Caseware UK (AP4) 2023.0.135 2023.0.135 2024-02-292024-02-292023-03-01truefalsefalsefabric retailers and wholesalers1010trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 01171201 2023-03-01 2024-02-29 01171201 2022-03-01 2023-02-28 01171201 2024-02-29 01171201 2023-02-28 01171201 2022-03-01 01171201 c:Director1 2023-03-01 2024-02-29 01171201 c:Director2 2023-03-01 2024-02-29 01171201 d:Buildings 2023-03-01 2024-02-29 01171201 d:Buildings 2024-02-29 01171201 d:Buildings 2023-02-28 01171201 d:Buildings d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 01171201 d:Buildings d:ShortLeaseholdAssets 2023-03-01 2024-02-29 01171201 d:Buildings d:ShortLeaseholdAssets 2024-02-29 01171201 d:Buildings d:ShortLeaseholdAssets 2023-02-28 01171201 d:MotorVehicles 2023-03-01 2024-02-29 01171201 d:MotorVehicles 2024-02-29 01171201 d:MotorVehicles 2023-02-28 01171201 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 01171201 d:FurnitureFittings 2023-03-01 2024-02-29 01171201 d:FurnitureFittings 2024-02-29 01171201 d:FurnitureFittings 2023-02-28 01171201 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 01171201 d:ComputerEquipment 2023-03-01 2024-02-29 01171201 d:ComputerEquipment 2024-02-29 01171201 d:ComputerEquipment 2023-02-28 01171201 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 01171201 d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 01171201 d:FreeholdInvestmentProperty 2024-02-29 01171201 d:FreeholdInvestmentProperty 2023-02-28 01171201 d:CurrentFinancialInstruments 2024-02-29 01171201 d:CurrentFinancialInstruments 2023-02-28 01171201 d:Non-currentFinancialInstruments 2024-02-29 01171201 d:Non-currentFinancialInstruments 2023-02-28 01171201 d:CurrentFinancialInstruments d:WithinOneYear 2024-02-29 01171201 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 01171201 d:Non-currentFinancialInstruments d:AfterOneYear 2024-02-29 01171201 d:Non-currentFinancialInstruments d:AfterOneYear 2023-02-28 01171201 d:ShareCapital 2024-02-29 01171201 d:ShareCapital 2023-02-28 01171201 d:ShareCapital 2022-03-01 01171201 d:RevaluationReserve 2024-02-29 01171201 d:RevaluationReserve 2022-03-01 2023-02-28 01171201 d:RevaluationReserve 2023-02-28 01171201 d:RevaluationReserve 2022-03-01 01171201 d:InvestmentPropertiesRevaluationReserve 2024-02-29 01171201 d:InvestmentPropertiesRevaluationReserve 2023-02-28 01171201 d:InvestmentPropertiesRevaluationReserve 2022-03-01 01171201 d:RetainedEarningsAccumulatedLosses 2023-03-01 2024-02-29 01171201 d:RetainedEarningsAccumulatedLosses 2024-02-29 01171201 d:RetainedEarningsAccumulatedLosses 2022-03-01 2023-02-28 01171201 d:RetainedEarningsAccumulatedLosses 2023-02-28 01171201 d:RetainedEarningsAccumulatedLosses 2022-03-01 01171201 d:AcceleratedTaxDepreciationDeferredTax 2024-02-29 01171201 d:AcceleratedTaxDepreciationDeferredTax 2023-02-28 01171201 d:RetirementBenefitObligationsDeferredTax 2024-02-29 01171201 d:RetirementBenefitObligationsDeferredTax 2023-02-28 01171201 d:OtherDeferredTax 2024-02-29 01171201 d:OtherDeferredTax 2023-02-28 01171201 c:OrdinaryShareClass1 2023-03-01 2024-02-29 01171201 c:OrdinaryShareClass1 2024-02-29 01171201 c:OrdinaryShareClass2 2023-03-01 2024-02-29 01171201 c:OrdinaryShareClass2 2024-02-29 01171201 c:FRS102 2023-03-01 2024-02-29 01171201 c:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 01171201 c:FullAccounts 2023-03-01 2024-02-29 01171201 c:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 01171201 d:WithinOneYear 2024-02-29 01171201 d:WithinOneYear 2023-02-28 01171201 d:BetweenOneFiveYears 2024-02-29 01171201 d:BetweenOneFiveYears 2023-02-28 01171201 2 2023-03-01 2024-02-29 01171201 5 2023-03-01 2024-02-29 01171201 6 2023-03-01 2024-02-29 01171201 e:PoundSterling 2023-03-01 2024-02-29 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 01171201










