Registration number:
Textcore Limited
for the Year Ended 30 June 2024
Textcore Limited
Contents
Company Information |
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Director's Report |
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Statement of Comprehensive Income |
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Statement of Financial Position |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Textcore Limited
Company Information
Director |
C J Hayes |
Registered office |
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Accountants |
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Textcore Limited
Director's Report for the Year Ended 30 June 2024
The director presents her report on the affairs of Textcore Limited, together with the unaudited financial statements for the year ended 30 June 2024.
Principal activity
The principal activity of the company is property investment.
Directors of the company
The directors who held office during the year and up to the date of approval of this report were as follows:
Going concern
The director has considered financial projections for the company over the foreseeable future. After making enquiries, the director is satisfied that the company has sufficient resources to continue in operation for the foreseeable future, being at least 12 months from the date of signing the financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Small companies provision statement
The directors have taken advantage of the small companies exemptions provided by sections 414B and 415A of the Companies Act 2006 from the requirement to prepare a strategic report and in preparing the directors’ report on the grounds that the company is entitled to prepare its accounts for the year in accordance with the small companies regime.
The director's report was approved by the
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Textcore Limited
Statement of Comprehensive Income
for the Year Ended 30 June 2024
Note |
2024 |
2023 |
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Gross rental income |
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Administrative expenses |
( |
( |
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Operating profit |
60,997 |
61,367 |
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Profit before tax |
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Taxation |
( |
( |
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Profit for the financial year |
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Textcore Limited
(Registration number: 04230037)
Statement of Financial Position as at 30 June 2024
Note |
2024 |
2023 |
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Non-current assets |
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Investment property |
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Current assets |
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Receivables |
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Cash at bank and in hand |
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Payables: Amounts falling due within one year |
( |
( |
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Net current assets/(liabilities) |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Equity |
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Called up share capital |
10 |
10 |
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Other reserves |
515,989 |
515,989 |
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Retained earnings |
503,579 |
454,761 |
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Shareholders' funds |
1,019,578 |
970,760 |
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.
Director's responsibilities:
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• |
The director acknowledges her 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in
accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements of Textcore Limited were approved and authorised for issue by the
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Director
Textcore Limited
Statement of Changes in Equity
for the Year Ended 30 June 2024
Share capital |
Other reserves |
Retained earnings
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Total |
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At 1 July 2023 |
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Profit for the year |
- |
- |
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Total comprehensive income |
- |
- |
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At 30 June 2024 |
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Share capital |
Other reserves |
Retained earnings
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Total |
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At 1 July 2022 |
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Profit for the year |
- |
- |
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Total comprehensive income |
- |
- |
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At 30 June 2023 |
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Retained earnings
The retained earnings reserve represents cumulative profit or losses net of dividends paid and other adjustments.
Other reserve
The other reserve represents non-distributable reserves arising on the revaluation of investment properties.
Textcore Limited
Notes to the Financial Statements
for the Year Ended 30 June 2024
General information |
Textcore Limited (the 'company') is a private company limited by share capital, registered in England and Wales under the Companies Act. The address of the registered office is given on page 1.
Accounting policies |
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.
Going concern
The director has considered financial projections for the company over the foreseeable future. After making enquiries, the director is satisfied that the company has sufficient resources to continue in operation for the foreseeable future, being at least 12 months from the date of signing the financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Statement of compliance
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.
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.
The functional currency of the company is considered to be pound sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pound sterling (£).
Departures from Companies Act requirements
The financial statements depart from the standard format of the Companies Act 2006 in that turnover has been replaced by gross rental income, cost of sales has been replaced by property outgoings and gross profit has been replaced by net rental income. These departure, as permitted by s396 of the Companies Act 2006, have arisen because the directors consider that this presentation is more appropriate given the nature of the company's activities. |
Judgements and key sources of estimation uncertainty
There are no critical judgements, estimations or assumptions made by the directors in the process of applying the company's accounting policies which have significant effect on the amounts recognises in the financial statements.
Textcore Limited
Notes to the Financial Statements
for the Year Ended 30 June 2024 (continued)
2 |
Accounting policies (continued) |
Key sources of estimation uncertainty
The preparation of financial statements in conformity with FRS 102 requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the
circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The judgements, estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are discussed below.
