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Registered number:
FOR THE YEAR ENDED 31 JANUARY 2026
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THE COLE FABRICS GROUP PLC
COMPANY INFORMATION
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THE COLE FABRICS GROUP PLC
CONTENTS
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THE COLE FABRICS GROUP PLC
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2026
We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and nature of our business and is written in the context of the risks and uncertainties we face.
Turnover has remained broadly unchanged during the period, which is consistent with the wider uncertainty affecting global markets. This is also reflected in gross margins, with a small increase, supported by a favourable change in product mix. Together with production efficiencies, reduced headcount and energy cost reductions, overall profitability has improved year on year. The Group has also initiated property development of the Nottingham site, a key step in enabling future growth across both UK manufacturing and the broader business. The Group’s strong financial position provides the Directors with the confidence to broaden its’ marketing activities.
The Group has continued to invest in sustainability and compliance adding GOTS (Global Organic Textile Standard), GRS (Global Recycled Standard) and Cyber Essentials Plus to our already impressive list of independently verified global standards. Turnover to date, in respect of the year-ended 31 January 2027, reports an increase, supported by an embedded structure to pursue market growth. Despite higher taxation costs, disciplined financial management ensures the Group is forecast to deliver increased profitability. The increased profitability of the overall Group reported in the year, has facilitated an increase in declared dividends to Shareholders of £1/share. Dividends were voted to the Company from subsidiary undertakings as follows: Cole Fabrics Plc: £1,000,000 Cole Fabrics (Far East) Limited: $1,000,000 This has allowed the Company to increase its declared dividend to Shareholders at £1/share.
This report was approved by the board on 17 June 2026 and signed on its behalf.
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THE COLE FABRICS GROUP PLC
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2026
The directors present their report and the financial statements for the year ended 31 January 2026.
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £1,000,950 (2025 - £846,767).
An ordinary dividend of £710,789 (2025: £710,789) was paid during the year.
The directors who served during the year were:
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THE COLE FABRICS GROUP PLC
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
The Group is exposed to various risks in relation to financial instruments. The Group's financial assets and liabilities by category are set out in note 18. The Group's risk management is monitored by the directors. The most significant financial risks are explained in more detail below:
Currency risk Foreign exchange currency exposure due to trade in currencies other than the functional currency of the Group. The exposure is monitored and managed by the use of forward foreign exchange contracts. In accordance with the Group foreign exchange policy, the Group does not enter into derivatives for speculative purposes.
The auditors, PKF Smith Cooper Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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THE COLE FABRICS GROUP PLC
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE COLE FABRICS GROUP PLC
We have audited the financial statements of The Cole Fabrics Group Plc (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 January 2026, which comprise the Consolidated statement of comprehensive income, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of changes in equity, the Company statement of changes in equity, the Consolidated statement of cash flows, the Consolidated analysis of net debt, and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the Parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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THE COLE FABRICS GROUP PLC
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE COLE FABRICS GROUP PLC (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.
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THE COLE FABRICS GROUP PLC
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE COLE FABRICS GROUP PLC (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Based on our understanding of the company and industry, we identify the key laws and regulations affecting the company. We identified that the principal risk of fraud or non-compliance with laws and regulations related to: • Management bias in respect of accounting estimates and judgements made; • Management override of control; • Posting of unusual journals or transactions. We focussed on those areas that could give rise to a material misstatement in the Group and Parent Company financial statements. Our procedures included, but were not limited to: • Enquiry of management and those charged with governance around actual and potential litigation and claims, including instances of non-compliance with laws and regulations and fraud; • Reviewing legal expenditure in the year to identify instances of non-compliance with laws and regulations and fraud; • Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; • Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias, in particular stock provisions and derivatives. It is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
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THE COLE FABRICS GROUP PLC
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE COLE FABRICS GROUP PLC (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Statutory Auditors
2 Lace Market Square
NG1 1PB
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THE COLE FABRICS GROUP PLC
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2026
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THE COLE FABRICS GROUP PLC
REGISTERED NUMBER: 13580075
CONSOLIDATED BALANCE SHEET
AS AT 31 JANUARY 2026
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 June 2026.
The notes on pages 17 to 35 form part of these financial statements.
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THE COLE FABRICS GROUP PLC
REGISTERED NUMBER: 13580075
COMPANY BALANCE SHEET
AS AT 31 JANUARY 2026
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 17 to 35 form part of these financial statements.
