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Company registration number: 02756572







FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
31 DECEMBER 2024


FABRIC IT LTD






































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FABRIC IT LTD
 


 
COMPANY INFORMATION


Directors
R E Burke 
R V Harry 
H E Long (appointed 11 April 2024)




Registered number
02756572



Registered office
Kilby House
Lower Eashing

Liverpool Innovation Park

Liverpool

L7 9NJ




Trading Address
Signal House
Off Hulley Road

Macclesfield

Cheshire

SK10 2SF






Independent auditor
Menzies LLP
Chartered Accountants & Statutory Auditor

4th Floor

95 Gresham Street

London

EC2V 7AB





 


FABRIC IT LTD
 



CONTENTS



Page
Statement of Financial Position
1 - 2
Notes to the Financial Statements
3 - 8


 


FABRIC IT LTD
REGISTERED NUMBER:02756572



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
12,500
19,500

Tangible assets
 5 
3,653
9,511

  
16,153
29,011

Current assets
  

Stocks
  
-
6,081

Debtors: amounts falling due within one year
 6 
2,147,399
1,778,674

Bank and cash balances
  
52,042
163,651

  
2,199,441
1,948,406

Creditors: amounts falling due within one year
 7 
(289,115)
(314,020)

Net current assets
  
 
 
1,910,326
 
 
1,634,386

Total assets less current liabilities
  
1,926,479
1,663,397

Provisions for liabilities
  

Deferred tax
  
(913)
(7,253)

  
 
 
(913)
 
 
(7,253)

Net assets
  
1,925,566
1,656,144


Capital and reserves
  

Called up share capital 
  
82
82

Capital redemption reserve
  
66
66

Profit and loss account
  
1,925,418
1,655,996

  
1,925,566
1,656,144


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 income and retained earnings 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 by: 



H E Long
Director
Date: 13 May 2025

The notes on pages 3 to 8 form part of these financial statements.
Page 1

 


FABRIC IT LTD
REGISTERED NUMBER:02756572


    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024


Page 2

 


FABRIC IT LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

1.


General information

Fabric IT Ltd is a private company limited by shares, incorporated in England & Wales under the Companies Act 2006. The registered office and trading address are given on the Company Information page.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Directors have the intention to move the trade and assets of the Company to another group entity and have ceased trading at the year end. As required by UK accounting standards, the directors have prepared the financial statements on a basis other than going concern. No material adjustments arose as a result of this.

 
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 Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
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.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on delivery of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue from the provision of customer support is recognised on a straight line basis over the contract duration.

Page 3

 


FABRIC IT LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
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

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Current and deferred taxation

The tax expense for the period 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 reporting 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 reporting 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 reporting date.


Page 4

 


FABRIC IT LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.9

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.

 The estimated useful lives range as follows:

Patents, trademarks and licences
-
5 to 15 years

 
2.10

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:

Fixtures and fittings
-
25%

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.

 
2.11

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 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. The impairment loss is recognised immediately in profit or loss.


3.


Employees

The average monthly number of employees, including directors, during the period was 0 (2023 - 26).
Throughout the current year, all employees were contracted with another group company and therefore no employees are disclosed within this Company.

Page 5

 


FABRIC IT LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

4.


Intangible assets




Patents, trademarks and licences

£



Cost


At 1 January 2024
45,000



At 31 December 2024

45,000



Amortisation


At 1 January 2024
25,500


Charge for the period on owned assets
7,000



At 31 December 2024

32,500



Net book value



At 31 December 2024
12,500



At 31 December 2023
19,500



Page 6

 


FABRIC IT LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

5.


Tangible fixed assets





Fixtures and fittings

£



Cost or valuation


At 1 January 2024
63,684



At 31 December 2024

63,684



Depreciation


At 1 January 2024
54,173


Charge for the period on owned assets
5,858



At 31 December 2024

60,031



Net book value



At 31 December 2024
3,653



At 31 December 2023
9,511


6.


Debtors

2024
2023
£
£


Trade debtors
660,826
561,645

Amounts owed by group undertakings
1,055,351
867,466

Other debtors
10,000
6,963

Prepayments and accrued income
421,222
342,600

2,147,399
1,778,674



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
304
67,455

Other taxation and social security
128,500
115,678

Other creditors
125,210
121,681

Accruals and deferred income
35,101
9,206

289,115
314,020


Page 7

 


FABRIC IT LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

8.Financial commitments

Loans included within entities of the group that the Company is a part are secured by fixed and floating charges over the assets of the Company and the group.  At the year end the loans amounted to £199,798,217 (2023: £196,799,237).


9.


Post balance sheet events

Following the year end the Company's assets and liabilities were hived up to another group company.


10.


Controlling party

The parent undertaking of the smallest group in which consolidated financial statements are prepared, which include
this company, is Arrow Communications Holdings Limited. The company’s registered address is Kilby House, Liverpool Innovation Park, Liverpool, L7 9NJ.


11.


Auditor's information

The auditor's report on the financial statements for the period ended 31 December 2024 was unqualified.

The audit report was signed on 13 May 2025 by Robin Hopkins FCA (Senior Statutory Auditor) on behalf of Menzies LLP.

 
Page 8