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Registration number: 04703503

Minerva Fabrics Limited
Annual Report and Unaudited Financial Statements
for the Year Ended 29 March 2025

Minerva Fabrics Limited

Contents

Balance Sheet | 1 to 2
Notes to the Financial Statements | 3 to 9

Minerva Fabrics Limited

(Registration number: 04703503)
Balance Sheet as at 29 March 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Intangible assets | 4 | 246,304 | 224,560
Tangible assets | 5 | 904,692 | 908,701
|  | 1,150,996 | 1,133,261
Current assets |  |  |
Stocks | 6 | 5,036,479 | 4,742,318
Debtors | 7 | 21,371 | 31,360
Cash at bank and in hand |  | 48,756 | 72,233
|  | 5,106,606 | 4,845,911
Creditors: Amounts falling due within one year | 8 | (2,438,265) | (1,941,005)
Net current assets |  | 2,668,341 | 2,904,906
Total assets less current liabilities |  | 3,819,337 | 4,038,167
Creditors: Amounts falling due after more than one year | 8 | (591,111) | (685,732)
Provisions for liabilities |  | (92,732) | (97,037)
Net assets |  | 3,135,494 | 3,255,398
Capital and reserves |  |  |
Called up share capital | 9 | 1,000 | 1,000
Retained earnings |  | 3,134,494 | 3,254,398
Shareholders' funds |  | 3,135,494 | 3,255,398

Minerva Fabrics Limited

(Registration number: 04703503)
Balance Sheet as at 29 March 2025

For the financial year ending 29 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• | The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
• | The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account and directors' report have not been delivered in accordance with the special provisions applicable to companies subject to the small company regime.

Approved and authorised by the Board on 22 December 2025 and signed on its behalf by:

......................................... Mr PJ Ormerod Director

Minerva Fabrics Limited

Notes to the Financial Statements for the Year Ended 29 March 2025

1 | General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Minerva Craft Centre
Atlas Road
Darwen
Lancs
BB3 3BY

These financial statements were authorised for issue by the Board on 22 December 2025.

2 | 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.
The financial statements are presented in Sterling, which is the functional currency of the company and are rounded to the nearest pound.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Minerva Fabrics Limited

Notes to the Financial Statements for the Year Ended 29 March 2025

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 between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, 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:

Asset class | Depreciation method and rate
Leasehold improvements | 10% straight line
Fixtures, fittings and equipment | Between 10% and 25% straight line

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.
Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.
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:

Asset class | Amortisation method and rate
Domain name | 5% straight line basis
Pattern print licences | 20% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Minerva Fabrics Limited

Notes to the Financial Statements for the Year Ended 29 March 2025

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.
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 the inventories 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Minerva Fabrics Limited

Notes to the Financial Statements for the Year Ended 29 March 2025

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

Employee Benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee`s services are received.

3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was 41 (2024 - 49).

4 | Intangible assets

| Domain name £ | Pattern print licences £ | Total £
Cost or valuation
At 30 March 2024 | 33,244 | 219,015 | 252,259
Additions | - | 34,996 | 34,996
At 29 March 2025 | 33,244 | 254,011 | 287,255
Amortisation
At 30 March 2024 | 9,974 | 17,724 | 27,698
Amortisation charge | 1,662 | 11,591 | 13,253
At 29 March 2025 | 11,636 | 29,315 | 40,951
Carrying amount
At 29 March 2025 | 21,608 | 224,696 | 246,304
At 29 March 2024 | 23,270 | 201,290 | 224,560

Minerva Fabrics Limited

Notes to the Financial Statements for the Year Ended 29 March 2025

5 | Tangible assets

| Leasehold improvements £ | Fixtures, fittings and equipment £ | Total £
Cost or valuation
At 30 March 2024 | 311,847 | 1,765,932 | 2,077,779
Additions | - | 230,678 | 230,678
At 29 March 2025 | 311,847 | 1,996,610 | 2,308,457
Depreciation
At 30 March 2024 | 71,459 | 1,097,619 | 1,169,078
Charge for the year | 31,184 | 203,503 | 234,687
At 29 March 2025 | 102,643 | 1,301,122 | 1,403,765
Carrying amount
At 29 March 2025 | 209,204 | 695,488 | 904,692
At 29 March 2024 | 240,388 | 668,313 | 908,701

Assets held under hire purchase contracts

Included within the net book value of tangible fixed assets is £76,694 (2024 - £429,877) in respect of assets held under hire purchase contracts. Depreciation for the year on these assets was £8,522 (2024 - £106,749).

6 | Stocks

| 2025 £ | 2024 £
Other inventories | 5,036,479 | 4,742,318

7 | Debtors

| 2025 £ | 2024 £
Prepayments | 21,371 | 31,360
| 21,371 | 31,360

Minerva Fabrics Limited

Notes to the Financial Statements for the Year Ended 29 March 2025

8 | Creditors

Creditors: amounts falling due within one year

| Note | 2025 £ | 2024 £
Loans and borrowings | 10 | 1,077,760 | 1,278,736
Trade creditors |  | 264,596 | 133,460
Taxation and social security |  | 345,302 | 93,842
Accruals and deferred income |  | 42,090 | 18,046
Other creditors |  | 708,517 | 416,921
|  | 2,438,265 | 1,941,005

Creditors include net obligations under hire purchase contracts of £16,983 (2024 - £139,551) and other finance borrowings of £nil (2024 - £87,269) which are secured.

Creditors: amounts falling due after more than one year

| Note | 2025 £ | 2024 £
Loans and borrowings | 10 | 591,111 | 685,732

Creditors include net obligations under hire purchase contracts of £49,534 (2024 - £nil).

9 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary share of £1 each | 1,000 | 1,000 | 1,000 | 1,000

Minerva Fabrics Limited

Notes to the Financial Statements for the Year Ended 29 March 2025

10 | Loans and borrowings

Non-current loans and borrowings

| 2025 £ | 2024 £
Bank borrowings | 541,577 | 685,732
Hire purchase contracts | 49,534 | -
| 591,111 | 685,732

Current loans and borrowings

| 2025 £ | 2024 £
Bank borrowings | 1,060,777 | 1,139,185
Hire purchase contracts | 16,983 | 139,551
| 1,077,760 | 1,278,736