REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 December 2024 |
for |
Retford Wallcoverings Limited |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Capital redemption reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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. |
Tangible fixed assets |
Land and Buildings | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
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 |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
Goodwill | assets | Totals |
£ | £ | £ |
COST |
At 1 January 2024 |
and 31 December 2024 |
AMORTISATION |
At 1 January 2024 |
and 31 December 2024 |
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 |
Additions |
At 31 December 2024 |
DEPRECIATION |
At 1 January 2024 |
Charge for year |
At 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
At 31 December 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
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 |
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: | £ | £ |
Ordinary | £1 | 49,901 | 49,901 |
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. |
for and on behalf of |
13. | PENSION COMMITMENTS |
The company operates a funded defined contribution scheme. |
2024 | 2023 |
£ | £ |
Pension cost charged to profit on ordinary activities. | 12,814 | 12,973 |
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 |