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REGISTERED NUMBER: 03734775 (England and Wales)






















Financial Statements

for the Year Ended 31 December 2024

for

Retford Wallcoverings Limited

Retford Wallcoverings Limited (Registered number: 03734775)






Contents of the Financial Statements
for the Year Ended 31 December 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


Retford Wallcoverings Limited

Company Information
for the Year Ended 31 December 2024







DIRECTORS: A Simpson
C Hasenclever
A J J Simpson





SECRETARY: N Campion





REGISTERED OFFICE: 28 Corringham Rd Ind Estate
Corringham Road
Gainsborough
Lincolnshire
DN21 1QB





REGISTERED NUMBER: 03734775 (England and Wales)





AUDITORS: Wright Vigar Limited
Statutory Auditors
Chartered Accountants & Business Advisers
Office 1
Engine House
Marshalls Yard
Gainsborough
Lincolnshire
DN21 2NA

Retford Wallcoverings Limited (Registered number: 03734775)

Statement of Financial Position
31 December 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 2,571,122 2,575,816
2,571,122 2,575,816

CURRENT ASSETS
Stocks 1,817,511 1,277,586
Debtors 6 2,005,732 2,079,799
Cash at bank and in hand 321,752 492,389
4,144,995 3,849,774
CREDITORS
Amounts falling due within one year 7 2,406,099 2,120,318
NET CURRENT ASSETS 1,738,896 1,729,456
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,310,018

4,305,272

CREDITORS
Amounts falling due after more than one
year

8

-

(472,102

)

PROVISIONS FOR LIABILITIES (126,346 ) (130,055 )
NET ASSETS 4,183,672 3,703,115

CAPITAL AND RESERVES
Called up share capital 11 1,214,901 1,214,901
Capital redemption reserve 310,000 310,000
Retained earnings 2,658,771 2,178,214
SHAREHOLDERS' FUNDS 4,183,672 3,703,115

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 April 2025 and were signed on its behalf by:





A J J Simpson - Director


Retford Wallcoverings Limited (Registered number: 03734775)

Notes to the Financial Statements
for the Year Ended 31 December 2024

1. STATUTORY INFORMATION

Retford Wallcoverings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced sales of goods, excluding value added tax.

Turnover is recognised on the despatch of the goods ordered.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of four years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and Buildings - 2% on cost and not provided
Plant and machinery - 10% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on reducing balance

Stock and work in progress
Stock and work in progress are valued at the lower of cost and net realisable value, after making allowance for obsolete and slow moving items.

It is accounted for on a first in, first out basis.

Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


Retford Wallcoverings Limited (Registered number: 03734775)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the income statement on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2023 - 23 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 January 2024
and 31 December 2024 1,426,680 63,675 1,490,355
AMORTISATION
At 1 January 2024
and 31 December 2024 1,426,680 63,675 1,490,355
NET BOOK VALUE
At 31 December 2024 - - -
At 31 December 2023 - - -

Retford Wallcoverings Limited (Registered number: 03734775)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

5. TANGIBLE FIXED ASSETS
Fixtures
Land and Plant and and Motor
Buildings machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 January 2024 2,132,413 1,028,045 67,417 45,996 3,273,871
Additions 88,928 42,736 - - 131,664
At 31 December 2024 2,221,341 1,070,781 67,417 45,996 3,405,535
DEPRECIATION
At 1 January 2024 82,490 552,497 62,438 630 698,055
Charge for year 42,843 80,662 1,512 11,341 136,358
At 31 December 2024 125,333 633,159 63,950 11,971 834,413
NET BOOK VALUE
At 31 December 2024 2,096,008 437,622 3,467 34,025 2,571,122
At 31 December 2023 2,049,923 475,548 4,979 45,366 2,575,816

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,962,775 2,007,037
Other debtors 42,957 72,762
2,005,732 2,079,799

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts - 35,896
Trade creditors 235,405 286,248
Amounts owed to group undertakings 1,172,135 934,876
Taxation and social security 593,931 466,282
Other creditors 404,628 397,016
2,406,099 2,120,318

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 472,102

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 208,503

9. LEASING AGREEMENTS
Minimum lease payments under non-cancellable operating leases fall due as follows:

2024 2023
£ £
Within 1 year 2,256 4,511
Between 1 - 5 years - 2,256
2,256 6,767

Retford Wallcoverings Limited (Registered number: 03734775)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans - 507,998

The debt in 2023 was in relation to a mortgage which is secured against the property along with the plant and fixtures of the property. The charge was released in 2024 when the debt was repaid.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
49,901 Ordinary £1 49,901 49,901
1,165,000 Redeemable preference £1 1,165,000 1,165,000
1,214,901 1,214,901

The company may at any time after twelve months from the date of allotment redeem the whole or part of the redeemable shares upon giving to the shareholders not less than three months notice in writing.

12. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Matthew Chadwick BA (Hons), ACA (Senior Statutory Auditor)
for and on behalf of Wright Vigar Limited

13. PENSION COMMITMENTS

The company operates a funded defined contribution scheme.

20242023
££
Pension cost charged to profit on ordinary activities.12,81412,973

There was an outstanding amount for pension contributions of £2,076 (2023: £747) at the end of the year.

14. RELATED PARTY DISCLOSURES

Erfurt UK Limited owns 100% of the ordinary share capital of the company. At 31 December 2024 there was an outstanding balance amounting to £52,333 (2023: £52,333) due to Erfurt UK Limited. The company paid dividends amounting to £450,000 (2023: £300,000) to Erfurt UK Limited during the year

Erfurt & Sohn KG owns 100% of the share capital of Erfurt UK Limited. Retford Wallcoverings Limited purchased goods amounting to £966,003 (2023: £950,551) and management and support charges of £50,000 (2023: £50,000) from Erfurt & Sohn KG during the year. Erfurt & Sohn KG made contributions towards expenses amounting to NIL (2023: £23,760). There was an outstanding balance at the year end due to that company amounting to £191,353 (2023: £356,708).

Erfurt & Sohn KG owns 100% of the share capital in German Paper Solutions GmbH. Retford Wallcoverings Limited purchased goods amounting to £2,931,337 (2023: £2,019,835). There was an outstanding balance amounting to £928,449 (2023: £525,835) due to that company as at 31 December 2024.

Retford Wallcoverings Limited (Registered number: 03734775)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

15. ULTIMATE CONTROLLING PARTY

The company's ultimate holding company is Erfurt & Sohn KG, a company incorporated in Germany who owns the total issued ordinary share capital of Erfurt UK Limited, a company which owns 100% of the issued ordinary share capital of Retford Wallcoverings Limited.

The registered office of Erfurt UK Limited is:

28 Corringham Road Industrial Estate
Corringham Road
Gainsborough
Lincolnshire
DN21 1QB