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COMPANY REGISTRATION NUMBER: 03304186
Randisi Textiles Ltd
Unaudited Financial Statements
31 January 2024
Randisi Textiles Ltd
Financial Statements
Year ended 31 January 2024
Contents
Page
Director's report
1
Statement of income and retained earnings
2
Statement of financial position
3
Notes to the financial statements
5
Randisi Textiles Ltd
Director's Report
Year ended 31 January 2024
The director presents his report and the unaudited financial statements of the company for the year ended 31 January 2024 .
Director
The director who served the company during the year was as follows:
Mr G Randisi
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 22 October 2024 and signed on behalf of the board by:
Mr G Randisi
Mrs G Randisi
Director
Company Secretary
Registered office:
Mulgrave Street
Bradford
West Yorkshire
BD3 9SE
Randisi Textiles Ltd
Statement of Income and Retained Earnings
Year ended 31 January 2024
2024
2023
Note
£
£
Turnover
1,943,101
1,928,314
Cost of sales
1,559,010
1,429,040
------------
------------
Gross profit
384,091
499,274
Distribution costs
145,486
107,936
Administrative expenses
210,841
282,914
---------
---------
Operating profit
27,764
108,424
Interest payable and similar expenses
751
---------
---------
Profit before taxation
5
27,764
107,673
Tax on profit
6,578
21,490
--------
---------
Profit for the financial year and total comprehensive income
21,186
86,183
--------
---------
Dividends paid and payable
( 160,000)
Retained earnings at the start of the year
446,916
360,733
---------
---------
Retained earnings at the end of the year
308,102
446,916
---------
---------
All the activities of the company are from continuing operations.
Randisi Textiles Ltd
Statement of Financial Position
31 January 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
6
38,023
37,573
Current assets
Stocks
135,150
170,430
Debtors
7
210,009
170,658
Cash at bank and in hand
8,701
106,590
---------
---------
353,860
447,678
Creditors: amounts falling due within one year
8
58,864
10,243
---------
---------
Net current assets
294,996
437,435
---------
---------
Total assets less current liabilities
333,019
475,008
Creditors: amounts falling due after more than one year
9
24,915
28,090
---------
---------
Net assets
308,104
446,918
---------
---------
Capital and reserves
Called up share capital
2
2
Profit and loss account
308,102
446,916
---------
---------
Shareholders funds
308,104
446,918
---------
---------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the 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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Randisi Textiles Ltd
Statement of Financial Position (continued)
31 January 2024
These financial statements were approved by the board of directors and authorised for issue on 22 October 2024 , and are signed on behalf of the board by:
Mr G Randisi
Director
Company registration number: 03304186
Randisi Textiles Ltd
Notes to the Financial Statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Mulgrave Street, Bradford, West Yorkshire, BD3 9SE.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Not applicable.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 20 (2023: 33 ).
5. Profit before taxation
Profit before taxation is stated after charging:
2024
2023
£
£
Depreciation of tangible assets
12,675
12,525
--------
--------
6. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 February 2023
165,903
12,094
92,130
3,122
273,249
Additions
13,125
13,125
---------
--------
---------
-------
---------
At 31 January 2024
165,903
12,094
105,255
3,122
286,374
---------
--------
---------
-------
---------
Depreciation
At 1 February 2023
154,516
11,085
66,976
3,099
235,676
Charge for the year
2,847
252
9,570
6
12,675
---------
--------
---------
-------
---------
At 31 January 2024
157,363
11,337
76,546
3,105
248,351
---------
--------
---------
-------
---------
Carrying amount
At 31 January 2024
8,540
757
28,709
17
38,023
---------
--------
---------
-------
---------
At 31 January 2023
11,387
1,009
25,154
23
37,573
---------
--------
---------
-------
---------
7. Debtors
2024
2023
£
£
Trade debtors
173,083
127,263
Other debtors
36,926
43,395
---------
---------
210,009
170,658
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
45,168
Trade creditors
9,237
5,578
Social security and other taxes
3,919
4,665
Other creditors
540
--------
--------
58,864
10,243
--------
--------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Corporation tax
6,578
21,490
Other creditors
18,337
6,600
--------
--------
24,915
28,090
--------
--------
10. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr G Randisi
21,284
141,663
( 160,000)
2,947
--------
---------
---------
-------
2023
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr G Randisi
( 3,730)
25,014
21,284
-------
--------
----
--------
11. Related party transactions
The company was under the control of Mr G Randisi throughout the current and previous year. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 8.