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COMPANY REGISTRATION NUMBER: 1922263
WEST YORKSHIRE FABRICS LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 June 2024
WEST YORKSHIRE FABRICS LTD
STATEMENT OF FINANCIAL POSITION
30 June 2024
2024
2023
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
200,157
204,233
CURRENT ASSETS
Stocks
59,368
69,393
Debtors
6
310,638
328,872
Cash at bank and in hand
105,408
90,933
---------
---------
475,414
489,198
CREDITORS: amounts falling due within one year
7
( 112,061)
( 117,383)
---------
---------
NET CURRENT ASSETS
363,353
371,815
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
563,510
576,048
PROVISIONS
Taxation including deferred tax
( 2,743)
( 2,805)
---------
---------
NET ASSETS
560,767
573,243
---------
---------
CAPITAL AND RESERVES
Called up share capital
100
100
Profit and loss account
560,667
573,143
---------
---------
SHAREHOLDERS FUNDS
560,767
573,243
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
WEST YORKSHIRE FABRICS LTD
STATEMENT OF FINANCIAL POSITION (continued)
30 June 2024
These financial statements were approved by the board of directors and authorised for issue on 18 March 2025 , and are signed on behalf of the board by:
N J Stroud
Director
Company registration number: 1922263
WEST YORKSHIRE FABRICS LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 JUNE 2024
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 23 Park Lane Mews, Leeds, West Yorkshire, LS17 8SN.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover comprises revenue recognised by the company in respect of goods supplied, exclusive of Value Added Tax.
Income tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Computer Equipment
-
33% straight line
Fixtures and Fittings
-
15% reducing balance
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its open market value at each reporting date and any changes in value are recognised in the Statement of Income and Retained Earnings.
Stocks
Stock is valued at the lower of cost and net realisable value.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit and loss. Derivative financial instruments are initially recorded at transaction price and thereafter at fair value with changes recognised in profit and loss. The company holds the following financial assets and liabilities: Cash, Short-term trade and other debtors, and creditors. Cash in the balance sheet comprises cash at banks and in hand and short term deposits with an original maturity date of three months or less. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account before operating profit.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 6 (2023: 6 ).
5. TANGIBLE ASSETS
Investment Property
Plant and machinery
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 July 2023 and 30 June 2024
188,277
20,913
26,822
236,012
---------
--------
--------
---------
Depreciation
At 1 July 2023
17,044
14,735
31,779
Charge for the year
2,263
1,813
4,076
---------
--------
--------
---------
At 30 June 2024
19,307
16,548
35,855
---------
--------
--------
---------
Carrying amount
At 30 June 2024
188,277
1,606
10,274
200,157
---------
--------
--------
---------
At 30 June 2023
188,277
3,869
12,087
204,233
---------
--------
--------
---------
The investment properties have been valued on an open market basis by the director as at 30 June 2024.
6. DEBTORS
2024
2023
£
£
Trade debtors
65,404
43,997
Other debtors
245,234
284,875
---------
---------
310,638
328,872
---------
---------
7. CREDITORS: amounts falling due within one year
2024
2023
£
£
Trade creditors
45,219
63,428
Corporation tax
29,539
26,408
Social security and other taxes
1,649
2,813
Other creditors
983
3,486
Other creditors
34,671
21,248
---------
---------
112,061
117,383
---------
---------