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COMPANY REGISTRATION NUMBER: 11896107
SELLERS TEXTILE ENGINEERS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 December 2023
SELLERS TEXTILE ENGINEERS LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
Contents
Pages
Balance sheet 1 to 2
Notes to the financial statements 3 to 7
SELLERS TEXTILE ENGINEERS LIMITED
BALANCE SHEET
31 December 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
6
8
8
Tangible assets
7
81,576
94,444
------------
------------
81,584
94,452
Current assets
Stocks
8
454,671
958,691
Debtors
9
3,110,926
459,331
Cash at bank and in hand
207,774
830,063
------------
------------
3,773,371
2,248,085
Creditors: amounts falling due within one year
10
( 2,982,269)
( 1,775,331)
------------
------------
Net current assets
791,102
472,754
------------
------------
Total assets less current liabilities
872,686
567,206
Creditors: amounts falling due after more than one year
11
( 600,595)
( 637,750)
Provisions
94,241
58,273
------------
------------
Net assets/(liabilities)
366,332
( 12,271)
------------
------------
Capital and reserves
Called up share capital
14
100,000
100,000
Profit and loss account
266,332
( 112,271)
------------
------------
Shareholders funds/(deficit)
366,332
( 12,271)
------------
------------
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 profit and loss account 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.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
SELLERS TEXTILE ENGINEERS LIMITED
BALANCE SHEET (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 6 September 2024 , and are signed on behalf of the board by:
K J Gardiner
Director
Company registration number: 11896107
SELLERS TEXTILE ENGINEERS 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 Trident Business Park, Neptune Way, Leeds Road, Huddersfield, HD2 1UA.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, 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.
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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
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:
Plant and machinery
-
15% reducing balance
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
15% reducing balance
Equipment
-
33% straight line
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.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 46 (2022: 46 ).
5. Tax on profit/(loss)
Major components of tax income
2023
2022
£
£
Deferred tax:
Origination and reversal of timing differences
( 35,968)
( 33,539)
------------
------------
Tax on profit/(loss)
( 35,968)
( 33,539)
------------
------------
6. Intangible assets
Intangible assets
£
Cost
At 1 January 2023 and 31 December 2023
8
------------
Amortisation
At 1 January 2023 and 31 December 2023
------------
Carrying amount
At 31 December 2023
8
------------
At 31 December 2022
8
------------
7. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 January 2023
108,501
867
26,870
20,951
157,189
Additions
1,332
3,700
5,032
------------
------------
------------
------------
------------
At 31 December 2023
108,501
2,199
26,870
24,651
162,221
------------
------------
------------
------------
------------
Depreciation
At 1 January 2023
46,945
191
5,227
10,382
62,745
Charge for the year
8,625
253
3,247
5,775
17,900
------------
------------
------------
------------
------------
At 31 December 2023
55,570
444
8,474
16,157
80,645
------------
------------
------------
------------
------------
Carrying amount
At 31 December 2023
52,931
1,755
18,396
8,494
81,576
------------
------------
------------
------------
------------
At 31 December 2022
61,556
676
21,643
10,569
94,444
------------
------------
------------
------------
------------
8. Stocks
2023
2022
£
£
Raw materials and consumables
383,227
335,604
Work in progress
71,444
623,087
------------
------------
454,671
958,691
------------
------------
9. Debtors
2023
2022
£
£
Trade debtors
2,863,761
227,776
Prepayments and accrued income
164,809
148,715
Other debtors
82,356
82,840
------------
------------
3,110,926
459,331
------------
------------
10. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
1,055,556
55,556
Trade creditors
1,175,074
1,422,827
Accruals and deferred income
709,085
255,025
Social security and other taxes
31,904
31,210
Other creditors
10,650
10,713
------------
------------
2,982,269
1,775,331
------------
------------
11. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
23,148
78,704
Shareholder loans
577,447
559,046
------------
------------
600,595
637,750
------------
------------
12. Secured indebtedness
2023
2022
£
£
Secured indebtedness
1,078,704
134,259
------------
------------
13. Deferred tax
The deferred tax included in the balance sheet is as follows:
2023
2022
£
£
Included in provisions
( 94,241)
( 58,273)
------------
------------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
( 7,741)
17,252
Unused tax losses
( 86,500)
( 75,525)
------------
------------
(94,241)
(58,273)
------------
------------
14. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100,000
100,000
100,000
100,000
------------
------------
------------
------------
15. Related party transactions
Included in creditors are loans from the shareholders of £577,447 (2022: £559,046) which are unsecured and repayable on deferred terms. Interest is being charged on these loans at 3.5% pa. Control of the company There is no one controlling party of the company.