Acorah Software Products - Accounts Production 16.3.350 false true true 31 October 2023 1 November 2022 false 1 November 2023 31 October 2024 31 October 2024 13709977 Mrs V Bilotska Mrs Vladyslava Bilotska true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 13709977 2023-10-31 13709977 2024-10-31 13709977 2023-11-01 2024-10-31 13709977 frs-core:CurrentFinancialInstruments 2024-10-31 13709977 frs-core:ShareCapital 2024-10-31 13709977 frs-core:RetainedEarningsAccumulatedLosses 2024-10-31 13709977 frs-bus:PrivateLimitedCompanyLtd 2023-11-01 2024-10-31 13709977 frs-bus:FilletedAccounts 2023-11-01 2024-10-31 13709977 frs-bus:SmallEntities 2023-11-01 2024-10-31 13709977 frs-bus:AuditExempt-NoAccountantsReport 2023-11-01 2024-10-31 13709977 frs-bus:SmallCompaniesRegimeForAccounts 2023-11-01 2024-10-31 13709977 frs-bus:OrdinaryShareClass1 2023-11-01 2024-10-31 13709977 frs-bus:OrdinaryShareClass1 2024-10-31 13709977 1 2023-11-01 2024-10-31 13709977 frs-bus:Director1 2023-11-01 2024-10-31 13709977 frs-countries:EnglandWales 2023-11-01 2024-10-31 13709977 2022-10-31 13709977 2023-10-31 13709977 2022-11-01 2023-10-31 13709977 frs-core:CurrentFinancialInstruments 2023-10-31 13709977 frs-core:ShareCapital 2023-10-31 13709977 frs-core:RetainedEarningsAccumulatedLosses 2023-10-31 13709977 frs-bus:OrdinaryShareClass1 2022-11-01 2023-10-31
Registered number: 13709977
Quality World Textiles Ltd
Unaudited Financial Statements
For The Year Ended 31 October 2024
Contents
Page
Balance Sheet 1
Notes to the Financial Statements 2—4
Page 1
Balance Sheet
Registered number: 13709977
2024 2023
Notes £ £ £ £
CURRENT ASSETS
Receivables 4 1,269,825 -
Investments 5 24,851 -
Cash at bank and in hand 40,679 1,000
1,335,355 1,000
Payables: Amounts Falling Due Within One Year 6 (1,293,047 ) -
NET CURRENT ASSETS (LIABILITIES) 42,308 1,000
TOTAL ASSETS LESS CURRENT LIABILITIES 42,308 1,000
NET ASSETS 42,308 1,000
CAPITAL AND RESERVES
Called up share capital 7 1,000 1,000
Profit and Loss Account 41,308 -
SHAREHOLDERS' FUNDS 42,308 1,000
For the 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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs V Bilotska
Director
24/04/2025
The notes on pages 2 to 4 form part of these financial statements.
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Page 2
Notes to the Financial Statements
1. General Information
Quality World Textiles Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 13709977 . The registered office is F15 Floor Kestrel House, Knightrider Street, Maidstone, Kent, ME15 6LU.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts are presented in £ sterling.
2.2. Going Concern Disclosure
The director has considered the company's financial position, liquidity and future performance together with financial projections for the company over the foreseeable future. After making enquiries, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, she continue to adopt the going concern basis in preparing the annual financial statements.
2.3. Turnover
Revenue is measured at the fair value of the consideration received or receivable from the sale of goods, net of discounts and value added taxes. Revenue is reduced for estimated customer returns, rebates and other similar allowances. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
2.4. Financial Instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the financial position date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
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2.7. Investments
Short-term investments are initially measured at cost, which includes transaction costs. Subsequently, they are measured at fair value with changes in fair value recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment. Short-term investments are classified as current assets if they are expected to be realised within 12 months after the reporting date.
2.8. Receivables
Receivables are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivable.
2.9. Payables
Payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Payables are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
2.10.  Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2023: NIL)
- -
4. Receivables
2024 2023
£ £
Due within one year
Trade debtors 1,269,825 -
5. Current Asset Investments
2024 2023
£ £
Short term deposits 24,851 -
The company has entered into a forward exchange rate contract to hedge against foreign exchange risk associated with its EUR/USD transactions. The contract has a maturity of less than 12 months, expiring on 16 January 2025.
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Page 4
6. Payables: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 1,280,505 -
Corporation tax 9,792 -
Accruals and deferred income 2,750 -
1,293,047 -
7. Share Capital
2024 2023
Allotted, called up and fully paid £ £
1,000 Ordinary Shares of £ 1.00 each 1,000 1,000
8. Post Balance Sheet Events
There have been no events between the year end and the date of approval of these accounts which would require a change to, or disclosure in, the financial statements.
9. Ultimate Controlling Party
The company's ultimate controlling party is Mrs Vladyslava Bilotska by virtue of her ownership of 100% of the issued share capital in the company.
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