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REGISTERED NUMBER: 08568073 (England and Wales)










James C Brett (Yarn Merchants) Ltd

Unaudited Financial Statements

for the Year Ended 31 December 2024






James C Brett (Yarn Merchants) Ltd (Registered number: 08568073)






Contents of the Financial Statements
for the year ended 31 December 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


James C Brett (Yarn Merchants) Ltd

Company Information
for the year ended 31 December 2024







DIRECTORS: J C Brett
J T Brett
E G McBrien





REGISTERED OFFICE: c/o Walkers Accountants Ltd
Suite 3, Aireside House
Royd Ings Avenue
Keighley
West Yorkshire
BD21 4BZ





REGISTERED NUMBER: 08568073 (England and Wales)





ACCOUNTANTS: Walkers Accountants Limited
Aireside House
Aireside Business Centre
Royd Ings Avenue
Keighley
West Yorkshire
BD21 4BZ

James C Brett (Yarn Merchants) Ltd (Registered number: 08568073)

Balance Sheet
31 December 2024

31.12.24 31.12.23
Notes £    £   
FIXED ASSETS
Intangible assets 4 233,750 261,250
Tangible assets 5 343,419 96,288
Investments 6 50 50
577,219 357,588

CURRENT ASSETS
Stocks 2,530,172 1,695,764
Debtors 7 1,242,129 1,506,097
Cash at bank and in hand 2,923,826 2,857,140
6,696,127 6,059,001
CREDITORS
Amounts falling due within one year 8 (1,992,647 ) (1,880,655 )
NET CURRENT ASSETS 4,703,480 4,178,346
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,280,699

4,535,934

CAPITAL AND RESERVES
Called up share capital 200 200
Retained earnings 5,280,499 4,535,734
SHAREHOLDERS' FUNDS 5,280,699 4,535,934

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

James C Brett (Yarn Merchants) Ltd (Registered number: 08568073)

Balance Sheet - continued
31 December 2024


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 7 April 2025 and were signed on its behalf by:




J C Brett - Director J T Brett - Director




E G McBrien - Director


James C Brett (Yarn Merchants) Ltd (Registered number: 08568073)

Notes to the Financial Statements
for the year ended 31 December 2024

1. STATUTORY INFORMATION

James C Brett (Yarn Merchants) Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).


The principal place of business is Monarch Mill, Clyde Street, Bingley, West Yorkshire BD16 2NT.

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.

Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable from sale of goods excluding value added tax. Revenue is reduced for estimated customer returns, rebates and other similar allowance.

Revenue is recognised when goods are despatched and legal title has passed.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2013, is being amortised evenly over its estimated useful life of twenty years.

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.

James C Brett (Yarn Merchants) Ltd (Registered number: 08568073)

Notes to the Financial Statements - continued
for the year ended 31 December 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
All tangible fixed assets are at cost less accumulated depreciation. Cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Assets held under finance lease are depreciated in the same manner as owned assets.

Renewals, repairs and maintenance are charged to profit and loss during the period in which they are incurred.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using a mixture of methods. The depreciation bases are as follows:-

- Plant 10% straight line
- Motor Vehicles 25% reducing balance
- Computer equipment 25% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are credited or charged to the income statement.

Impairment of fixed assets
At each balance sheet date, the Company reviews the carrying amounts of its property, plant and equipment to determine whether there is any indication that any items of property, plant and equipment have suffered an impairment loss. If any such indications exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

If the recoverable amount of an asset is estimated to be less that its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.

Where an impairment loss subsequently reserves, the carrying amount of the asset is increased to the revised estimate of its recoverable amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in the prior years. A reversal of an impairment loss is recognised as income immediately.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are measured at the lower of cost and net realisable value. Cost is determined on a first in first out basis. Net realisable value is the price at which stocks can be sold in the normal course of business after allowing for costs of realisation. Provision is made where necessary for obsolete, slow moving, and defective stocks.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. Impairment loss is recognised immediately in the profit and loss.


James C Brett (Yarn Merchants) Ltd (Registered number: 08568073)

Notes to the Financial Statements - continued
for the year ended 31 December 2024

2. ACCOUNTING POLICIES - continued
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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of teh benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Pension costs and other post-retirement benefits
Contributions are paid to a combination of personal defined contribution schemes in the case of directors and NEST with respect to other workers under the auto-enrolment regime. Contributions payable to these pension schemes are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 28 (2023 - 25 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2024
and 31 December 2024 550,000
AMORTISATION
At 1 January 2024 288,750
Charge for year 27,500
At 31 December 2024 316,250
NET BOOK VALUE
At 31 December 2024 233,750
At 31 December 2023 261,250

James C Brett (Yarn Merchants) Ltd (Registered number: 08568073)

Notes to the Financial Statements - continued
for the year ended 31 December 2024

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2024 - 168,076 168,076
Additions 258,723 23,295 282,018
Disposals - (18,695 ) (18,695 )
At 31 December 2024 258,723 172,676 431,399
DEPRECIATION
At 1 January 2024 - 71,788 71,788
Charge for year - 27,329 27,329
Eliminated on disposal - (11,137 ) (11,137 )
At 31 December 2024 - 87,980 87,980
NET BOOK VALUE
At 31 December 2024 258,723 84,696 343,419
At 31 December 2023 - 96,288 96,288


6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2024
and 31 December 2024 50
NET BOOK VALUE
At 31 December 2024 50
At 31 December 2023 50

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Trade debtors 766,450 1,128,414
Other debtors 475,679 377,683
1,242,129 1,506,097

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Trade creditors 1,011,732 901,638
Taxation and social security 809,911 782,931
Other creditors 171,004 196,086
1,992,647 1,880,655

James C Brett (Yarn Merchants) Ltd (Registered number: 08568073)

Notes to the Financial Statements - continued
for the year ended 31 December 2024

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2024 and 31 December 2023:

31.12.24 31.12.23
£    £   
J C Brett
Balance outstanding at start of year 51,536 90,814
Amounts advanced 13,143 3,088
Amounts repaid (15,789 ) (42,366 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 48,890 51,536

J T Brett
Balance outstanding at start of year 8,079 (261 )
Amounts advanced 189,623 161,160
Amounts repaid (152,820 ) (152,820 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 44,882 8,079

E G McBrien
Balance outstanding at start of year 8,079 (261 )
Amounts advanced 187,052 161,160
Amounts repaid (152,820 ) (152,820 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 42,311 8,079

The loan is interest free and repayable on demand.