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REGISTERED NUMBER: 01292470 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

R.G. FOSTER TEXTILE MACHINERY LIMITED

R.G. FOSTER TEXTILE MACHINERY LIMITED (REGISTERED NUMBER: 01292470)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


R.G. FOSTER TEXTILE MACHINERY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







Directors: Mr R G Foster
Mr R Gregory





Registered office: 464 Alfreton Road
Nottingham
NG7 5NL





Registered number: 01292470 (England and Wales)





Accountants: Haines Watts
Chartered Accountants
10 Stadium Business Court
Millennium Way
Pride Park
Derby
DE24 8HP

R.G. FOSTER TEXTILE MACHINERY LIMITED (REGISTERED NUMBER: 01292470)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £ £
Fixed assets
Tangible assets 4 848 -

Current assets
Stocks 5 648,169 468,802
Debtors 6 310,424 672,580
Cash at bank and in hand 2,155 9,794
960,748 1,151,176
Creditors
Amounts falling due within one year 7 (101,909 ) (287,328 )
Net current assets 858,839 863,848
Total assets less current liabilities 859,687 863,848

Creditors
Amounts falling due after more than one
year

8

(14,283

)

(24,173

)
Net assets 845,404 839,675

Capital and reserves
Called up share capital 10 250,004 250,004
Retained earnings 595,400 589,671
Shareholders' funds 845,404 839,675

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 August 2024 and were signed on its behalf by:





Mr R G Foster - Director


R.G. FOSTER TEXTILE MACHINERY LIMITED (REGISTERED NUMBER: 01292470)

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

1. STATUTORY INFORMATION

R.G. Foster Textile Machinery Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Equipment - 25% on cost

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.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

R.G. FOSTER TEXTILE MACHINERY LIMITED (REGISTERED NUMBER: 01292470)

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

4. TANGIBLE FIXED ASSETS
Equipment
£
Cost
At 1 January 2023 4,652
Additions 1,130
At 31 December 2023 5,782
Depreciation
At 1 January 2023 4,652
Charge for year 282
At 31 December 2023 4,934
Net book value
At 31 December 2023 848
At 31 December 2022 -

In 2022 the Company sold freehold property which was valued at 31 December 2022 at £2,000,000. The sale price was £1,100,000 plus an overage payment which is limited to £900,000.
The overage payment is contingent on a planning consent at any time , or revaluations at 5 year intervals. The Directors value this contingent asset of overage at £538,000 at 31 December 2023 taking in to account the probability of the 5 year valuation figure and discounted until then. As a Contingent Asset this item is not included on the Balance Sheet values."

5. STOCKS
2023 2022
£ £
Stocks 648,169 468,802

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade debtors 8,558 12,490
Other debtors 198,817 578,337
Directors' current accounts 102,183 81,589
VAT 416 164
Prepayments 450 -
310,424 672,580

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Bank loans and overdrafts (see note 9) 55,080 58,231
Trade creditors 2,237 4,033
Tax 25,636 23,478
Social security and other taxes 76 90
Other creditors 15,182 -
Accruals and deferred income 3,698 201,496
101,909 287,328

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£ £
Bank loans (see note 9) 14,283 24,173

R.G. FOSTER TEXTILE MACHINERY LIMITED (REGISTERED NUMBER: 01292470)

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

9. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£ £
Amounts falling due within one year or on demand:
Bank overdrafts 44,432 47,583
Bank loans 10,648 10,648
55,080 58,231

Amounts falling due between one and two years:
Bank loans - 1-2 years 14,283 24,173

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
2,500,040 Ordinary 10p 250,004 250,004

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2023 and
31 December 2022:

2023 2022
£ £
Balance outstanding at the start of year81,58961,654
Amounts advanced56,98031,435
Amounts repaid(36,386)(11,500)
Balance outstanding at the end of year102,18381,589