Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312024-12-319false2024-01-01falseWholesale of textiles9falsetrue 06530739 2024-01-01 2024-12-31 06530739 2023-01-01 2023-12-31 06530739 2024-12-31 06530739 2023-12-31 06530739 2023-01-01 06530739 c:Director3 2024-01-01 2024-12-31 06530739 d:Buildings d:ShortLeaseholdAssets 2024-01-01 2024-12-31 06530739 d:Buildings d:ShortLeaseholdAssets 2024-12-31 06530739 d:Buildings d:ShortLeaseholdAssets 2023-12-31 06530739 d:PlantMachinery 2024-01-01 2024-12-31 06530739 d:PlantMachinery 2024-12-31 06530739 d:PlantMachinery 2023-12-31 06530739 d:PlantMachinery d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 06530739 d:MotorVehicles 2024-01-01 2024-12-31 06530739 d:ComputerEquipment 2024-01-01 2024-12-31 06530739 d:ComputerEquipment 2024-12-31 06530739 d:ComputerEquipment 2023-12-31 06530739 d:ComputerEquipment d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 06530739 d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 06530739 d:CurrentFinancialInstruments 2024-12-31 06530739 d:CurrentFinancialInstruments 2023-12-31 06530739 d:Non-currentFinancialInstruments 2024-12-31 06530739 d:Non-currentFinancialInstruments 2023-12-31 06530739 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 06530739 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 06530739 d:ShareCapital 2024-01-01 2024-12-31 06530739 d:ShareCapital 2024-12-31 06530739 d:ShareCapital 2023-01-01 2023-12-31 06530739 d:ShareCapital 2023-12-31 06530739 d:ShareCapital 2023-01-01 06530739 d:SharePremium 2024-01-01 2024-12-31 06530739 d:SharePremium 2024-12-31 06530739 d:SharePremium 2023-01-01 2023-12-31 06530739 d:SharePremium 2023-12-31 06530739 d:SharePremium 2023-01-01 06530739 d:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 06530739 d:RetainedEarningsAccumulatedLosses 2024-12-31 06530739 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 06530739 d:RetainedEarningsAccumulatedLosses 2023-12-31 06530739 d:RetainedEarningsAccumulatedLosses 2023-01-01 06530739 c:FRS102 2024-01-01 2024-12-31 06530739 c:Audited 2024-01-01 2024-12-31 06530739 c:FullAccounts 2024-01-01 2024-12-31 06530739 c:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 06530739 d:WithinOneYear 2024-12-31 06530739 d:WithinOneYear 2023-12-31 06530739 d:BetweenOneFiveYears 2024-12-31 06530739 d:BetweenOneFiveYears 2023-12-31 06530739 c:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 06530739 2 2024-01-01 2024-12-31 06530739 e:PoundSterling 2024-01-01 2024-12-31 iso4217:GBP xbrli:pure

Registered number: 06530739









FABRIC SYSTEMS LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2024

 
FABRIC SYSTEMS LIMITED
REGISTERED NUMBER: 06530739

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
122,050
174,220

  
122,050
174,220

Current assets
  

Stocks
  
729,045
539,214

Debtors
 5 
2,041,253
1,524,856

Cash at bank and in hand
 6 
119,036
351,864

  
2,889,334
2,415,934

Creditors: amounts falling due within one year
 7 
(328,744)
(475,370)

Net current assets
  
 
 
2,560,590
 
 
1,940,564

Total assets less current liabilities
  
2,682,640
2,114,784

Provisions for liabilities
  

Deferred tax
  
(4,720)
(6,738)

Net assets
  
2,677,920
2,108,046

Page 1

 
FABRIC SYSTEMS LIMITED
REGISTERED NUMBER: 06530739
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Capital and reserves
  

Called up share capital 
  
120
120

Share premium account
  
34,988
34,988

Profit and loss account
  
2,642,812
2,072,938

  
2,677,920
2,108,046


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 

................................................
R Berryman
Director

Date: 19 March 2025

The notes on pages 4 to 12 form part of these financial statements.

