Company registration number 05215910 (England and Wales)
DISPOSABLE CUBICLE CURTAINS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
DISPOSABLE CUBICLE CURTAINS LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 9
DISPOSABLE CUBICLE CURTAINS LTD
BALANCE SHEET
AS AT
29 FEBRUARY 2024
29 February 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
96,226
103,896
Tangible assets
5
41,889
72,871
Investments
6
11,042
11,042
149,157
187,809
Current assets
Stocks
386,596
509,735
Debtors
7
524,297
575,489
Cash at bank and in hand
409,599
251,764
1,320,492
1,336,988
Creditors: amounts falling due within one year
8
(14,425,007)
(4,497,763)
Net current liabilities
(13,104,515)
(3,160,775)
Total assets less current liabilities
(12,955,358)
(2,972,966)
Creditors: amounts falling due after more than one year
9
(5,946,113)
(14,858,523)
Net liabilities
(18,901,471)
(17,831,489)
Capital and reserves
Called up share capital
572
572
Share premium account
1,169,909
1,169,909
Profit and loss reserves
(20,071,952)
(19,001,970)
Total equity
(18,901,471)
(17,831,489)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 29 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 members have 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.
The financial statements were approved by the board of directors and authorised for issue on 10 September 2024 and are signed on its behalf by:
M Wheeler
Director
Company Registration No. 05215910
DISPOSABLE CUBICLE CURTAINS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 2 -
1
Accounting policies
Company information
Disposable Cubicle Curtains Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Enterprise Drive, Four Ashes, Wolverhampton, WV10 7DF.
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.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
At the balance sheet date the company had a deficiency of assets over liabilities of £18,true901,471. Included in creditors falling due within one year is an amount owed to participating interest of £13,894,167 and in creditors falling due after more than one year of £3,331,531 which are owed to Proven VCT plc, Proven Growth & Income VCT and Invest Michigan LLP, collectively the “Institutional Funds” and N Powell. The Partners of Beringea LLP and Beringea LLC as Managers of the Institutional Funds have given assurance not to seek repayment of these loans unless there are sufficient funds within the company to do so as has N Powell. Also included in creditors falling due after more than one year is an amount of £562,267 due to UK FF Nominees Limited, this debt is unsecured and ranks pari passu with all other unsecured debt of the company.
1.3
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. 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.
DISPOSABLE CUBICLE CURTAINS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 3 -
1.4
Research and development expenditure
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
1.5
Intangible fixed assets other than goodwill
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life of 4 years. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
1 to 5 years straight line
Plant and equipment
5 to 7 year straight line
Fixtures and fittings
4 to 5 years straight line
Motor vehicles
25% reducing balance
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.
1.7
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
1.8
Finance costs
Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
1.9
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
DISPOSABLE CUBICLE CURTAINS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 4 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.10
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 weighted average 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 profit or loss.
1.11
Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 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.
1.12
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 non-puttable 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 the present value of the future cash flows 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 financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
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 Statement of Comprehensive Income.
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.
DISPOSABLE CUBICLE CURTAINS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 5 -
1.13
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.14
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 profit and loss account 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.
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.
1.15
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.16
Retirement benefits
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 Statement of Comprehensive Income 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.
1.17
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.
1.18
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
1.19
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
1.20
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
DISPOSABLE CUBICLE CURTAINS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 6 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
27
33
4
Intangible fixed assets
Other
£
Cost
At 1 March 2023
367,709
Additions
13,332
At 29 February 2024
381,041
Amortisation and impairment
At 1 March 2023
263,813
Amortisation charged for the year
21,002
At 29 February 2024
284,815
Carrying amount
At 29 February 2024
96,226
At 28 February 2023
103,896
DISPOSABLE CUBICLE CURTAINS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 7 -
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 March 2023
153,993
1,051,214
1,205,207
Additions
2,750
8,770
11,520
Disposals
(28,927)
(222,096)
(251,023)
At 29 February 2024
127,816
837,888
965,704
Depreciation and impairment
At 1 March 2023
153,993
978,343
1,132,336
Depreciation charged in the year
375
41,606
41,981
Eliminated in respect of disposals
(28,927)
(221,575)
(250,502)
At 29 February 2024
125,441
798,374
923,815
Carrying amount
At 29 February 2024
2,375
39,514
41,889
At 28 February 2023
72,871
72,871
6
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
11,042
11,042
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
480,527
480,911
Amounts owed by group undertakings
16,316
16,316
Other debtors
27,454
78,262
524,297
575,489
DISPOSABLE CUBICLE CURTAINS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 8 -
8
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
218,463
619,809
Trade creditors
137,560
221,316
Amounts owed to participating interests
13,894,167
3,476,632
Taxation and social security
143,333
128,850
Other creditors
31,484
51,156
14,425,007
4,497,763
9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
582,199
29,688
Amounts owed to other participating interests
3,331,531
12,899,413
Preference shares
2,032,383
1,929,422
5,946,113
14,858,523
Included within amounts owed to other participating interests are loan notes of £2,121,475 (2023: £9,468,726). Also included is accrued interest of £842,996 (2023: £4,445,155) and a redemption premium of £367,059 (2023: £2,463,334). Interest on these loan notes is payable at 8% per annum. The interest charge for the year amounted to £757,513 (2023: £757,513).
All of the loan notes are secured against the assets of the company. ABN Amro, the factor, holds fixed and floating charges against all assets of the company including Book debts and Related Rights as security.
Preference shares of £1,284,859 (2023: £1,284,859) are outstanding. Included within the preference shares at 29 February 2024 is accrued interest of £747,524 (2023: £644,563). The interest charge for the year amounted to £102,961 (2023: £102,961).
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
169,686
248,942
11
Related party transactions
DISPOSABLE CUBICLE CURTAINS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
11
Related party transactions
(Continued)
- 9 -
As at 29 February 2024 included within amounts owed to participating interests is a balance of £16,163,352 (2023: £15,365,256) owed to Proven VCT plc, Proven Growth & Income VCT and Invest Michigan LLP, collectively the “Institutional Funds” in respect of loans provided to the company.
As at 29 February 2024 included within preference shares is a balance of £2,032,383 (2023: £1,929,422) in respect of preference shares and interest accrued on these shares as held by Proven VCT plc, Proven Growth & Income VCT and Invest Michigan LLP.
As at 29 February 2024 included within amounts owed to participating interests is a balance of £1,062,347 (2023: £1,011,959) owed to N Powell in respect of loans provided to the company.
During the year material costs have been charged by Hygenica Vietnam Limited Liability Company, a subsidiary undertaking, of £55,721 (2023: £86,515). As at 29 February 2024 included within amounts owed by group undertakings is a balance of £16,316 (2023: £16,316) owed by Hygenica Vietnam Limited Liability Company.
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