Company Registration No. 05017618 (England and Wales)
ORIGINAL FABRICS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
28 FEBRUARY 2024
28 February 2024
PAGES FOR FILING WITH REGISTRAR
PM+M Solutions for Business LLP
Chartered Accountants
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
ORIGINAL FABRICS LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 6
ORIGINAL FABRICS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
28 FEBRUARY 2024
28 February 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
85,327
90,115
Current assets
Stocks
757,963
1,070,978
Debtors
5
1,207,294
1,680,036
Cash at bank and in hand
1,126,819
655,416
3,092,076
3,406,430
Creditors: amounts falling due within one year
6
(1,813,830)
(2,160,615)
Net current assets
1,278,246
1,245,815
Total assets less current liabilities
1,363,573
1,335,930
Provisions for liabilities
(20,756)
(22,480)
Net assets
1,342,817
1,313,450
Capital and reserves
Called up share capital
7
1,000
1,000
Profit and loss reserves
1,341,817
1,312,450
Total equity
1,342,817
1,313,450
The notes on pages 3 to 6 form part of these financial statements.
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
ORIGINAL FABRICS LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
28 FEBRUARY 2024
28 February 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 29 July 2024 and are signed on its behalf by:
Mr S Hargreaves
Director
Company registration number 05017618 (England and Wales)
ORIGINAL FABRICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 3 -
1
Accounting policies
Company information
Original Fabrics Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit B, Knowsley Park Way, Knowsley Road Industrial Estate, Haslingden, Lancashire, BB4 4RS.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
1.2
Turnover
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Intangible fixed assets - goodwill
Goodwill in relation to a purchase in 2005 has been impaired to £nil value.
1.4
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold land and buildings
Over 5 years
Leasehold improvements
10% on reducing balance
Plant and machinery
10% on reducing balance
Fixtures and fittings
20% on reducing balance
Computer equipment
25% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
ORIGINAL FABRICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
10
10
3
Intangible fixed assets
Goodwill
£
Cost
At 1 March 2023 and 28 February 2024
450,000
Amortisation and impairment
At 1 March 2023 and 28 February 2024
450,000
Carrying amount
At 28 February 2024
At 28 February 2023
ORIGINAL FABRICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 5 -
4
Tangible fixed assets
Leasehold land and buildings
Leasehold improvements
Plant and machinery
Fixtures and fittings
Computer equipment
Total
£
£
£
£
£
£
Cost
At 1 March 2023
12,846
41,398
56,866
87,856
46,148
245,114
Additions
4,595
2,061
4,459
11,115
Disposals
(300)
(30,357)
(30,657)
At 28 February 2024
12,846
41,398
61,461
89,617
20,250
225,572
Depreciation and impairment
At 1 March 2023
12,846
23,820
19,289
58,579
40,465
154,999
Depreciation charged in the year
1,758
4,065
6,092
3,611
15,526
Eliminated in respect of disposals
(262)
(30,018)
(30,280)
At 28 February 2024
12,846
25,578
23,354
64,409
14,058
140,245
Carrying amount
At 28 February 2024
15,820
38,107
25,208
6,192
85,327
At 28 February 2023
17,578
37,577
29,277
5,683
90,115
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
847,982
1,437,964
Amounts owed by group undertakings
91,839
141,004
Other debtors
267,473
101,068
1,207,294
1,680,036
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
851,161
1,013,376
Taxation and social security
496,195
556,629
Other creditors
466,474
590,610
1,813,830
2,160,615
ORIGINAL FABRICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 6 -
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
501
501
501
501
Ordinary B shares of £1 each
449
449
449
449
Ordinary C shares of £1 each
50
50
50
50
1,000
1,000
1,000
1,000
8
Operating lease commitments
At the year end the company had operating lease commitments totalling £232,157.
9
Related party disclosures
At the year end, a loan of £91,839 (2023 - £137,861) was due from Unit B Sleep Limited (a company owned by the directors). This loan is interest free and has no fixed repayment terms.
During the year, a loan of £3,143 (2023 - £3,143) due from Alice James Fabrics Limited (a company owned by the directors) was deemed to be irrecoverable and therefore written off to profit or loss.
10
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Mr S & Mrs A Hargreaves
2.25
(779)
55,295
30
(50,000)
4,546
Mr T Hargreaves
2.25
(40)
53,136
782
(20,000)
33,878
(819)
108,431
812
(70,000)
38,424