Company No:
Contents
DIRECTORS | A J Sykes |
T J Sykes |
REGISTERED OFFICE | 35 Elystan Street |
London | |
SW3 3NT | |
United Kingdom |
COMPANY NUMBER | 00260672 (England and Wales) |
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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Investments | 4 |
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2,818,527 | 2,823,856 | |||
Current assets | ||||
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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1,818,648 | 1,828,357 | |||
Creditors: amounts falling due within one year | 6 | (
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Net current liabilities | (2,416,726) | (1,080,001) | ||
Total assets less current liabilities | 401,801 | 1,743,855 | ||
Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Share premium account |
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Revaluation reserve |
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Capital redemption reserve |
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Profit and loss account |
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Total shareholders' funds |
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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:
A J Sykes
Director |
Called-up share capital | Share premium account | Revaluation reserve | Capital redemption reserve | Profit and loss account | Total | ||||||
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At 01 July 2022 |
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Profit for the financial year |
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Total comprehensive income |
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Gift to employee ownership trust |
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At 30 June 2023 |
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At 01 July 2023 |
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Profit for the financial year |
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Total comprehensive income |
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Gift to employee ownership trust |
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At 30 June 2024 |
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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.
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 £.
The financial statements have been prepared on a going concern basis.
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).
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.
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.
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 |
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Fixtures and fittings |
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Other property, plant and equipment |
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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 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 creditors are recognised initially at the transaction price and subsequently measured at amortised costusing the effective interest method.
Investments in subsidiaries are held at cost less impairment.
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.
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.
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.
2024 | 2023 | ||
Number | Number | ||
The average number of persons employed by the company during the year was |
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Land and buildings | Fixtures and fittings | Other property, plant and equipment |
Total | ||||
£ | £ | £ | £ | ||||
Cost | |||||||
At 01 July 2023 |
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Disposals |
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At 30 June 2024 |
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Accumulated depreciation | |||||||
At 01 July 2023 |
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Charge for the financial year |
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Disposals |
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At 30 June 2024 |
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Net book value | |||||||
At 30 June 2024 |
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At 30 June 2023 |
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Investments in subsidiaries
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Cost | |
At 01 July 2023 |
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At 30 June 2024 |
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Carrying value at 30 June 2024 |
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Carrying value at 30 June 2023 |
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2024 | 2023 | ||
£ | £ | ||
Trade debtors |
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Prepayments |
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Other debtors |
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2024 | 2023 | ||
£ | £ | ||
Trade creditors |
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Amounts owed to group undertakings (note 8) |
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Accruals |
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Taxation and social security |
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Other creditors |
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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 | |
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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).
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 .