67
false
false
false
true
false
false
false
false
false
false
true
false
false
false
false
true
false
2022-10-01
Sage Accounts Production Advanced 2021 - FRS102_2021
410,480
635,000
635,000
31,750
31,750
603,250
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xbrli:shares
iso4217:GBP
14222226
2022-10-01
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2023-09-30
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14222226
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2022-10-01
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14222226
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14222226
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2023-09-30
14222226
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2023-09-30
14222226
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2023-09-30
14222226
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2023-09-30
14222226
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2023-09-30
14222226
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2023-09-30
14222226
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14222226
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14222226
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14222226
1
2022-10-01
2023-09-30
14222226
1
2023-09-30
COMPANY REGISTRATION NUMBER:
14222226
CLARKSON COATINGS LIMITED |
|
CLARKSON COATINGS LIMITED |
|
PERIOD ENDED 30 SEPTEMBER 2023
Officers and professional advisers
1
Strategic report
2 to 3
Directors' report
4 to 5
Independent auditor's report to the members
6 to 8
Profit and loss account
9
Balance sheet
10
Statement of changes in shareholders funds
11
Notes to the financial statements
12 to 18
CLARKSON COATINGS LIMITED |
|
OFFICERS AND PROFESSIONAL ADVISERS |
|
The board of directors |
D R Barnes |
|
G D R McConnell |
|
L T Paxman |
|
M S Presley |
|
|
Registered office |
Russell Way |
|
Bradford Road |
|
Brighouse |
|
West Yorkshire |
|
HD6 4LX |
|
|
Auditor |
Wheawill & Sudworth Limited |
|
Chartered Accountants & statutory auditor |
|
35 Westgate |
|
Huddersfield |
|
HD1 1PA |
|
|
Bankers |
HSBC Bank plc |
|
33 Park Row |
|
Leeds |
|
West Yorkshire |
|
LS1 1LD |
|
|
CLARKSON COATINGS LIMITED |
|
PERIOD ENDED 30 SEPTEMBER 2023
The principal activity of the company during the period was that of textile finishers.
Results, performance and developments during the year Clarkson Coatings has been faced with many challenges since the acquisition in November 2022. A significant reduction in sales due to weaker market activity combined with higher processing and labour costs has led to the £410K loss in the trading period. Principal risks and uncertainties The Directors consider that the key risks and principal uncertainties faced by the Company are: Raw material price volatility Fluctuation in energy costs Labour market disruption These risks are managed through monitoring of the appropriate markets, maintaining close supplier relationships and multiple sourcing of key resources. Financial instruments Due to the nature of the financial instruments used by the company there is no material exposure to price risk. The Company's approach to managing other risk applicable to the financial instruments concerned are shown below. In respect of bank balances the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of short term invoice finance facilities. Trade debtors are managed in respect of credit and cash flow by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due. Key performance indicators Key performance indicators monitored by management include order in-take, gross margin, processing efficiency and cash collection. Outlook Clarkson Coatings has changed shift patterns to improve efficiency and reduce energy costs whilst maintaining capacity for all customer requirements. Additional investments were needed across the organisation including a modernisation of the site, upgrading machinery, quality control improvements, operational controls, IT infrastructure and due diligence systems. The work undertaken to transform the company has taken much longer than anticipated. Post year-end management accounts are significantly improved run rate with the last two months trade being profitable. As investments into Clarksons continue to bear fruit, the expectation from the Directors is that Clarkson Coatings Ltd will become a stand-alone profitable company within the Mobus Group. Additional investment into new plant and machinery has been made since the year end, the new investment will sit alongside all existing production lines, further outlining our long-term ambition for Clarkson Coatings Ltd.
This report was approved by the board of directors on 2 April 2024 and signed on behalf of the board by:
D R Barnes |
L T Paxman |
Director |
Director |
|
|
CLARKSON COATINGS LIMITED |
|
PERIOD ENDED 30 SEPTEMBER 2023
The directors present their report and the financial statements of the company for the period ended
30 September 2023
.
