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Registration number: 12347529

Eco Textile International Ltd

Unaudited Filleted Financial Statements

for the Period from 1 January 2023 to 30 September 2023

 

Eco Textile International Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 8

 

Eco Textile International Ltd

Company Information

Directors

Dr Mingju Li

Mr Chunyi Jiang

Registered office

Unit 4lmn Crossley Park
Crossley Road
Heaton Chapel
Stockport
SK4 5BF

Accountants

Williamson Croft Accountants Limited
Chartered Certified Accountants
York House
20 York Street
Manchester
M2 3BB

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Eco Textile International Ltd
for the Period Ended 30 September 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Eco Textile International Ltd for the period ended 30 September 2023 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of Eco Textile International Ltd, as a body, in accordance with the terms of our engagement letter dated 25 June 2024. Our work has been undertaken solely to prepare for your approval the accounts of Eco Textile International Ltd and state those matters that we have agreed to state to the Board of Directors of Eco Textile International Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Eco Textile International Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Eco Textile International Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Eco Textile International Ltd. You consider that Eco Textile International Ltd is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the accounts of Eco Textile International Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Williamson Croft Accountants Limited
Chartered Certified Accountants
York House
20 York Street
Manchester
M2 3BB

25 November 2024

 

Eco Textile International Ltd

(Registration number: 12347529)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

44,108

46,862

Current assets

 

Stocks

5

67,532

67,532

Debtors

6

1,964,736

1,076,171

Cash at bank and in hand

 

557,947

2,017,466

 

2,590,215

3,161,169

Creditors: Amounts falling due within one year

7

(2,397,831)

(3,109,257)

Net current assets

 

192,384

51,912

Net assets

 

236,492

98,774

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

236,392

98,674

Shareholders' funds

 

236,492

98,774

For the financial period ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 25 November 2024 and signed on its behalf by:
 

.........................................
Dr Mingju Li
Director

 

Eco Textile International Ltd

Notes to the Unaudited Financial Statements for the Period from 1 January 2023 to 30 September 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 4lmn Crossley Park
Crossley Road
Heaton Chapel
Stockport
SK4 5BF

These financial statements were authorised for issue by the Board on 25 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in sterling which is the functional currency of the company.

Summary of disclosure exemptions

The accounts do not include a cash flow statement because the company, as a small reporting entity, is exempt from the requirements to prepare such a statement.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Eco Textile International Ltd

Notes to the Unaudited Financial Statements for the Period from 1 January 2023 to 30 September 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer equipment

15% straight line

Motor vehicles

15% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Eco Textile International Ltd

Notes to the Unaudited Financial Statements for the Period from 1 January 2023 to 30 September 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 2 (2022 - 2).

 

Eco Textile International Ltd

Notes to the Unaudited Financial Statements for the Period from 1 January 2023 to 30 September 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

5,050

54,790

59,840

Additions

6,437

-

6,437

At 30 September 2023

11,487

54,790

66,277

Depreciation

At 1 January 2023

2,020

10,958

12,978

Charge for the period

972

8,219

9,191

At 30 September 2023

2,992

19,177

22,169

Carrying amount

At 30 September 2023

8,495

35,613

44,108

At 31 December 2022

3,030

43,832

46,862

5

Stocks

2023
£

2022
£

Other inventories

67,532

67,532

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

1,547,238

655,925

Amounts owed by related parties

9

-

6,000

Other debtors

 

417,498

414,246

   

1,964,736

1,076,171

 

Eco Textile International Ltd

Notes to the Unaudited Financial Statements for the Period from 1 January 2023 to 30 September 2023

7

Creditors

2023
£

2022
£

Due within one year

Trade creditors

976,192

729,091

Taxation and social security

91,050

321,031

Accruals and deferred income

23,560

36,399

Other creditors

1,307,029

2,022,736

2,397,831

3,109,257

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary Share of £1 each

100

100

100

100

       

9

Related party transactions

The company has taken advantage of the exemption conferred by section 1A of FRS 102 not to disclose transactions with wholly owned members of the group headed by Ripley Park Ltd.

10

Parent and ultimate parent undertaking

The company's immediate parent is Ripley Park Ltd, incorporated in England and Wales.