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Registered number: 02150561










COLE FABRICS PLC










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2025

 
COLE FABRICS PLC
 

COMPANY INFORMATION


Directors
J R Cole 
D I Forster 
J H Kingsley 
N J R Cole 
P L Saxby 




Company secretary
J Roberts



Registered number
02150561



Registered office
Romandus House
Ludlow Hill Road

West Bridgford

Nottingham

NG2 6HF




Independent auditors
PKF Smith Cooper Audit Limited
Statutory Auditors

2 Lace Market Square

Nottingham

NG1 1PB





 
COLE FABRICS PLC
 

CONTENTS



Page
Strategic report
1
Directors' report
2 - 3
Independent auditors' report
4 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 27


 
COLE FABRICS PLC
 

STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2025

Introduction
 
We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and nature of our business and is written in the context of the risks and uncertainties we face.

Business review
 
Sales levels continued to be under pressure with a fall of 4.5%. This was largely due to the completion of some large non repeatable projects. However, with the mix of business the gross margin improved from 41.0% to 43.3%. The intercompany commission rates remain unaltered. Administration costs were strictly controlled allowing an increase in profits.
The Company has therefore been able to restart it’s dividend policy by voting dividends to the Group of £200,000.
Stock levels have been controlled with levels reducing by 12.4%. Stock valuation and management policy remain unaltered. 
The cash in the business has increased by 11.8%.
We have continued to invest in both our UK Manufacturing and IT, with capital purchases of £155,182. All expenditure has been financed out of working capital.
Although staffing levels have remained stable, we have increased our commitment in areas of IT, Sustainability, Compliance and Product Development.
There is considerable uncertainty with customers about current business levels with further increase in taxation and the effect of trade tariffs. However, sales have remained stable. We have continued to control costs allowing the Company to remain in profit. We are expecting this position to improve as the level of opportunities increases.
We are committed to improving our environmental performance and impacts. The sustainability report with improvement targets is detailed on our website.
We have committed to changing all our key polyester products to recycled alternatives and actively develop our range of sustainable raw materials. 
Currency risks have been largely covered by forward exchange contracts. 
The Directors are confident that the Company is positioning itself to continue to be able to expand in the future.


This report was approved by the board and signed on its behalf.



................................................
P L Saxby
Director

Date: 26 June 2025

Page 1

 
COLE FABRICS PLC
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2025

The directors present their report and the financial statements for the year ended 31 January 2025.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the company is the manufacture and supply of ribbon, bows and embellishments for decoration, processing and printing as well as textile based packaging solutions.

Results and dividends

The profit for the year, after taxation, amounted to £136,186 (2024 - £127,103).

An ordinary dividend of £Nil (2024: £310,536) was paid during the year.

Directors

The directors who served during the year were:

J R Cole 
D I Forster 
J H Kingsley 
N J R Cole 
P L Saxby 

Page 2

 
COLE FABRICS PLC
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

An ordinary dividend of £200,000 was paid in March 2025 in respect of the year ended 31 January 2025.

Auditors

The auditorsPKF Smith Cooper Audit Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





................................................
P L Saxby
Director

Date: 26 June 2025

Page 3

 
COLE FABRICS PLC
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COLE FABRICS PLC
 

Opinion


We have audited the financial statements of Cole Fabrics Plc (the 'Company') for the year ended 31 January 2025, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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 financial statements:


give a true and fair view of the state of the Company's affairs as at 31 January 2025 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; 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 Auditors' responsibilities 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, including the Financial Reporting Council's Ethical Standard and 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 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.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our 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 course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. 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.


Page 4

 
COLE FABRICS PLC
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COLE FABRICS PLC (CONTINUED)


Opinion 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 Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have 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 obtained in the course of the audit, we have not identified material misstatements in the Strategic report or 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.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, 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, the directors are 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 the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
COLE FABRICS PLC
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COLE FABRICS PLC (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives 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 Auditors' report that includes our 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.