(i) Valuation of investment property
The investment property was revalued at the year end to its fair value on the basis of market value. Market value represents the figure that would appear in a hypothetical contract of sale between a willing buyer and a willing seller. Market value is estimated without regard to costs of sale. Property valuation is inherently subjective and contains a number of assumptions upon which the directors have based their valuation. The assumptions on which the valuation have been based include, but are not limited to, matters such as recent comparable market transactions on arm’s length terms, the tenure and tenancy details for the property, ground conditions at the property and the structural condition of the property. The carrying amount is £1,100,000 (2023 -£1,100,000).
Gross rental income
Rental income represents amounts invoiced to third parties in relation to the leasing of the company's
investment property.
Rental income from investment property leased out under an operating lease is recognised in the profit and loss account on a straight line basis over the term of the lease.
Taxation
The tax expense for the period comprises current and deferred tax. Tax is recognised in the income statement, 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.
Current tax, including UK corporation tax and foreign tax, is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the year end.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Textcore Limited
Notes to the Financial Statements
for the Year Ended 30 June 2024 (continued)
2 |
Accounting policies (continued) |
Investment property
Cash and cash equivalents
Cash and cash equivalents comprise bank current accounts that are subject to an insignificant risk of
change in value.
Receivables
Receivables 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 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 receivable.
Payables
Payables 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. Payables are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
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.
Financial instruments
Staff numbers |
The company had no employees during the current and the preceding year.
Textcore Limited
Notes to the Financial Statements
for the Year Ended 30 June 2024 (continued)
Taxation |
Tax charged in the income statement
2024 |
2023 |
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Current taxation |
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UK corporation tax |
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UK corporation tax adjustment to prior periods |
( |
- |
12,179 |
12,576 |
The standard rate of UK corporation tax applied to the reported profit before tax for the year is
The difference between the total tax charge shown above and the amount calculated by applying the standard rate of UK corporation tax to the profit before tax is as follows:
2024 |
2023 |
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Profit before tax |
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Corporation tax at standard rate |
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Decrease from effect of different UK tax rates on some earnings |
( |
( |
Tax decrease from effect of capital allowances and depreciation |
( |
- |
Total tax charge |
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Deferred tax
Deferred tax assets and liabilities
2024 |
Liability |
Financial assets at fair value through the income statement |
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2023 |
Liability |
Financial assets at fair value through the income statement |
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Textcore Limited
Notes to the Financial Statements
for the Year Ended 30 June 2024 (continued)
Investment properties |
2024 |
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At 1 July 2023 and 30 June 2024 |
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The Investment property was revalued on 30 June 2023 by the directors on the basis of market value. Market value represents the figure that would appear in a hypothetical contract of sale between a willing buyer and a willing seller. Market value is estimated without regard to costs of sale.
The aggregate historical cost amount (reflecting any write downs to recoverable amount) of the investment property at 30 June 2023 was £412,015 (2022 - £412,015).
There has been no valuation of investment property by an independent valuer.
Receivables |
2024 |
2023 |
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Trade receivables |
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Amount due from parent undertaking |
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Prepayments and accrued income |
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The amount due from parent undertaking is unsecured, repayable on demand and is non-interest bearing.
Cash and cash equivalents |
2024 |
2023 |
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Cash at bank and in hand |
2,263 |
756 |
Textcore Limited
Notes to the Financial Statements
for the Year Ended 30 June 2024 (continued)
Payables |
2024 |
2023 |
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Due within one year |
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Trade payables |
- |
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Corporation tax |
12,415 |
12,576 |
Accruals |
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Provisions for liabilities |
Deferred tax |
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At 1 July 2023 |
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At 30 June 2024 |
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Deferred tax liability represents the future tax payable on the investment property if it were sold at current market value.
Share capital and reserves |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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10 |
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10 |
The company has one class of share capital which carries no right to fixed income.
Related party transactions |
The company is a wholly owned subsidiary member of its group and has therefore taken advantage of the provisions of paragraph 1AC.35 of FRS 102 - Small Entities the not to disclose transactions with entities that are wholly owned members of the group. There were no other related party transactions to disclose.
Textcore Limited
Notes to the Financial Statements
for the Year Ended 30 June 2024 (continued)
Parent undertaking |
The company's immediate and ultimate parent is Paperframe Limited, incorporated in the United Kingdom.
Events after the financial period |
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