Company registration number 05267141 (England and Wales)
Interweave Textiles Limited
financial statements
for the year ended 31 December 2023
PAGES FOR FILING WITH REGISTRAR
Interweave Textiles Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 4
Interweave Textiles Limited
Statement of financial position
as at 31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
101,604
76,455
Current assets
Stocks
1,866,059
2,276,018
Debtors
1,391,733
1,268,093
Cash at bank and in hand
347,580
113,648
3,605,372
3,657,759
Creditors: amounts falling due within one year
(1,046,453)
(1,130,826)
Net current assets
2,558,919
2,526,933
Total assets less current liabilities
2,660,523
2,603,388
Creditors: amounts falling due after more than one year
(1,822,448)
(1,792,825)
Provisions for liabilities
4
(21,822)
(11,265)
Net assets
816,253
799,298
Capital and reserves
Called up share capital
5
50,000
50,000
Profit and loss reserves
766,253
749,298
Total equity
816,253
799,298
In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
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 3 September 2024 and are signed on its behalf by:
P H Benson
Director
Company registration number 05267141 (England and Wales)
Interweave Textiles Limited
Notes to the financial statements
for the year ended 31 December 2023
- 2 -
1
Accounting policies
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.
The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.
Turnover
Turnover represents the fair value of the consideration receivable for goods provided in the normal course of business, and is shown net of VAT.
Turnover is recognised on supply of goods to the customer.
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost less depreciation.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Plant and machinery
10% straight line & 25% reducing balance
Fixtures and fittings
10% straight line & 25% reducing balance
Motor vehicles
25% reducing balance
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.
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.
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 is recognised in respect of all timing differences that have originated but not reversed at the year end date. Timing differences represents the accumulated difference between the company's taxable profit and its financial profit. These differences arise primarily from the difference between accelerated capital allowances and depreciation.
Interweave Textiles Limited
Notes to the financial statements (continued)
for the year ended 31 December 2023
1
Accounting policies
(continued)
- 3 -
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
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
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
21
21
3
Tangible fixed assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2023
177,199
69,386
47,740
294,325
Additions
6,500
55,095
61,595
At 31 December 2023
183,699
124,481
47,740
355,920
Depreciation and impairment
At 1 January 2023
126,550
55,809
35,511
217,870
Depreciation charged in the year
14,287
19,290
2,869
36,446
At 31 December 2023
140,837
75,099
38,380
254,316
Carrying amount
At 31 December 2023
42,862
49,382
9,360
101,604
At 31 December 2022
50,649
13,577
12,229
76,455
Interweave Textiles Limited
Notes to the financial statements (continued)
for the year ended 31 December 2023
- 4 -
4
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
21,822
11,265
5
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
50,000
50,000
50,000
50,000
6
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:
Charles R Moorby
Statutory Auditor:
B M Howarth Ltd
Date of audit report:
3 September 2024
7
Related party transactions
The company is exempt from disclosing related party transactions with group companies as its results are included in the consolidated accounts of its parent undertaking.
8
Parent company
The ultimate undertaking is considered to be John Horsfall & Sons (Greetland) Limited, a company incorporated in England and Wales whose registered office is situated at Birkby Grange, Birkby Hall Road, Huddersfield, West Yorkshire, HD2 2XB. John Horsfall & Sons (Greetland) Limited is the company which prepares consolidated accounts for the group.
9
Company information
Interweave Textiles Limited is a private company limited by shares incorporated in England and Wales. The registered office is Birkby Grange, Birkby Hall Road, Huddersfield, West Yorkshire, HD2 2XB.