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. 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 identify the key laws and regulations affecting the company. We identified that the principal risk of fraud or non-compliance with laws and regulations related to:
• Management bias in respect of accounting estimates and judgements made;
• Management override of control;
• Posting of unusual journals or transactions.
We focussed on those areas that could give rise to a material misstatement in the Company financial statements. 
Our procedures included, but were not limited to:
• Enquiry of management and those charged with governance around actual and potential litigation and    claims, including instances of non-compliance with laws and regulations and fraud;
• Reviewing legal expenditure in the year to identify instances of non-compliance with laws and regulations   and fraud;
• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance   with applicable laws and regulations;
• Performing audit work over the risk of management override of controls, including testing of journal entries  and other adjustments for appropriateness, evaluating the business rationale of significant transactions    outside the normal course of business and reviewing accounting estimates for bias, in particular stock    provisions and derivatives.
It is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our 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 Auditors' report.


Page 6

 
COLE FABRICS PLC
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COLE FABRICS PLC (CONTINUED)


Use of our report
 

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 2006Our 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 Auditors' 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.





Sarah Flear (Senior statutory auditor)
for and on behalf of
PKF Smith Cooper Audit Limited
Statutory Auditors
2 Lace Market Square
Nottingham
NG1 1PB

10 July 2025
Page 7

 
COLE FABRICS PLC
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2025

2025
2024
Note
£
£

  

Turnover
 3 
12,512,877
13,107,465

Cost of sales
  
(7,100,989)
(7,739,035)

Gross profit
  
5,411,888
5,368,430

Administrative expenses
  
(5,194,532)
(5,274,886)

Operating profit
 4 
217,356
93,544

Interest receivable and similar income
 8 
30,340
18,424

Profit before tax
  
247,696
111,968

Tax on profit
 9 
(111,510)
15,135

Profit for the financial year
  
136,186
127,103

Other comprehensive income for the year
  

Gains/(losses) on cash flow hedges
  
28,110
87,085

Deferred tax relating to components of other comprehensive income
  
(7,027)
(21,771)

Other comprehensive income for the year
  
21,083
65,314

Total comprehensive income for the year
  
157,269
192,417

There were no recognised gains and losses for 2025 or 2024 other than those included in the statement of comprehensive income.

The notes on pages 11 to 27 form part of these financial statements.

Page 8

 
COLE FABRICS PLC
REGISTERED NUMBER: 02150561

BALANCE SHEET
AS AT 31 JANUARY 2025

2025
2024
Note
£
£

Fixed assets
  

Tangible assets
 12 
1,485,444
1,545,873

Investments
 13 
9,397
9,397

  
1,494,841
1,555,270

Current assets
  

Stocks
 14 
1,568,440
1,790,997

Debtors: amounts falling due within one year
 15 
2,087,780
2,275,252

Cash at bank and in hand
 16 
3,001,918
2,685,910

  
6,658,138
6,752,159

Creditors: amounts falling due within one year
 17 
(952,743)
(1,258,248)

Net current assets
  
 
 
5,705,395
 
 
5,493,911

Total assets less current liabilities
  
7,200,236
7,049,181

Provisions for liabilities
  

Deferred tax
 19 
(150,360)
(156,574)

  
 
 
(150,360)
 
 
(156,574)

Net assets
  
7,049,876
6,892,607


Capital and reserves
  

Called up share capital 
 20 
517,560
517,560

Share premium account
 21 
18,893
18,893

Revaluation reserve
 21 
349,486
349,486

Fair value reserve
 21 
45,729
24,646

Capital redemption reserve
 21 
84,954
84,954

Profit and loss account
 21 
6,033,254
5,897,068

  
7,049,876
6,892,607


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 June 2025.




................................................
P L Saxby
Director

The notes on pages 11 to 27 form part of these financial statements.

