REGISTERED NUMBER: 03163200 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2024

for

European Quilting Supplies Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J C Counsell

M S Kilbourne

REGISTERED OFFICE:

Unit 11 Iliffe House

Iliffe Avenue

Leicester

LE2 5LS

REGISTERED NUMBER:

03163200 (England and Wales)

ACCOUNTANTS:

torr waterfield

Park House

37 Clarence Street

Leicester

Leicestershire

LE1 3RW

FIXED ASSETS

Intangible assets

4

10,223

2,410

Tangible assets

5

26,226

30,524

36,449

32,934

CURRENT ASSETS

Stocks

287,756

334,267

Debtors

6

268,186

284,487

Cash at bank

191,483

536,380

747,425

1,155,134

CREDITORS

Amounts falling due within one year

7

(296,659

)

(255,090

)

NET CURRENT ASSETS

450,766

900,044

TOTAL ASSETS LESS CURRENT LIABILITIES

487,215

932,978

PROVISIONS FOR LIABILITIES

(6,226

)

(6,770

)

NET ASSETS

480,989

926,208

CAPITAL AND RESERVES

Called up share capital

55

55

Capital redemption reserve

45

45

Retained earnings

480,889

926,108

480,989

926,208

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 June 2025 and were signed on its behalf by:

J C Counsell - Director

1.	STATUTORY INFORMATION

European Quilting Supplies Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Intellectual property are being amortised evenly over their estimated useful life of three years.

Computer software is being amortised evenly over its estimated useful life of three years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

20% on cost

Plant and machinery etc

-

20% on reducing balance and Straight line over 3 years

Stocks

Stocks and work in progress are valued at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Derivatives

Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently remeasured at their fair value through the income statement.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2023 - 12 ) .

4.	INTANGIBLE FIXED ASSETS

Intellectual

Computer

property

software

Totals

£

£

£

COST

At 1 January 2024

2,297

7,575

9,872

Additions

-

11,400

11,400

At 31 December 2024

2,297

18,975

21,272

AMORTISATION

At 1 January 2024

2,297

5,165

7,462

Amortisation for year

-

3,587

3,587

At 31 December 2024

2,297

8,752

11,049

NET BOOK VALUE

At 31 December 2024

-

10,223

10,223

At 31 December 2023

-

2,410

2,410

5.	TANGIBLE FIXED ASSETS

Fixtures

Leasehold

and

Office

improvements

Quilts

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 January 2024

40,075

3,400

100,334

121,526

265,335

Additions

-

-

484

7,459

7,943

At 31 December 2024

40,075

3,400

100,818

128,985

273,278

DEPRECIATION

At 1 January 2024

38,255

3,400

97,851

95,305

234,811

Charge for year

496

-

915

10,830

12,241

At 31 December 2024

38,751

3,400

98,766

106,135

247,052

NET BOOK VALUE

At 31 December 2024

1,324

-

2,052

22,850

26,226

At 31 December 2023

1,820

-

2,483

26,221

30,524

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

237,458

266,480

Other debtors

30,728

18,007

268,186

284,487

Other debtors include prepayments and accrued income of £11,307 (2023: £12,872).

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade creditors

185,735

150,193

Taxation and social security

71,976

67,611

Other creditors

38,948

37,286

296,659

255,090

Other creditors include accruals and deferred income of £14,988 (2023: £25,202).

8.	FINANCIAL INSTRUMENTS

The company has the following financial instruments which are measured at fair value through profit or loss:

2024

2023

£

£

Assets/(liabilities)

Derivative

8,596

(4,764

)

Income/(expense)

Derivative asset

8,596

(4,764

)

Derivative financial instruments

The company enters into foreign currency contracts to mitigate the exchange rate risk for certain foreign currency payables.

The forward currency contracts are measured at fair value, which is determined using valuation techniques that utilise observable inputs. The key assumptions used in valuing the derivatives are the forward exchange rates for GBP:USD.

9.	OTHER FINANCIAL COMMITMENTS

The total amount of financial commitments, guarantees and contingencies that are not included in the balance sheet is £18,770 (2023: £57,848).

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2024 and 31 December 2023:

31.12.24

31.12.23

£

£

M S Kilbourne

Balance outstanding at start of year

-

-

Amounts advanced

8,000

-

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

8,000

-

The loan is interest free and repayable on demand.