IRIS Accounts Production v24.3.2.46 04689753 Board of Directors 1.6.23 31.5.24 31.5.24 false true false false false true false Ordinary A 1.00000 Ordinary B 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh046897532023-05-31046897532024-05-31046897532023-06-012024-05-31046897532022-05-31046897532022-06-012023-05-31046897532023-05-3104689753ns15:EnglandWales2023-06-012024-05-3104689753ns14:PoundSterling2023-06-012024-05-3104689753ns10:Director12023-06-012024-05-3104689753ns10:PrivateLimitedCompanyLtd2023-06-012024-05-3104689753ns10:SmallEntities2023-06-012024-05-3104689753ns10:AuditExempt-NoAccountantsReport2023-06-012024-05-3104689753ns10:SmallCompaniesRegimeForDirectorsReport2023-06-012024-05-3104689753ns10:SmallCompaniesRegimeForAccounts2023-06-012024-05-3104689753ns10:FullAccounts2023-06-012024-05-310468975312023-06-012024-05-3104689753ns10:OrdinaryShareClass12023-06-012024-05-3104689753ns10:OrdinaryShareClass22023-06-012024-05-3104689753ns10:Director22023-06-012024-05-3104689753ns10:RegisteredOffice2023-06-012024-05-3104689753ns5:CurrentFinancialInstruments2024-05-3104689753ns5:CurrentFinancialInstruments2023-05-3104689753ns5:Non-currentFinancialInstruments2024-05-3104689753ns5:Non-currentFinancialInstruments2023-05-3104689753ns5:ShareCapital2024-05-3104689753ns5:ShareCapital2023-05-3104689753ns5:RetainedEarningsAccumulatedLosses2024-05-3104689753ns5:RetainedEarningsAccumulatedLosses2023-05-3104689753ns5:NetGoodwill2023-06-012024-05-3104689753ns5:IntangibleAssetsOtherThanGoodwill2023-06-012024-05-3104689753ns5:LandBuildingsns5:ShortLeaseholdAssets2023-06-012024-05-3104689753ns5:FurnitureFittings2023-06-012024-05-3104689753ns5:MotorVehicles2023-06-012024-05-3104689753ns5:ComputerEquipment2023-06-012024-05-3104689753ns5:NetGoodwill2023-05-3104689753ns5:NetGoodwill2024-05-3104689753ns5:NetGoodwill2023-05-3104689753ns5:LandBuildingsns5:ShortLeaseholdAssets2023-05-3104689753ns5:FurnitureFittings2023-05-3104689753ns5:MotorVehicles2023-05-3104689753ns5:ComputerEquipment2023-05-3104689753ns5:LandBuildingsns5:ShortLeaseholdAssets2024-05-3104689753ns5:FurnitureFittings2024-05-3104689753ns5:MotorVehicles2024-05-3104689753ns5:ComputerEquipment2024-05-3104689753ns5:LandBuildingsns5:ShortLeaseholdAssets2023-05-3104689753ns5:FurnitureFittings2023-05-3104689753ns5:MotorVehicles2023-05-3104689753ns5:ComputerEquipment2023-05-3104689753ns5:WithinOneYearns5:CurrentFinancialInstruments2024-05-3104689753ns5:WithinOneYearns5:CurrentFinancialInstruments2023-05-3104689753ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2024-05-3104689753ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2023-05-3104689753ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2024-05-3104689753ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2023-05-3104689753ns10:OrdinaryShareClass12024-05-3104689753ns10:OrdinaryShareClass22024-05-3104689753ns5:RetainedEarningsAccumulatedLosses2023-05-3104689753ns5:RetainedEarningsAccumulatedLosses2023-06-012024-05-31
REGISTERED NUMBER: 04689753 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024

FOR

FINE FABRICS LTD

FINE FABRICS LTD (REGISTERED NUMBER: 04689753)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


FINE FABRICS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTORS: R C Ralph
Mrs A D Moreton





REGISTERED OFFICE: Unit 2 Portal House
Botterley Court
Calveley
Tarporley
Cheshire
CW6 9GT





REGISTERED NUMBER: 04689753 (England and Wales)





ACCOUNTANTS: Accountancy Services (Cheshire) Limited
Unit 2 Mallard Court
Mallard Way
Crewe Business Park
Crewe
Cheshire
CW1 6ZQ

FINE FABRICS LTD (REGISTERED NUMBER: 04689753)

BALANCE SHEET
31 MAY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 8,520 12,771
8,520 12,771

CURRENT ASSETS
Stocks 6 740 795
Debtors 7 15,136 6,144
Cash at bank and in hand 34,050 44,364
49,926 51,303
CREDITORS
Amounts falling due within one year 8 43,300 42,652
NET CURRENT ASSETS 6,626 8,651
TOTAL ASSETS LESS CURRENT
LIABILITIES

15,146

21,422

CREDITORS
Amounts falling due after more than
one year

9

17,000

23,000
NET LIABILITIES (1,854 ) (1,578 )

FINE FABRICS LTD (REGISTERED NUMBER: 04689753)

BALANCE SHEET - continued
31 MAY 2024

2024 2023
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 11 (1,954 ) (1,678 )
SHAREHOLDERS' FUNDS (1,854 ) (1,578 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 August 2024 and were signed on its behalf by:





R C Ralph - Director


FINE FABRICS LTD (REGISTERED NUMBER: 04689753)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024


1. STATUTORY INFORMATION

Fine Fabrics Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2004, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - 33% on cost
Fixtures and fittings - 15% on cost
Motor vehicles - 20% on cost
Computer equipment - 33% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


FINE FABRICS LTD (REGISTERED NUMBER: 04689753)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 5 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 June 2023
and 31 May 2024 48,000
AMORTISATION
At 1 June 2023
and 31 May 2024 48,000
NET BOOK VALUE
At 31 May 2024 -
At 31 May 2023 -

FINE FABRICS LTD (REGISTERED NUMBER: 04689753)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


5. TANGIBLE FIXED ASSETS
Fixtures
Short and Motor Computer
leasehold fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 June 2023
and 31 May 2024 3,256 6,215 18,155 4,322 31,948
DEPRECIATION
At 1 June 2023 3,256 6,215 7,262 2,444 19,177
Charge for year - - 3,631 620 4,251
At 31 May 2024 3,256 6,215 10,893 3,064 23,428
NET BOOK VALUE
At 31 May 2024 - - 7,262 1,258 8,520
At 31 May 2023 - - 10,893 1,878 12,771

6. STOCKS
2024 2023
£    £   
Stocks 740 795

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 3,556 6,039
Other debtors 2,500 -
Prepayments 9,080 105
15,136 6,144

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 10,429 7,739
Tax 2,340 1,847
Social security and other taxes (75 ) 2,305
VAT 6,483 5,901
Wages control 100 100
Directors' current accounts 22,355 20,895
Accrued expenses 1,668 3,865
43,300 42,652

FINE FABRICS LTD (REGISTERED NUMBER: 04689753)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£    £   
Bank loans - 1-2 years 1,750 1,750
Bank loans more 5 yr by instal 15,250 21,250
17,000 23,000

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 15,250 21,250

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
70 Ordinary A £1 70 70
30 Ordinary B £1 30 30
100 100

11. RESERVES
Retained
earnings
£   

At 1 June 2023 (1,678 )
Profit for the year 5,724
Dividends (6,000 )
At 31 May 2024 (1,954 )