buildings above is £Nil (2022 - £918,323) in respect of freehold land and buildings.
 

 

J & M Sherry Textiles Limited

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

6

Stocks

2023
£

2022
£

Other inventories

687,656

1,224,690

7

Debtors

Note

2023
£

2022
£

Trade debtors

 

332,758

1,259,920

Amounts owed by group undertakings and undertakings in which the company has a participating interest

1,090,296

678,669

Prepayments

 

4,146

6,078

Other debtors

 

39,152

39,152

 

1,466,352

1,983,819

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

115,361

-

Trade creditors

 

772,156

907,125

Taxation and social security

 

63,944

179,681

Accruals and deferred income

 

6,648

9,095

Other creditors

 

221,780

887,514

 

1,179,889

1,983,415

 

J & M Sherry Textiles Limited

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

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

179,818

1,029,319

Other non-current financial liabilities

 

1,417,116

1,482,568

 

1,596,934

2,511,887

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

-

850,111

Other borrowings

179,818

179,208

179,818

1,029,319

2023
£

2022
£

Current loans and borrowings

Bank borrowings

115,361

-

The bank loans are secured by a fixed and floating charge on the company's assets.

10

Parent and ultimate parent undertaking

The company's immediate parent is Linen Supply Group Limited, incorporated in England and Wales.

 The ultimate controlling party is director Mr A S Ahmed.