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REGISTERED NUMBER: 02441949 (England and Wales)















Financial Statements for the Year Ended 31 March 2024

for

Talon Textiles Limited

Talon Textiles Limited (Registered number: 02441949)

Contents of the Financial Statements
for the Year Ended 31 March 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Talon Textiles Limited

Company Information
for the Year Ended 31 March 2024







DIRECTOR: C P Newman





REGISTERED OFFICE: Titex House
Unit 8, Common Bank Industrial Estate
Ackhurst Road
Chorley
Lancashire
PR7 1NH





REGISTERED NUMBER: 02441949 (England and Wales)





ACCOUNTANTS: Bennett Kirkhope Smith
Chartered Certified Accountants
Suites 5 & 6 The Printworks
Hey Road
Barrow
Clitheroe
Lancashire
BB7 9WB

Talon Textiles Limited (Registered number: 02441949)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 65,536 37,999

CURRENT ASSETS
Stocks 609,342 574,394
Debtors 5 235,673 326,287
Cash at bank 238,328 169,077
1,083,343 1,069,758
CREDITORS
Amounts falling due within one year 6 648,390 626,611
NET CURRENT ASSETS 434,953 443,147
TOTAL ASSETS LESS CURRENT
LIABILITIES

500,489

481,146

CREDITORS
Amounts falling due after more than
one year

7

(2,005

)

-

PROVISIONS FOR LIABILITIES 9 (16,385 ) (7,575 )
NET ASSETS 482,099 473,571

CAPITAL AND RESERVES
Called up share capital 10 110 110
Retained earnings 481,989 473,461
SHAREHOLDERS' FUNDS 482,099 473,571

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Talon Textiles Limited (Registered number: 02441949)

Balance Sheet - continued
31 March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 24 September 2024 and were signed by:





C P Newman - Director


Talon Textiles Limited (Registered number: 02441949)

Notes to the Financial Statements
for the Year Ended 31 March 2024


1. STATUTORY INFORMATION

Talon Textiles Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Office equipment - 40% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

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 Statement of Income and Retained Earnings, 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.


Talon Textiles Limited (Registered number: 02441949)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


2. ACCOUNTING POLICIES - continued
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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

Talon Textiles Limited (Registered number: 02441949)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


4. TANGIBLE FIXED ASSETS
Fixtures
Office and Motor
equipment fittings vehicles Totals
£    £    £    £   
COST
At 1 April 2023 14,448 17,008 61,962 93,418
Additions - - 49,814 49,814
At 31 March 2024 14,448 17,008 111,776 143,232
DEPRECIATION
At 1 April 2023 9,987 13,566 31,866 55,419
Charge for year 1,784 516 19,977 22,277
At 31 March 2024 11,771 14,082 51,843 77,696
NET BOOK VALUE
At 31 March 2024 2,677 2,926 59,933 65,536
At 31 March 2023 4,461 3,442 30,096 37,999

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 April 2023 61,962
Additions 49,814
Transfer to ownership (61,962 )
At 31 March 2024 49,814
DEPRECIATION
At 1 April 2023 31,866
Charge for year 19,977
Transfer to ownership (39,389 )
At 31 March 2024 12,454
NET BOOK VALUE
At 31 March 2024 37,360
At 31 March 2023 30,096

Talon Textiles Limited (Registered number: 02441949)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 223,756 281,184
Bad debt provision - (3,334 )
Directors' current accounts - 37,412
Prepayments 11,917 11,025
235,673 326,287

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Hire purchase contracts 3,008 11,130
Trade creditors 3,542 53,252
Corporation tax 42,011 18,911
Social security and other taxes 1,017 1,506
VAT 69,531 82,472
Amount due to holding company 523,011 454,444
Directors' current accounts 342 -
Accrued expenses 5,928 4,896
648,390 626,611

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.3.24 31.3.23
£    £   
Hire purchase contracts 2,005 -

8. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Hire purchase contracts 5,013 11,130

The hire purchase obligation is secured on the asset to which it relates.

9. PROVISIONS FOR LIABILITIES
31.3.24 31.3.23
£    £   
Deferred tax 16,385 7,575

Talon Textiles Limited (Registered number: 02441949)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


9. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 April 2023 7,575
Charge to Statement of Income and Retained Earnings
during year

8,810
Balance at 31 March 2024 16,385

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
100 Ordinary £1 100 100
10 A Ordinary £1 10 10
110 110

11. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

31.3.24 31.3.23
£    £   
C P Newman
Balance outstanding at start of year 37,412 -
Amounts advanced 98,216 37,412
Amounts repaid (135,628 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 37,412

The loan was repaid on 6 April 2023. Interest has been charged on the loan at official rates.

12. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is C P Newman.