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COMPANY REGISTRATION NUMBER: NI006049
Talbot Textile & Upholstery Supply Co. Limited
Filleted Unaudited Financial Statements
31 July 2024
Talbot Textile & Upholstery Supply Co. Limited
Financial Statements
Year ended 31st July 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Talbot Textile & Upholstery Supply Co. Limited
Statement of Financial Position
31 July 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
6
415,793
433,028
Investments
7
103
103
---------
---------
415,896
433,131
Current assets
Stocks
115,234
105,231
Debtors
8
786,085
791,555
Investments
9
2,474
2,474
Cash at bank and in hand
539,070
543,551
------------
------------
1,442,863
1,442,811
Creditors: amounts falling due within one year
10
238,039
216,013
------------
------------
Net current assets
1,204,824
1,226,798
------------
------------
Total assets less current liabilities
1,620,720
1,659,929
------------
------------
Net assets
1,620,720
1,659,929
------------
------------
Capital and reserves
Called up share capital
6,000
6,000
Profit and loss account
1,614,720
1,653,929
------------
------------
Shareholders funds
1,620,720
1,659,929
------------
------------
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 31st July 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 .
Talbot Textile & Upholstery Supply Co. Limited
Statement of Financial Position (continued)
31 July 2024
These financial statements were approved by the board of directors and authorised for issue on 24 April 2025 , and are signed on behalf of the board by:
Mr Ronald Kelly
Director
Company registration number: NI006049
Talbot Textile & Upholstery Supply Co. Limited
Notes to the Financial Statements
Year ended 31st July 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 16/18 Dargan Crescent, Duncrue Industrial Estate, Belfast, BT3 9JP.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Debtors and creditors receivable / payable within one year
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 in other administrative expenses.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Freehold property
-
2% straight line
Fixtures and fittings
-
20% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a 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. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship (see hedge accounting policy). Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2023: 4 ).
5. Dividends
2024
2023
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
4,000
12,686
-------
--------
6. Tangible assets
Land and buildings
Fixtures and fittings
Total
£
£
£
Cost
At 1st August 2023 and 31st July 2024
846,669
62,602
909,271
---------
--------
---------
Depreciation
At 1st August 2023
415,151
61,092
476,243
Charge for the year
16,933
302
17,235
---------
--------
---------
At 31st July 2024
432,084
61,394
493,478
---------
--------
---------
Carrying amount
At 31st July 2024
414,585
1,208
415,793
---------
--------
---------
At 31st July 2023
431,518
1,510
433,028
---------
--------
---------
7. Investments
Shares in group undertakings
£
Cost
At 1st August 2023 and 31st July 2024
103
----
Impairment
At 1st August 2023 and 31st July 2024
----
Carrying amount
At 31st July 2024
103
----
At 31st July 2023
103
----
The company holds directly or indirectly 20% or more of the share capital of the following companies:-
Company
Country of Registration or Incorporation
Proportion of shares held
Nature of Business
The Cotton Print Factory Shop Ltd
Northern Ireland
99%
Fabric retailers
Tablegard Ltd.
England
100%
Upholstery fabric
Madaboutfabrics Ltd.
Northern Ireland
100%
Fabric retailers
Boucher Deli Co Ltd
Northern Ireland
67%
Fabric importers
The results for the above companies were as follows:-
Profit/(Loss) for the period
Net assets/(liabilities)
£
£
The Cotton Print Factory Shop Ltd. (period end 31/07/2024)*
(51,613)
(47,116)
Tablegard Ltd. (period end 30/11/2024)*
78,969
877,694
Mad About Fabrics Ltd. (period end 31/07/2024)*
(38,865)
604,660
* Unaudited financial statements
8. Debtors
2024
2023
£
£
Trade debtors
6,155
14,725
Amounts owed by group undertakings
722,230
726,230
Other debtors
57,700
50,600
---------
---------
786,085
791,555
---------
---------
9. Investments
2024
2023
£
£
Listed investments
2,474
2,474
-------
-------
10. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
9,955
16,216
Amounts owed to group undertakings
193,367
168,184
Social security and other taxes
13,254
8,306
Other creditors
21,463
23,307
---------
---------
238,039
216,013
---------
---------
11. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward
Amounts repaid
Balance outstanding
£
£
£
Mr Ronald Kelly
----
----
----
2023
Balance brought forward
Amounts repaid
Balance outstanding
£
£
£
Mr Ronald Kelly
( 12,504)
12,504
--------
--------
----
12. Related party transactions
The company has taken advantage of the exemption under the terms of FRS 102 1A, from disclosing related party transactions with entities that are wholly owned subsidiaries of Talbot Textile & Upholstery Supply Co. Limited group of companies. The following companies are considered related parties for the purpose of Financial Reporting standard 102: Company Relationship The Cross Community Company Common director
13. Bank security
Allied Irish Bank PLC holds a mortgage charge over the company property together with a cross guarantee from The Cotton Print Factory Shop Limited.
14. Control
The company is controlled by Mr Ronald Kelly and Mrs Dorothea Kelly who together own 100% of the issued share capital.