Page 9

 
COLE FABRICS PLC
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2025


Called up share capital
Share premium account
Revaluation reserve
Fair value reserve
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£
£
£
£


At 1 February 2023
517,560
18,893
349,486
(40,668)
84,954
6,080,501
7,010,726


Comprehensive income for the year

Profit for the year
-
-
-
-
-
127,103
127,103

Gains/(losses) on cash flow hedges
-
-
-
87,085
-
-
87,085

Deferred tax relating to components of other comprehensive income
-
-
-
(21,771)
-
-
(21,771)
Total comprehensive income for the year
-
-
-
65,314
-
127,103
192,417


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
-
-
(310,536)
(310,536)



At 1 February 2024
517,560
18,893
349,486
24,646
84,954
5,897,068
6,892,607


Comprehensive income for the year

Profit for the year
-
-
-
-
-
136,186
136,186

Gains/(losses) on cash flow hedges
-
-
-
28,110
-
-
28,110

Deferred tax relating to components of other comprehensive income
-
-
-
(7,027)
-
-
(7,027)
Total comprehensive income for the year
-
-
-
21,083
-
136,186
157,269


At 31 January 2025
517,560
18,893
349,486
45,729
84,954
6,033,254
7,049,876


The notes on pages 11 to 27 form part of these financial statements.

Page 10

 
COLE FABRICS PLC
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

1.Accounting policies

 
1.1

Basis of preparation of financial statements

Cole Fabrics Plc is a private company limited by shares incorporated in the United Kingdom. The address of the registered office is given in the company information of these financial statements. The Company's registration number is 02150561. The nature of the Company's operations and principal activities are given in the Directors' Report.
The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value.
The financial statements are prepared in Sterling which is the functional currency of the Company and they are rounded to the nearest £1.
The following principal accounting policies have been applied:

 
1.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of The Cole Fabrics Group PLC as at 31 January 2025 and these financial statements may be obtained from Romandus House, Ludlow Hill Road, West Bridgford, Nottingham, NG2 6HF.

 
1.3

Going concern

In preparing the financial statements on a going concern basis, the Directors have paid due regard to relevant forecast financial information, including cash flows, and factored in sensitivities. In the Directors’ opinion, the Company is a going concern for a minimum of twelve months from the date of the approval of the financial statements.

 
1.4

Foreign currency translation

Functional and presentation currency
The group's functional and presentational currency is Sterling.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the balance sheet date.

Page 11

 
COLE FABRICS PLC
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

1.Accounting policies (continued)

 
1.5

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 is generally recognised on the despatch of goods. 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.

 
1.6

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.

 
1.7

Interest income

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

 
1.8

Pensions

The Company operates a defined contribution pension scheme and contributions to the scheme are recognised in the profit and loss account in the period in which they become payable.

 
1.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, unless it relates to items in other comprehensive income or directly in equity. In such cases, the restated tax is also other comprehensive income or directly in equity.
Current tax liabilities are measured at the amount expected to be paid, based on tax rates and laws that are enacted or substantively enacted at the balance sheet date.
Deferred tax is accounted for using the balance sheet liability method and is calculated using rates of taxation enacted or substantively enacted at the balance sheet date which are expected to apply when the asset or liability is settled.
Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are only recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised

Page 12

 
COLE FABRICS PLC
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

1.Accounting policies (continued)

 
1.10

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 the Group's share 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 Consolidated 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.

 The estimated useful lives range as follows:

Goodwill
-
3
years
Computer software
-
2
years

 
1.11

Tangible fixed assets

Tangible fixed assets are stated at 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.
Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life.

Depreciation is provided on the following basis:

Freehold buildings
-
2%
straight line
Plant and machinery
-
25%
reducing balance
Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
25%
reducing balance to 50% straight line

Land is not depreciated.

Page 13

 
COLE FABRICS PLC
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

1.Accounting policies (continued)

 
1.12

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.

 
1.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in associates are stated at the amount of the Company's share of net assets. The Profit and loss account includes the Company's share of associated Companies' profits after taxation using the equity accounting basis.

 
1.14

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.

 
1.15

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.

 
1.16

Cash and cash equivalents

Cash and cash equivalents in the balance sheet comprise cash in hand and short term deposits with an original maturity date of three months or less.

 
1.17

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.

Page 14

 
COLE FABRICS PLC
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

1.Accounting policies (continued)

 
1.18

Provisions for liabilities

Provisions are made where an event has taken place that gives the group 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.

 
Deferred tax liabilities are also presented within provisions but are measured in accordance with the accounting policy on taxation.
 