NASSERI FABRICS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 29 FEBRUARY 2024

 
NASSERI FABRICS LIMITED
REGISTERED NUMBER: 01171201

BALANCE SHEET
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
259,210
269,660

Investments
 5 
41,313
39,117

Investment property
 6 
2,122,430
2,122,430

  
2,422,953
2,431,207

Current assets
  

Stocks
  
911,115
581,119

Debtors: amounts falling due within one year
 7 
347,465
449,389

Cash at bank and in hand
 8 
254,119
428,880

  
1,512,699
1,459,388

Creditors: amounts falling due within one year
 9 
(924,847)
(791,227)

Net current assets
  
 
 
587,852
 
 
668,161

Total assets less current liabilities
  
3,010,805
3,099,368

Creditors: amounts falling due after more than one year
 10 
(331,837)
(817,417)

Provisions for liabilities
  

Deferred tax
  
(63,815)
(75,204)

  
 
 
(63,815)
 
 
(75,204)

Net assets
  
2,615,153
2,206,747


Capital and reserves
  

Called up share capital 
 12 
100,001
100,001

Investment property fair value reserve
  
149,699
149,699

Freehold property fair value reserve
  
202,330
202,330

Profit and loss account
  
2,163,123
1,754,717

  
2,615,153
2,206,747


Page 1

 
NASSERI FABRICS LIMITED
REGISTERED NUMBER: 01171201

BALANCE SHEET (CONTINUED)
AS AT 29 FEBRUARY 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 statement of comprehensive income 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 on 24 November 2024.




A A Nasseri
P Nasseri
Director
Director

The notes on pages 4 to 12 form part of these financial statements.

Page 2

 
NASSERI FABRICS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024


Called up share capital
Investment property fair value reserve
Freehold property fair value reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 March 2022
100,001
116,611
202,330
1,529,821
1,948,763


Comprehensive income for the year

Profit for the year
-
-
-
317,984
317,984


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(60,000)
(60,000)

Transfer between reserve
-
33,088
-
(33,088)
-



At 1 March 2023
100,001
149,699
202,330
1,754,717
2,206,747


Comprehensive income for the year

Profit for the year
-
-
-
428,406
428,406


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(20,000)
(20,000)


At 29 February 2024
100,001
149,699
202,330
2,163,123
2,615,153


The notes on pages 4 to 12 form part of these financial statements.

Page 3

 
NASSERI FABRICS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

Nasseri Fabrics Limited is a private company, limited by shares, and is incorporated in England and Wales. The address of its registered office is 93 Albert Embankment, 6 Peninsula Heights, London, SE1 7TY.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

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.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

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 profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 4

 
NASSERI FABRICS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss 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.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

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 profit or loss 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.

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss 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.


Page 5

 
NASSERI FABRICS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.10

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.

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

Depreciation is provided on the following basis:

Freehold property
-
2%
straight-line on valuation
Short-term leasehold property
-
over the period of lease
Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
25%
reducing balance
Computer equipment
-
33%
straight-line

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 profit or loss.

 
2.11

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 date.
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 profit or loss.

 
2.12

Investment property

Investment property is carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depriciation is provided. Changes in fair value are recognised in profit or loss.

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

Page 6

 
NASSERI FABRICS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.14

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 profit or loss.

 
2.15

Debtors

Short-term debtors are measured at transaction price, less any impairment. 

