Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-312023-04-01falseManufacture of knitted and crocheted fabrics33truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 01029890 2023-04-01 2024-03-31 01029890 2022-04-01 2023-03-31 01029890 2024-03-31 01029890 2023-03-31 01029890 2023-04-01 01029890 2022-04-01 01029890 c:Director1 2023-04-01 2024-03-31 01029890 d:Buildings 2023-04-01 2024-03-31 01029890 d:Buildings 2024-03-31 01029890 d:Buildings 2023-03-31 01029890 d:Buildings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 01029890 d:Buildings d:LongLeaseholdAssets 2023-04-01 2024-03-31 01029890 d:PlantMachinery 2023-04-01 2024-03-31 01029890 d:PlantMachinery 2024-03-31 01029890 d:PlantMachinery 2023-03-31 01029890 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 01029890 d:MotorVehicles 2023-04-01 2024-03-31 01029890 d:MotorVehicles 2024-03-31 01029890 d:MotorVehicles 2023-03-31 01029890 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 01029890 d:FurnitureFittings 2023-04-01 2024-03-31 01029890 d:FurnitureFittings 2024-03-31 01029890 d:FurnitureFittings 2023-03-31 01029890 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 01029890 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 01029890 d:CurrentFinancialInstruments 2024-03-31 01029890 d:CurrentFinancialInstruments 2023-03-31 01029890 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 01029890 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 01029890 d:ShareCapital 2024-03-31 01029890 d:ShareCapital 2023-03-31 01029890 d:RevaluationReserve 2024-03-31 01029890 d:RevaluationReserve 2023-03-31 01029890 d:RetainedEarningsAccumulatedLosses 2024-03-31 01029890 d:RetainedEarningsAccumulatedLosses 2023-03-31 01029890 c:FRS102 2023-04-01 2024-03-31 01029890 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 01029890 c:FullAccounts 2023-04-01 2024-03-31 01029890 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 01029890 2 2023-04-01 2024-03-31 01029890 5 2023-04-01 2024-03-31 01029890 6 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 01029890










AVA KNIT (G.B.) LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
AVA KNIT (G.B.) LIMITED
REGISTERED NUMBER: 01029890

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
58,581
62,801

Investments
 5 
160,387
154,997

  
218,968
217,798

Current assets
  

Stocks
  
13,595
25,085

Debtors: amounts falling due within one year
 6 
29,486
58,805

Cash at bank and in hand
  
128,922
78,617

  
172,003
162,507

Creditors: amounts falling due within one year
 7 
(47,057)
(49,813)

Net current assets
  
 
 
124,946
 
 
112,694

Total assets less current liabilities
  
343,914
330,492

Provisions for liabilities
  

Deferred tax
  
(2,831)
(3,605)

  
 
 
(2,831)
 
 
(3,605)

Net assets
  
341,083
326,887


Capital and reserves
  

Called up share capital 
  
4,100
4,100

Revaluation reserve
  
8,091
4,048

Profit and loss account
  
328,892
318,739

  
341,083
326,887


Page 1

 
AVA KNIT (G.B.) LIMITED
REGISTERED NUMBER: 01029890
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
G C Burton
Director

Date: 31 October 2024

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
AVA KNIT (G.B.) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Ava Knit (G.B.) Limited is a private Company, limited by shares, domiciled in England and Wales, registration number 01029890. The registered office and trading address is Jacknell Road, Dodwells Bridge Industrial Estate, Hinckley, Leicestershire, LE10 3BZ.
Principal activity
The principal activity of the Company during the year continued to be that of fabric manufacturing.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The Company's functional and presentational currency is British Pound Sterling (£).

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation




Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Profit and Loss Account except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Profit and Loss Account within 'other operating income'.

Page 3

 
AVA KNIT (G.B.) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.3

Revenue

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. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the Profit and Loss Account at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Profit and Loss Account in the same period as the related expenditure.

 
2.5

Interest income

Interest income is recognised in the Profit and Loss Account using the effective interest method.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Profit and Loss Account when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
AVA KNIT (G.B.) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 5

 
AVA KNIT (G.B.) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows.

Depreciation is provided on the following basis:

Freehold building
-
2% straight line per annum
Freehold land
-
Not depreciated
Plant and machinery
-
12.5% straight line per annum
Motor vehicles
-
25% straight line per annum
Fixtures and fittings
-
15% reducing balance per annum

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Profit and Loss Account.

 
2.9

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the Balance Sheet.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in the Profit and Loss Account.

 
2.10

Valuation of investments

Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each Balance Sheet. Gains and losses on remeasurement are recognised in the Profit and Loss Account for the year. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Profit and Loss Account.

Page 6

 
AVA KNIT (G.B.) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.12

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at transaction price, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at transaction price, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at transaction price, net of transactions costs, and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.
 
Page 7

 
AVA KNIT (G.B.) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.15
Financial instruments (continued)


Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2023 - 3).


4.


Tangible fixed assets





Freehold land and buildings
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 April 2023
74,208
112,878
14,000
3,300
204,386



At 31 March 2024

74,208
112,878
14,000
3,300
204,386



Depreciation


At 1 April 2023
25,829
100,141
14,000
1,615
141,585


Charge for the year
1,123
2,844
-
253
4,220



At 31 March 2024

26,952
102,985
14,000
1,868
145,805



Net book value



At 31 March 2024
47,256
9,893
-
1,432
58,581



At 31 March 2023
48,379
12,737
-
1,685
62,801

Page 8

 
AVA KNIT (G.B.) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Fixed asset investments





Unlisted investments

£



Valuation


At 1 April 2023
154,997


Revaluations
5,390



At 31 March 2024
160,387





6.


Debtors

2024
2023
£
£


Trade debtors
29,486
56,449

Prepayments and accrued income
-
2,356

29,486
58,805



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
20,488
17,978

Corporation tax
9,252
9,865

Other taxation and social security
8,615
10,148

Other creditors
1,603
5,524

Accruals and deferred income
7,099
6,298

47,057
49,813



8.


Transactions with directors

At the start of the year, the Company owed the directors £5,524 (2023: owed the directors £220). During the year, payments of £26,532 (2023: £21,008) were made, and repayments of £22,611 (2023: £26,312) were recovered leaving a balance of £1,603 (2023: £5,524) owing to the director at year end. 

 
Page 9