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Company No: 00260672 (England and Wales)

THE CLAREMONT FURNISHING FABRICS CO. LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2024
Pages for filing with the registrar

THE CLAREMONT FURNISHING FABRICS CO. LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

THE CLAREMONT FURNISHING FABRICS CO. LIMITED

COMPANY INFORMATION

For the financial year ended 30 June 2024
THE CLAREMONT FURNISHING FABRICS CO. LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 30 June 2024
DIRECTORS A J Sykes
T J Sykes
REGISTERED OFFICE 35 Elystan Street
London
SW3 3NT
United Kingdom
COMPANY NUMBER 00260672 (England and Wales)
THE CLAREMONT FURNISHING FABRICS CO. LIMITED

BALANCE SHEET

As at 30 June 2024
THE CLAREMONT FURNISHING FABRICS CO. LIMITED

BALANCE SHEET (continued)

As at 30 June 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 15,107 20,436
Investments 4 2,803,420 2,803,420
2,818,527 2,823,856
Current assets
Stocks 870,732 769,572
Debtors 5 206,232 261,437
Cash at bank and in hand 741,684 797,348
1,818,648 1,828,357
Creditors: amounts falling due within one year 6 ( 4,235,374) ( 2,908,358)
Net current liabilities (2,416,726) (1,080,001)
Total assets less current liabilities 401,801 1,743,855
Net assets 401,801 1,743,855
Capital and reserves
Called-up share capital 1,052 1,052
Share premium account 39,795 39,795
Revaluation reserve 1,500 1,500
Capital redemption reserve 2,948 2,948
Profit and loss account 356,506 1,698,560
Total shareholders' funds 401,801 1,743,855

For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of The Claremont Furnishing Fabrics Co. Limited (registered number: 00260672) were approved and authorised for issue by the Board of Directors on 04 March 2025. They were signed on its behalf by:

A J Sykes
Director
THE CLAREMONT FURNISHING FABRICS CO. LIMITED

STATEMENT OF CHANGES IN EQUITY

For the financial year ended 30 June 2024
THE CLAREMONT FURNISHING FABRICS CO. LIMITED

STATEMENT OF CHANGES IN EQUITY (continued)

For the financial year ended 30 June 2024
Called-up share capital Share premium account Revaluation reserve Capital redemption reserve Profit and loss account Total
£ £ £ £ £ £
At 01 July 2022 1,052 39,795 1,500 2,948 4,782,037 4,827,332
Profit for the financial year 0 0 0 0 421,748 421,748
Total comprehensive income 0 0 0 0 421,748 421,748
Gift to employee ownership trust 0 0 0 0 ( 3,505,225) ( 3,505,225)
At 30 June 2023 1,052 39,795 1,500 2,948 1,698,560 1,743,855
At 01 July 2023 1,052 39,795 1,500 2,948 1,698,560 1,743,855
Profit for the financial year 0 0 0 0 657,946 657,946
Total comprehensive income 0 0 0 0 657,946 657,946
Gift to employee ownership trust 0 0 0 0 ( 2,000,000) ( 2,000,000)
At 30 June 2024 1,052 39,795 1,500 2,948 356,506 401,801
THE CLAREMONT FURNISHING FABRICS CO. LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
THE CLAREMONT FURNISHING FABRICS CO. LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

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

The address of its registered office is:
35-37 Elystan Street
London
SW3 3NT

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.

The financial statements have been prepared under the historical cost convention. The financial statements are presented in Sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis.

Group accounts exemption

Group accounts exemption s399
The company is part of a group which qualifies as a small group and therefore consolidated accounts are not prepared.

The ultimate controlling party of The Claremont Furnishings Fabrics Company Limited is Claremont Trustee Limited (company number: 14306241).

Foreign currency

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at thebalance sheet date. All exchange differences are included in the profit and loss account.

Turnover

Turnover represents the invoiced amount of goods sold and services provided in respect of furnishing fabric transactions stated exclusive of value added tax.

Income from sales of fabrics and trimmings is recognised when the goods are delivered to the purchaser. Commission income is recognised when the company is entitled to receipt as a result of the completion of a deal.

Taxation

Current tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current 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.

Tangible fixed assets

Tangible assets are stated 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 is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Land and buildings 5 years straight line
Fixtures and fittings 10 years straight line
Other property, plant and equipment 4 years straight line
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 locationand 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.

Trade and other 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 allamounts due according to the original terms of the debtors.

Trade and other creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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 costusing the effective interest method.

Ordinary share capital

Ordinary shares are classified as equity.

Investments

Investments in subsidiaries are held at cost less impairment.

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.

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.

Gifts to Employee Ownership Trust (EOT)

The Claremont Furnishings Fabrics Company Limited (‘the company’), together with its former shareholder, established the Claremont Employee Ownership Trust (‘the EOT’) in 2023. The EOT is a qualifying Trust as provided by legislation. The EOT exists for the benefit of the employees of the group from time to time. In 2023, the EOT acquired the entire share capital of the company. Gifts/capital contributions to the EOT from the company are treated as distribution of reserves in accordance with the requirements of the Companies Act 2006.

2. Employees

2024 2023
Number Number
The average number of persons employed by the company during the year was 10 9

3. Tangible assets

Land and buildings Fixtures and fittings Other property, plant
and equipment
Total
£ £ £ £
Cost
At 01 July 2023 105,491 191,833 25,150 322,474
Disposals 0 0 ( 11,690) ( 11,690)
At 30 June 2024 105,491 191,833 13,460 310,784
Accumulated depreciation
At 01 July 2023 105,491 171,397 25,150 302,038
Charge for the financial year 0 5,329 0 5,329
Disposals 0 0 ( 11,690) ( 11,690)
At 30 June 2024 105,491 176,726 13,460 295,677
Net book value
At 30 June 2024 0 15,107 0 15,107
At 30 June 2023 0 20,436 0 20,436

4. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 July 2023 2,803,420
At 30 June 2024 2,803,420
Carrying value at 30 June 2024 2,803,420
Carrying value at 30 June 2023 2,803,420

5. Debtors

2024 2023
£ £
Trade debtors 139,084 198,240
Prepayments 65,698 59,189
Other debtors 1,450 4,008
206,232 261,437

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 326,537 314,307
Amounts owed to group undertakings (note 8) 3,331,407 2,212,516
Accruals 25,477 25,209
Taxation and social security 366,492 257,818
Other creditors 185,461 98,508
4,235,374 2,908,358

7. Financial commitments

Other financial commitments

2024 2023
£ £
Not later than one year 71,000 73,187
Later than one year and not later than five years 213,000 284,000
284,000 357,187

The total of future mimumum lease payements as above. The amount of non-cancellable operating lease payments recognised as an expense during the year was £71,000 (2023 - £73,187).

8. Related party transactions

During the year, capital contributions totalling £2,000,000 (2023 - £3,505,225) were gifted to the Claremont Employee Ownership Trust (‘the EOT’). The EOT exists for the benefit of the employees of the Claremont Group .