1 October 2023 false Taxfiler 2024.6 NI030025business:PrivateLimitedCompanyLtd2023-10-012024-09-30 NI0300252023-09-30 NI0300252023-10-012024-09-30 NI030025business:AuditExemptWithAccountantsReport2023-10-012024-09-30 NI030025business:FilletedAccounts2023-10-012024-09-30 NI0300252024-09-30 NI0300252023-09-30 NI030025core:WithinOneYear2024-09-30 NI030025core:WithinOneYear2023-09-30 NI030025core:AfterOneYear2024-09-30 NI030025core:AfterOneYear2023-09-30 NI030025core:ShareCapitalcore:PreviouslyStatedAmount2024-09-30 NI030025core:ShareCapitalcore:PreviouslyStatedAmount2023-09-30 NI030025core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2024-09-30 NI030025core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2023-09-30 NI030025core:PreviouslyStatedAmount2024-09-30 NI030025core:PreviouslyStatedAmount2023-09-30 NI030025business:SmallEntities2023-10-012024-09-30 NI030025business:Director12023-10-012024-09-30 NI030025countries:NorthernIreland2023-10-012024-09-30 NI030025business:RegisteredOffice2023-10-012024-09-30 NI030025core:PlantMachinery2023-10-012024-09-30 NI030025core:MotorVehicles2023-10-012024-09-30 NI030025core:FurnitureFittings2023-10-012024-09-30 NI030025core:LandBuildings2023-09-30 NI030025core:PlantMachinery2023-09-30 NI030025core:MotorVehicles2023-09-30 NI030025core:FurnitureFittings2023-09-30 NI030025core:LandBuildings2024-09-30 NI030025core:PlantMachinery2024-09-30 NI030025core:MotorVehicles2024-09-30 NI030025core:FurnitureFittings2024-09-30 NI030025core:LandBuildings2023-10-012024-09-30 NI030025business:Director112023-10-012024-09-30 NI030025business:Director112023-09-30 NI030025business:Director112024-09-30 NI030025business:Director22023-10-012024-09-30 NI030025business:Director222023-10-012024-09-30 NI030025business:Director222023-09-30 NI030025business:Director222024-09-30 NI0300252022-10-012023-09-30 iso4217:GBP xbrli:pure
Company Registration No. NI030025 (Northern Ireland)
Texpro Ltd Unaudited accounts for the year ended 30 September 2024
Texpro Ltd Unaudited accounts Contents
Page
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Texpro Ltd Statement of financial position as at 30 September 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
146,570 
157,176 
Current assets
Debtors
505,096 
252,512 
Cash at bank and in hand
1,466 
155,309 
506,562 
407,821 
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 
Capital and reserves
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
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Texpro Ltd Notes to the Accounts for the year ended 30 September 2024
1
Statutory information
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.
3
Accounting policies
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.
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.
Presentation currency
The accounts are presented in £ sterling.
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 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:
Plant & machinery
20%
Motor vehicles
20%
Fixtures & fittings
20%
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Texpro Ltd Notes to the Accounts for the year ended 30 September 2024
Taxation
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
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
Foreign exchange
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.
Pension costs
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.
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Texpro Ltd Notes to the Accounts for the year ended 30 September 2024
Financial instruments
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.
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.
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 
Depreciation
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 
Net book value
At 30 September 2024
115,930 
- 
29,586 
1,054 
146,570 
At 30 September 2023
115,930 
- 
39,448 
1,798 
157,176 
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Texpro Ltd Notes to the Accounts for the year ended 30 September 2024
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
VAT
9,724 
9,372 
Trade debtors
491,773 
135,559 
Other debtors
3,599 
107,581 
505,096 
252,512 
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 
- 
Accruals
9,500 
1,800 
296,538 
158,930 
7
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
8,192 
18,244 
8
Loans to directors
Brought Forward 
Advance/ credit 
Repaid 
Carried Forward 
£ 
£ 
£ 
£ 
John McLaughlin
Directors Loan - Unsecured
106,206 
2,762 
113,944 
(4,976)
Paula McLaughlin
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).
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