Page 2

 
FABRIC SYSTEMS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 January 2023
120
34,988
1,992,025
2,027,133


Comprehensive income for the year

Profit for the year
-
-
580,913
580,913
Total comprehensive income for the year
-
-
580,913
580,913


Contributions by and distributions to owners

Dividends paid
-
-
(500,000)
(500,000)


Total transactions with owners
-
-
(500,000)
(500,000)



At 1 January 2024
120
34,988
2,072,938
2,108,046


Comprehensive income for the year

Profit for the year
-
-
1,069,874
1,069,874
Total comprehensive income for the year
-
-
1,069,874
1,069,874


Contributions by and distributions to owners

Dividends paid
-
-
(500,000)
(500,000)


Total transactions with owners
-
-
(500,000)
(500,000)


At 31 December 2024
120
34,988
2,642,812
2,677,920


The notes on pages 4 to 12 form part of these financial statements.

Page 3

 
FABRIC SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Fabric Systems Limited is a company incorporated in the United Kingdom under the Companies Act. The company is a private company limited by shares and is registered in England and Wales. The registered office is Unit J2 Harrison Road, Airfield Business Park, Market Harborough, England, LE16 7UL.
The principal activity of the company in the year under review was that of being a wholesaler of textiles.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Company has continued continue to generate positive cash flows on its own account and will continue to do so for the foreseeable future. The directors have no reason to believe that a material uncertainty exists that may cast significant doubt about the ability of the Company to continue as a going concern.
On the basis of their assessment of the Company's financial position, the directors have a reasonable expectation that the Company will be able to continue in operational existence for the foreseeable future. The directors therefore believe that it remains appropriate to prepare the financial statements on a going concern basis.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP rounded to the nearest whole pound.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 4

 
FABRIC SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 5

 
FABRIC SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property
-
10%
on straight-line method
Plant and machinery
-
10%
on straight-line method
Motor vehicles
-
25%
on reducing balance
Computer equipment
-
15%
on reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 6

 
FABRIC SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 7

 
FABRIC SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.15

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.





 
Page 8

 
FABRIC SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.15
Financial instruments (continued)

Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 9 (2023 - 9).

Page 9

 
FABRIC SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Tangible fixed assets





Short-term leasehold property
Plant and machinery
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2024
420,433
32,190
38,632
491,255



At 31 December 2024

420,433
32,190
38,632
491,255



Depreciation


At 1 January 2024
269,614
17,981
29,440
317,035


Charge for the year on owned assets
46,074
3,216
2,880
52,170



At 31 December 2024

315,688
21,197
32,320
369,205



Net book value



At 31 December 2024
104,745
10,993
6,312
122,050



At 31 December 2023
150,819
14,209
9,192
174,220


5.


Debtors

2024
2023
£
£

Due after more than one year

Other debtors
90,000
90,000

90,000
90,000

Due within one year

Amounts owed by group undertakings
1,829,569
1,271,797

Other debtors
79,047
49,669

Prepayments and accrued income
17,686
73,431

Tax recoverable
24,951
39,959

2,041,253
1,524,856


Page 10

 
FABRIC SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
119,036
351,864



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
272,167
192,005

Amounts owed to group undertakings
-
25,544

Other taxation and social security
13,264
12,869

Other creditors
43,313
244,952

328,744
475,370



8.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £9,600 (2023: £9,515). Contributions totalling £3,501 (2023: £3,100) were payable to the fund at the balance sheet date and are included in creditors.


9.


Commitments under operating leases

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
33,413
33,413

Later than 1 year and not later than 5 years
44,856
78,360

78,269
111,773


10.


Controlling party

The ultimate parent company is Kvadrat Holding A/S, incorporated in Denmark. The largest and smallest group in which the results of the company are consolidated is that headed by Kvadrat Holding A/S. The consolidated accounts of this company are available to the public and may be obtained from Kvadrat Holding A/S, Lundbergsvej 10, DK-8400, Ebeltoft, Denmark.

Page 11

 
FABRIC SYSTEMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

11.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2024 was unqualified.

The audit report was signed on 20 March 2025 by Anthony Campbell (Senior Statutory Auditor) on behalf of Nortons Assurance Limited.

 
Page 12