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Financial Statements
The Gainsborough Silk Weaving Company Limited
For the year ended 31 March 2024





































Registered number: 05016402

 
The Gainsborough Silk Weaving Company Limited
 

Company Information


Directors
M Nevill 
J Taee 
N Thomas 




Registered number
05016402



Registered office
Alexandra Road
Sudbury

Suffolk

CO10 2XH




Independent auditor
Grant Thornton (NI) LLP
Chartered Accountants & & Statutory Auditors

12 - 15 Donegall Square West

Belfast

BT1 6JH




Bankers
Coutts Private Bank
Avon Street

Bristol

BS2 0PT





 
The Gainsborough Silk Weaving Company Limited
 

Contents



Page
Independent auditor's report
1 - 5
Balance sheet
6 - 7
Statement of changes in equity
8
Notes to the financial statements
9 - 22

 
 
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Independent auditor's report to the members of The Gainsborough Silk Weaving Company Limited
 

Opinion


We have audited the financial statements of The Gainsborough Silk Weaving Company Limited, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity for the financial year ended 31 March 2024, and the related notes to the financial statements, including a summary of significant accounting policies.  

The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion, The Gainsborough Silk Weaving Company Limited's financial statements:


give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice of the assets, liabilities and financial position of the Company as at 31 March 2024 and of its financial performance for the financial year then ended; and


have been prepared in accordance with the requirements of the Companies Act 2006.



Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) ('ISAs (UK)') and applicable law. Our responsibilities under those standards are further described in the 'Responsibilities of the auditor for the audit of the financial statements' section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, namely the FRC's Ethical Standard and the ethical pronouncements established by Chartered Accountants Ireland, applied as determined to be appropriate in the circumstances of the entity. We have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern



In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from the date when the financial statements are authorised for issue.

Our responsibilities, and the responsibilities of the directors, with respect to going concern are described in the relevant sections of this report.
Page 1

 
 
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Independent auditor's report to the members of The Gainsborough Silk Weaving Company Limited (continued)


Other information


Other information comprises the information included in the Annual Report, other than the financial statements and our Auditor's report thereon, including the Directors' report . The directors are responsible for the other information. Our opinion on the financial statements does not cover the information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.


In connection with our audit of the financial statementsour responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies in the financial statements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:
the information given in the Directors' report  for the financial year for which the financial statements are prepared is consistent with the financial statements, and 
the Directors' report  has been prepared in accordance with applicable legal requirements. 


Matters on which we are required to report by exception


In the light of the knowledge and understanding of the Company and its environment we have obtained in the course of the audit, we have not identified material misstatements in the  Directors' report .

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit; or

the directors were not entitled to take advantage of the small companies' exemptions from the  requirement to prepare a strategic report or in preparing the Directors' report.

Page 2

 
 
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Independent auditor's report to the members of The Gainsborough Silk Weaving Company Limited (continued)


Responsibilities of management and those charged with governance for the financial statements
 

Management is responsible for the preparation of the financial statements which give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS102 and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
 
In preparing the financial statements, management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intend to liquidate the Company or to cease operations, or has no realistic alternative but to do so.


Those charged with governance are responsible for overseeing the Company's financial reporting process.

Responsibilities of the auditor for the audit of the financial statements
 

The objectives of an auditor are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes their opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of an auditor's responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK).

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to Data Privacy law, Employment Law, Environmental Regulations, and Health and Safety laws, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as Companies Act 2006 and UK tax legislation. The Audit engagement partner considered the experience and expertise of the engagement team to ensure that the team had appropriate competence and capabilities to identify or recognise non-compliance with the laws and regulation.  
Page 3

 
 
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Independent auditor's report to the members of The Gainsborough Silk Weaving Company Limited (continued)

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud (continued)

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial performance and management bias through judgements and assumptions in significant accounting estimates, in particular in relation to significant one-off or unusual transactions.
 
