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Registration number: 00490228


Haircloth Weaving & Finishing Company Limited
Annual Report and
Unaudited Financial Statements

31 December 2023

 

Haircloth Weaving & Finishing Company Limited

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 9

 

Haircloth Weaving & Finishing Company Limited

Balance Sheet
31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

2,687,308

2,774,860

Current assets

 

Debtors

5

4,896,246

3,362,345

Cash at bank and in hand

 

1,509,036

2,325,667

 

6,405,282

5,688,012

Creditors: Amounts falling due within one year

6

(1,189,807)

(1,113,282)

Net current assets

 

5,215,475

4,574,730

Total assets less current liabilities

 

7,902,783

7,349,590

Creditors: Amounts falling due after more than one year

6

(349,974)

(389,162)

Net assets

 

7,552,809

6,960,428

Capital and reserves

 

Called up share capital

10

53,909

53,909

Retained earnings

7,498,900

6,906,519

Shareholders' funds

 

7,552,809

6,960,428

 

Haircloth Weaving & Finishing Company Limited

Balance Sheet
31 December 2023

For the financial 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 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. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 16 September 2024 and signed on its behalf by:
 

.........................................
Mrs P C Holt
Director

Company Registration Number: 00490228

 

Haircloth Weaving & Finishing Company Limited

Notes to the Financial Statements
Year Ended 31 December 2023

1

General information

The Company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Europa House
Barcroft Street
Bury
Lancashire
BL9 5BT
England

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 were prepared in accordance with Financial Reporting Standard 102 Section 1A for small entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Government grants

Government grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets by equal annual instalments. Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

 

Haircloth Weaving & Finishing Company Limited

Notes to the Financial Statements
Year Ended 31 December 2023

Tax

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

Tangible assets

Tangible assets are stated in the balance sheet 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.

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

Land and Buildings

2% Straight Line Freehold Property & 10% Straight Line Other

Plant & Machinery

10% Straight Line

Fixtures and Fittings

10% Straight Line

Computer Equipment

33% Straight Line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. The directors have pursued a policy of building up cash balances to enable the purchase of new trading assets.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.

 

Haircloth Weaving & Finishing Company Limited

Notes to the Financial Statements
Year Ended 31 December 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 21 (2022 - 21).

 

Haircloth Weaving & Finishing Company Limited

Notes to the Financial Statements
Year Ended 31 December 2023

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Computer Equipment
 £

Total
£

Cost or valuation

At 1 January 2023

3,955,417

1,686,087

463,627

49,809

6,154,940

Additions

-

54,698

-

-

54,698

At 31 December 2023

3,955,417

1,740,785

463,627

49,809

6,209,638

Depreciation

At 1 January 2023

1,473,858

1,419,037

439,650

47,535

3,380,080

Charge for the year

80,414

57,324

3,685

827

142,250

At 31 December 2023

1,554,272

1,476,361

443,335

48,362

3,522,330

Carrying amount

At 31 December 2023

2,401,145

264,424

20,292

1,447

2,687,308

At 31 December 2022

2,481,559

267,050

23,977

2,274

2,774,860

Included within the net book value of land and buildings above is £2,401,145 (2022 - £2,481,559) in respect of freehold land and buildings.
Fixtures and Fittings includes the cost of the telephone and internet systems.
 

 

Haircloth Weaving & Finishing Company Limited

Notes to the Financial Statements
Year Ended 31 December 2023

5

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

235,147

201,968

Amounts owed by related parties

8

4,608,048

3,109,992

Prepayments

 

53,051

50,385

   

4,896,246

3,362,345

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

-

10,000

Trade creditors

 

47,230

46,125

Amounts owed to Group undertakings and undertakings in which the Company has a participating interest

8

339,494

339,494

Taxation and social security

 

351,205

302,988

Accruals and deferred income

 

93,867

98,295

Other creditors

 

358,011

316,380

 

1,189,807

1,113,282

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

327,123

354,623

Deferred income

 

22,851

34,539

 

349,974

389,162


Loans and borrowings represent a subordinated loan that is subordinated to the claims of other creditors.
 

 

Haircloth Weaving & Finishing Company Limited

Notes to the Financial Statements
Year Ended 31 December 2023

7

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

-

27,500

Subordinated loan

327,123

327,123

327,123

354,623

8

Related party transactions

Summary of transactions with parent

HWl Limited - Shareholder
 Included within other creditors is an amount of £338,466 owing to HWL Limited, no interest has been charged on this amount.
 

Loans to related parties

2023

Other related parties
£

Total
£

At start of period

3,109,991

3,109,991

Advanced

1,498,056

1,498,056

At end of period

4,608,047

4,608,047

2022

Other related parties
£

Total
£

At start of period

3,009,854

3,009,854

Advanced

100,137

100,137

At end of period

3,109,991

3,109,991

 

Haircloth Weaving & Finishing Company Limited

Notes to the Financial Statements
Year Ended 31 December 2023

Terms of loans to related parties

During the year, Haircloth Weaving and Finishing Limited received a repayment of £459,144 from a co-member of the group, BL Operations, with the amount owed by the entity at the end of the period totalling £2,650,848 (2022: £3,109,991). This loan is interest free
During the year, Haircloth Weaving and Finishing Limited loaned £1,957,200 to a co-member of the group, BL Operations Widnes, with the amount owed by the entity at the end of the period totalling £1,975,200 (2022: £0). This loan is interest free.

Loans from related parties

2023

Parent
£

Other related parties
£

Total
£

At start of period

338,466

1,000

339,466

At end of period

338,466

1,000

339,466

2022

Parent
£

Other related parties
£

Total
£

At start of period

338,466

1,000

339,466

At end of period

338,466

1,000

339,466

9

Parent and ultimate parent undertaking

The ultimate controlling party is HWL Holdings Limited.

10

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary Shares of £1 each

53,909

53,909

53,909

53,909