Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31false2023-01-01false1515truefalse 03716257 2023-01-01 2023-12-31 03716257 2022-01-01 2022-12-31 03716257 2023-12-31 03716257 2022-12-31 03716257 2022-01-01 03716257 c:CompanySecretary1 2023-01-01 2023-12-31 03716257 c:Director1 2023-01-01 2023-12-31 03716257 c:Director2 2023-01-01 2023-12-31 03716257 c:RegisteredOffice 2023-01-01 2023-12-31 03716257 d:PlantMachinery 2023-01-01 2023-12-31 03716257 d:PlantMachinery 2023-12-31 03716257 d:PlantMachinery 2022-12-31 03716257 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03716257 d:MotorVehicles 2023-01-01 2023-12-31 03716257 d:MotorVehicles 2023-12-31 03716257 d:MotorVehicles 2022-12-31 03716257 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03716257 d:FurnitureFittings 2023-01-01 2023-12-31 03716257 d:FurnitureFittings 2023-12-31 03716257 d:FurnitureFittings 2022-12-31 03716257 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03716257 d:ComputerEquipment 2023-01-01 2023-12-31 03716257 d:ComputerEquipment 2023-12-31 03716257 d:ComputerEquipment 2022-12-31 03716257 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03716257 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03716257 d:CurrentFinancialInstruments 2023-12-31 03716257 d:CurrentFinancialInstruments 2022-12-31 03716257 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 03716257 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 03716257 d:UKTax 2023-01-01 2023-12-31 03716257 d:UKTax 2022-01-01 2022-12-31 03716257 d:ShareCapital 2023-01-01 2023-12-31 03716257 d:ShareCapital 2023-12-31 03716257 d:ShareCapital 2022-01-01 2022-12-31 03716257 d:ShareCapital 2022-12-31 03716257 d:ShareCapital 2022-01-01 03716257 d:SharePremium 2023-01-01 2023-12-31 03716257 d:SharePremium 2023-12-31 03716257 d:SharePremium 2022-01-01 2022-12-31 03716257 d:SharePremium 2022-12-31 03716257 d:SharePremium 2022-01-01 03716257 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 03716257 d:RetainedEarningsAccumulatedLosses 2023-12-31 03716257 d:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 03716257 d:RetainedEarningsAccumulatedLosses 2022-12-31 03716257 d:RetainedEarningsAccumulatedLosses 2022-01-01 03716257 c:OrdinaryShareClass1 2023-01-01 2023-12-31 03716257 c:OrdinaryShareClass1 2023-12-31 03716257 c:OrdinaryShareClass1 2022-12-31 03716257 c:FRS102 2023-01-01 2023-12-31 03716257 c:Audited 2023-01-01 2023-12-31 03716257 c:FullAccounts 2023-01-01 2023-12-31 03716257 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03716257 d:WithinOneYear 2023-12-31 03716257 d:WithinOneYear 2022-12-31 03716257 d:BetweenOneFiveYears 2023-12-31 03716257 d:BetweenOneFiveYears 2022-12-31 03716257 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 03716257 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 03716257 d:TaxLossesCarry-forwardsDeferredTax 2023-12-31 03716257 d:TaxLossesCarry-forwardsDeferredTax 2022-12-31 03716257 e:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 03716257










CONCORD FABRICS (UK) LIMITED










DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023



 
CONCORD FABRICS (UK) LIMITED
 

COMPANY INFORMATION


Directors
D Weinstein 
S G Gallagher 




Company secretary
D Weinstein



Registered number
03716257



Registered office
Unit 14 Cordwallis Business Park
Clivemont Road

Maidenhead

Berkshire

SL6 7BU




Independent auditor
James Cowper Kreston Audit
Chartered Accountants and Statutory Auditor

Reading Bridge House

George Street

Reading

Berkshire

RG1 8LS





 
CONCORD FABRICS (UK) LIMITED
 

CONTENTS



Page
Directors' report
1 - 2
Independent auditor's report
3 - 6
Profit and loss account
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10 - 16


 
CONCORD FABRICS (UK) LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Principal activity

The principal activity of the company in the year under review was that of the sale of fabrics and crafts designed in-house.

