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Registration number: 04230037

Textcore Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2024

 

Textcore Limited

Contents

Company Information

1

Director's Report

2

Statement of Comprehensive Income

3

Statement of Financial Position

4

Statement of Changes in Equity

5

Notes to the Financial Statements

6 to 12

 

Textcore Limited

Company Information

Director

C J Hayes

Registered office

Willmott House
12 Blacks Road
London
W6 9EU

Accountants

Shaw Gibbs Limited Salatin House
19 Cedar Road
Sutton
Surrey
SM2 5DA

 

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:

A J Sperrin (resigned 15 February 2024)

C J Hayes (appointed 25 September 2023)

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 director on 11 March 2025
 

.........................................
C J Hayes
Director

 

Textcore Limited

Statement of Comprehensive Income
for the Year Ended 30 June 2024

Note

2024
£

2023
£

Gross rental income

 

70,469

70,469

Administrative expenses

 

(9,472)

(9,102)

Operating profit

 

60,997

61,367

Profit before tax

60,997

61,367

Taxation

4

(12,179)

(12,576)

Profit for the financial year

 

48,818

48,791

 

Textcore Limited

(Registration number: 04230037)
Statement of Financial Position as at 30 June 2024

Note

2024
£

2023
£

Non-current assets

 

Investment property

5

1,100,000

1,100,000

Current assets

 

Receivables

6

106,166

60,366

Cash at bank and in hand

 

2,263

756

 

108,429

61,122

Payables: Amounts falling due within one year

8

(16,855)

(18,366)

Net current assets/(liabilities)

 

91,574

42,756

Total assets less current liabilities

 

1,191,574

1,142,756

Provisions for liabilities

(171,996)

(171,996)

Net assets

 

1,019,578

970,760

Equity

 

Called up share capital

10

10

10

Other reserves

10

515,989

515,989

Retained earnings

10

503,579

454,761

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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 director on 11 March 2025

.........................................

C J Hayes
Director

 

Textcore Limited

Statement of Changes in Equity
for the Year Ended 30 June 2024

Share capital
£

Other reserves
£

Retained earnings
£

Total
£

At 1 July 2023

10

515,989

454,761

970,760

Profit for the year

-

-

48,818

48,818

Total comprehensive income

-

-

48,818

48,818

At 30 June 2024

10

515,989

503,579

1,019,578

Share capital
£

Other reserves
£

Retained earnings
£

Total
£

At 1 July 2022

10

515,989

405,970

921,969

Profit for the year

-

-

48,791

48,791

Total comprehensive income

-

-

48,791

48,791

At 30 June 2023

10

515,989

454,761

970,760


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

1

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.

2

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

Investment properties are properties owned by the company which are held for long-term rental income or for capital appreciation or both and are included in fixed assets at their latest valuation plus subsequent additions at cost. Surpluses and deficits arising on valuation are taken direct to the Income Statement.

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

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

3

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)

4

Taxation

Tax charged in the income statement

2024
£

2023
£

Current taxation

UK corporation tax

12,415

12,576

UK corporation tax adjustment to prior periods

(236)

-

12,179

12,576

The standard rate of UK corporation tax applied to the reported profit before tax for the year is 25% (2023 - 25%).

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
£

Profit before tax

60,997

61,367

Corporation tax at standard rate

15,249

15,342

Decrease from effect of different UK tax rates on some earnings

(2,834)

(2,766)

Tax decrease from effect of capital allowances and depreciation

(236)

-

Total tax charge

12,179

12,576

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Financial assets at fair value through the income statement

171,996

   

2023

Liability
£

Financial assets at fair value through the income statement

171,996

   
 

Textcore Limited

Notes to the Financial Statements
for the Year Ended 30 June 2024 (continued)

5

Investment properties

2024
£

At 1 July 2023 and 30 June 2024

1,100,000

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.

6

Receivables

2024
£

2023
£

Trade receivables

1,666

2,866

Amount due from parent undertaking

103,600

56,600

Prepayments and accrued income

900

900

106,166

60,366

The amount due from parent undertaking is unsecured, repayable on demand and is non-interest bearing.

7

Cash and cash equivalents

2024
£

2023
£

Cash at bank and in hand

2,263

756

 

Textcore Limited

Notes to the Financial Statements
for the Year Ended 30 June 2024 (continued)

8

Payables

2024
£

2023
£

Due within one year

Trade payables

-

1,800

Corporation tax

12,415

12,576

Accruals

4,440

3,990

16,855

18,366

9

Provisions for liabilities

Deferred tax
£

At 1 July 2023

171,996

At 30 June 2024

171,996

Deferred tax liability represents the future tax payable on the investment property if it were sold at current market value.

10

Share capital and reserves

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £0.01 each

1,000

10

1,000

10

       

The company has one class of share capital which carries no right to fixed income.

11

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)

12

Parent undertaking

The company's immediate and ultimate parent is Paperframe Limited, incorporated in the United Kingdom.

13

Events after the financial period

There have been no significant events between the year end and the date of approval of these accounts which would require a change to, or disclosure in, the financial statements.