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Registration number: 01630384

Chatham-Glyn Fabrics Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Chatham-Glyn Fabrics Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Chatham-Glyn Fabrics Limited

Company Information

Directors

Mr Gary Jacobs

Mr Ben Sebastian Jacobs

Mr Neil John Samuel Jacobs

Registered office

Silver Rose Unit 21 East Lodge Village
East Lodge Lane
Enfield
EN2 8AS

Accountants

Paul Winston Limited Silver Rose Unit 21
East Lodge Village
East Lodge Lane
Enfield
EN2 8AS

 

Chatham-Glyn Fabrics Limited

(Registration number: 01630384)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

319,483

220,031

Current assets

 

Stocks

5

421,750

352,709

Debtors

6

2,428,432

1,190,937

Cash at bank and in hand

 

2,732,864

3,821,222

 

5,583,046

5,364,868

Creditors: Amounts falling due within one year

7

(2,647,045)

(2,283,272)

Net current assets

 

2,936,001

3,081,596

Total assets less current liabilities

 

3,255,484

3,301,627

Provisions for liabilities

(77,227)

(39,668)

Net assets

 

3,178,257

3,261,959

Capital and reserves

 

Called up share capital

8

3,800

3,800

Retained earnings

3,174,457

3,258,159

Shareholders' funds

 

3,178,257

3,261,959

For the financial year ending 31 December 2023 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 and 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 5 February 2025 and signed on its behalf by:
 

.........................................
Mr Gary Jacobs
Director

 

Chatham-Glyn Fabrics Limited

(Registration number: 01630384)
Balance Sheet as at 31 December 2023

.........................................
Mr Ben Sebastian Jacobs
Director

.........................................
Mr Neil John Samuel Jacobs
Director

 

Chatham-Glyn Fabrics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

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

The address of its registered office is:
Silver Rose Unit 21 East Lodge Village
East Lodge Lane
Enfield
EN2 8AS
England

These financial statements were authorised for issue by the Board on 5 February 2025.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

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 sales/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.

Foreign currency transactions and balances

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.

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.

 

Chatham-Glyn Fabrics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

The current income 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

25% net book value

Fixtures and fittings

25% net book value

Motor vehicles

25% net book value

Office equipment

15% net book value

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.

Stocks

Stocks 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, stocks are assessed for impairment. If stocks 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.

 

Chatham-Glyn Fabrics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 27 (2022 - 28).

 

Chatham-Glyn Fabrics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

11,615

176,219

344,109

531,943

Additions

-

75,913

126,904

202,817

At 31 December 2023

11,615

252,132

471,013

734,760

Depreciation

At 1 January 2023

4,282

113,945

193,685

311,912

Charge for the year

581

33,452

69,332

103,365

At 31 December 2023

4,863

147,397

263,017

415,277

Carrying amount

At 31 December 2023

6,752

104,735

207,996

319,483

At 31 December 2022

7,333

62,274

150,424

220,031

Included within the net book value of land and buildings above is £6,752 (2022 - £7,333) in respect of short leasehold land and buildings.
 

5

Stocks

2023
£

2022
£

Other inventories

421,750

352,709

6

Debtors

Current

2023
£

2022
£

Trade debtors

1,316,556

1,190,937

Other debtors

1,111,876

-

 

2,428,432

1,190,937

 

Chatham-Glyn Fabrics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

714,599

1,215,899

Trade creditors

 

(515,114)

(482,287)

Taxation and social security

 

593,245

521,420

Accruals and deferred income

 

3,000

90,000

Other creditors

 

1,851,315

938,240

 

2,647,045

2,283,272

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

3,800

3,800

3,800

3,800

Ordinary E of £0 each

-

-

-

-

3,800

3,800

3,800

3,800

9

Loans and borrowings

Current loans and borrowings

2023
£

2022
£

Other borrowings

714,599

1,215,899

10

Dividends

2023

2022

£

£

Interim dividend of £263.16 (2022 - £263.16) per ordinary share

1,000,000

1,000,000

 

 

11

Related party transactions

 

Chatham-Glyn Fabrics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

107,121

103,316

Contributions paid to money purchase schemes

94,320

93,383

201,441

196,699

Summary of transactions with parent

Eastwood Properties Ltd The company is wholly owned by Eastwood Properties Ltd
During the year the company paid rent to the parent company of £37900 (202 £31583).

12

Parent and ultimate parent undertaking

The company's immediate parent is Eastwood Properties Limited, incorporated in England.