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REGISTERED NUMBER: 00511181 (England and Wales)














Unaudited Financial Statements

for the Year Ended 31 January 2024

for

Pin Mill Textiles Limited

Pin Mill Textiles Limited (Registered number: 00511181)






Contents of the Financial Statements
for the Year Ended 31 January 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Pin Mill Textiles Limited

Company Information
for the Year Ended 31 January 2024







DIRECTOR: M Cohen





REGISTERED OFFICE: Pin Mill House
Priestley Road
Wardley Industrial Estate
Manchester
M28 2LX





REGISTERED NUMBER: 00511181 (England and Wales)





ACCOUNTANTS: Freedman Frankl & Taylor
Chartered Accountants
Reedham House
31 King Street West
Manchester
M3 2PJ

Pin Mill Textiles Limited (Registered number: 00511181)

Balance Sheet
31 January 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 7 129,147

CURRENT ASSETS
Debtors 5 756,230 3,599,335
Cash at bank and in hand 20,794 137,589
777,024 3,736,924
CREDITORS
Amounts falling due within one year 6 20,014 2,649,980
NET CURRENT ASSETS 757,010 1,086,944
TOTAL ASSETS LESS CURRENT
LIABILITIES

757,017

1,216,091

PROVISIONS FOR LIABILITIES - 19,277
NET ASSETS 757,017 1,196,814

CAPITAL AND RESERVES
Called up share capital 8,463 8,463
Retained earnings 748,554 1,188,351
SHAREHOLDERS' FUNDS 757,017 1,196,814

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

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

Pin Mill Textiles Limited (Registered number: 00511181)

Balance Sheet - continued
31 January 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 28 October 2024 and were signed by:





M Cohen - Director


Pin Mill Textiles Limited (Registered number: 00511181)

Notes to the Financial Statements
for the Year Ended 31 January 2024

1. STATUTORY INFORMATION

Pin Mill 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.

Significant judgements and estimates
In applying the company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revision to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods.

Significant accounting Judgements
The significant accounting judgements that the directors have made in the process of applying the Company's accounting policies that have the most significant effect on the amounts recognised in the statutory financial statements are discussed below.

Key sources of estimation uncertainty
The key assumptions concerning the future, and other key sources of estimation uncertainty, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are disclosed below.

Assessing indicators of impairment
In assessing whether there have been any indicators of impairment assets, the directors have considered both external and internal sources of information such as market conditions and experience of recoverability. There have been no indicators of impairments identified during the current financial year.

Tangible fixed assets
Tangible fixed assets, are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Pin Mill Textiles Limited (Registered number: 00511181)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

2. ACCOUNTING POLICIES - continued

Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

Interest income
Interest income is recognised in the statement of comprehensive income using the effective interest method.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings15% on reducing balance
Plant and machinery15% on reducing balance
Motor vehicles25% on reducing balance
Computer equipment15% on reducing balance
Leasehold improvementsOver the period of the lease

Tangible fixed assets are recorded at cost less accumulated depreciation and accumulated impairment losses.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. These are depreciated over their estimated useful lives.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.

Those held under operating leases are charged to the profit and loss account as they are incurred.

Pin Mill Textiles Limited (Registered number: 00511181)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

2. ACCOUNTING POLICIES - continued

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.

Going concern
The company's financial statements for the year ended 31 January 2024 have been prepared on a going concern basis as, after making appropriate enquiries, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 14 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 February 2023 44,596 11,296 71,651 73,358 200,901
Additions - - - 1,007 1,007
Disposals (44,596 ) (11,296 ) (70,652 ) (74,365 ) (200,909 )
At 31 January 2024 - - 999 - 999
DEPRECIATION
At 1 February 2023 18,051 2,163 25,626 25,914 71,754
Charge for year 4,005 1,402 9,828 7,283 22,518
Eliminated on disposal (22,056 ) (3,565 ) (34,462 ) (33,197 ) (93,280 )
At 31 January 2024 - - 992 - 992
NET BOOK VALUE
At 31 January 2024 - - 7 - 7
At 31 January 2023 26,545 9,133 46,025 47,444 129,147

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 94,553 1,438,538
Amounts owed by group undertakings 209,706 1,558,064
Other debtors 451,971 602,733
756,230 3,599,335

Pin Mill Textiles Limited (Registered number: 00511181)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 1,171 2,594,287
Taxation and social security 9,343 24,405
Other creditors 9,500 31,288
20,014 2,649,980

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 5,224 4,724
Between one and five years 120,297 218,930
In more than five years 1,260,000 1,440,000
1,385,521 1,663,654

8. CONTINGENT LIABILITIES

The company has guaranteed the bank facilities of its parent entity. At 31 January 2024, the company had bank borrowings of £2,411,906 (2023: £1,261,783).

9. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

During the year, the company charged £620,000 (2023: £1,338,189) in rent and other charges, and purchased goods to a value of £56,499 (2023: £1,513,046) from an entity in which the director of the company has a material interest.
At 31 January 2024, there was £347,559 (2023: £1,315,537 due to) due from this entity.

At 31 January 2024, a balance of £165,162 (2023: 165,162) was due from an associate of it's parent entity..

10. ULTIMATE CONTROLLING PARTY

The company's ultimate parent company is Pin Mill Holdings Limited, a company registered in England and Wales. Copies
of the financial statements of Pin Mill Holdings Limited can be obtained from the registered office of that entity which is
the same as this company and the address can be found on the Company Information page.