Silverfin false false 31/01/2024 01/02/2023 31/01/2024 Mr W T Cross 09/12/2021 25 October 2024 The principal activity of the Company during the financial period was that of circular clothing design, support and certification. 13790864 2024-01-31 13790864 bus:Director1 2024-01-31 13790864 2023-01-31 13790864 core:CurrentFinancialInstruments 2024-01-31 13790864 core:CurrentFinancialInstruments 2023-01-31 13790864 core:RetainedEarningsAccumulatedLosses 2024-01-31 13790864 core:RetainedEarningsAccumulatedLosses 2023-01-31 13790864 core:PatentsTrademarksLicencesConcessionsSimilar 2023-01-31 13790864 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2023-01-31 13790864 core:PatentsTrademarksLicencesConcessionsSimilar 2024-01-31 13790864 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2024-01-31 13790864 core:PlantMachinery 2023-01-31 13790864 core:ComputerEquipment 2023-01-31 13790864 core:PlantMachinery 2024-01-31 13790864 core:ComputerEquipment 2024-01-31 13790864 2023-02-01 2024-01-31 13790864 bus:FilletedAccounts 2023-02-01 2024-01-31 13790864 bus:SmallEntities 2023-02-01 2024-01-31 13790864 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 13790864 bus:CompanyLimitedByGuarantee 2023-02-01 2024-01-31 13790864 bus:Director1 2023-02-01 2024-01-31 13790864 core:PatentsTrademarksLicencesConcessionsSimilar core:TopRangeValue 2023-02-01 2024-01-31 13790864 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill core:TopRangeValue 2023-02-01 2024-01-31 13790864 core:PlantMachinery 2023-02-01 2024-01-31 13790864 core:ComputerEquipment 2023-02-01 2024-01-31 13790864 2021-12-09 2023-01-31 13790864 core:PatentsTrademarksLicencesConcessionsSimilar 2023-02-01 2024-01-31 13790864 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2023-02-01 2024-01-31 iso4217:GBP xbrli:pure

Company No: 13790864 (England and Wales)

CIRCULAR TEXTILES FOUNDATION

(A company limited by guarantee)

Unaudited Financial Statements
For the financial year ended 31 January 2024
Pages for filing with the registrar

CIRCULAR TEXTILES FOUNDATION

Unaudited Financial Statements

For the financial year ended 31 January 2024

Contents

CIRCULAR TEXTILES FOUNDATION

BALANCE SHEET

As at 31 January 2024
CIRCULAR TEXTILES FOUNDATION

BALANCE SHEET (continued)

As at 31 January 2024
Note 31.01.2024 31.01.2023
£ £
Restated - note 2
Fixed assets
Intangible assets 4 10,591 10,664
Tangible assets 5 1,256 0
11,847 10,664
Current assets
Debtors 6 48,051 8,863
Cash at bank and in hand 35,002 39,233
83,053 48,096
Creditors: amounts falling due within one year 7 ( 66,390) ( 34,671)
Net current assets 16,663 13,425
Total assets less current liabilities 28,510 24,089
Provision for liabilities ( 239) 0
Net assets 28,271 24,089
Reserves
Profit and loss account 28,271 24,089
Total reserves 28,271 24,089

For the financial year ending 31 January 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Circular Textiles Foundation (registered number: 13790864) were approved and authorised for issue by the Director on 25 October 2024. They were signed on its behalf by:

Mr W T Cross
Director
CIRCULAR TEXTILES FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
CIRCULAR TEXTILES FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

Circular Textiles Foundation (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Melville Building East, Unit 18, 23 Royal William Yard, Plymouth, PL1 3GW. The Company's trading address is 36 William Prance Rd, Plymouth, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Prior year error

During the year it was identified that income management charges had been incorrectly accounted for in the prior year and have been adjusted for.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Revenue from membership services is recognised over the period to which the membership spans. Turnover from the sale of goods and services such as workshops is recognised in the period in which the activity occurred.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Trademarks, patents and licences 10 years straight line
Website costs 3 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Plant and machinery 20 % reducing balance
Computer equipment 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised 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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Prior year adjustment

During the year it was identified that income management charges had been incorrectly accounted for in the prior year and have been adjusted as per the below.

As previously reported Adjustment As restated
Year ended 31 January 2023 £ £ £
Management charges 12,000 (12,000) 0
Rates 3,072 (3,072) 0
Rent 10,479 (10,479) 0
Light and heat 2,068 (2,068) 0
VAT recoverable 5,164 (5,164) 0
VAT payable 0 (360) (360)
Other creditors (44,063) 33,143 (10,920)
Corporation Tax (247) (5,248) (5,495)

3. Employees

Year ended
31.01.2024
Period from
09.12.2021 to
31.01.2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 4 3

4. Intangible assets

Trademarks, patents
and licences
Website costs Total
£ £ £
Cost
At 01 February 2023 10,000 920 10,920
Additions 1,640 0 1,640
Disposals 0 ( 920) ( 920)
At 31 January 2024 11,640 0 11,640
Accumulated amortisation
At 01 February 2023 0 256 256
Charge for the financial year 1,049 307 1,356
Disposals 0 ( 563) ( 563)
At 31 January 2024 1,049 0 1,049
Net book value
At 31 January 2024 10,591 0 10,591
At 31 January 2023 10,000 664 10,664

5. Tangible assets

Plant and machinery Computer equipment Total
£ £ £
Cost
At 01 February 2023 0 0 0
Additions 515 832 1,347
At 31 January 2024 515 832 1,347
Accumulated depreciation
At 01 February 2023 0 0 0
Charge for the financial year 77 14 91
At 31 January 2024 77 14 91
Net book value
At 31 January 2024 438 818 1,256
At 31 January 2023 0 0 0

6. Debtors

31.01.2024 31.01.2023
£ £
Trade debtors 37,736 8,863
Prepayments 315 0
Other debtors 10,000 0
48,051 8,863

7. Creditors: amounts falling due within one year

31.01.2024 31.01.2023
£ £
Trade creditors 36,976 6,000
Accruals and deferred income 13,709 11,896
Taxation and social security 15,705 5,855
Other creditors 0 10,920
66,390 34,671