Registration number:
Wisla Narrow Fabrics Limited
for the Year Ended 31 December 2024
Wisla Narrow Fabrics Limited
Contents
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Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
Wisla Narrow Fabrics Limited
(Registration number: 05184655)
Statement of Financial Position as at 31 December 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
200 |
200 |
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Revaluation reserve |
35,858 |
54,000 |
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Retained earnings |
822,730 |
758,176 |
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Shareholders' funds |
858,788 |
812,376 |
Wisla Narrow Fabrics Limited
(Registration number: 05184655)
Statement of Financial Position as at 31 December 2024
For the financial 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.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
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......................................... |
Wisla Narrow Fabrics Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
The turnover in the opinion of the directors which is attributable to markets outside the UK is approximately 21.0% (2023 31.0%).
Government grants
Government grants in respect of capital expenditure are credited to a deferred income account and are released to the income statement over the expected useful lives of the relevant assets by equal annual instalments. Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.
Wisla Narrow Fabrics Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
Foreign currency transactions and balances
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date in an obligation to pay more, or a right to pay less or to receive more tax, with the following exceptions:
Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of fixed assets, and gains on disposal of fixed assets that have been rolled over into replacement assets, only to the extent that, at the balance sheet date, there is a binding agreement to dispose of the assets concerned. However, no provision is made where, on the basis of all available evidence at the balance sheet date, it is more likely than not that the taxable gain will be rolled over into replacement assets and charged to tax only where the replacement assets are sold.
Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on the tax rates and laws enacted or substantively enacted at the balance sheet date.
Tangible assets
Tangible assets are stated in the statement of financial position on cost or valuation, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Property |
10% cost |
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Plant & Machinery |
10% cost |
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Fixtures & Fittings |
10% cost |
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Motor Vehicles |
33.3% cost |
Wisla Narrow Fabrics Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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Computer Equipment |
33.3% cost |
Intangible assets
Separately acquired trademarks and licences are shown at historical cost.
Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
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Asset class |
Amortisation method and rate |
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Patent costs |
10% cost |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as
operating leases. Payments made under operating leases are charged to the income statement on a straight-line basis over the period of the lease.
Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the income statement over the period of the lease on a straight line basis. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract on a straight line basis.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Wisla Narrow Fabrics Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
Financial instruments
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Wisla Narrow Fabrics Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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Intangible assets |
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Trademarks, patents and licenses |
Total |
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Cost or valuation |
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At 1 January 2024 |
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At 31 December 2024 |
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Amortisation |
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At 1 January 2024 |
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Amortisation charge |
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At 31 December 2024 |
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Carrying amount |
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At 31 December 2024 |
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At 31 December 2023 |
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Wisla Narrow Fabrics Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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Tangible assets |
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Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Plant and Machinery |
Total |
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Cost or valuation |
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At 1 January 2024 |
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Additions |
- |
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- |
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Disposals |
- |
- |
- |
( |
( |
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At 31 December 2024 |
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Depreciation |
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At 1 January 2024 |
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Charge for the year |
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Eliminated on disposal |
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- |
- |
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At 31 December 2024 |
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Carrying amount |
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At 31 December 2024 |
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At 31 December 2023 |
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Stocks |
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2024 |
2023 |
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Other inventories |
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Wisla Narrow Fabrics Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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Debtors |
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Current |
2024 |
2023 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
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Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors due within one year include hire purchase contracts which are secured on the underlying assets of £18,308 (2023 - £18,308).
Current loans and borrowings
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2024 |
2023 |
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HP and finance lease liabilities |
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Other borrowings |
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Creditors: amounts falling due after more than one year
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Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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Creditors due after one year include hire purchase contracts which are secured on the underlying assets of £10,680 (2023 - £28,988).
Wisla Narrow Fabrics Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
Non-current loans and borrowings
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2024 |
2023 |
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HP and finance lease liabilities |
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Other borrowings |
- |
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Related party transactions |
Transactions with directors
At the year end Mr E Kozaczek owed the company £14,343 and Mrs I Kozaczek owed the company £17,595. Interest has been charged at 2.25% on the balance which is repayable on demand. These amounts are included within other debtors.
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Non adjusting events after the financial period |
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Wisla Narrow Fabrics Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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Financial commitments, guarantees and contingencies |
The total amount of financial commitments not included in the balance sheet is £