Acorn Fabrics (Cumbria) Limited 00958005 false 2022-07-31 2023-07-30 2023-07-30 The principal activity of the company is the supply of fine quality shirting fabrics. Digita Accounts Production Advanced 6.30.9574.0 true true 00958005 2022-07-31 2023-07-30 00958005 2023-07-30 00958005 core:OtherReservesSubtotal 2023-07-30 00958005 core:RetainedEarningsAccumulatedLosses 2023-07-30 00958005 core:ShareCapital 2023-07-30 00958005 core:CurrentFinancialInstruments 2023-07-30 00958005 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-30 00958005 core:Non-currentFinancialInstruments 2023-07-30 00958005 core:Non-currentFinancialInstruments core:AfterOneYear 2023-07-30 00958005 core:FurnitureFittingsToolsEquipment 2023-07-30 00958005 core:LandBuildings 2023-07-30 00958005 core:MotorVehicles 2023-07-30 00958005 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2023-07-30 00958005 1 2023-07-30 00958005 bus:SmallEntities 2022-07-31 2023-07-30 00958005 bus:AuditExemptWithAccountantsReport 2022-07-31 2023-07-30 00958005 bus:FilletedAccounts 2022-07-31 2023-07-30 00958005 bus:SmallCompaniesRegimeForAccounts 2022-07-31 2023-07-30 00958005 bus:RegisteredOffice 2022-07-31 2023-07-30 00958005 bus:CompanySecretaryDirector1 2022-07-31 2023-07-30 00958005 bus:Director2 2022-07-31 2023-07-30 00958005 bus:Director3 2022-07-31 2023-07-30 00958005 bus:Director4 2022-07-31 2023-07-30 00958005 bus:PrivateLimitedCompanyLtd 2022-07-31 2023-07-30 00958005 bus:Agent1 2022-07-31 2023-07-30 00958005 core:FurnitureFittingsToolsEquipment 2022-07-31 2023-07-30 00958005 core:LandBuildings 2022-07-31 2023-07-30 00958005 core:MotorVehicles 2022-07-31 2023-07-30 00958005 core:OfficeEquipment 2022-07-31 2023-07-30 00958005 core:PlantMachinery 2022-07-31 2023-07-30 00958005 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2022-07-31 2023-07-30 00958005 countries:EnglandWales 2022-07-31 2023-07-30 00958005 1 2022-07-31 2023-07-30 00958005 2022-07-30 00958005 core:FurnitureFittingsToolsEquipment 2022-07-30 00958005 core:LandBuildings 2022-07-30 00958005 core:MotorVehicles 2022-07-30 00958005 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2022-07-30 00958005 1 2022-07-30 00958005 2021-07-31 2022-07-30 00958005 2022-07-30 00958005 core:OtherReservesSubtotal 2022-07-30 00958005 core:RetainedEarningsAccumulatedLosses 2022-07-30 00958005 core:ShareCapital 2022-07-30 00958005 core:CurrentFinancialInstruments 2022-07-30 00958005 core:CurrentFinancialInstruments core:WithinOneYear 2022-07-30 00958005 core:Non-currentFinancialInstruments 2022-07-30 00958005 core:Non-currentFinancialInstruments core:AfterOneYear 2022-07-30 00958005 core:FurnitureFittingsToolsEquipment 2022-07-30 00958005 core:LandBuildings 2022-07-30 00958005 core:MotorVehicles 2022-07-30 00958005 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2022-07-30 00958005 1 2022-07-30 00958005 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2021-07-31 2022-07-30 00958005 1 2021-07-31 2022-07-30 00958005 2021-07-30 00958005 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2021-07-30 00958005 1 2021-07-30 iso4217:GBP xbrli:pure

Registration number: 00958005

Acorn Fabrics (Cumbria) Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 July 2023

 

Acorn Fabrics (Cumbria) Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 9

 

Acorn Fabrics (Cumbria) Limited

Company Information

Directors

Miss M Chatburn

Mr J R Chatburn

Mr C S Chatburn

Mr J R Chatburn

Company secretary

Miss M Chatburn

Registered office

Suite 218, Unit 2 Northlight House
Pendle Road
Brierfield
Nelson
Lancashire
BB9 5FL