Directors

The directors who served during the year were:

D Weinstein 
S G Gallagher 

Directors' responsibilities statement

The directors are responsible for preparing the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Auditor

The auditor, James Cowper Kreston Auditwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Page 1

 
CONCORD FABRICS (UK) LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





S G Gallagher
Director

Date: 4 April 2024

Page 2

 
CONCORD FABRICS (UK) LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CONCORD FABRICS (UK) LIMITED
 

Opinion


We have audited the financial statements of Concord Fabrics (UK) Limited (the 'Company') for the year ended 31 December 2023, which comprise the Profit and loss account, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 3

 
CONCORD FABRICS (UK) LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CONCORD FABRICS (UK) LIMITED (CONTINUED)


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' report has been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' report and from the requirement to prepare a Strategic report.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 4

 
CONCORD FABRICS (UK) LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CONCORD FABRICS (UK) LIMITED (CONTINUED)


Auditor's responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement that we designed and performed to detect material misstatements in respect of irregularities, including fraud, were as follows:

Enquiry of management and those charged with governance around actual and potential litigation and claims;
Enquiry of management and those charged with governance to identify any material instances of non-compliance with laws and regulations;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work to address the risk of irregularities due to management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for evidence of bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.


Page 5

 
CONCORD FABRICS (UK) LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CONCORD FABRICS (UK) LIMITED (CONTINUED)



Darren O'Connor BSc(Hons) FCCA ACA (Senior Statutory Auditor)
  
for and on behalf of
James Cowper Kreston Audit
 
Chartered Accountants and Statutory Auditor
  
Reading Bridge House
George Street
Reading
Berkshire
RG1 8LS

11 April 2024
Page 6

 
CONCORD FABRICS (UK) LIMITED
 

PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
 £
£

  

Turnover
  
3,538,268
4,230,385

Cost of sales
  
(1,609,847)
(1,919,678)

Gross profit
  
1,928,421
2,310,707

Distribution costs
  
(308,677)
(364,991)

Administrative expenses
  
(1,221,797)
(1,286,029)

Operating profit
  
397,947
659,687

Interest receivable and similar income
  
10,955
915

Profit before tax
  
408,902
660,602

Tax on profit
 4 
(96,473)
(124,394)

Profit for the financial year
  
312,429
536,208

There was no other comprehensive income for 2023 (2022: £NIL).

The notes on pages 10 to 16 form part of these financial statements.

Page 7

 
CONCORD FABRICS (UK) LIMITED
REGISTERED NUMBER: 03716257

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 6 
143,943
88,100

  
143,943
88,100

Current assets
  

Stocks
 7 
696,928
676,339

Debtors: amounts falling due within one year
 8 
459,646
603,063

Cash at bank and in hand
 9 
1,011,070
1,533,731

  
2,167,644
2,813,133

Creditors: amounts falling due within one year
 10 
(398,788)
(344,103)

Net current assets
  
 
 
1,768,856
 
 
2,469,030

Total assets less current liabilities
  
1,912,799
2,557,130

  

Net assets
  
1,912,799
2,557,130


Capital and reserves
  

Called up share capital 
 12 
1,000
1,000

Share premium account
  
195,523
195,523

Profit and loss account
  
1,716,276
2,360,607

  
1,912,799
2,557,130


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



S G Gallagher
Director

Date: 4 April 2024

The notes on pages 10 to 16 form part of these financial statements.

Page 8

 
CONCORD FABRICS (UK) LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£

At 1 January 2023
1,000
195,523
2,360,607
2,557,130


Comprehensive income for the year

Profit for the year
-
-
312,429
312,429

Dividends: Equity capital
-
-
(956,760)
(956,760)


Total transactions with owners
-
-
(956,760)
(956,760)


At 31 December 2023
1,000
195,523
1,716,276
1,912,799



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£

At 1 January 2022
1,000
195,523
2,656,227
2,852,750


Comprehensive income for the year

Profit for the year
-
-
536,208
536,208

Dividends: Equity capital
-
-
(831,828)
(831,828)


Total transactions with owners
-
-
(831,828)
(831,828)


At 31 December 2022
1,000
195,523
2,360,607
2,557,130


The notes on pages 10 to 16 form part of these financial statements.

