M.N.S. Textiles Limited 05190175 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is the manufacture of knitted and crocheted fabrics. Digita Accounts Production Advanced 6.30.9574.0 true 05190175 2023-01-01 2023-12-31 05190175 2023-12-31 05190175 core:RetainedEarningsAccumulatedLosses 2023-12-31 05190175 core:ShareCapital 2023-12-31 05190175 core:CurrentFinancialInstruments 2023-12-31 05190175 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 05190175 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 05190175 core:FurnitureFittingsToolsEquipment 2023-12-31 05190175 core:LandBuildings 2023-12-31 05190175 core:MotorVehicles 2023-12-31 05190175 core:OtherPropertyPlantEquipment 2023-12-31 05190175 bus:SmallEntities 2023-01-01 2023-12-31 05190175 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 05190175 bus:FilletedAccounts 2023-01-01 2023-12-31 05190175 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 05190175 bus:RegisteredOffice 2023-01-01 2023-12-31 05190175 bus:Director3 2023-01-01 2023-12-31 05190175 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 05190175 core:FurnitureFittings 2023-01-01 2023-12-31 05190175 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 05190175 core:LandBuildings 2023-01-01 2023-12-31 05190175 core:LeaseholdImprovements 2023-01-01 2023-12-31 05190175 core:MotorVehicles 2023-01-01 2023-12-31 05190175 core:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 05190175 core:PlantMachinery 2023-01-01 2023-12-31 05190175 countries:England 2023-01-01 2023-12-31 05190175 2022-12-31 05190175 core:FurnitureFittingsToolsEquipment 2022-12-31 05190175 core:LandBuildings 2022-12-31 05190175 core:MotorVehicles 2022-12-31 05190175 core:OtherPropertyPlantEquipment 2022-12-31 05190175 2022-01-01 2022-12-31 05190175 2022-12-31 05190175 core:RetainedEarningsAccumulatedLosses 2022-12-31 05190175 core:ShareCapital 2022-12-31 05190175 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 05190175 core:CurrentFinancialInstruments core:WithinOneYear core:PreviouslyStatedAmount 2022-12-31 05190175 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 05190175 core:Non-currentFinancialInstruments core:AfterOneYear core:PreviouslyStatedAmount 2022-12-31 05190175 core:FurnitureFittingsToolsEquipment 2022-12-31 05190175 core:LandBuildings 2022-12-31 05190175 core:MotorVehicles 2022-12-31 05190175 core:OtherPropertyPlantEquipment 2022-12-31 05190175 core:PreviouslyStatedAmount 2022-12-31 iso4217:GBP xbrli:pure

Registration number: 05190175

M.N.S. Textiles Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

M.N.S. Textiles Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

M.N.S. Textiles Limited

Balance Sheet

as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

527,078

804,726

Current assets

 

Stocks

184,000

361,000

Debtors

5

4,388,607

3,916,909

Cash at bank and in hand

 

259,909

577,928

 

4,832,516

4,855,837

Creditors: Amounts falling due within one year

6

(1,693,581)

(1,963,453)

Net current assets

 

3,138,935

2,892,384

Total assets less current liabilities

 

3,666,013

3,697,110

Creditors: Amounts falling due after more than one year

6

(317,105)

(537,234)

Provisions for liabilities

(64,974)

(85,381)

Net assets

 

3,283,934

3,074,495

Capital and reserves

 

Allotted, called up and fully paid share capital

50,500

50,500

Profit and loss account

3,233,434

3,023,995

Shareholders' funds

 

3,283,934

3,074,495

Registration number: 05190175

 

M.N.S. Textiles Limited

Balance Sheet

as at 31 December 2023 (continued)

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.

Director's 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 director acknowledges his 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 25 September 2024
 

.........................................
Mr Mohammed Akhtar
Director

 

M.N.S. Textiles Limited

Notes to the Unaudited Financial Statements

for the Year Ended 31 December 2023

1

General information

The company is a private company limited by shares incorporated in England within the United Kingdom.

The company's registration number is 05190175.

The address of its registered office is:
MNS Building Unit 25a
George Street
Milnsbridge
Huddersfield
West Yorkshire
HD3 4JD

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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006.

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have been transferred to the buyer.

 

M.N.S. Textiles Limited

Notes to the Unaudited Financial Statements

for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Government grants

Grants relating to revenue are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.

Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets.

A grant that becomes receivable as compensation for expenses or losses already incurred or for the purposes of giving immediate financial support to the entity with no future related costs shall be recognised in income in the period in which it becomes receivable.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Exchange differences are taken into account in arriving at operating profit.

Tax

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the statement of financial position at cost (or deemed 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.

 

M.N.S. Textiles Limited

Notes to the Unaudited Financial Statements

for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Depreciation

Depreciation is charged so as to write off the cost of assets, as follows:

Asset class

Depreciation method and rate

Leasehold property

10% or 20% per annum on a straight line basis

Plant and machinery

15% per annum on a reducing balance basis

Fixtures, fittings and equipment

25% per annum on a straight line basis

Motor vehicles

25% per annum on a straight line basis

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Defined contribution pension obligation

The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions are charged to the profit and loss account.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year was 22 (2022 - 24).

 

M.N.S. Textiles Limited

Notes to the Unaudited Financial Statements

for the Year Ended 31 December 2023 (continued)

4

Tangible assets

Land and buildings
£

Fixtures, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
 £

Total
£

Cost

At 1 January 2023

567,527

395,916

329,643

3,159,260

4,452,346

Additions

-

3,026

-

-

3,026

Disposals

-

-

(67,821)

(1,189,469)

(1,257,290)

At 31 December 2023

567,527

398,942

261,822

1,969,791

3,198,082

Depreciation

At 1 January 2023

417,219

372,603

296,198

2,561,600

3,647,620

Charge for the year

25,051

18,098

12,185

65,703

121,037

Eliminated on disposal

-

-

(67,821)

(1,029,832)

(1,097,653)

At 31 December 2023

442,270

390,701

240,562

1,597,471

2,671,004

Net book value

At 31 December 2023

125,257

8,241

21,260

372,320

527,078

At 31 December 2022

150,308

23,313

33,445

597,660

804,726

 

M.N.S. Textiles Limited

Notes to the Unaudited Financial Statements

for the Year Ended 31 December 2023 (continued)

5

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

363,804

776,979

Prepayments

 

229,289

308,757

Other debtors

3,795,514

2,831,173

   

4,388,607

3,916,909

6

Creditors

2023
£

2022
£

Due within one year

Bank borrowings

175,365

190,000

Trade creditors

956,407

1,570,393

Taxation and social security

137,307

164,613

Other creditors

120,976

1,781

Accruals and deferred income

187,286

19,387

Corporation tax

116,240

17,279

1,693,581

1,963,453

Due after one year

Bank borrowings

277,663

490,833

Deferred income

39,442

46,401

317,105

537,234