We apply professional scepticism through the audit to consider potential deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statement.
In response to these principal risks, our audit procedures included but were not limited to:

inquiries of management on the policies and procedures in place regarding compliance with laws and regulations, including consideration of known or suspected instances of non-compliance and whether they have knowledge of any actual, suspected or alleged fraud;
inspection of the Company’s regulatory and legal correspondence and review of minutes of the board of directors meetings during the year to corroborate inquiries made;
gaining an understanding of the internal controls established to mitigate risk related to fraud;
discussion amongst the engagement team in relation to the identified laws and regulations and regarding the risk of fraud, and remaining alert to any indications of non-compliance or opportunities for fraudulent manipulation of financial statements throughout the audit;
identifying and testing journal entries to address the risk of inappropriate journals and management override of controls;
designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing;
challenging assumptions and judgements made by management in their significant accounting estimates, including estimating useful lives of tangible fixed assets and allowance for the impairment of bad debt and stock; and
review of the financial statement disclosures to underlying supporting documentation and inquiries of  management.

The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with governance and management. As with any audit, there remains a risk of non-detection or irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override of internal controls.
Page 4

 
 
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Independent auditor's report to the members of The Gainsborough Silk Weaving Company Limited (continued)


The purpose of our audit work and to whom we owe our responsibilities
 

This report is made solely to the Company’s members, as a body, in accordance with chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.



 
 
Bronagh Bourke (Senior statutory auditor)
for and on behalf of
Grant Thornton (NI) LLP
Chartered Accountants &
Statutory Auditors
Belfast
8 May 2025
Page 5

 
The Gainsborough Silk Weaving Company Limited
Registered number:05016402

Balance sheet
As at 31 March 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 6 
979,161
824,865

  
979,161
824,865

Current assets
  

Stocks
 7 
196,060
243,648

Debtors: amounts falling due within one year
 8 
111,774
111,162

Cash at bank and in hand
 9 
13,240
77,814

  
321,074
432,624

Current liabilities
  

Creditors: amounts falling due within one year
 10 
(395,217)
(1,838,070)

Net current liabilities
  
 
 
(74,143)
 
 
(1,405,446)

Total assets less current liabilities
  
905,018
(580,581)

Creditors: amounts falling due after more than one year
 11 
(383,207)
(428,353)

  

Net assets/(liabilities)
  
521,811
(1,008,934)


Capital and reserves
  

Called up share capital 
 13 
176
176

Share premium account
 14 
1,565,488
1,565,488

Revaluation reserve
 14 
622,500
457,500

Profit and loss account
 14 
(1,666,353)
(3,032,098)

Shareholders' funds/(deficit)
  
521,811
(1,008,934)


Page 6

 
The Gainsborough Silk Weaving Company Limited
Registered number:05016402

Balance sheet (continued)
As at 31 March 2024

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 8 May 2025.



J Taee
Director

The notes on pages 9 to 22 form part of these financial statements.
Page 7

 
The Gainsborough Silk Weaving Company Limited
 

Statement of changes in equity
For the year ended 31 March 2024


Called up share capital
Share premium account
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 April 2023
176
1,565,488
457,500
(3,032,098)
(1,008,934)



Profit for the year
-
-
-
1,365,745
1,365,745

Surplus on revaluation of freehold property
-
-
165,000
-
165,000


At 31 March 2024
176
1,565,488
622,500
(1,666,353)
521,811



Statement of changes in equity
For the year ended 31 March 2023


Called up share capital
Share premium account
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 April 2022
176
1,565,488
457,500
(3,208,995)
(1,185,831)



Profit for the year
-
-
-
176,897
176,897


At 31 March 2023
176
1,565,488
457,500
(3,032,098)
(1,008,934)


The notes on pages 9 to 22 form part of these financial statements.
Page 8

 
The Gainsborough Silk Weaving Company Limited
 
 
Notes to the financial statements
For the year ended 31 March 2024

1.