Incorporation
The company was incorporated on
8 July 2022
as MF 2022 Limited
and changed its name to Clarkson Coatings Limited on 4 November 2022
. The company commenced trade on 20 October 2022.
Directors
The directors who served the company during the period were as follows:
D R Barnes |
|
G D R McConnell |
|
L T Paxman |
|
M S Presley |
|
|
|
Dividends
The directors do not recommend the payment of a dividend.
Disclosure of information in the strategic report
In accordance with Section 414C(11), Companies Act 2006, the following information required to be contained in this report is set out in the company's Strategic Report on page 2: principal activities, key risks and principal uncertainties, business review, future developments, and key performance indicators.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, 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 period. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They 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.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
-
so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board of directors on
2 April 2024
and signed on behalf of the board by:
D R Barnes |
L T Paxman |
Director |
Director |
|
|
CLARKSON COATINGS LIMITED |
|
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF
CLARKSON COATINGS LIMITED |
|
PERIOD ENDED 30 SEPTEMBER 2023
Opinion
We have audited the financial statements of Clarkson Coatings Limited (the 'company') for the period ended 30 September 2023 which comprise the profit and loss account, balance sheet, statement of changes in shareholders funds and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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 30 September 2023 and of its loss for the period then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 UK, including the FRC’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. Without modifying our opinion we draw attention to the going concern disclosures included at note 3 to these financial statements.
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. Our 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. In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Opinions 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 strategic report and the directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
-
the strategic report and the directors' report have 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 strategic report or 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.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, 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.
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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Obtained an understanding of the legal and regulatory framework applicable to the entity and how the entity is complying with that framework; Assessment of the susceptibility of the entity's financial statements to material misstatement, including how fraud might occur; Ensured whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations; Gained clear understanding of the entity's current activities, the scope of its authorisation and confirmed the effectiveness of its control environment where the entity is a regulated entity; As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
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 2006. Our 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.
David Butterworth |
(Senior Statutory Auditor) |
|
For and on behalf of |
Wheawill & Sudworth Limited |
Chartered Accountants & statutory auditor |
35 Westgate |
Huddersfield |
HD1 1PA |
|
2 April 2024
CLARKSON COATINGS LIMITED |
|
PERIOD ENDED 30 SEPTEMBER 2023
|
2023 |
Note |
£ |
Turnover |
4 |
6,636,115 |
|
|
|
Cost of sales |
(
5,323,967) |
|
------------ |
Gross profit |
1,312,148 |
|
|
Distribution costs |
(
122,928) |
Administrative expenses |
(
1,609,405) |
|
|
------------ |
Operating loss |
5 |
(
420,185) |
|
|
|
Interest payable and similar expenses |
7 |
(
159,087) |
|
------------ |
Loss before taxation |
(
579,272) |
|
|
|
Tax on loss |
8 |
168,792 |
|
------------ |
Loss for the financial period and total comprehensive income |
(
410,480) |
|
------------ |
|
|
|
All the activities of the company are from continuing operations.