Accountants

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

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Acorn Fabrics (Cumbria) Limited
for the Year Ended 30 July 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Acorn Fabrics (Cumbria) Limited for the year ended 30 July 2023 as set out on pages 3 to 9 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 Acorn Fabrics (Cumbria) Limited, as a body. Our work has been undertaken solely to prepare for your approval the accounts of Acorn Fabrics (Cumbria) Limited and state those matters that we have agreed to state to the Board of Directors of Acorn Fabrics (Cumbria) 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 Acorn Fabrics (Cumbria) Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Acorn Fabrics (Cumbria) 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 profit of Acorn Fabrics (Cumbria) Limited. You consider that Acorn Fabrics (Cumbria) 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 Acorn Fabrics (Cumbria) 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 Accountants
1 Bond Street
Colne
Lancashire
BB8 9DG

23 July 2024

 

Acorn Fabrics (Cumbria) Limited

(Registration number: 00958005)
Balance Sheet as at 30 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

451,017

451,197

Current assets

 

Stocks

5

1,250

1,332

Debtors

6

42,499

47,093

 

43,749

48,425

Creditors: Amounts falling due within one year

7

(85,963)

(72,167)

Net current liabilities

 

(42,214)

(23,742)

Total assets less current liabilities

 

408,803

427,455

Creditors: Amounts falling due after more than one year

7

(73,616)

(104,211)

Provisions for liabilities

(24,406)

(24,371)

Net assets

 

310,781

298,873

Capital and reserves

 

Called up share capital

7,000

7,000

Other reserves

332,180

332,180

Retained earnings

(28,399)

(40,307)

Shareholders' funds

 

310,781

298,873

For the financial year ending 30 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Acorn Fabrics (Cumbria) Limited

(Registration number: 00958005)
Balance Sheet as at 30 July 2023

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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 23 July 2024 and signed on its behalf by:
 

.........................................
Mr J R Chatburn
Director

.........................................
Mr C S Chatburn
Director

 
     
 

Acorn Fabrics (Cumbria) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 July 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:
Suite 218, Unit 2 Northlight House
Pendle Road
Brierfield
Nelson
Lancashire
BB9 5FL

These financial statements were authorised for issue by the Board on 23 July 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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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 financial statements have been prepared on a going concern basis.

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

Reducing balance 15%

Motor vehicles

Fully depreciated

Office equipment

Fully depreciated

 

Acorn Fabrics (Cumbria) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 July 2023

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.

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.

 

Acorn Fabrics (Cumbria) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 July 2023

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 directors) during the year was 5 (2022 - 3).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 31 July 2022

450,000

127,117

21,826

598,943

At 30 July 2023

450,000

127,117

21,826

598,943

Depreciation

At 31 July 2022

-

125,920

21,826

147,746

Charge for the year

-

180

-

180

At 30 July 2023

-

126,100

21,826

147,926

Carrying amount

At 30 July 2023

450,000

1,017

-

451,017

At 30 July 2022

450,000

1,197

-

451,197

Included within the net book value of land and buildings above is £450,000 (2022 - £450,000) in respect of freehold land and buildings.
 

5

Stocks

2023
£

2022
£

Other inventories

1,250

1,332

 

Acorn Fabrics (Cumbria) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 July 2023

6

Debtors

2023
£

2022
£

Trade debtors

37,399

38,312

Other debtors

5,100

8,781

42,499

47,093

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

45,790

39,540

Trade creditors

 

12,101

15,314

Taxation and social security

 

20,125

11,366

Accruals and deferred income

 

4,300

2,300

Other creditors

 

3,647

3,647

 

85,963

72,167

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

34,717

30,602

Other non-current financial liabilities

 

38,899

73,609

 

73,616

104,211

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

8

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

9,690

16,484

Other borrowings

25,027

14,118

34,717

30,602

 

Acorn Fabrics (Cumbria) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 July 2023

Current loans and borrowings

2023
£

2022
£

Bank borrowings

13,530

13,531

Bank overdrafts

18,476

12,226

Other borrowings

13,784

13,783

45,790

39,540

9

Related party transactions

Transactions with directors

2023

At 31 July 2022
£

Repayments by director
£

At 30 July 2023
£

Unsecured and repayable on demand with interest charged at the official rate

3,682

(27,297)

(23,615)

 

2022

At 31 July 2021
£

Advances to director
£

At 30 July 2022
£

Unsecured and repayable on demand with interest charged at the official rate

(23,615)

27,297

3,682

 

Loans from related parties

2023

Entities with joint control or significant influence
£

Total
£

At start of period

73,609

73,609

Advanced

10,421

10,421

Repaid

(45,132)

(45,132)

At end of period

38,898

38,898

2022

Entities with joint control or significant influence
£

Total
£

At start of period

21,361

21,361

Advanced

52,248

52,248

At end of period

73,609

73,609