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REGISTERED NUMBER: 02662003 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

THE WEAVERS SHOP LIMITED

THE WEAVERS SHOP LIMITED (REGISTERED NUMBER: 02662003)






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




Page

Balance Sheet 1

Notes to the Financial Statements 3


THE WEAVERS SHOP LIMITED (REGISTERED NUMBER: 02662003)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 5,428 7,237

CURRENT ASSETS
Stocks 5 234,970 244,399
Debtors 6 13,647,722 12,396,238
Cash at bank 4,260,476 4,578,822
18,143,168 17,219,459
CREDITORS
Amounts falling due within one year 7 367,161 437,526
NET CURRENT ASSETS 17,776,007 16,781,933
TOTAL ASSETS LESS CURRENT
LIABILITIES

17,781,435

16,789,170

PROVISIONS FOR LIABILITIES 1,357 1,375
NET ASSETS 17,780,078 16,787,795

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 17,779,978 16,787,695
SHAREHOLDERS' FUNDS 17,780,078 16,787,795

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 WEAVERS SHOP LIMITED (REGISTERED NUMBER: 02662003)

BALANCE SHEET - continued
31 DECEMBER 2023


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 August 2024 and were signed on its behalf by:




Y Patel - Director I Patel - Director




Y Patel - Director


THE WEAVERS SHOP LIMITED (REGISTERED NUMBER: 02662003)

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

1. STATUTORY INFORMATION

The Weavers Shop Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 02662003

Registered office: The Weavers Shop
Eastern Avenue
Gloucester
GL4 3BY

The presentation currency of the financial statements is the Pound Sterling (£).


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 for goods sold and services provided during the year, excluding discounts, rebates, value added tax and other sales taxes.

Income is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stock is valued at the lower of cost and estimated selling price less costs to sell, after making due allowance for obsolete and slow moving items.

Financial instruments
The following assets and liabilities are classified as basic financial instruments - trade debtors, trade creditors, directors' loans and loan from related party.

Directors' loans (being repayable on demand), trade debtors, trade creditors and loan from related party are measured at the undiscounted amount of cash or other consideration expected to be paid or received.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.


THE WEAVERS SHOP LIMITED (REGISTERED NUMBER: 02662003)

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

2. ACCOUNTING POLICIES - continued
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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Provisions
Provisions are recognised only where a present obligation exists as a result of a past transaction or event at or prior to the balance sheet date. In addition, a provision is only recognised where the amounts involved can be reliably estimated. Where material, provisions are calculated on a discounted basis.

Going concern
There are no material uncertainties that may cast significant doubt about the company's ability to continue as a going concern.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2022 - 16 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 January 2023
and 31 December 2023 29,803 11,758 18,790 60,351
DEPRECIATION
At 1 January 2023 27,685 11,120 14,309 53,114
Charge for year 529 160 1,120 1,809
At 31 December 2023 28,214 11,280 15,429 54,923
NET BOOK VALUE
At 31 December 2023 1,589 478 3,361 5,428
At 31 December 2022 2,118 638 4,481 7,237

5. STOCKS
2023 2022
£    £   
Stocks 234,970 244,399

THE WEAVERS SHOP LIMITED (REGISTERED NUMBER: 02662003)

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

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Loan to related party 13,635,958 12,384,582
Prepayments and accrued income 11,764 11,656
13,647,722 12,396,238

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 63,502 87,262
Corporation Tax 135,097 142,243
Social security and other taxes 5,066 3,261
Net wages 20,775 19,780
Pensions Payable 382 222
VAT 79,981 94,984
Directors' loan accounts 970 970
Accruals and deferred income 61,388 88,804
367,161 437,526

8. 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
£    £   
Y Patel
Balance outstanding at start of year 323 323
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 323 323

Y Patel
Balance outstanding at start of year 323 323
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 323 323

I Patel
Balance outstanding at start of year 323 323
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 323 323

No interest is being charged on the loan and there are no set repayment terms.

THE WEAVERS SHOP LIMITED (REGISTERED NUMBER: 02662003)

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

9. RELATED PARTY DISCLOSURES

The Patel families also own all of the issued share capital of The Patel Brothers Limited, a company incorporated in England & Wales. Patel Brothers Limited has a loan from The Weavers Shop Limited of £13,635,958 (2022: £12,384,582). This amount will not be paid until notice of 363 days is given. Loan interest is charged at 2.5%.