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Registration number: 03584324

Field Textiles Limited

Unaudited Filleted Financial Statements

for the Period from 1 November 2022 to 30 April 2024

 

Field Textiles Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Field Textiles Limited

Company Information

Directors

Mr MJ Dipple

Mr MH Dipple

Mr SR Dipple

Company secretary

Mrs I Dipple

Registered office

5 High Green
Great Shelford
Cambridge
Cambridgeshire
CB22 5EG

Accountants

Tayabali & White
5 High Green
Great Shelford
Cambridge
Cambridgeshire
CB22 5EG

 

Field Textiles Limited

(Registration number: 03584324)
Balance Sheet as at 30 April 2024

Note

2024
£

2022
£

Fixed assets

 

Tangible assets

4

-

65,291

Investments

5

2

2

 

2

65,293

Current assets

 

Stocks

6

-

8,000

Debtors

7

163,060

356,086

Cash at bank and in hand

 

538,231

623,947

 

701,291

988,033

Creditors: Amounts falling due within one year

8

(97,135)

(328,138)

Net current assets

 

604,156

659,895

Net assets

 

604,158

725,188

Capital and reserves

 

Called up share capital

9

6

6

Capital redemption reserve

(499,998)

(499,998)

Retained earnings

1,104,150

1,225,180

Shareholders' funds

 

604,158

725,188

For the financial period ending 30 April 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 accounts for the period in question in accordance with section 476; and

The directors acknowledge their 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Field Textiles Limited

(Registration number: 03584324)
Balance Sheet as at 30 April 2024

Approved and authorised by the Board on 16 September 2024 and signed on its behalf by:
 

.........................................
Mr SR Dipple
Director

 

Field Textiles Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2022 to 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The company's registered number is 03584324.

The address of its registered office is:
5 High Green
Great Shelford
Cambridge
Cambridgeshire
CB22 5EG
United Kingdom

These financial statements were authorised for issue by the Board on 16 September 2024.

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 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

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

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Field Textiles Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2022 to 30 April 2024

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at 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.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & Machinery

25% Reducing Balance

Office Equipment

25% Reducing Balance

Motor Vehicles

25% Reducing Balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Field Textiles Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2022 to 30 April 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Field Textiles Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2022 to 30 April 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 9 (2022 - 13).

 

Field Textiles Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2022 to 30 April 2024

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2022

38,083

70,977

81,601

190,661

Additions

924

-

-

924

Disposals

(39,007)

(70,977)

(81,601)

(191,585)

At 30 April 2024

-

-

-

-

Depreciation

At 1 November 2022

35,765

45,361

44,244

125,370

Eliminated on disposal

(35,765)

(45,361)

(44,244)

(125,370)

At 30 April 2024

-

-

-

-

Carrying amount

At 30 April 2024

-

-

-

-

At 31 October 2022

2,318

25,616

37,357

65,291

5

Investments

2024
£

2022
£

Investments in subsidiaries

2

2

Subsidiaries

£

Cost or valuation

At 1 November 2022

2

Provision

Carrying amount

At 30 April 2024

2

At 31 October 2022

2

 

Field Textiles Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2022 to 30 April 2024

6

Stocks

2024
£

2022
£

Finished goods and goods for resale

-

8,000

7

Debtors

Current

Note

2024
£

2022
£

Trade debtors

 

-

52,403

Amounts owed by related parties

11

112,714

142,517

Prepayments

 

-

41,179

Other debtors

 

50,346

119,987

   

163,060

356,086

 

Field Textiles Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2022 to 30 April 2024

8

Creditors

Creditors: amounts falling due within one year

2024
£

2022
£

Due within one year

Trade creditors

14,521

142,314

Taxation and social security

1,102

92,328

Accruals and deferred income

-

3,729

Other creditors

1,100

4,956

Amounts due to related parties

80,412

84,811

97,135

328,138

9

Share capital

Allotted, called up and fully paid shares

2024

2022

No.

£

No.

£

Ordinary of £1 each

6

6

6

6

       

10

Dividends

Interim dividends paid

2024
£

2022
£

Interim dividend of 7,040.27 (2022 - 150,000.00) per each Ordinary

42,242

900,000

 

 

11

Related party transactions

 

Field Textiles Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2022 to 30 April 2024

Directors' remuneration

The directors' remuneration for the period was as follows:

2024
£

2022
£

Remuneration

39,690

26,460

Contributions paid to money purchase schemes

-

6,613

39,690

33,073

Summary of transactions with parent

FTHC Ltd
 As at 30th April 2024, the company owed FTHC Ltd £80,412 (31st October 2022: £84,811).
 

Summary of transactions with subsidiaries

Military Spares UK Limited
 Military Spares UK Ltd owed the company £112,714 as at 30th April 2024 (31st October 2022: £142,516).