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Company Registration No. 10524364 (England and Wales)
Texlogistics Limited Unaudited accounts for the year ended 31 December 2024
Texlogistics Limited Unaudited accounts Contents
Page
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Texlogistics Limited Company Information for the year ended 31 December 2024
Directors
Matthew John Sheridan Bourne Darren John Sowden
Company Number
10524364 (England and Wales)
Registered Office
Riverside Business Park Kirkgate Commercial Centre Wakefield West Yorkshire WF1 5DJ England
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Texlogistics Limited Statement of financial position as at 31 December 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
1,482,116 
1,222,258 
Current assets
Inventories
24,792 
13,949 
Debtors
641,817 
647,000 
Cash at bank and in hand
524,330 
313,507 
1,190,939 
974,456 
Creditors: amounts falling due within one year
(506,584)
(481,471)
Net current assets
684,355 
492,985 
Total assets less current liabilities
2,166,471 
1,715,243 
Creditors: amounts falling due after more than one year
(507,344)
(527,165)
Provisions for liabilities
Deferred tax
(88,155)
(74,803)
Other provisions
(7,100)
(19,350)
(95,255)
(94,153)
Net assets
1,563,872 
1,093,925 
Capital and reserves
Called up share capital
100 
100 
Share premium
74,945 
74,945 
Profit and loss account
1,488,827 
1,018,880 
Shareholders' funds
1,563,872 
1,093,925 
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 10 June 2025 and were signed on its behalf by
Darren John Sowden Director Company Registration No. 10524364
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Texlogistics Limited Notes to the Accounts for the year ended 31 December 2024
1
Statutory information
Texlogistics Limited is a private company, limited by shares, registered in England and Wales, registration number 10524364. The registered office is Riverside Business Park, Kirkgate Commercial Centre , Wakefield, West Yorkshire, WF1 5DJ, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Foreign exchange
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Going concern
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern. The financial statements have been prepared on the going concern basis, in accordance with the Companies Act 2006 and applicable accounting standards in the United Kingdom. In considering the going concern assumption, the directors have considered the cash flow requirements of the Company. The directors are confident that the Company has adequate resources to continue in operation existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
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Texlogistics Limited Notes to the Accounts for the year ended 31 December 2024
Tangible fixed assets and depreciation
Land and buildings are stated in the statement of financial position at their revalued amounts. The revalued amounts equate to the fair value at the date of revaluation, less any depreciation or impairment losses subsequently accumulated. Revaluations are carried out regularly so that the carrying amounts do not materially differ from using the fair value at the date of the statement of financial position. Any revaluation increase or decrease on land and buildings is credited to the property revaluation reserve in ‘other reserves’. Depreciation on revalued buildings is charged to profit or loss so as to write off their value, less residual value, over their estimated useful life of 50 years, using the straight-line method. Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at a straight line basis at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
2%
Plant & machinery
10%
Motor vehicles
25%
Fixtures & fittings
10% - 20%
Computer equipment
25%
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/ completion.
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Texlogistics Limited Notes to the Accounts for the year ended 31 December 2024
Financial instruments
The Company has chosen to adopt FRS 102, Section 11 Basic Financial Instruments and 12 Other Financial Instruments Issues of FRS 102 in respect of financial instruments. All financial assets and liabilities are initially measured at transaction price, including transaction costs, except for those financial assets classified at fair value through profit or loss, which are initially measured at fair value (at transaction price excluding transaction costs) unless the arrangement constitutes a financing transaction. Financial assets and financial liabilities are only offset in the Company balance sheet when, and only when, there is a legally enforceable right to set off the recognised amounts and the Company intends to settle on a net basis, or to realise the asset and settle the liability simultaneously. Debt instruments (other than those repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the present value of the future cash flows and subsequently amortised using the effective interest method. Creditors Short-term creditors are measured at transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are subsequently measured at amortised cost using the effective interest method. 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 subsequently measured at amortised cost using the effective interest method, less any impairment. Cash and cash equivalents Cash is represented by cash on hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments which mature in no more than three months from the date of acquisition and which are readily convertible into known amounts of cash with insignificant risk of change in value. 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 financial instrument. Impairment Financial assets measured at 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 profit or loss. For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset’s carrying amount and the present value of estimated cash flows discounted at the asset’s 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, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date. Derecognition Financial assets are derecognised when and only when: • the contractual rights to the cash flows from the financial asset expire or are settled; or • the Company transfers substantially all of the risks and rewards of ownership of the financial asset to another party; or • the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
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Texlogistics Limited Notes to the Accounts for the year ended 31 December 2024
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances. Sale of goods Turnover 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. Rendering of services Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably. Rental of property Turnover from the rental of property is recognised during the period when assets are effectively rented to the client.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Leased assets
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
Deferred taxation
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.
