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Registered number: 01385736
Floralsilk Limited
Unaudited Financial Statements
For The Year Ended 31 December 2024
Hanberry and Co
Chartered Certified Accountants
20 Peterborough Road
Harrow
Middlesex
HA1 2BQ
Contents
Page
Balance Sheet 1
Notes to the Financial Statements 2—4
Page 1
Balance Sheet
Registered number: 01385736
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 362,840 370,779
362,840 370,779
CURRENT ASSETS
Stocks 6 1,402,394 1,562,619
Debtors 7 2,178,832 1,930,386
Cash at bank and in hand 4,295,127 3,815,136
7,876,353 7,308,141
Creditors: Amounts Falling Due Within One Year 8 (1,185,938 ) (1,351,983 )
NET CURRENT ASSETS (LIABILITIES) 6,690,415 5,956,158
TOTAL ASSETS LESS CURRENT LIABILITIES 7,053,255 6,326,937
NET ASSETS 7,053,255 6,326,937
CAPITAL AND RESERVES
Called up share capital 9 533,929 533,929
Profit and Loss Account 6,519,326 5,793,008
SHAREHOLDERS' FUNDS 7,053,255 6,326,937
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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Liam O'Flaherty
Director
11/08/2025
The notes on pages 2 to 4 form part of these financial statements.
Page 1
Page 2
Notes to the Financial Statements
1. General Information
Floralsilk Limited is a private company, limited by shares, incorporated in England & Wales, registered number 01385736 . The registered office is Meadow Drove, Bourne, Lincolnshire, PE10 0BQ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It has been fully amortised to profit and loss account over its economic life.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold No depreciation provided
Plant & Machinery 20% written down value
Motor Vehicles 20% written down value
Computer Equipment 15% straight line
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
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Page 3
2.6. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 25 (2023: 25)
25 25
4. Intangible Assets
Goodwill
£
Cost
As at 1 January 2024 50,000
As at 31 December 2024 50,000
Amortisation
As at 1 January 2024 50,000
As at 31 December 2024 50,000
Net Book Value
As at 31 December 2024 -
As at 1 January 2024 -
5. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 January 2024 631,387 466,987 153,270 1,251,644
Additions 16,840 79,291 - 96,131
Disposals - (43,500 ) - (43,500 )
As at 31 December 2024 648,227 502,778 153,270 1,304,275
Depreciation
As at 1 January 2024 445,522 282,073 153,270 880,865
Provided during the period 33,515 40,575 - 74,090
Disposals - (13,520 ) - (13,520 )
As at 31 December 2024 479,037 309,128 153,270 941,435
Net Book Value
As at 31 December 2024 169,190 193,650 - 362,840
As at 1 January 2024 185,865 184,914 - 370,779
Page 3
Page 4
6. Stocks
2024 2023
£ £
Finished goods 1,402,394 1,562,619
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 580,680 357,526
Prepayments and accrued income 175,595 144,458
Other debtors (2,443 ) 3,402
753,832 505,386
Due after more than one year
Amounts owed by related parties 1,425,000 1,425,000
2,178,832 1,930,386
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 375,458 445,013
Bank loans and overdrafts 6,669 -
Corporation tax 315,623 388,272
Other taxes and social security 40,645 36,481
VAT 274,746 166,377
Net wages 11,964 5,847
Other creditors 15,000 14,944
Accruals and deferred income 145,710 294,926
Directors' loan accounts 123 123
1,185,938 1,351,983
The bank loans and overdraft include amounts due under confidential invoice discounting and is secured by a fixed and floating charge over the assets and related undertakings of the company, together with personal guarantees from the directors.
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 533,929 533,929
10. Ultimate Parent Undertaking and Controlling Party
The company's immediate and ultimate parent undertaking is The J O Group Ltd . The ultimate controlling party is The J O Group Ltd who controls 100% of the shares of Floralsilk Limited .
Page 4