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Registration number: 12130720

Distinctive Thread Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Distinctive Thread Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Distinctive Thread Limited

(Registration number: 12130720)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

           

Fixed assets

   

 

Intangible assets

4

 

8,925

 

10,625

Tangible assets

5

 

3,142

 

10,004

   

12,067

 

20,629

Current assets

   

 

Debtors

6

18,711

 

19,238

 

Cash at bank and in hand

 

17,044

 

42,105

 

 

35,755

 

61,343

 

Creditors: Amounts falling due within one year

7

(12,523)

 

(48,242)

 

Net current assets

   

23,232

 

13,101

Total assets less current liabilities

   

35,299

 

33,730

Provisions for liabilities

 

(1,000)

 

(2,000)

Net assets

   

34,299

 

31,730

Capital and reserves

   

 

Called up share capital

8

100

 

100

 

Retained earnings

34,199

 

31,630

 

Shareholders' funds

   

34,299

 

31,730

 

Distinctive Thread Limited

(Registration number: 12130720)
Balance Sheet as at 30 April 2024

For the financial year ending 30 April 2024 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 year 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 1 November 2024 and signed on its behalf by:
 

.........................................
Mr N Dunning
Director

 

Distinctive Thread Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

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

The address of its registered office is:
114A Harrogate Road
Chapel Allerton
Leeds
LS7 4NY

These financial statements were authorised for issue by the Board on 1 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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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 company's functional and presentation currency is pound sterling.

Summary of disclosure exemptions

The company has taken advantage of the exemption under Financial Reporting Standard 102 Section 1AC.35 from disclosing transactions and balances with fellow group undertakings that are wholly owned.

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 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.

Government grants

Grants are measured at the fair value of the asset received or receivable.

Grants relating to revenue shall be recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.

A grant that becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs shall be recognised in income in the period in which it becomes receivable.

Grants relating to assets shall be recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred it shall be recognised as deferred income and not deducted from the carrying amount of the asset.

 

Distinctive Thread Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Tax

The tax expense for the period comprises current and deferred 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 corporation 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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

Plant and machinery

5 years straight line

Fixture and Fittings

5 years straight line

Office Equipment

5 years straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 years straight line

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.

 

Distinctive Thread Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Financial assets

Basic financial assets, including trade and other receivables, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar asset. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss and any subsequent reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2023 - 5).

 

Distinctive Thread Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2023

17,000

17,000

At 30 April 2024

17,000

17,000

Amortisation

At 1 May 2023

6,375

6,375

Amortisation charge

1,700

1,700

At 30 April 2024

8,075

8,075

Carrying amount

At 30 April 2024

8,925

8,925

At 30 April 2023

10,625

10,625

5

Tangible assets

Plant and machinery
 £

Fixture & Fittings
 £

Office equipment
 £

Total
£

Cost or valuation

At 1 May 2023

11,838

21,816

657

34,311

At 30 April 2024

11,838

21,816

657

34,311

Depreciation

At 1 May 2023

7,877

16,112

318

24,307

Charge for the year

2,368

4,363

131

6,862

At 30 April 2024

10,245

20,475

449

31,169

Carrying amount

At 30 April 2024

1,593

1,341

208

3,142

At 30 April 2023

3,961

5,704

339

10,004

 

Distinctive Thread Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

6

Debtors

2024
£

2023
£

Amounts owed by group undertakings

16,576

17,049

Prepayments

2,135

2,189

18,711

19,238

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Amounts owed to group undertakings

2,357

32,314

Taxation and social security

6,710

7,630

Accruals and deferred income

2,633

2,168

Other creditors

823

6,130

12,523

48,242

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

       

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £Nil (2023 - £9,150).

10

Parent and ultimate parent undertaking

The company's immediate parent is NDPS (Yorkshire) Limited, incorporated in England & Wales .