REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
CATHERINE TOUGH TEXTILES LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
CATHERINE TOUGH TEXTILES LIMITED |
CATHERINE TOUGH TEXTILES LIMITED (REGISTERED NUMBER: 05053391) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 March 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
CATHERINE TOUGH TEXTILES LIMITED |
COMPANY INFORMATION |
for the Year Ended 31 March 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
54 Sun Street |
Waltham Abbey |
Essex |
EN9 1EJ |
CATHERINE TOUGH TEXTILES LIMITED (REGISTERED NUMBER: 05053391) |
BALANCE SHEET |
31 March 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
( |
) | ( |
) |
The director acknowledges her responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
CATHERINE TOUGH TEXTILES LIMITED (REGISTERED NUMBER: 05053391) |
BALANCE SHEET - continued |
31 March 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
CATHERINE TOUGH TEXTILES LIMITED (REGISTERED NUMBER: 05053391) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 March 2023 |
1. | STATUTORY INFORMATION |
Catherine Tough Textiles Limited is a |
The presentation currency of the financial statement is the Pound Sterling (£) which is the functional currency of the company and rounded to the nearest £. |
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Fixtures and fittings | - |
Computer equipment | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
CATHERINE TOUGH TEXTILES LIMITED (REGISTERED NUMBER: 05053391) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2023 |
2. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Cash and cash equivalents |
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and any short term deposits. |
Debtors and creditors receivable/payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 April 2022 |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
Directors' current accounts | 13,352 | 14,816 |
Tax |
Prepayments |
CATHERINE TOUGH TEXTILES LIMITED (REGISTERED NUMBER: 05053391) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2023 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Other loans |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 19,652 | 4,738 |
Other creditors |
Accrued expenses |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
Bank loans more 5 yr by instal |
Other loans - 1-2 years | 70,194 |
Other loans | - | 51,750 |
Other loans more 5yrs instal |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 10,938 | 13,933 |
Other loans more 5yrs instal | - | 13,314 |
10,938 | 27,247 |
8. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31 March 2023 and 31 March 2022: |
2023 | 2022 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
CATHERINE TOUGH TEXTILES LIMITED (REGISTERED NUMBER: 05053391) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2023 |
9. | RELATED PARTY DISCLOSURES |
Catherine Tough Textiles PT |
A company in which Catherine Tough is a director and shareholder |
During the year the company re-charged production costs amounting to £73,701 to Catherine Tough Textiles PT, a company based in Portugal. The Portuguese company does not have the means to repay these costs and so the director has written them off in these accounts. |
2023 | 2022 |
£ | £ |
Amount due from related party at the balance sheet date | 73,701 | - |
Amounts written off during the year | 73,701 | - |