Company registration number 05675801 (England and Wales)
Textureblast Limited
financial statements
For the year ended 31 January 2024
Textureblast Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 8
Textureblast Limited
Statement of financial position
As at 31 January 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,082,832
1,092,241
Current assets
Stocks
10,972
24,127
Debtors falling due after more than one year
5
1,383,402
963,402
Debtors falling due within one year
5
1,094,784
1,120,355
Cash at bank and in hand
574,754
356,292
3,063,912
2,464,176
Creditors: amounts falling due within one year
6
(477,049)
(489,583)
Net current assets
2,586,863
1,974,593
Total assets less current liabilities
3,669,695
3,066,834
Creditors: amounts falling due after more than one year
7
(9,672)
Provisions for liabilities
(115,403)
(77,114)
Net assets
3,554,292
2,980,048
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
3,554,192
2,979,948
Total equity
3,554,292
2,980,048
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 25 June 2024 and are signed on its behalf by:
Mr G M Andrews
Director
Company registration number 05675801 (England and Wales)
Textureblast Limited
Notes to the financial statements
For the year ended 31 January 2024
- 2 -
1
Accounting policies
Company information
Textureblast Limited is a private company limited by shares incorporated in England and Wales. The registered office is Tremayne House, Westpark, Chelston, Wellington, Somerset, TA21 9AD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with other group entities where the relationship is one of being wholly owned.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. true
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
2% straight line
Plant and equipment
20% - 25% on a reducing balance basis
Motor vehicles
35% on a reducing balance basis
Textureblast Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
1
Accounting policies
(Continued)
- 3 -
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Recoverable amount is the higher of fair value less costs to sell and value in use.
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Textureblast Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
1
Accounting policies
(Continued)
- 4 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
Textureblast Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
1
Accounting policies
(Continued)
- 5 -
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
1.14
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
In the directors' opinion there are no critical judgements that they have made in applying the company's accounting policies and that have had a significant effect on the amounts recognised in the financial statements.
Key sources of estimation uncertainty
The directors do not consider there to be any key estimates or assumptions used in preparing the financial statements.
Textureblast Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
- 6 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
10
8
4
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 February 2023
43,123
2,183,940
168,259
2,395,322
Additions
322,372
15,367
337,739
Disposals
(234,874)
(7,749)
(242,623)
At 31 January 2024
43,123
2,271,438
175,877
2,490,438
Depreciation and impairment
At 1 February 2023
432
1,185,881
116,768
1,303,081
Depreciation charged in the year
862
278,010
19,582
298,454
Eliminated in respect of disposals
(193,703)
(226)
(193,929)
At 31 January 2024
1,294
1,270,188
136,124
1,407,606
Carrying amount
At 31 January 2024
41,829
1,001,250
39,753
1,082,832
At 31 January 2023
42,691
998,059
51,491
1,092,241
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
794,339
881,099
Corporation tax recoverable
220,214
182,215
Amounts owed by group undertakings
68,871
32,169
Other debtors
6,474
13,038
Prepayments and accrued income
4,886
11,834
1,094,784
1,120,355
Textureblast Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
5
Debtors
(Continued)
- 7 -
2024
2023
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
1,383,402
963,402
Total debtors
2,478,186
2,083,757
Amounts owed by group undertakings due after more than one year are due between 1 and 2 years. Interest is receivable at a rate of 2.5%. The amounts are unsecured.
6
Creditors: amounts falling due within one year
2024
2023
£
£
Obligations under finance leases
9,672
104,882
Trade creditors
342,346
192,505
Amounts owed to group undertakings
39,038
101,156
Taxation and social security
30,832
17,503
Other creditors
27,398
36,235
Accruals and deferred income
27,763
37,302
477,049
489,583
The hire purchase contracts are secured against the assets financed.
7
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
9,672
The hire purchase contracts are secured against the assets financed.
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Gary Neil Chadwick FCCA
Statutory Auditor:
DJH Mitten Clarke Audit Limited
Textureblast Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
- 8 -
9
Financial commitments, guarantees and contingent liabilities
At the balance sheet date, the company had guaranteed borrowings of a parent company, all charges being managed by a security agent. At 31 January 2024 these borrowings amounted to £59,555,121 (2023 - £55,409,948). As at the date of approval of these financial statements, the directors do not anticipate that the guarantees will be called upon.
10
Capital commitments
2024
2023
£
£
Acquisition of tangible fixed assets
-
278,444
11
Parent company
The immediate parent company is WJ (Group) Limited which owns 100% of the ordinary share capital. WJ (Group) Limited is incorporated in England and the registered office is Unit 7 Brock Way, Newcastle, Staffordshire, ST5 6AZ.
The ultimate controlling party is THI Holdings GmbH, a company registered in Germany. THI Holdings GmbH is controlled by the Hagenmeyer family.
The smallest group into which the entity is consolidated is WJ Group Holdings Limited. WJ Group Holdings Limited is incorporated in England. Copies of the group financial statements of WJ Group Holdings Limited are available from Unit 7 Brock Way, Newcastle, Staffordshire, United Kingdom, ST5 6AZ.
The largest group into which the entity is consolidated is THI Holdings GmbH, a company registered in Germany. Copies of the group financial statements of THI Holdings GmbH are available from THI Investments, Eberhardstraße 65, 70173 Stuttgart, Germany.