 
1.19

Financial instruments

Derivative financial instruments ("derivatives") are used to manage risks arising from changes in foreign currency exchange rates relating to the purchase of overseas sourced products. In accordance with the Company foreign exchange policy, the Company does not enter into derivatives for speculative purposes. Derivatives are stated at their fair value, being the estimated amount that the Company would receive or pay to terminate them at the balance sheet date based on prevailing foreign currency exchange rates.
Changes in fair value of foreign currency derivatives which are designated and effective as hedges of future cash flows are recognised in equity in the fair value reserve, and subsequently transferred to the carrying amount of the hedged item or the profit and loss account. Realised gains and losses on cash flow hedges are therefore recognised in the profit and loss account in the same period as the hedged item.
Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated or exercised, or no longer qualifies for hedge accounting. At that time, any cumulative gain or loss on the hedging instrument previously recognised in equity is retained in equity until the hedged transaction occurs. If the hedged transaction is no longer expected to occur, the net cumulative gain or loss recognised in equity is then transferred to the profit and loss account.
Changes in fair value of derivatives which are ineffective or do not meet the criteria for hedge accounting in FRS 102 are recognised in the profit and loss account.


 
1.20

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 15

 
COLE FABRICS PLC
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

2.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Financial instruments - fair values have been estimated at the amount the company would expect to receive or pay to terminate the forward contracts at the balance sheet date based on prevailing foreign currency rates.
Stock provisions - the degree of provision varies depending on the age of stock.
Goodwill - this is amortised over the estimated useful life of the asset.


3.


Turnover

An analysis of turnover by class of business is as follows:


2025
2024
£
£

Sale of goods
12,512,877
13,107,465


Analysis of turnover by country of destination:

2025
2024
£
£

United Kingdom
5,496,319
5,549,056

Rest of Europe
6,324,135
6,713,898

Rest of the world
692,423
844,511

12,512,877
13,107,465



4.


Operating profit

The operating profit is stated after charging:

2025
2024
£
£

Depreciation of tangible fixed assets
215,611
249,538

Foreign currency (gains)/losses
(59,140)
(17,509)

Operating lease rentals - land and buildings
62,500
62,500

Operating lease rentals - plant and machinery
6,905
10,264

Defined contribution pension cost
208,248
189,243

Amortisation of intangible fixed assets
-
222,134

Page 16

 
COLE FABRICS PLC
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

5.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2025
2024
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
16,900
15,375

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.


6.


Employees

Staff costs, including directors' remuneration, were as follows:


2025
2024
£
£

Wages and salaries
3,054,565
2,944,609

Social security costs
338,341
312,150

Cost of defined contribution scheme
208,248
189,243

3,601,154
3,446,002


The average monthly number of employees, including the directors, during the year was as follows:


        2025
        2024
            No.
            No.







Production
35
36



Sales
8
8



Administration
26
27

69
71

Page 17

 
COLE FABRICS PLC
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

7.


Directors' remuneration

2025
2024
£
£

Directors' emoluments
714,218
693,574

Company contributions to defined contribution pension schemes
59,350
53,176

773,568
746,750


During the year retirement benefits were accruing to 4 directors (2024 - 4) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £179,591 (2024 - £178,339).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £17,701 (2024 - £16,967).


8.


Interest receivable

2025
2024
£
£


Bank interest receivable
30,340
18,424


9.


Taxation


2025
2024
£
£

Corporation tax


Current tax on profits for the year
78,935
59,486

Adjustments in respect of previous periods
45,816
(104,682)


Total current tax
124,751
(45,196)

Deferred tax


Origination and reversal of timing differences
(13,241)
30,061

Total deferred tax
(13,241)
30,061


Taxation on profit/(loss) on ordinary activities
111,510
(15,135)
Page 18

 
COLE FABRICS PLC
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
 
9.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2024 - lower than) the standard rate of corporation tax in the UK of 25% (2024 - 24.03%). The differences are explained below:

2025
2024
£
£


Profit on ordinary activities before tax
247,696
111,968


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 24.03%)
61,924
26,906

Effects of:


Expenses not deductible for tax purposes
87
4,644

Fixed asset differences
3,675
56,830

Deferred tax - origination and reversal of temporary timing differences
-
20,927

Adjustments to tax charge in respect of prior periods
45,816
(104,682)

Timing differences not recognised in the computation
7,028
-

Adjustments to tax charge in respect of previous periods - deferred tax
7
-

Deferred tax on derivatives - through other comprehensive income
(7,027)
(21,771)

Remeasurement of deferred tax for changes in tax rates
-
2,011

Total tax charge for the year
111,510
(15,135)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


10.