CLARKSON COATINGS LIMITED |
|
30 September 2023
Fixed assets
Intangible assets |
9 |
603,250 |
Tangible assets |
10 |
590,109 |
|
------------ |
|
1,193,359 |
|
|
|
Current assets
Stocks |
11 |
396,744 |
Debtors |
12 |
1,508,784 |
Cash at bank and in hand |
79,721 |
|
------------ |
|
1,985,249 |
|
|
|
Creditors: amounts falling due within one year |
13 |
(
1,821,942) |
|
------------ |
Net current assets |
163,307 |
|
------------ |
Total assets less current liabilities |
1,356,666 |
|
|
|
Creditors: amounts falling due after more than one year |
14 |
(
1,767,046) |
|
------------ |
Net liabilities |
(
410,380) |
|
------------ |
|
|
|
Capital and reserves
Called up share capital |
16 |
100 |
Profit and loss account |
(
410,480) |
|
------------ |
Shareholders deficit |
(
410,380) |
|
------------ |
|
|
|
These financial statements were approved by the
board of directors
and authorised for issue on
2 April 2024
, and are signed on behalf of the board by:
D R Barnes |
L T Paxman |
Director |
Director |
|
|
Company registration number:
14222226
CLARKSON COATINGS LIMITED |
|
STATEMENT OF CHANGES IN SHAREHOLDERS FUNDS |
|
PERIOD ENDED 30 SEPTEMBER 2023
|
Called up share capital |
Profit and loss account |
Total |
|
£ |
£ |
£ |
At 1 October 2022 |
– |
– |
– |
|
|
|
|
Loss for the period |
|
(
410,480) |
(
410,480) |
|
------------ |
------------ |
------------ |
Total comprehensive income for the period |
– |
(
410,480) |
(
410,480) |
|
|
|
|
Issue of shares |
100 |
– |
100 |
|
------------ |
------------ |
------------ |
Total investments by and distributions to owners |
100 |
– |
100 |
|
|
|
|
|
------------ |
------------ |
------------ |
At 30 September 2023 |
100 |
(
410,480) |
(
410,380) |
|
------------ |
------------ |
------------ |
|
|
|
|
CLARKSON COATINGS LIMITED |
|
NOTES TO THE FINANCIAL STATEMENTS |
|
PERIOD ENDED 30 SEPTEMBER 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 Russell Way, Bradford Road, Brighouse, West Yorkshire, HD6 4LX.
2.
Statement of compliance
These financial statements have been prepared in compliance with 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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
During this first period of trading the company incurred an operating loss of £420,185 and had net liabilities of £410,380 at 30 September 2023. The group has provided written assurances that it will provide adequate working capital resources to enable the company to continue trading and meet its obligations as they fall due for the next twelve months following approval of these financial statements. Accordingly, the directors have prepared them on a going concern basis.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102.
Its financial statements are consolidated into the financial statements of Mobus Fabrics Holdings Limited which can be obtained from Companies House.
As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) Disclosures in respect of share-based payments have not been presented. (e) No disclosure has been given for the aggregate remuneration of key management personnel.
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 is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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 is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
Goodwill |
- |
5% straight line |
|
|
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
|
Short leasehold property |
- |
10% straight line |
|
Plant and machinery |
- |
12% straight line |
|
Fixtures and fittings |
- |
20% reducing balance |
|
Equipment |
- |
20% reducing balance |
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Turnover
Turnover arises from:
|
2023 |
|
£ |
Sale of goods |
6,636,115 |
|
------------ |
|
|
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5.
Operating profit
Operating profit or loss is stated after charging:
|
2023 |
|
£ |
Amortisation of intangible assets |
31,750 |
Depreciation of tangible assets |
83,435 |
Foreign exchange differences |
61 |
|
------------ |
|
|
6.
Staff costs
The average number of persons employed by the company during the period, including the directors, amounted to:
|
2023 |
|
No. |
Production staff |
55 |
Administrative staff |
12 |
|
------------ |
|
67 |
|
------------ |
|
|
The aggregate payroll costs incurred during the period, relating to the above, were:
|
2023 |
|
£ |
Wages and salaries |
1,653,416 |
Social security costs |
138,265 |
Other pension costs |
32,095 |
|
------------ |
|
1,823,776 |
|
------------ |
|
|
7.
Interest payable and similar expenses
|
2023 |
|
£ |
Interest on banks loans and overdrafts |
28,411 |
Other interest payable and similar charges |
130,676 |
|
------------ |
|
159,087 |
|
------------ |
|
|
8.