General information

The Gainsborough Silk Weaving Company Limited is a private company limited by shares and incorporated in the United Kingdom. Its registered office is Alexandra Road, Sudbury, Suffolk, CO10 2XH.
The principal activity of the Company is the weaving of textiles.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

After reviewing the Company’s forecasts and projections, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 9

 
The Gainsborough Silk Weaving Company Limited
 

Notes to the financial statements
For the year ended 31 March 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 10

 
The Gainsborough Silk Weaving Company Limited
 

Notes to the financial statements
For the year ended 31 March 2024

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.10

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.11

 Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of comprehensive income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 11

 
The Gainsborough Silk Weaving Company Limited
 

Notes to the financial statements
For the year ended 31 March 2024

2.Accounting policies (continued)

 
2.12

 Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical 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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
0% - 50% straight line
Plant and machinery
-
5% reducing balance
Fixtures and fittings
-
10% straight line
Computer equipment
-
33% 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 disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.13

 Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

  
2.14

 Impairment of assets

Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine
whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

Page 12

 
The Gainsborough Silk Weaving Company Limited
 

Notes to the financial statements
For the year ended 31 March 2024

2.Accounting policies (continued)

 
2.15

 Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet 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. The impairment loss is recognised immediately in profit or loss.

 
2.16

 Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.17

 Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.18

 Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.19

 Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
2.20

 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.
 
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or
Page 13

 
The Gainsborough Silk Weaving Company Limited
 

Notes to the financial statements
For the year ended 31 March 2024

2.Accounting policies (continued)


2.20
 Financial instruments (continued)

received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Investments in non-derivative instruments that are equity to the issuer are measured:
at fair value with changes recognised in the Statement of comprehensive income if the shares are publicly traded or their fair value can otherwise be measured reliably;
at cost less impairment for all other investments.

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 amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

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.

Page 14

 
The Gainsborough Silk Weaving Company Limited
 
 
Notes to the financial statements
For the year ended 31 March 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are required when applying accounting policies. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The Company makes estimates and assumptions concerning the future, which can involve a high degree of judgement or complexity. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:
Useful lives of depreciable assets
Management reviews its estimate of the useful lives of depreciable assets at each reporting date, based on the expected  utility  of  the  assets.  Uncertainties  in  these  estimates  relate  to  technical  and  physical obsolescence that may change the utility of certain property, plant and equipment.
Recoverability of debtors
Estimates are made in respect of the recoverable value of trade and other debtors. When assessing the level of provisions required, factors including current trading experience, historical experience and the aging profile of debtors are considered. 
Allowances for the impairment in the value of stock
The Company estimates the impairment in the value of stock based on the current condition and use. If the stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell.


4.


Employees

The average monthly number of employees, including directors, during the year was 17 (2023 - 17).

Page 15

 
The Gainsborough Silk Weaving Company Limited
 
 
Notes to the financial statements
For the year ended 31 March 2024

5.


Intangible assets




Goodwill

£



Cost


At 1 April 2023
28,121



At 31 March 2024

28,121



Amortisation


At 1 April 2023
28,121



At 31 March 2024

28,121



Net book value



At 31 March 2024
-



At 31 March 2023
-



Page 16

 
The Gainsborough Silk Weaving Company Limited
 
 
Notes to the financial statements
For the year ended 31 March 2024

6.


Tangible fixed assets





Freehold property
Plant and machinery
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 April 2023
681,390
335,560
39,928
92,574
1,149,452


Additions
-
4,085
-
-
4,085


Revaluations
165,000
-
-
-
165,000



At 31 March 2024

846,390
339,645
39,928
92,574
1,318,537



Depreciation


At 1 April 2023
1,550
216,678
14,981
91,378
324,587


Charge for the year
619
9,265
4,089
816
14,789



At 31 March 2024

2,169
225,943
19,070
92,194
339,376



Net book value



At 31 March 2024
844,221
113,702
20,858
380
979,161



At 31 March 2023
679,840
118,882
24,947
1,196
824,865

The freehold property was revalued by Fenn Wright, an independent valuer, on 30 November 2021. The basis of valuation was open market value. The directors have reviewed the freehold property valuation at the balance sheet date and concluded that in light of all pertinent facts, no revision was necessary.
If the freehold property had not been included at valuation they would have been under the historical cost convention as follows:  



2024
2023

£
£


Cost
161,319
161,319

Accumulated depreciation
77,794
71,907


Net book value
83,525
89,412

Page 17

 
The Gainsborough Silk Weaving Company Limited
 
 
Notes to the financial statements
For the year ended 31 March 2024

7.