Page 9

 
CONCORD FABRICS (UK) LIMITED
 

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

1.


General information

Concord Fabrics (UK) Limited is a limited liability company incorporated in England and Wales. Its registered office and principal place of business is Unit 14 Cordwallis Business Park, Clivemont Road, Maidenhead, Berkshire SL6 7BU.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention 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.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

  
2.2

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax. Sales are recognised when goods are delivered to customers.

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
20% straight line
Motor vehicles
-
20% - 30% straight line
Fixtures and fittings
-
10% straight line
Computer equipment
-
20% straight line

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 disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.4

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

Page 10

 
CONCORD FABRICS (UK) LIMITED
 

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

2.Accounting policies (continued)

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.8

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.9

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 11

 
CONCORD FABRICS (UK) LIMITED
 

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

2.Accounting policies (continued)

 
2.10

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Employees

The average monthly number of employees, including directors, during the year was 15 (2022 - 15).

Page 12

 
CONCORD FABRICS (UK) LIMITED
 

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

4.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
95,323
129,184


95,323
129,184


Total current tax
95,323
129,184

Deferred tax


Origination and reversal of timing differences
1,150
(4,790)

Total deferred tax
1,150
(4,790)


Taxation on profit on ordinary activities
96,473
124,394






5.


Dividends

2023
2022
£
£


Dividends paid on equity capital
956,760
831,828

Page 13

 
CONCORD FABRICS (UK) LIMITED
 

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

6.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost 


At 1 January 2023
464
159,652
15,329
31,619
207,064


Additions
441
103,935
-
10,764
115,140


Disposals
-
(81,105)
-
-
(81,105)



At 31 December 2023

905
182,482
15,329
42,383
241,099



Depreciation


At 1 January 2023
124
90,691
10,171
17,978
118,964


Charge for the year
75
28,127
326
3,857
32,385


Disposals
-
(54,193)
-
-
(54,193)



At 31 December 2023

199
64,625
10,497
21,835
97,156



Net book value



At 31 December 2023
706
117,857
4,832
20,548
143,943



At 31 December 2022
340
68,961
5,158
13,641
88,100


7.


Stocks

2023
2022
£
£

Finished goods and goods for resale
696,928
676,339



8.


Debtors

2023
2022
£
£


Trade debtors
379,671
523,620

Other debtors
1,400
-

Prepayments and accrued income
54,204
53,922

Deferred taxation
24,371
25,521

459,646
603,063


Page 14

 
CONCORD FABRICS (UK) LIMITED
 

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

9.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,011,070
1,533,731



10.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
8,184
963

Corporation tax
95,323
9,184

Other taxation and social security
17,036
19,005

Accruals and deferred income
278,245
314,951

398,788
344,103



11.


Deferred taxation




2023
2022


£

£






At beginning of year
25,521
20,731


(Charged) / credited to profit and loss account
(1,150)
4,790



At end of year
24,371
25,521

The deferred tax asset is made up as follows:

2023
2022
£
£


Fixed asset timing differences
24,007
24,903

Short term timing differences
364
618

24,371
25,521


12.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,000 (2022 - 1,000) Ordinary shares of £1 each
1,000
1,000


Page 15

 
CONCORD FABRICS (UK) LIMITED
 

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

13.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
119,007
119,007

Later than 1 year and not later than 5 years
178,511
297,516

297,518
416,523


14.


Related party transactions

Under section 33.1A of FRS 102 the company is exempt from the requirement to disclose transactions with other group undertakings on the grounds that it is a wholly owned subsidiary of Andover Fabrics Incorporated and its results are included in the consolidated financial statements of Andover Fabrics Incorporated. The consolidated financial statements are available to the public from 1384 Broadway, Suite 1500, New York City, New York 10018.


15.


Ultimate parent company

The ultimate parent company is Andover Fabrics Incorporated, a company incorporated in the United States of America.

Page 16