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REGISTERED NUMBER: 01622950 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2024

FOR

PARKHILL TEXTILES LIMITED

PARKHILL TEXTILES LIMITED (REGISTERED NUMBER: 01622950)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PARKHILL TEXTILES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MARCH 2024







DIRECTORS: N Ridge
Mrs P Ridge
J C Ridge



SECRETARY: Mrs P Ridge



REGISTERED OFFICE: Gordon Street Mill
Worsthorne
Burnley
Lancashire
BB10 3NA



REGISTERED NUMBER: 01622950 (England and Wales)



ACCOUNTANTS: Ainsworths Limited
Chartered Accountants
Charter House
Stansfield Street
Nelson
Lancashire
BB9 9XY



BANKERS: Lloyds TSB Plc
5 Hargreaves Street
Burnley
Lancashire
BB11 1EN

PARKHILL TEXTILES LIMITED (REGISTERED NUMBER: 01622950)

BALANCE SHEET
31ST MARCH 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 58,434 33,314

CURRENT ASSETS
Stocks 410,808 393,451
Debtors 5 459,353 462,545
Cash at bank and in hand 3,180 46,541
873,341 902,537
CREDITORS
Amounts falling due within one year 6 492,890 476,265
NET CURRENT ASSETS 380,451 426,272
TOTAL ASSETS LESS CURRENT
LIABILITIES

438,885

459,586

CREDITORS
Amounts falling due after more than one
year

7

(21,454

)

(21,667

)

PROVISIONS FOR LIABILITIES (10,668 ) (5,139 )
NET ASSETS 406,763 432,780

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 406,663 432,680
SHAREHOLDERS' FUNDS 406,763 432,780

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

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

The directors acknowledge their 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.

PARKHILL TEXTILES LIMITED (REGISTERED NUMBER: 01622950)

BALANCE SHEET - continued
31ST 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24th July 2024 and were signed on its behalf by:





J C Ridge - Director


PARKHILL TEXTILES LIMITED (REGISTERED NUMBER: 01622950)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024


1. STATUTORY INFORMATION

Parkhill 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.
Improvements to property - Straight line over 3 years
Plant and machinery - Straight line over 7 years
Fixtures and fittings - Straight line over 7 years
Motor vehicles - Straight line over 4 years

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


PARKHILL TEXTILES LIMITED (REGISTERED NUMBER: 01622950)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024


2. ACCOUNTING POLICIES - continued

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 14 (2023 - 14 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1st April 2023 600 506,797 23,786 34,999 566,182
Additions - 5,000 - 32,588 37,588
Disposals - - - (25,500 ) (25,500 )
At 31st March 2024 600 511,797 23,786 42,087 578,270
DEPRECIATION
At 1st April 2023 600 474,135 23,134 34,999 532,868
Charge for year - 6,204 154 6,110 12,468
Eliminated on disposal - - - (25,500 ) (25,500 )
At 31st March 2024 600 480,339 23,288 15,609 519,836
NET BOOK VALUE
At 31st March 2024 - 31,458 498 26,478 58,434
At 31st March 2023 - 32,662 652 - 33,314

PARKHILL TEXTILES LIMITED (REGISTERED NUMBER: 01622950)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024


4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
Additions 32,588
At 31st March 2024 32,588
DEPRECIATION
Charge for year 6,110
At 31st March 2024 6,110
NET BOOK VALUE
At 31st March 2024 26,478

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 355,361 372,997
Other debtors 103,992 89,548
459,353 462,545

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 54,856 40,690
Hire purchase contracts 4,350 -
Trade creditors 194,586 219,920
Taxation and social security 43,665 26,396
Other creditors 195,433 189,259
492,890 476,265

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Bank loans 11,667 21,667
Hire purchase contracts 9,787 -
21,454 21,667

PARKHILL TEXTILES LIMITED (REGISTERED NUMBER: 01622950)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024


8. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Bank overdrafts 44,856 30,690
Mortgage loan 10,000 10,000
Hire purchase contracts 14,137 -
68,993 40,690

Hire purchase contracts are secured on the assets to which they relate.

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

(i) As at 31st March 2024 the company owed £Nil (2023: £Nil) to N Ridge and Mrs P Ridge, both of whom are directors of the company. Such loans are unsecured, interest free and are repayable on demand.

(ii) As at 31st March 2024 the company owed £Nil (2023: £Nil) to J C Ridge, a director of the company. Such loans are unsecured, interest free and are repayable on demand.