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Registration number: 06939361

THS Industrial Textiles Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2024

 

THS Industrial Textiles Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

THS Industrial Textiles Limited

Balance Sheet

as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

140,807

187,475

Current assets

 

Stocks

3,005,846

2,643,192

Debtors

6

1,951,067

2,362,191

Cash at bank and in hand

 

1,343,052

858,974

 

6,299,965

5,864,357

Creditors: Amounts falling due within one year

7

(1,664,374)

(1,830,084)

Net current assets

 

4,635,591

4,034,273

Total assets less current liabilities

 

4,776,398

4,221,748

Creditors: Amounts falling due after more than one year

7

(40,701)

(93,112)

Provisions for liabilities

(6,511)

(14,527)

Net assets

 

4,729,186

4,114,109

Capital and reserves

 

Allotted, called up and fully paid share capital

100

100

Profit and loss account

4,729,086

4,114,009

Shareholders' funds

 

4,729,186

4,114,109

Registration number: 06939361

 

THS Industrial Textiles Limited

Balance Sheet

as at 30 April 2024 (continued)

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 5 September 2024 and signed on its behalf by:
 

.........................................
Mrs C Barnes
Director

 

THS Industrial Textiles Limited

Notes to the Unaudited Financial Statements

for the Year Ended 30 April 2024

1

General information

The company is a private company limited by shares incorporated in England within the United Kingdom.

The company's registration number is 06939361.

The address of its registered office is:
Heathfield Business Park
Heathfield Street
Elland
West Yorkshire
HX5 9AU

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

THS Industrial Textiles Limited

Notes to the Unaudited Financial Statements

for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates. Exchange differences are taken into account in arriving at operating profit.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

THS Industrial Textiles Limited

Notes to the Unaudited Financial Statements

for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

- 25% on a reducing balance basis

Fixtures and fittings

- 15% on a reducing balance basis

Motor vehicles

- 25% on a reducing balance basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

- evenly over it's estimated useful life of 10 years

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

THS Industrial Textiles Limited

Notes to the Unaudited Financial Statements

for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

THS Industrial Textiles Limited

Notes to the Unaudited Financial Statements

for the Year Ended 30 April 2024 (continued)

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 22 (2023 - 21).

 

THS Industrial Textiles Limited

Notes to the Unaudited Financial Statements

for the Year Ended 30 April 2024 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2023

650,000

650,000

At 30 April 2024

650,000

650,000

Amortisation

At 1 May 2023

650,000

650,000

At 30 April 2024

650,000

650,000

Net book value:

At 30 April 2024

-

-

5

Tangible assets

Fixtures and fittings
£

Motor vehicles
 £

Plant and machinery
 £

Total
£

Cost

At 1 May 2023

9,138

167,499

147,995

324,632

At 30 April 2024

9,138

167,499

147,995

324,632

Depreciation

At 1 May 2023

7,114

51,942

78,101

137,157

Charge for the year

303

28,890

17,475

46,668

At 30 April 2024

7,417

80,832

95,576

183,825

Net book value

At 30 April 2024

1,721

86,667

52,419

140,807

At 30 April 2023

2,024

115,557

69,894

187,475

Included within the net book value of £140,807 is £113,017 (2023: £150,690) relating to assets held under hire purchase agreements. Depreciation charged in the year relating to such assets is £37,673 (2023: £33,134).

 

THS Industrial Textiles Limited

Notes to the Unaudited Financial Statements

for the Year Ended 30 April 2024 (continued)

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

1,424,618

1,822,755

Amounts owed by related parties

490,943

498,552

Prepayments

 

35,506

40,884

   

1,951,067

2,362,191

7

Creditors

2024
£

2023
£

Due within one year

Bank borrowings

-

83,335

HP and finance lease liabilities

38,135

27,781

Invoice discounting facility

245,802

229,885

Trade creditors

1,035,657

898,901

Directors loan accounts

32

199

Taxation and social security

113,108

362,840

Accruals and deferred income

53,976

52,761

Corporation tax

177,664

174,382

1,664,374

1,830,084

Due after one year

Bank borrowings

-

13,917

HP and finance lease liabilities

40,701

79,195

40,701

93,112

The invoice discounting facility creditor of £245,802 (2023 - £229,885) is secured on the book debts of the company.

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £799,755 (2023 - £468,002).

 

THS Industrial Textiles Limited

Notes to the Unaudited Financial Statements

for the Year Ended 30 April 2024 (continued)

9

Parent and ultimate parent undertaking

The ultimate parent is THS Holdings Ltd, incorporated in England and Wales.

  These financial statements are available upon request from Heathfield Business Park, Heathfield St, Elland, West Yorkshire, HX5 9AU.