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Registration number: 02658597

Falcon Fabrics Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2024

image-name
 

Falcon Fabrics Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Statement of Comprehensive Income

4

Statement of Comprehensive Income

5

Statement of Financial Position

6

Statement of Changes in Equity

7

Notes to the Unaudited Financial Statements

8 to 13

 

Falcon Fabrics Limited

Company Information

Directors

NA Scutt

NR Austin

Company secretary

NR Austin

Registered office

83 High Street
West Wickham
Kent
BR4 0LS

Accountants

Sherwoods
Chartered Accountants83 High Street
West Wickham
Kent
BR4 0LS

 

Falcon Fabrics Limited

Directors' Report for the Year Ended 31 October 2024

The directors present their report and the financial statements for the year ended 31 October 2024.

Directors of the company

The directors who held office during the year were as follows:

NA Scutt

NR Austin - Company secretary and director

Small companies provision statement

This report has 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.

Approved and authorised by the Board on 3 April 2025 and signed on its behalf by:
 


NR Austin
Company secretary and director

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Falcon Fabrics Limited
for the Year Ended 31 October 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Falcon Fabrics Limited for the year ended 31 October 2024 as set out on pages 4 to 13 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Falcon Fabrics Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Falcon Fabrics Limited and state those matters that we have agreed to state to the Board of Directors of Falcon Fabrics Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Falcon Fabrics Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Falcon Fabrics Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Falcon Fabrics Limited. You consider that Falcon Fabrics Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Falcon Fabrics Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

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

Sherwoods
Chartered Accountants
83 High Street
West Wickham
Kent
BR4 0LS

3 April 2025

 

Falcon Fabrics Limited

Statement of Comprehensive Income for the Year Ended 31 October 2024

Note

2024
£

2023
£

Turnover

 

1,100,977

1,125,882

Cost of sales

 

(620,604)

(608,512)

Gross profit

 

480,373

517,370

Administrative expenses

 

(392,421)

(387,142)

Operating profit

 

87,952

130,228

Interest payable and similar expenses

 

(4,108)

(1,508)

Profit before tax

4

83,844

128,720

Tax on profit

 

(20,735)

(23,357)

Profit for the financial year

 

63,109

105,363

Note

2024
£

2023
£

Turnover

 

1,100,977

1,125,882

Raw materials and consumables used

 

(620,604)

(608,512)

Employee benefits expense

 

(248,794)

(239,690)

Depreciation and amortisation expense

 

(7,551)

(9,231)

Other expenses

 

(136,076)

(141,474)

Other gains

 

-

3,253

Operating profit

 

87,952

130,228

Interest payable and similar expenses

 

(4,108)

(1,508)

Profit before tax

4

83,844

128,720

Tax on profit

 

(20,735)

(23,357)

Profit for the year

 

63,109

105,363

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Falcon Fabrics Limited

Statement of Comprehensive Income for the Year Ended 31 October 2024

2024
£

2023
£

Profit for the year

63,109

105,363

Total comprehensive income for the year

63,109

105,363

 

Falcon Fabrics Limited

(Registration number: 02658597)
Statement of Financial Position as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

20,696

28,247

Current assets

 

Stocks

6

131,711

145,703

Debtors

7

14,844

16,011

Cash at bank and in hand

 

436,744

415,331

 

583,299

577,045

Creditors: Amounts falling due within one year

8

(280,611)

(246,604)

Net current assets

 

302,688

330,441

Total assets less current liabilities

 

323,384

358,688

Creditors: Amounts falling due after more than one year

8

(8,018)

(17,322)

Net assets

 

315,366

341,366

Capital and reserves

 

Called up share capital

50,000

50,000

Profit and loss account

236,352

258,493

Shareholders' funds

 

286,352

308,493

Statement of financial position is out of balance

 

£29,014.00

£32,873.00

For the financial year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

Approved and authorised by the Board on 3 April 2025 and signed on its behalf by:
 


NA Scutt
Director

 

Falcon Fabrics Limited

Statement of Changes in Equity for the Year Ended 31 October 2024

Share capital
£

Profit and loss account
£

Total
£

At 1 November 2023

50,000

258,493

308,493

Profit for the year

-

63,109

63,109

Dividends

-

(85,250)

(85,250)

At 31 October 2024

50,000

236,352

286,352

Share capital
£

Profit and loss account
£

Total
£

At 1 November 2022

50,000

248,630

298,630

Profit for the year

-

105,363

105,363

Dividends

-

(95,500)

(95,500)

At 31 October 2023

50,000

258,493

308,493

 

Falcon Fabrics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

1

General information

The company is a private company limited by share capital, incorporated in UK.

The address of its registered office is:
83 High Street
West Wickham
Kent
BR4 0LS
England

Principal activity

The principal activity of the company is Upholstery & fabric

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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 financial statements are prepared in sterling which is the functional currency of the entity.

 

Falcon Fabrics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

2

Accounting policies (continued)

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.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, 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.

The current income 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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

15% on reducing balance

Motor vehicles

25% on reducing balance

Computer equipment

25% on cost

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

 

Falcon Fabrics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

2

Accounting policies (continued)

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

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 location and 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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Defined contribution pension obligation

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.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 

Falcon Fabrics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2023 - 12).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

7,551

9,231

 

Falcon Fabrics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

5

Tangible assets

Fixtures and fittings
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2023

38,357

7,236

55,612

101,205

Disposals

-

-

(20,591)

(20,591)

At 31 October 2024

38,357

7,236

35,021

80,614

Depreciation

At 1 November 2023

37,185

7,235

28,538

72,958

Charge for the year

176

-

6,567

6,743

Eliminated on disposal

-

-

(19,783)

(19,783)

At 31 October 2024

37,361

7,235

15,322

59,918

Carrying amount

At 31 October 2024

996

1

19,699

20,696

At 31 October 2023

1,172

1

27,074

28,247

6

Stocks

2024
£

2023
£

Other inventories

131,711

145,703

7

Debtors

2024
£

2023
£

Prepayments

14,844

16,011

14,844

16,011

 

Falcon Fabrics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

10,000

10,000

Trade creditors

 

137,594

155,661

Taxation and social security

 

55,187

45,185

Accruals and deferred income

 

16,000

15,500

Other creditors

 

61,830

20,258

 

280,611

246,604

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

8,018

17,322

9

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

8,018

17,322

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,000

10,000

Other borrowings

The carrying amount of HP at year end is £Nil (2023 - £3,860).