REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 April 2024 |
for |
Tweedmill Textiles Ltd |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 April 2024 |
for |
Tweedmill Textiles Ltd |
Tweedmill Textiles Ltd (Registered number: 03550033) |
Contents of the Financial Statements |
for the Year Ended 30 April 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
Tweedmill Textiles Ltd |
Company Information |
for the Year Ended 30 April 2024 |
Directors: |
Secretary: |
Registered office: |
Registered number: |
Accountants: |
Chartered Accountants |
114-120 Northgate Street |
Chester |
CH1 2HT |
Tweedmill Textiles Ltd (Registered number: 03550033) |
Statement of Financial Position |
30 April 2024 |
30/4/24 | 30/4/23 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
Current assets |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 6 |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
Provisions for liabilities | 9 | ( |
) | ( |
) |
Net assets |
Capital and reserves |
Called up share capital |
Retained earnings |
The directors acknowledge their 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. |
Tweedmill Textiles Ltd (Registered number: 03550033) |
Statement of Financial Position - continued |
30 April 2024 |
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 Board of Directors and authorised for issue on |
Tweedmill Textiles Ltd (Registered number: 03550033) |
Notes to the Financial Statements |
for the Year Ended 30 April 2024 |
1. | Statutory information |
Tweedmill Textiles Ltd is a |
2. | Accounting policies |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at 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. |
Tangible fixed assets |
Improvements to property | - |
Plant and machinery | - |
Fixtures, fittings and equipment | - |
Motor vehicles | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Financial instruments |
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. |
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
Debt instruments are subsequently measured at amortised cost. |
Tweedmill Textiles Ltd (Registered number: 03550033) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
2. | Accounting policies - continued |
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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Assets held under hire purchase agreements are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum hire purchase payments which is determined at the inception of the hire purchase agreement term. Any initial direct costs of the hire purchase are added to the amount recognised as an asset. |
Hire purchase payments are apportioned between the the finance charges and reduction of the outstanding hire purchase liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability. |
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. |
3. | Employees and directors |
The average number of employees during the year was |
Tweedmill Textiles Ltd (Registered number: 03550033) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
4. | Tangible fixed assets |
Fixtures, |
Improvements | fittings |
to | Plant and | and | Motor |
property | machinery | equipment | vehicles | Totals |
£ | £ | £ | £ | £ |
Cost |
At 1 May 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 30 April 2024 |
Depreciation |
At 1 May 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 April 2024 |
Net book value |
At 30 April 2024 |
At 30 April 2023 |
5. | Debtors: amounts falling due within one year |
30/4/24 | 30/4/23 |
£ | £ |
Trade debtors |
Other debtors |
6. | Creditors: amounts falling due within one year |
30/4/24 | 30/4/23 |
£ | £ |
Bank loan |
Hire purchase contracts |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
Tweedmill Textiles Ltd (Registered number: 03550033) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
7. | Creditors: amounts falling due after more than one year |
30/4/24 | 30/4/23 |
£ | £ |
Bank loan |
Hire purchase contracts |
8. | Secured debts |
The following secured debts are included within creditors: |
30/4/24 | 30/4/23 |
£ | £ |
Bank loan |
Hire purchase contracts | 56,825 | - |
The bank loan is secured by a fixed and floating charge over the Company's assets. Liabilities under hire purchase contracts are secured on the underlying assets. |
9. | Provisions for liabilities |
30/4/24 | 30/4/23 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Deferred |
tax |
£ |
Balance at 1 May 2023 |
Provided during year |
Balance at 30 April 2024 |
Tweedmill Textiles Ltd (Registered number: 03550033) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
10. | Directors' advances, credits and guarantees |
The following advances and credits to directors subsisted during the years ended 30 April 2024 and 30 April 2023: |
30/4/24 | 30/4/23 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Loans to directors are unsecured, interest free and repayable on demand. The maximum |
balance outstanding in the period for B Ryan-Beswick was £197,921, for R J C W Beswick £36,000 and for W Ryan-Beswick £112,948. |
Amounts advanced to B Ryan-Beswick include £15,000 on 12 February 2024. The aggregate of amounts advanced between £5,000 and £15,000 was £196,185. Amounts repaid by B Ryan-Beswick include £42,900 on 31 December 2023. The aggregate of amounts repaid between £5,000 and £15,000 was £185,623. |
Amounts advanced to R J C W Beswick include £50,373 on 1 May 2023. Amounts repaid by R J C W Beswick include £39,000 on 31 December 2023. |
Amounts advanced to W Ryan-Beswick include £10,000 on 31 May 2023. Amounts repaid by W Ryan-Beswick include £41,600 on 31 December 2023. |
Tweedmill Textiles Ltd (Registered number: 03550033) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
11. | Related party disclosures |
Tweedmill Textiles Limited has received loans from its parent company. At 30 April 2024 the balance of these loans was £ unsecured and repayable on demand. |
A group company has provided a guarantee in respect of the bank borrowings of Tweedmill Textiles Limited. The bank has also taken a charge over the group company's freehold property to secure these borrowings. |