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COMPANY REGISTRATION NUMBER: 01688420
CLEGG WOOLS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 March 2024
CLEGG WOOLS LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
Contents
Page
Balance sheet 1
Notes to the financial statements 3
CLEGG WOOLS LIMITED
BALANCE SHEET
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
22,648
27,788
Current assets
Stocks
6
94,307
54,744
Debtors
7
194,497
406,524
Cash at bank and in hand
569,614
419,344
------------
------------
858,418
880,612
Creditors: amounts falling due within one year
8
( 71,693)
( 102,600)
------------
------------
Net current assets
786,725
778,012
------------
------------
Total assets less current liabilities
809,373
805,800
Provisions
Taxation including deferred tax
310
( 890)
------------
------------
Net assets
809,683
804,910
------------
------------
Capital and reserves
Called up share capital
10
10,000
10,000
Profit and loss account
799,683
794,910
------------
------------
Shareholders funds
809,683
804,910
------------
------------
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 March 2024 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 .
CLEGG WOOLS LIMITED
BALANCE SHEET (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 25 September 2024 , and are signed on behalf of the board by:
A Clegg
Director
Company registration number: 01688420
CLEGG WOOLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Ashbrow Mills, Sheepridge, Huddersfield, HD2 1DU.
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 comprises the value of sales excluding value added tax and trade discounts.
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
Transactions in foreign currencies are translated at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities in foreign currencies are translated at the rates of exchange ruling at the balance sheet date. Where exchange differences result from the translation of foreign currency borrowings raised to acquire foreign assets they are taken to reserves and offset against the differences arising from the translation of those assets. All other exchange differences are dealt with through the profit and loss account.
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.
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:
Property Improvments
-
3 years, straight line
Plant and Equipment
-
4 - 10 years, straight line
Motor Vehicles
-
4 years, straight line
Stocks
Stocks are stated at the lower of cost and net realisable value.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
The company operates a defined contribution pension scheme. The amount charged to the profit and loss account in respect of pension costs is the contributions payable in the year.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2023: 5 ).
5. Tangible assets
Property Improvements
Plant and Equipment
Motor Vehicles
Total
£
£
£
£
Cost
At 1 April 2023
29,889
339,621
35,355
404,865
Additions
2,336
2,336
------------
------------
------------
------------
At 31 March 2024
32,225
339,621
35,355
407,201
------------
------------
------------
------------
Depreciation
At 1 April 2023
29,889
317,937
29,251
377,077
Charge for the year
3,988
3,488
7,476
------------
------------
------------
------------
At 31 March 2024
29,889
321,925
32,739
384,553
------------
------------
------------
------------
Carrying amount
At 31 March 2024
2,336
17,696
2,616
22,648
------------
------------
------------
------------
At 31 March 2023
21,684
6,104
27,788
------------
------------
------------
------------
6. Stocks
2024
2023
£
£
Raw materials and consumables
94,307
54,744
------------
------------
7. Debtors
2024
2023
£
£
Trade debtors
159,074
244,423
Prepayments and accrued income
35,338
54,351
Directors' current accounts
1,664
Other taxes and social security costs
85
86
Other debtors
106,000
------------
------------
194,497
406,524
------------
------------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
23,491
67,746
Accruals and deferred income
16,436
11,834
Social security and other taxes
31,746
23,000
Other creditors
20
20
------------
------------
71,693
102,600
------------
------------
9. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution pension plans was £ 19,004 (2023: £ 69,004 ).
10. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
10,000
10,000
10,000
10,000
------------
------------
------------
------------
11. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
53,000
16,825
Later than 1 year and not later than 5 years
212,000
24,408
Later than 5 years
212,000
26,500
------------
------------
477,000
67,733
------------
------------
12. Contingencies
The company has indemnified its bankers in respect of certain trade finance and foreign exchange facilities provided in the normal course of trading.
13. Controlling party
The company is a subsidiary of Millgarth Limited. This company is controlled by A Clegg .