Company registration number 05215910 (England and Wales)
DISPOSABLE CUBICLE CURTAINS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
PAGES FOR FILING WITH REGISTRAR
DISPOSABLE CUBICLE CURTAINS LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 9
DISPOSABLE CUBICLE CURTAINS LTD
BALANCE SHEET
AS AT
28 FEBRUARY 2025
28 February 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
4
86,825
96,226
Tangible assets
5
17,034
41,889
Investments
6
11,042
11,042
114,901
149,157
Current assets
Stocks
437,319
386,596
Debtors
7
581,233
524,297
Cash at bank and in hand
175,363
409,599
1,193,915
1,320,492
Creditors: amounts falling due within one year
8
(559,316)
(14,425,007)
Net current assets/(liabilities)
634,599
(13,104,515)
Total assets less current liabilities
749,500
(12,955,358)
Creditors: amounts falling due after more than one year
9
(3,407,277)
(5,946,113)
Net liabilities
(2,657,777)
(18,901,471)
Capital and reserves
Called up share capital
10
3,322
572
Share premium account
16,112,043
1,169,909
Profit and loss reserves
(18,773,142)
(20,071,952)
Total equity
(2,657,777)
(18,901,471)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 28 February 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 23 April 2025 and are signed on its behalf by:
D A Corns
Director
Company Registration No. 05215910
DISPOSABLE CUBICLE CURTAINS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 2 -
1
Accounting policies
Company information

Disposable Cubicle Curtains Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Enterprise Drive, Four Ashes, Wolverhampton, WV10 7DF.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

At the balance sheet date the company had a deficiency of assets over liabilities of £2,657,777. Included in creditors falling due after more than one year is an amount owed to participating interests of £1,006,667 which is owed to Proven VCT plc, Proven Growth & Income VCT and Invest Michigan LLP, collectively the trueInstitutional Funds and N Powell. The Partners of Beringea LLP and Beringea LLC as Managers of the Institutional Funds have given assurance not to seek repayment of these loans unless there are sufficient funds within the company to do so as has N Powell.

1.3
Turnover

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.

DISPOSABLE CUBICLE CURTAINS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
1
Accounting policies
(Continued)
- 3 -
1.4
Research and development expenditure

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, which range from 3 to 6 years.

 

If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

1.5
Intangible fixed assets other than goodwill

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 of 4 years. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
1 to 5 years straight line
Plant and equipment
5 to 7 year straight line
Fixtures and fittings
4 to 5 years straight line
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.7
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

1.8
Finance costs

Finance costs are charged to the Statement of Comprehensive Income 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.

1.9
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the 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 an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

DISPOSABLE CUBICLE CURTAINS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
1
Accounting policies
(Continued)
- 4 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10
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 weighted average 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.

1.11
Cash and cash equivalents

Cash and cash equivalents are 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.

1.12
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 non-puttable 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 the 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 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 financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

 

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.

DISPOSABLE CUBICLE CURTAINS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
1
Accounting policies
(Continued)
- 5 -
1.13
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

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 the Statement of Comprehensive Income 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.

1.17
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.18
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.19

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.

1.20

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.

DISPOSABLE CUBICLE CURTAINS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 6 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
19
27
4
Intangible fixed assets
Other
£
Cost
At 1 March 2024
381,041
Additions
14,286
At 28 February 2025
395,327
Amortisation and impairment
At 1 March 2024
284,815
Amortisation charged for the year
23,687
At 28 February 2025
308,502
Carrying amount
At 28 February 2025
86,825
At 29 February 2024
96,226
DISPOSABLE CUBICLE CURTAINS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 7 -
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 March 2024
127,816
837,888
965,704
Additions
420
3,208
3,628
Disposals
-
0
(5,550)
(5,550)
At 28 February 2025
128,236
835,546
963,782
Depreciation and impairment
At 1 March 2024
125,441
798,374
923,815
Depreciation charged in the year
1,031
25,882
26,913
Eliminated in respect of disposals
-
0
(3,980)
(3,980)
At 28 February 2025
126,472
820,276
946,748
Carrying amount
At 28 February 2025
1,764
15,270
17,034
At 29 February 2024
2,375
39,514
41,889
6
Fixed asset investments
2025
2024
£
£
Shares in group undertakings and participating interests
11,042
11,042
7
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
534,702
480,527
Amounts owed by group undertakings
16,316
16,316
Other debtors
30,215
27,454
581,233
524,297
8
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans and overdrafts
280,564
218,463
Trade creditors
118,910
137,560
Amounts owed to other participating interests
-
0
13,894,167
Taxation and social security
118,369
143,333
Other creditors
41,473
31,484
559,316
14,425,007
DISPOSABLE CUBICLE CURTAINS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 8 -
9
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
9,910
582,199
Accruals and deferred income
255,357
-
0
Amounts owed to other participating interests
1,006,667
3,331,531
Preference shares
2,135,343
2,032,383
3,407,277
5,946,113

Included within amounts owed to other participating interests are loan notes of £1,000,000 (2024: £2,121,475). Also included is accrued interest of £6,667 (2024: £842,996) and a redemption premium of £nil (2024: £367,059). Interest on these loan notes is payable at 8% per annum. The interest charge for the year amounted to £946,629 (2023: £757,513).

 

All of the loan notes are secured against the assets of the company. Close Brothers, the factor, holds fixed and floating charges against all assets of the company including Book debts and Related Rights as security.

 

Preference shares of £1,284,859 (2024: £1,284,859) are outstanding. Included within the preference shares at 28 February 2025 is accrued interest of £850,484 (2024: £747,524). The interest charge for the year amounted to £102,961 (2024: £102,961).

10
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
53,022
53,022
530
530
A Ordinary shares of 0.1p each
41,880
41,880
42
42
94,902
94,902
572
572
2025
2024
2025
2024
Preference share capital
Number
Number
£
£
Issued and fully paid
B preference shares of 1p each
86,500
86,500
865
865
C preference shares of 0.1p each
2,749,599
0
2,750
-
0
2,836,099
86,500
3,615
865
Preference shares classified as equity
2,750
-
Preference shares classified as liabilities
865
865
3,615
865
Total equity share capital
3,322
572
DISPOSABLE CUBICLE CURTAINS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 9 -
11
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2025
2024
£
£
92,703
173,806
12
Related party transactions

As at 28 February 2025 included within amounts owed to participating interests is a balance of £898,822 (2024: £16,163,352) owed to Proven VCT plc, Proven Growth & Income VCT and Invest Michigan LLP, collectively the “Institutional Funds” in respect of loans provided to the company.

 

As at 28 February 2025 included within preference shares is a balance of £2,135,343 (2024: £2,032,383) in respect of preference shares and interest accrued on these shares as held by Proven VCT plc, Proven Growth & Income VCT and Invest Michigan LLP.

 

As at 28 February 2025 included within amounts owed to participating interests is a balance of £107,845 (2024: £1,062,347) owed to N Powell in respect of loans provided to the company.

 

During the year material costs have been charged by Hygenica Vietnam Limited Liability Company, a subsidiary undertaking, of £65,521 (2024: £55,721). As at 28 February 2025 included within amounts owed by group undertakings is a balance of £16,316 (2024: £16,316) owed by Hygenica Vietnam Limited Liability Company.

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