Dividends

2025
2024
£
£


Dividends paid
-
310,536

Page 19

 
COLE FABRICS PLC
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

11.


Intangible assets




Computer software
Goodwill
Total

£
£
£



Cost


At 1 February 2024
109,655
666,401
776,056



At 31 January 2025

109,655
666,401
776,056



Amortisation


At 1 February 2024
109,655
666,401
776,056



At 31 January 2025

109,655
666,401
776,056



Net book value



At 31 January 2025
-
-
-



At 31 January 2024
-
-
-



Page 20

 
COLE FABRICS PLC
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

12.


Tangible fixed assets





Freehold land & property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 February 2024
1,215,000
2,621,176
71,068
505,149
4,412,393


Additions
-
128,599
-
26,583
155,182



At 31 January 2025

1,215,000
2,749,775
71,068
531,732
4,567,575



Depreciation


At 1 February 2024
306,480
2,072,266
15,381
472,393
2,866,520


Charge for the year on owned assets
14,700
169,910
13,922
17,079
215,611



At 31 January 2025

321,180
2,242,176
29,303
489,472
3,082,131



Net book value



At 31 January 2025
893,820
507,599
41,765
42,260
1,485,444



At 31 January 2024
908,520
548,910
55,687
32,756
1,545,873

As permitted by the transitional provisions of FRS 102, the Company elected to revalue the freehold properties on an open market value on 1 February 2014 and adopt the revalued amount as a deemed cost on transition. The Company has not adopted a policy of revaluation but will retain the carrying value of freehold land and buildings as deemed cost. The properties were valued by an independent professional specialist.
The original cost of the land and buildings stood at £865,514 and the revaluation on 1 February 2014 resulted in an increase of £260,000. A previous revaluation in 1993 resulted in an increase of £89,486 meaning that the total increase represented by revaluation reserves at 31 January 2025 stands at £349,486.

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2025
2024
£
£



Cost
865,514
865,514

Accumulated depreciation
(203,790)
(198,200)

Net book value
661,724
667,314

Page 21

 
COLE FABRICS PLC
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

13.


Fixed asset investments





Investments in subsidiary companies
Investments in associates
Total

£
£
£



Cost


At 1 February 2024
1,297,692
2,857
1,300,549



At 31 January 2025

1,297,692
2,857
1,300,549



Impairment


At 1 February 2024
1,291,152
-
1,291,152



At 31 January 2025

1,291,152
-
1,291,152



Net book value



At 31 January 2025
6,540
2,857
9,397



At 31 January 2024
6,540
2,857
9,397


Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

Corotec Limited
Ordinary
100%
Global Ribbons Limited
Ordinary
100%
Signature Ribbon Company Limited
Ordinary
100%
Ribbon World Limited
Ordinary
100%

All subsidiaries share the same registered office as Cole Fabrics Plc.


Associate


The following was an associate of the Company:


Name

Registered office

Class of shares

Holding

Global Ribbons Italia S.r.l.
Bastioni di Porta Nuova 21, Milano, 20121
Ordinary
50%

Page 22

 
COLE FABRICS PLC
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

14.


Stocks

2025
2024
£
£

Raw materials and consumables
15,989
23,792

Work in progress (goods to be sold)
357,122
167,920

Finished goods and goods for resale
1,195,329
1,599,285

1,568,440
1,790,997


The difference between purchase price or production cost of stocks and their replacement cost is not material.


15.


