Registered number
09008156
"Amending"
Cobra Textiles Ltd
Filleted Accounts
30 April 2023
Cobra Textiles Ltd
Registered number: 09008156
Balance Sheet
as at 30 April 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 9,982 11,805
Current assets
Stocks 278,281 172,410
Debtors 4 267,259 40,304
Cash at bank and in hand 10,633 23,954
556,173 236,668
Creditors: amounts falling due within one year 5 (545,829) (236,167)
Net current assets 10,344 501
Total assets less current liabilities 20,326 12,306
Creditors: amounts falling due after more than one year 6 (75,316) (82,204)
Net liabilities (54,990) (69,898)
Capital and reserves
Called up share capital 100 100
Profit and loss account (55,090) (69,998)
Shareholder's funds (54,990) (69,898)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Ejaz Ali
Director
Approved by the board on 17 January 2024
Cobra Textiles Ltd
Notes to the Accounts
for the year ended 30 April 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
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 and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 15% reducing balance
Fixtures and fittings 15% reducing balance
Van 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
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, less any impairment losses for bad and doubtful debts.
Creditors
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 6 6
3 Tangible fixed assets
Plant , machinery and fixture & fittings Van Total
£ £ £
Cost
At 1 May 2022 32,998 2,920 35,918
At 30 April 2023 32,998 2,920 35,918
Depreciation
At 1 May 2022 21,712 2,401 24,113
Charge for the year 1,693 130 1,823
At 30 April 2023 23,405 2,531 25,936
Net book value
At 30 April 2023 9,593 389 9,982
At 30 April 2022 11,286 519 11,805
4 Debtors 2023 2022
£ £
Trade debtors 267,259 39,125
Other debtors - 1,179
267,259 40,304
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 537,210 224,122
Taxation and social security costs 1,590 4,867
Other creditors 7,029 7,178
545,829 236,167
6 Creditors: amounts falling due after one year 2023 2022
£ £
Private loans 1,880 1,800
Loan from associate company 33,075 32,481
Bank loans 37,990 43,813
Director loan 2,371 4,110
75,316 82,204
7 Other information
Cobra Textiles Ltd is a private company limited by shares and incorporated in England. Its registered office is:
2nd Floor
Brunswick Mill
Bradford Road
Manchester
M40 7EZ
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