Stocks

2024
2023
£
£

Raw materials and consumables
54,023
32,410

Work in progress
2,203
20,505

Finished goods and goods for resale
139,834
190,733

196,060
243,648


Stock is stated after provision for impairment of £196,900 (2023: £201,731).


8.


Debtors

2024
2023
£
£


Trade debtors
102,204
69,500

Prepayments and accrued income
9,570
41,662

111,774
111,162



9.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
13,240
77,814

Less: bank overdrafts
(732)
(1,451)

12,508
76,363


Page 18

 
The Gainsborough Silk Weaving Company Limited
 
 
Notes to the financial statements
For the year ended 31 March 2024

10.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
732
1,451

Bank loans
115,440
115,440

Trade creditors
34,731
46,703

Amounts owed to group undertakings
-
1,461,965

Other taxation and social security
132,352
27,503

Other creditors
18,130
138,986

Accruals and deferred income
93,832
46,022

395,217
1,838,070


Amounts owed to group undertakings are unsecured, interest free and repayable on demand.


11.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
383,207
428,353

383,207
428,353


Page 19

 
The Gainsborough Silk Weaving Company Limited
 
 
Notes to the financial statements
For the year ended 31 March 2024

12.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
115,440
115,440


115,440
115,440

Amounts falling due 1-2 years

Bank loans
369,040
401,687


369,040
401,687

Amounts falling due 2-5 years

Bank loans
14,167
26,667


14,167
26,667


498,647
543,794


Bank loans at the year end relate to the following:
A loan of £50,000. These loans are for a term of 6 years and accrue interest at 2.5% per annum. These loans are unsecured.
A loan of £527,200. This loan is subject to variable interest rate of 6% and a term of 5 years.

Page 20

 
The Gainsborough Silk Weaving Company Limited
 
 
Notes to the financial statements
For the year ended 31 March 2024

13.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



13,332 (2023 - 13,332) Ordinary A1 shares of £0.010 each
133
133
41,613 (2023 - 41,610) Ordinary A2 shares of £0.001 each
42
42
1,000 (2023 - 1,000) Ordinary C shares of £0.001 each
1
1

176

176



14.


Reserves

Called up share capital

Called up share capital represents the nominal value of shares that have been issued.

Share premium account

Includes any premiums received on issue of share capital.

Revaluation reserve

Includes surplus on revaluation of fixed assets.

Profit and loss account

Includes all current and prior period retained profits and losses.


15.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge of £7,189 (2023 - £5,945) represents contributions payable by the Company to the fund. Contributions totalling £1,176 (2023: £1,106) were payable to the fund at reporting date. 


16.


Related party transactions

The Company has availed of the exemptions in FRS102 Section 33, which allows non-disclosure of transactions between two or more members of a group, provided that any subsidiary which is party to the transaction is wholly owned by such a member.


17.


Post balance sheet events

There have been no significant events affecting the Company since the year end.

Page 21

 
The Gainsborough Silk Weaving Company Limited
 
 
Notes to the financial statements
For the year ended 31 March 2024

18.


Controlling party

The immediate and ultimate parent company of The Gainsborough Silk Weaving Company Limited is The Edward Alexander Group Ltd.
The smallest and largest company in which the results of the The Gainsborough Silk Weaving Company Limited are consolidated is The Edward Alexander Group Ltd. Copies of these consolidated financial statements can be obtained from Unit 310-311, Chelsea Harbour, London, SW10 0XF.
The ultimate controlling party is Oakfield Capital III LP. Oakfield Capital III LP is incorporated in United Kingdom with registered office at 23-24 George Street, Richmond, United Kingdom, TW9 1HY. The limited partnership is registered in the companies house. 

Page 22