Debtors

2025
2024
£
£


Trade debtors
1,704,172
2,080,298

Amounts owed by group undertakings
72,365
31,780

Amounts owed by joint ventures and associated undertakings
208,606
54,070

Other debtors
17,446
2,573

Prepayments and accrued income
24,220
73,670

Financial instruments
60,971
32,861

2,087,780
2,275,252



16.


Cash and cash equivalents

2025
2024
£
£

Cash at bank and in hand
3,001,918
2,685,910


Page 23

 
COLE FABRICS PLC
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

17.


Creditors: Amounts falling due within one year

2025
2024
£
£

Trade creditors
427,644
725,893

Amounts owed to group undertakings
6,538
6,538

Corporation tax
78,935
59,486

Other taxation and social security
82,002
149,064

Other creditors
51,139
-

Accruals and deferred income
306,485
317,267

952,743
1,258,248



18.


Financial instruments

2025
2024
£
£

Financial assets


Financial instruments measured at fair value through other comprehensive income
60,971
32,861

Financial assets that are debt instruments measured at amortised cost
2,002,589
2,168,721

2,063,560
2,201,582


Financial liabilities


Financial liabilities measured at amortised cost
(791,806)
(1,049,698)


Financial assets and liabilities measured at fair value through other comprehensive income comprise derivative financial instruments in the form of forward contracts designated as hedges of variable exchange rate.


Financial assets measured at amortised cost comprise trade debtors, amounts owed by joint ventures and associated undertakings, amounts owed by group undertakings and other debtors.


Financial liabilities measured at amortised cost comprise trade creditors, other creditors, accruals and deferred income and amounts owed to group undertakings.

Page 24

 
COLE FABRICS PLC
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

19.


Deferred taxation




2025


£






At beginning of year
(156,574)


Charged to profit or loss
13,241


Charged to other comprehensive income
(7,027)



At end of year
(150,360)

The provision for deferred taxation is made up as follows:

2025
2024
£
£


Accelerated capital allowances
(135,117)
(148,358)

Deferred tax on forward contracts through OCI
(15,243)
(8,216)

(150,360)
(156,574)


20.


Share capital

2025
2024
£
£
Allotted, called up and fully paid



517,560 (2024 - 517,560) Ordinary shares of £1.00 each
517,560
517,560


Page 25

 
COLE FABRICS PLC
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

21.


Reserves

Share premium account

This reserve records the amount above the nominal value received for shares sold, less transaction costs.

Revaluation reserve

This reserve is used to record increases in fair value of land and buildings.

Capital redemption reserve

This reserve records the nominal value of shares repurchased by the company.

Other reserves

Fair value reserve
Includes movements in fair values on derivative financial instruments identified as designated and effective hedges. This is a non-distributable reserve impacting Other Comprehensive Income. 

Profit and loss account

Includes all current and prior period retained profits and losses.


22.


Capital commitments


At 31 January 2025 the Company had capital commitments as follows:

2025
2024
£
£


Contracted for but not provided in these financial statements
-
58,750


23.


Pension commitments

The Company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the Company to the scheme and amounted to £208,248 (2024: £189,243).
There were no outstanding or prepaid contributions at either the beginning or end of the financial year.

Page 26

 
COLE FABRICS PLC
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

24.


Commitments under operating leases

At 31 January 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2025
2024
£
£


Not later than 1 year
78,035
69,405

Later than 1 year and not later than 5 years
93,655
143,158

171,690
212,563


25.


Related party transactions

Associated undertakings
Sales to the company totalled £1,070,560 (2024: £1,079,084). Monthly fees charged totalled £27,226 (2024: £27,674) and commissions payable totalled £4,473 (2024: £6,815). Amounts due from the associated company as at 31 January 2025 totalled £208,606 (2024: £54,070).
The Company has taken advantage of the exemption under FRS 102 Section 33.1A Related Party Disclosures from disclosing transactions with other wholly-owned members of the Group.
The Company has taken advantage of the exemption under FRS 102 Section 1.12 Reduced Disclosures For Subsidiaries from disclosing key management personnel compensation in total.


26.


Controlling party

The Cole Fabrics Group Plc is the ultimate parent company and that entity is controlled by the directors.


Page 27