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REGISTERED NUMBER: 13075200 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MAY 2024

FOR

INTERNATIONAL TEXTILE RESOURCES LTD

INTERNATIONAL TEXTILE RESOURCES LTD (REGISTERED NUMBER: 13075200)

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










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


INTERNATIONAL TEXTILE RESOURCES LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MAY 2024







DIRECTOR: Mr S Sethunarayanan





REGISTERED OFFICE: 1 Doughty Street
London
WC1N 2PH





REGISTERED NUMBER: 13075200 (England and Wales)






INTERNATIONAL TEXTILE RESOURCES LTD (REGISTERED NUMBER: 13075200)

BALANCE SHEET
31ST MAY 2024

2024 2023
Notes £    £   
CURRENT ASSETS
Debtors 4 738,069 956,242
Cash at bank 168,325 111,774
906,394 1,068,016
CREDITORS
Amounts falling due within one year 5 699,987 912,437
NET CURRENT ASSETS 206,407 155,579
TOTAL ASSETS LESS CURRENT
LIABILITIES

206,407

155,579

CAPITAL AND RESERVES
Called up share capital 6 10,000 1
Retained earnings 196,407 155,578
SHAREHOLDERS' FUNDS 206,407 155,579

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 2024 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.

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 23rd September 2024 and were signed by:





Mr S Sethunarayanan - Director


INTERNATIONAL TEXTILE RESOURCES LTD (REGISTERED NUMBER: 13075200)

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


1. STATUTORY INFORMATION

International Textile Resources Ltd 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.

The 2021 accounts were the first period of accounts for the company, hence, were longer than 12 months. For this reason, the comparatives are not comparable.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 713,341 924,510
Other debtors 24,728 31,732
738,069 956,242

INTERNATIONAL TEXTILE RESOURCES LTD (REGISTERED NUMBER: 13075200)

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


5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 188,405 343,839
Amounts owed to group undertakings 474,000 546,000
Taxation and social security 13,482 15,098
Other creditors 24,100 7,500
699,987 912,437

6. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
10,000 Ordinary shares £1 10,000 1

During the year the company issued 9,999 ordinary shares of £1 each, at par, each share ranking pari passu with the existing shares.

7. RELATED PARTY DISCLOSURES

During the year, the Company had the following transactions with the Parent Company.

2024 2023
£    £   
Share of expenses recharged by Parent Company 150,000 210,000
Rent paid to Parent Company 60,000 60,000
Balance payable to Parent Company at year-end 474,000 546,000
Rent prepaid to Parent Company 5,000 5,000