2 false false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 977 95 882 xbrli:pure xbrli:shares iso4217:GBP 10432622 2023-01-01 2023-12-31 10432622 2023-12-31 10432622 2022-12-31 10432622 2022-01-01 2022-12-31 10432622 2022-12-31 10432622 2021-12-31 10432622 core:MotorVehicles 2023-01-01 2023-12-31 10432622 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 10432622 bus:OrdinaryShareClass2 2023-01-01 2023-12-31 10432622 bus:Director1 2023-01-01 2023-12-31 10432622 core:FurnitureFittings 2022-12-31 10432622 core:MotorVehicles 2022-12-31 10432622 core:FurnitureFittings 2023-12-31 10432622 core:MotorVehicles 2023-12-31 10432622 core:WithinOneYear 2023-12-31 10432622 core:WithinOneYear 2022-12-31 10432622 core:ShareCapital 2023-12-31 10432622 core:ShareCapital 2022-12-31 10432622 core:RetainedEarningsAccumulatedLosses 2023-12-31 10432622 core:RetainedEarningsAccumulatedLosses 2022-12-31 10432622 core:DeferredTaxation 2023-01-01 2023-12-31 10432622 core:FurnitureFittings 2023-01-01 2023-12-31 10432622 core:AcceleratedTaxDepreciationDeferredTax 2023-12-31 10432622 core:AcceleratedTaxDepreciationDeferredTax 2022-12-31 10432622 core:MotorVehicles 2022-12-31 10432622 core:DeferredTaxation 2022-12-31 10432622 core:DeferredTaxation 2023-12-31 10432622 bus:SmallEntities 2023-01-01 2023-12-31 10432622 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 10432622 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 10432622 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 10432622 bus:FullAccounts 2023-01-01 2023-12-31 10432622 bus:OrdinaryShareClass1 2023-12-31 10432622 bus:OrdinaryShareClass1 2022-12-31 10432622 bus:OrdinaryShareClass2 2023-12-31 10432622 bus:OrdinaryShareClass2 2022-12-31 10432622 bus:AllOrdinaryShares 2023-12-31 10432622 bus:AllOrdinaryShares 2022-12-31 10432622 core:PlantMachinery 2023-01-01 2023-12-31 10432622 core:PlantMachinery 2023-12-31 10432622 core:PlantMachinery 2022-12-31
COMPANY REGISTRATION NUMBER: 10432622
EDWARD KNEEN YARNS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 December 2023
EDWARD KNEEN YARNS LIMITED
STATEMENT OF FINANCIAL POSITION
31 December 2023
2023
2022
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
3,858
5,143
CURRENT ASSETS
Stocks
105,504
62,310
Debtors
6
234,521
189,177
Cash at bank and in hand
307
7,767
----------
----------
340,332
259,254
CREDITORS: amounts falling due within one year
7
209,153
149,421
----------
----------
NET CURRENT ASSETS
131,179
109,833
----------
----------
TOTAL ASSETS LESS CURRENT LIABILITIES
135,037
114,976
PROVISIONS
Taxation including deferred tax
8
882
977
----------
----------
NET ASSETS
134,155
113,999
----------
----------
EDWARD KNEEN YARNS LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 December 2023
2023
2022
Note
£
£
£
£
CAPITAL AND RESERVES
Called up share capital
10
100
100
Profit and loss account
134,055
113,899
----------
----------
SHAREHOLDERS FUNDS
134,155
113,999
----------
----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 12 August 2024 , and are signed on behalf of the board by:
M Kneen
Director
Company registration number: 10432622
EDWARD KNEEN YARNS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 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 Equitable House, 55 Pellon Lane, Halifax, West Yorkshire, HX1 5SP.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of 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.
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. There are not considered to be any judgements or accounting estimates or assumptions that have a significant impact on the financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for the wholesale of textiles, 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.
Current and deferred 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.
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:
Fixtures and fittings
-
3 years straight line
Motor vehicles
-
25% reducing balance
Equipment
-
33% straight line
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
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.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. TANGIBLE ASSETS
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 January 2023 and 31 December 2023
4,280
15,200
659
20,139
-------
---------
----
---------
Depreciation
At 1 January 2023
4,280
10,691
25
14,996
Charge for the year
1,127
158
1,285
-------
---------
----
---------
At 31 December 2023
4,280
11,818
183
16,281
-------
---------
----
---------
Carrying amount
At 31 December 2023
3,382
476
3,858
-------
---------
----
---------
At 31 December 2022
4,509
634
5,143
-------
---------
----
---------
6. DEBTORS
2023
2022
£
£
Trade debtors
125,051
109,642
Other debtors
109,470
79,535
----------
----------
234,521
189,177
----------
----------
7. CREDITORS: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
201,656
98,789
Corporation tax
10,082
Social security and other taxes
2,783
28,232
Other creditors
4,714
12,318
----------
----------
209,153
149,421
----------
----------
8. PROVISIONS
Deferred tax (note 9)
£
At 1 January 2023
977
Charge against provision
( 95)
----
At 31 December 2023
882
----
9. DEFERRED TAX
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions (note 8)
882
977
----
----
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
882
977
----
----
10. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary 'A' shares of £ 1 each
60
60
60
60
Ordinary 'B' shares of £ 1 each
40
40
40
40
----
----
----
----
100
100
100
100
----
----
----
----
The 'A' and 'B' shares rank pari pasu. In so far as the ordinary shares are split into different classes of ordinary shares, the directors may declare different dividends on the different classes of share.
11. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
During the year the directors had unsecured loans from the company. The balance owing to the directors as at 1 January 2023 was £77,806. Advances of £105,526 and repayments of £86,472 were made during the year. Interest of £2,167, at the official rate of 2%/2.25%, has been charged on a daily basis on an overdrawn balance. The balance owing to the company as at 31 December 2023 was £96,860. This balance has been repaid after the year end.