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REGISTERED NUMBER: 08818126 (England and Wales)















Unaudited Financial Statements for the Year Ended 31st December 2023

for

ACP TEXTILE (UK) LIMITED

ACP TEXTILE (UK) LIMITED (REGISTERED NUMBER: 08818126)






Contents of the Financial Statements
for the Year Ended 31st December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ACP TEXTILE (UK) LIMITED

Company Information
for the Year Ended 31st December 2023







DIRECTOR: Mr A Pandya





REGISTERED OFFICE: 41 St. Thomas's Road
Chorley
PR7 1JE





REGISTERED NUMBER: 08818126 (England and Wales)





ACCOUNTANTS: Abrams Ashton - Chorley Limited
Chartered Certified Accountants
41 St Thomas's Road
Chorley
Lancashire
PR7 1JE

ACP TEXTILE (UK) LIMITED (REGISTERED NUMBER: 08818126)

Balance Sheet
31st December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 2,030 1,376
2,030 1,376

CURRENT ASSETS
Stocks 306,520 179,300
Debtors 6 144,030 113,650
Cash in hand 58 1,370
450,608 294,320
CREDITORS
Amounts falling due within one year 7 359,578 118,648
NET CURRENT ASSETS 91,030 175,672
TOTAL ASSETS LESS CURRENT
LIABILITIES

93,060

177,048

CREDITORS
Amounts falling due after more than one
year

8

(87,665

)

(147,412

)

PROVISIONS FOR LIABILITIES (386 ) (261 )
NET ASSETS 5,009 29,375

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 4,909 29,275
SHAREHOLDERS' FUNDS 5,009 29,375

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2023 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.

ACP TEXTILE (UK) LIMITED (REGISTERED NUMBER: 08818126)

Balance Sheet - continued
31st December 2023


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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 25th September 2024 and were signed by:





Mr A Pandya - Director


ACP TEXTILE (UK) LIMITED (REGISTERED NUMBER: 08818126)

Notes to the Financial Statements
for the Year Ended 31st December 2023

1. STATUTORY INFORMATION

ACP Textile (UK) 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable and represents amounts received for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Revenue is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.

Trademark
Trademarks acquired are initially recognised at cost and are subsequently carried at cost less accumulated amortisation and accumulated impairment losses. Amortisation is then applied to the profit and loss account using the straightline method over 5 years, this is the shorter of their estimated useful lives and periods of contractual rights.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance
Computer equipment - 33.3% on reducing balance

Impairment of assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments' of FRS 102 to all its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


ACP TEXTILE (UK) LIMITED (REGISTERED NUMBER: 08818126)

Notes to the Financial Statements - continued
for the Year Ended 31st December 2023

2. ACCOUNTING POLICIES - continued
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.

Cash and cash equivalents
Cash and cash equivalents includes cash in hand, deposits held with banks and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4. INTANGIBLE FIXED ASSETS
Patents
and
licences
£   
COST
At 1st January 2023
and 31st December 2023 1,105
AMORTISATION
At 1st January 2023
and 31st December 2023 1,105
NET BOOK VALUE
At 31st December 2023 -
At 31st December 2022 -

ACP TEXTILE (UK) LIMITED (REGISTERED NUMBER: 08818126)

Notes to the Financial Statements - continued
for the Year Ended 31st December 2023

5. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1st January 2023 190 3,350 3,540
Additions - 1,290 1,290
At 31st December 2023 190 4,640 4,830
DEPRECIATION
At 1st January 2023 190 1,974 2,164
Charge for year - 636 636
At 31st December 2023 190 2,610 2,800
NET BOOK VALUE
At 31st December 2023 - 2,030 2,030
At 31st December 2022 - 1,376 1,376

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 63,838 56,858
Other debtors 5,925 4,000
Directors' current accounts 73,948 52,467
Prepayments 319 325
144,030 113,650

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 19,370 29,196
Other loans 48,476 44,363
Trade creditors 170,648 5,516
Tax 3,196 3,065
VAT 27,358 19,589
Other creditors 73,707 -
Credit card 2,674 2,795
Accrued expenses 14,149 14,124
359,578 118,648

ACP TEXTILE (UK) LIMITED (REGISTERED NUMBER: 08818126)

Notes to the Financial Statements - continued
for the Year Ended 31st December 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Bank loans - 1-2 years 11,271 11,271
Bank loans - 2-5 years 4,696 15,968
Other loans - 1-2 years 52,971 48,476
Other loans - 2-5 years 18,727 71,697
87,665 147,412

9. SECURED DEBTS

On 12 December 2017 the company's bank registered a floating charge, which covers all property or undertaking of the company.

The bank loan relates to the government backed Bounce Back Loan.

The other loan relates to the government backed recovery loan scheme.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
100 Ordinary £1 100 100

11. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31st December 2023 and 31st December 2022:

31.12.23 31.12.22
£    £   
Mr A Pandya
Balance outstanding at start of year 52,467 56,826
Amounts advanced 89,580 47,214
Amounts repaid (68,099 ) (51,573 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 73,948 52,467

12. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr A Pandya.