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COMPANY REGISTRATION NUMBER: NI606630
Madaboutfabrics Ltd
Filleted Unaudited Financial Statements
31 July 2024
Madaboutfabrics Ltd
Financial Statements
Year ended 31 July 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Madaboutfabrics Ltd
Statement of Financial Position
31 July 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
11,223
9,395
Current assets
Stocks
395,241
419,442
Debtors
6
27,950
30,587
Investments
7
13,383
13,383
Cash at bank and in hand
429,621
447,475
---------
---------
866,195
910,887
Creditors: amounts falling due within one year
8
272,758
278,757
---------
---------
Net current assets
593,437
632,130
---------
---------
Total assets less current liabilities
604,660
641,525
---------
---------
Net assets
604,660
641,525
---------
---------
Capital and reserves
Called up share capital
1
1
Profit and loss account
604,659
641,524
---------
---------
Shareholders funds
604,660
641,525
---------
---------
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 31 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 .
Madaboutfabrics Ltd
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 R Kelly
Director
Company registration number: NI606630
Madaboutfabrics Ltd
Notes to the Financial Statements
Year ended 31 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 43 Lockview Road, Belfast, BT9 5FJ, Northern Ireland.
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.
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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
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:
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
20% reducing balance
Motor vehicles
-
20% reducing balance
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. 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.
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 17 (2023: 15 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 August 2023
2,825
28,510
12,273
43,608
Additions
3,960
700
4,660
-------
--------
--------
--------
At 31 July 2024
6,785
29,210
12,273
48,268
-------
--------
--------
--------
Depreciation
At 1 August 2023
2,396
21,333
10,484
34,213
Charge for the year
107
2,367
358
2,832
-------
--------
--------
--------
At 31 July 2024
2,503
23,700
10,842
37,045
-------
--------
--------
--------
Carrying amount
At 31 July 2024
4,282
5,510
1,431
11,223
-------
--------
--------
--------
At 31 July 2023
429
7,177
1,789
9,395
-------
--------
--------
--------
6. Debtors
2024
2023
£
£
Trade debtors
4,076
5,684
Other debtors
23,874
24,903
--------
--------
27,950
30,587
--------
--------
7. Investments
2024
2023
£
£
Other investments
13,383
13,383
--------
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
54,293
53,932
Amounts owed to group undertakings
186,892
194,570
Social security and other taxes
23,552
25,255
Other creditors
8,021
5,000
---------
---------
272,758
278,757
---------
---------
9. 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
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr R Kelly
( 3,021)
( 3,021)
----
-------
-------
2023
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr R Kelly
----
----
----
10. Related party transactions
The company has taken advantage of the exemption under the terms of FRS 102 section 1A, from disclosing related party transactions with entities that are wholly owned subsidiaries of the Talbot Textile & Upholstery Supply Co. Limited group of companies.
11. Ultimate parent company
The parent and ultimate holding company is Talbot Textiles and Upholstery Supply Co. Ltd, a company registered in Northern Ireland. This company is controlled by Mr Ronald Kelly and Mrs Dorothea Kelly who together own 100% of the issued share capital.