Company No: 10482822 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2024		2023
		£		£
Fixed assets
Tangible assets	3	17,592		19,790
		17,592		19,790
Current assets
Stocks	4	181,063		170,774
Debtors	5	31,301		13,753
Cash at bank and in hand		11,385		61,651
		223,749		246,178
Creditors: amounts falling due within one year	6	( 62,098)		( 116,572)
Net current assets		161,651		129,606
Total assets less current liabilities		179,243		149,396
Provision for liabilities		( 4,398)		( 4,947)
Net assets		174,845		144,449
Capital and reserves
Called-up share capital	7	100		100
Profit and loss account		174,745		144,349
Total shareholder's funds		174,845		144,449

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:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Sperry Fabric Architecture UK Ltd (registered number: 10482822) were approved and authorised for issue by the Board of Directors on 22 September 2025. They were signed on its behalf by:

Mr M Sperry Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Sperry Fabric Architecture UK Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 12 Barnfields Business Park New Trevibban Farm, St Issey, Wadebridge, PL27 7SE, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

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 value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measures, 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.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements	5 years straight line
Plant and machinery	25 % reducing balance
Vehicles	25 % reducing balance
Office equipment	25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	9		8

3. Tangible assets

	Leasehold improve- ments		Plant and machinery		Vehicles		Office equipment		Total
	£		£		£		£		£
Cost
At 01 January 2024	23,834		125,977		7,375		2,653		159,839
Additions	0		3,299		0		0		3,299
At 31 December 2024	23,834		129,276		7,375		2,653		163,138
Accumulated depreciation
At 01 January 2024	23,834		108,222		6,090		1,903		140,049
Charge for the financial year	0		4,989		321		187		5,497
At 31 December 2024	23,834		113,211		6,411		2,090		145,546
Net book value
At 31 December 2024	0		16,065		964		563		17,592
At 31 December 2023	0		17,755		1,285		750		19,790

4. Stocks

	2024		2023
	£		£
Stocks	181,063		170,774

5. Debtors

	2024		2023
	£		£
Trade debtors	26,651		0
Corporation tax	0		565
Other debtors	4,650		13,188
	31,301		13,753

6. Creditors: amounts falling due within one year

	2024		2023
	£		£
Trade creditors	904		64,852
Amounts owed to related parties	20,000		0
Taxation and social security	38,495		9,528
Other creditors	2,699		42,192
	62,098		116,572

7. Called-up share capital

	2024		2023
	£		£
Allotted, called-up and fully-paid
100 Ordinary shares shares of £ 1.00 each	100		100

8. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

	2024		2023
	£		£
within one year	23,262		22,112
between one and five years	42,646		62,651
	65,908		84,763

The company has financial commitments under a non-cancellable operating lease in relation to the lease of the property from which the company operates.

9. Related party transactions

Transactions with the entity's directors

Mr M Sperry
(Director)
The company operates an interest free loan account with the director, Mr M Sperry. At 31 December 2024 the amount due from Mr M Sperry was £3,940 (2023 £nil).

Other related party transactions

Sperry Fabric Architecture US
(A company, based in the US, under common control)
The company operates an interest free loan account with Sperry Fabric Achitecture US. At 31 December 2024 the amount due to Sperry Fabric Architecture US was £20,000 (2023 £nil).