Company Registration No. NI030025 (Northern Ireland)
Texpro Ltd
Unaudited accounts
for the year ended 30 September 2024
Texpro Ltd
Unaudited accounts
Contents
Texpro Ltd
Statement of financial position
as at 30 September 2024
Tangible assets
146,570
157,176
Cash at bank and in hand
1,466
155,309
Creditors: amounts falling due within one year
(296,538)
(158,930)
Net current assets
210,024
248,891
Total assets less current liabilities
356,594
406,067
Creditors: amounts falling due after more than one year
(8,192)
(18,244)
Net assets
348,402
387,823
Called up share capital
100
100
Profit and loss account
348,302
387,723
Shareholders' funds
348,402
387,823
For the year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 22 January 2025 and were signed on its behalf by
John McLaughlin
Director
Company Registration No. NI030025
Texpro Ltd
Notes to the Accounts
for the year ended 30 September 2024
Texpro Ltd is a private company, limited by shares, registered in Northern Ireland, registration number NI030025. The registered office is 87B Main Street, Garvagh, Coleraine, Co Londonderry, BT51 5AB, Northern Ireland.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
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 accounts are presented in £ sterling.
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 and depreciation
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:
Texpro Ltd
Notes to the Accounts
for the year ended 30 September 2024
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively.
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Inventories 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, inventories are assessed for impairment. If inventories 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
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.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Texpro Ltd
Notes to the Accounts
for the year ended 30 September 2024
Basic financial instruments are recognised at amortised cost
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.
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.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges. Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
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.
4
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 October 2023
115,930
13,358
49,310
46,574
225,172
At 30 September 2024
115,930
13,358
49,310
46,574
225,172
At 1 October 2023
-
13,358
9,862
44,776
67,996
Charge for the year
-
-
9,862
744
10,606
At 30 September 2024
-
13,358
19,724
45,520
78,602
At 30 September 2024
115,930
-
29,586
1,054
146,570
At 30 September 2023
115,930
-
39,448
1,798
157,176
Texpro Ltd
Notes to the Accounts
for the year ended 30 September 2024
Amounts falling due within one year
Trade debtors
491,773
135,559
Other debtors
3,599
107,581
6
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
46,252
92,956
Trade creditors
228,562
57,282
Taxes and social security
-
1,683
Other creditors
2,348
5,209
Loans from directors
9,876
-
7
Creditors: amounts falling due after more than one year
2024
2023
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Directors Loan - Unsecured
106,206
2,762
113,944
(4,976)
Directors Loan - Unsecured
-
-
4,900
(4,900)
106,206
2,762
118,844
(9,876)
The company charged interest at 2.5% on the directors loan account outstanding balance each month.
9
Average number of employees
During the year the average number of employees was 5 (2023: 7).