Tax on loss
Major components of tax income
Current tax:
UK current tax income |
(
168,792) |
|
------------ |
Tax on loss |
(
168,792) |
|
------------ |
|
|
Reconciliation of tax income
The tax assessed on the loss on ordinary activities for the period is lower than the
standard rate of corporation tax in the UK
of
22.17
%.
|
2023 |
|
£ |
Loss on ordinary activities before taxation |
(
579,272) |
|
------------ |
Loss on ordinary activities by rate of tax |
(
128,444) |
Effect of expenses not deductible for tax purposes |
7,070 |
Effect of capital allowances and depreciation |
(
331) |
Group relief repaid |
(168,792) |
Effect of changes in tax rates |
6,164 |
Group relief |
170,059 |
Deferred tax movement not recognised |
(
54,518)
|
|
------------ |
Tax on loss |
(
168,792) |
|
------------ |
|
|
9.
Intangible assets
|
Goodwill |
|
£ |
Cost |
|
Additions |
635,000 |
|
------------ |
At 30 September 2023 |
635,000 |
|
------------ |
Amortisation |
|
Charge for the period |
31,750 |
|
------------ |
At 30 September 2023 |
31,750 |
|
------------ |
Carrying amount |
|
At 30 September 2023 |
603,250 |
|
------------ |
|
|
10.
Tangible assets
|
Short leasehold property |
Plant and machinery |
Fixtures and fittings |
Equipment |
Total |
|
£ |
£ |
£ |
£ |
£ |
Cost |
|
|
|
|
|
At 1 October 2022 |
– |
– |
– |
– |
– |
Additions |
165,110 |
478,980 |
1,014 |
28,440 |
673,544 |
|
------------ |
------------ |
------------ |
------------ |
------------ |
At 30 September 2023 |
165,110 |
478,980 |
1,014 |
28,440 |
673,544 |
|
------------ |
------------ |
------------ |
------------ |
------------ |
Depreciation |
|
|
|
|
|
At 1 October 2022 |
– |
– |
– |
– |
– |
Charge for the period |
16,511 |
59,873 |
203 |
6,848 |
83,435 |
|
------------ |
------------ |
------------ |
------------ |
------------ |
At 30 September 2023 |
16,511 |
59,873 |
203 |
6,848 |
83,435 |
|
------------ |
------------ |
------------ |
------------ |
------------ |
Carrying amount |
|
|
|
|
|
At 30 September 2023 |
148,599 |
419,107 |
811 |
21,592 |
590,109 |
|
------------ |
------------ |
------------ |
------------ |
------------ |
|
|
|
|
|
|
11.
Stocks
|
2023 |
|
£ |
Raw materials and consumables |
396,744 |
|
------------ |
|
|
12.
Debtors
|
2023 |
|
£ |
Trade debtors |
1,375,987 |
Prepayments and accrued income |
132,797 |
|
------------ |
|
1,508,784 |
|
------------ |
|
|
13.
Creditors:
amounts falling due within one year
|
2023 |
|
£ |
Trade creditors |
735,211 |
Accruals and deferred income |
251,344 |
Social security and other taxes |
39,955 |
Other creditors |
85,495 |
Invoice finance facility |
709,937 |
|
------------ |
|
1,821,942 |
|
------------ |
|
|
The invoice finance facility is secured by a fixed and floating charge over the company's book debts.
14.
Creditors:
amounts falling due after more than one year
|
2023 |
|
£ |
Amounts owed to group undertakings |
1,767,046 |
|
------------ |
|
|
15.
Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution pension plans was £
32,095
.
16.
Called up share capital
Issued, called up and fully paid
|
2023 |
|
No. |
£ |
Ordinary shares of £ 1 each |
100 |
100 |
|
------------ |
------------ |
|
|
|
On incorporation 100 Ordinary shares of £1 each were issued fully paid for cash at par.
17.
Operating leases
At 30 September 2023 the company had aggregate commitments under operating leases amounting to £1,681,359.
18.
Contingencies
The company has provided an unlimited guarantee in support of the bank facilities of other group companies.
19.
Controlling party
The company is a wholly owned subsidiary of
Mobus Fabrics Holdings Limited
. There is no one controlling party of this company.