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Registered number: 09787627
Yarn Collective Limited
Financial Statements
For The Year Ended 31 December 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 09787627
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 99,470 44,971
Tangible Assets 5 17,232 9,547
116,702 54,518
CURRENT ASSETS
Stocks 6 274,039 140,235
Debtors 7 62,002 112,558
Cash at bank and in hand 36,711 318,876
372,752 571,669
Creditors: Amounts Falling Due Within One Year 8 (353,498 ) (469,367 )
NET CURRENT ASSETS (LIABILITIES) 19,254 102,302
TOTAL ASSETS LESS CURRENT LIABILITIES 135,956 156,820
Creditors: Amounts Falling Due After More Than One Year 9 - (10,560 )
PROVISIONS FOR LIABILITIES
Provisions For Charges (20,000 ) (40,000 )
NET ASSETS 115,956 106,260
CAPITAL AND RESERVES
Called up share capital 10 4 4
Share premium account 99,999 99,999
Profit and Loss Account 15,953 6,257
SHAREHOLDERS' FUNDS 115,956 106,260
Page 1
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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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
James Gomez
Director
16th August 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Yarn Collective Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09787627 . The registered office is Unit Pl38 Pall Mall Deposit, 124-128 Barlby Road, London, W10 6BL.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes.  Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets comprise  a bespoke sales and stock management system.It is amortised to profit and loss account over its estimated economic life of 10 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery Straight line @ 20%
Fixtures & Fittings Straight line @ 10%
Computer Equipment Straight line @ 33%
2.5. Stocks and Work in Progress
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of
manufacturing/completion.
2.6. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.7. Taxation
Income tax expense represents the sum of the tax currently payable.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
2.8. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 7 (2022: 6)
7 6
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4. Intangible Assets
Other
£
Cost
As at 1 January 2023 48,042
Additions 62,425
As at 31 December 2023 110,467
Amortisation
As at 1 January 2023 3,071
Provided during the period 7,926
As at 31 December 2023 10,997
Net Book Value
As at 31 December 2023 99,470
As at 1 January 2023 44,971
5. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 January 2023 6,218 1,453 9,036 16,707
Additions 9,934 1,595 652 12,181
As at 31 December 2023 16,152 3,048 9,688 28,888
Depreciation
As at 1 January 2023 1,244 145 5,771 7,160
Provided during the period 2,237 305 1,954 4,496
As at 31 December 2023 3,481 450 7,725 11,656
Net Book Value
As at 31 December 2023 12,671 2,598 1,963 17,232
As at 1 January 2023 4,974 1,308 3,265 9,547
6. Stocks
2023 2022
£ £
Stock 274,039 140,235
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 28,735 96,003
Other debtors 33,267 16,555
62,002 112,558
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8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 241,454 342,635
Bank loans and overdrafts 24,820 24,908
Other creditors 25,316 39,183
Taxation and social security 61,908 62,641
353,498 469,367
9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans - 10,560
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 4 4
Page 5