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Texlogistics Limited Notes to the Accounts for the year ended 31 December 2024
4
Tangible fixed assets
Land & buildings 
Plant & machinery 
Motor vehicles 
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At cost 
At cost 
At 1 January 2024
940,739 
137,612 
34,235 
238,599 
23,721 
1,374,906 
Additions
218,657 
35,111 
- 
96,666 
5,855 
356,289 
At 31 December 2024
1,159,396 
172,723 
34,235 
335,265 
29,576 
1,731,195 
Depreciation
At 1 January 2024
17,691 
27,983 
11,412 
72,846 
22,716 
152,648 
Charge for the year
20,791 
11,265 
8,558 
52,656 
3,161 
96,431 
At 31 December 2024
38,482 
39,248 
19,970 
125,502 
25,877 
249,079 
Net book value
At 31 December 2024
1,120,914 
133,475 
14,265 
209,763 
3,699 
1,482,116 
At 31 December 2023
923,048 
109,629 
22,823 
165,753 
1,005 
1,222,258 
Included within fixtures and fittings are leasehold improvements of £15,334 (2023: £15,334) with accumulated depreciation of £6,753 (2023: £5,770) and net book value of £8,581 (2023: £9,565). Leasehold improvements are depreciated straight line over 10 years whilst the remaining fixtures & fittings are depreciated straight line over 5 years.
5
Inventories
2024 
2023 
£ 
£ 
Finished goods
24,792 
13,949 
24,792 
13,949 
6
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Trade debtors
494,103 
405,730 
Amounts due from group undertakings etc.
92,120 
187,642 
Accrued income and prepayments
52,684 
48,869 
Other debtors
2,910 
4,759 
641,817 
647,000 
7
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Bank loans and overdrafts
39,440 
39,440 
VAT
91,182 
88,704 
Trade creditors
194,581 
257,354 
Amounts owed to group undertakings and other participating interests
442 
442 
Taxes and social security
152,998 
72,740 
Other creditors
16,635 
14,897 
Accruals
11,306 
7,894 
506,584 
481,471 
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Texlogistics Limited Notes to the Accounts for the year ended 31 December 2024
8
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
507,344 
527,165 
Aggregate of amounts that fall due for payment after five years
367,847 
387,668 
During August 2022, the Company took out a mortgage of £580,000 with a term of 15 years and an annual interest rate of 10.25%, secured against the property purchased.
9
Loans to directors
Brought Forward 
Advance/ credit 
Repaid 
Carried Forward 
£ 
£ 
£ 
£ 
Darren John Sowden
Loan to director
2,855 
- 
- 
2,855 
2,855 
- 
- 
2,855 
10
Transactions with related parties
At the end of the year, the Company had a payable to Christopher Farr Cloth Limited, a company registered in England with registered number 03868176, of £442 (2023: £442). By the end of the year, the Company had a receivable of £92,065 (2023: £187,642) from Christopher Farr Cloth Limited for services rendered. During the year ended 31 December 2024, the Company provided services to Christopher Farr Cloth Limited for a total net amount of £1,200,616 (2023: £1,040,076). By the end of the year, the Company had a receivable of £55 (2023: £55) from Artweave Limited, a company registered in England with registered number 10522485. Included within other debtors are loans to a company director of £2,855 (2023: £2,855).
11
Controlling party
The Company's immediate parent company is Artweave Limited, a company registered in England with registered number 10522485, by virtue of its ownership of 55% of the issued share capital of the Company. The Company's ultimate controlling party is Christopher Farr Cloth Limited, a company registered in England with registered number 03868176, by virtue of its ownership of 100% of the issued share capital of Artweave Limited.
12
Average number of employees
During the year the average number of employees was 42 (2023: 37).
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