 
2.16

Cash and cash equivalents

Cash is 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.

 
2.17

Creditors

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.

 
2.18

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.19

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 10 (2023 - 10).

Page 7

 
NASSERI FABRICS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

4.


Tangible fixed assets







Freehold property
Short-term leasehold property
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 March 2023
300,000
6,812
29,696
54,817
-
391,325


Additions
-
-
-
-
708
708



At 29 February 2024

300,000
6,812
29,696
54,817
708
392,033



Depreciation


At 1 March 2023
48,000
5,389
20,300
47,976
-
121,665


Charge for the year on owned assets
6,000
454
2,349
2,258
97
11,158



At 29 February 2024

54,000
5,843
22,649
50,234
97
132,823



Net book value



At 29 February 2024
246,000
969
7,047
4,583
611
259,210



At 28 February 2023
252,000
1,423
9,396
6,841
-
269,660

Included in freehold property is freehold land valued at £11,066 (2023 - £11,066) which is not depreciated.

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

29 February
28 February
2024
2023
£
£



Cost
72,222
72,222

Accumulated depreciation
(24,258)
(23,171)

Net book value
47,964
49,051

Page 8

 
NASSERI FABRICS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

5.


Fixed asset investments








Listed investments

£



Cost


At 1 March 2023
39,117


Additions
4,195


Disposals
(1,999)



At 29 February 2024
41,313





6.


Investment property





Freehold investment property

£



Valuation


At 1 March 2023
2,122,430



At 29 February 2024
2,122,430

The 2024 valuations were made by directors, on a fair value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

29 February
28 February
2024
2023
£
£


Historic cost
1,941,846
1,941,846

Page 9

 
NASSERI FABRICS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

7.


Debtors

29 February
28 February
2024
2023
£
£


Trade debtors
319,736
105,254

Other debtors
5,367
317,566

Prepayments and accrued income
22,362
26,569

347,465
449,389



8.


Cash and cash equivalents

29 February
28 February
2024
2023
£
£

Cash at bank and in hand
254,119
428,880



9.


Creditors: Amounts falling due within one year

29 February
28 February
2024
2023
£
£

Bank loans
68,169
73,944

Trade creditors
32,411
22,605

Corporation tax
138,412
77,691

Other taxation and social security
144,263
161,063

Other creditors
48,486
55,272

Accruals and deferred income
493,106
400,652

924,847
791,227



10.


Creditors: Amounts falling due after more than one year

29 February
28 February
2024
2023
£
£

Bank loans
331,837
817,417


The aggregate amount of creditors for which security has been given amounted to £400,006 (2023 -£891,361) by way of fixed and floating charge over all assets of the company including book debts.

Page 10

 
NASSERI FABRICS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

11.


Deferred taxation






2024
2023


£

£






At beginning of year
(75,204)
(47,829)


Charged to profit or loss
11,389
(27,375)



At end of year
(63,815)
(75,204)

The provision for deferred taxation is made up as follows:

29 February
28 February
2024
2023
£
£


Accelerated capital allowances
(671)
(1,873)

Revaluation of freehold property
(32,260)
(42,447)

Revaluation of investment property
(30,884)
(30,884)

(63,815)
(75,204)


12.


Share capital

29 February
28 February
2024
2023
£
£
Allotted, called up and fully paid



100,000 Ordinary A shares of £1 each
100,000
100,000
1 Ordinary B share of £1
1
1

100,001

100,001



13.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £11,677 (2023 - £12,880). Contributions totalling £Nil (2023 - £457) were payable to the fund at the balance sheet date.

Page 11

 
NASSERI FABRICS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

14.


Commitments under operating leases

At 29 February 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

29 February
28 February
2024
2023
£
£


Not later than 1 year
31,500
31,500

Later than 1 year and not later than 5 years
55,781
90,185

87,281
121,685


15.


Related party transactions

At the balance sheet date the amount due to the directors was £48,486 (2023 - £54,815).


Page 12