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THE COLE FABRICS GROUP PLC
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2026
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THE COLE FABRICS GROUP PLC
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2025
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THE COLE FABRICS GROUP PLC
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2026
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THE COLE FABRICS GROUP PLC
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2025
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THE COLE FABRICS GROUP PLC
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2026
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THE COLE FABRICS GROUP PLC
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 JANUARY 2026
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THE COLE FABRICS GROUP PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026
The Cole Fabrics Group Plc is a private company limited by shares incorporated in the United Kingdom. The address of the registered office is given in the company information of these financial statements. The company's registration number is 13580075. The nature of the company's operations and principal activities are given in the Directors' Report.
The financial statements are prepared in Sterling which is the functional currency of the company. The financial statements are rounded to the nearest £1.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the following exemptions in its individual financial statements:
• 1.12(b) - From preparing a statement of cash flows, on the basis that the qualifying entity and the consolidated cash flows, included in these financial statements, includes the company's cash flows. • 1.12(c) - From the financial instrument disclosures, required under FRS 102 paragraphs, 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b), 11.48(c), 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A, as the information is provided in the consolidated financial statement disclosures. • 1.12(e) - From disclosing the company key management personnel compensation, as required by FRS 102 paragraph 33.7.
The following principal accounting policies have been applied:
The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Group (subsidiaries). Control is achieved where the Group has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in total comprehensive income from the effective date of acquisition and up to the effective date of disposal, as appropriate using accounting policies consistent with those of the parent. All intra-group transactions, balances, income and expenses are eliminated in full on consolidation. Acquisitions made by share issue, for example by share for share exchange, account for the difference between subsidiary net asset values at acquisition and nominal value of the shares issued by the Company or a subsidiary Company as a separate reserve termed the merger relief reserve. The share for share exchange was accounted for as a group reconstruction using the merger accounting method.
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THE COLE FABRICS GROUP PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026
2.Accounting policies (continued)
In preparing the financial statements on a going concern basis, the Directors have paid due regard to relevant forecast financial information, including cash flows, and factored in sensitivities. In the Directors’ opinion, the Group is a going concern for a minimum of twelve months from the date of the approval of the financial statements.
Functional and presentation currency
Transactions and balances
Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: - the Group has transferred the significant risks and rewards of ownership to the buyer; - the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; - the amount of revenue can be measured reliably; - it is probable that the Group will receive the consideration due under the transaction; and - the costs incurred or to be incurred in respect of the transaction can be measured reliably.
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THE COLE FABRICS GROUP PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026
2.Accounting policies (continued)
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THE COLE FABRICS GROUP PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026
2.Accounting policies (continued)
Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life.
Depreciation is provided on the following basis:
Land is not depreciated.
An entity is treated as an associated undertaking or joint venture where the Group exercises significant influence or joint control, respectively. Significant influence exists where the Group has the power to participate in the operating and financial policy decisions of the entity, while joint control exists where strategic financial and operating decisions require the unanimous consent of the parties sharing control.
In the consolidated accounts, interests in associated undertakings and joint ventures are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate/joint venture. The Consolidated statement of comprehensive income includes the Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. In the Consolidated balance sheet, the interests in associated undertakings are shown as the Group's share of the identifiable net assets, including any unamortised premium paid on acquisition. Any premium on acquisition is dealt with in accordance with the goodwill policy.
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THE COLE FABRICS GROUP PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Derivative financial instruments ("derivatives") are used to manage risks arising from changes in foreign currency exchange rates relating to the purchase of overseas sourced products. In accordance with the group foreign exchange policy, the group does not enter into derivatives for speculative purposes. Derivatives are stated at their fair value, being the estimated amount that the group would receive or pay to terminate them at the balance sheet date based on prevailing foreign currency exchange rates.
Changes in fair value of foreign currency derivatives which are designated and effective as hedges of future cash flows are recognised in equity in the fair value reserve, and subsequently transferred to the carrying amount of the hedged item or the profit and loss account. Realised gains and losses on cash flow hedges are therefore recognised in the profit and loss account in the same period as the hedged item. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated or exercised, or no longer qualifies for hedge accounting. At that time, any cumulative gain or loss on the hedging instrument previously recognised in equity is retained in equity until the hedged transaction occurs. If the hedged transaction is no longer expected to occur, the net cumulative gain or loss recognised in equity is then transferred to the profit and loss account. Changes in fair value of derivatives which are ineffective or do not meet the criteria for hedge accounting in FRS 102 are recognised in the profit and loss account.
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THE COLE FABRICS GROUP PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026
2.Accounting policies (continued)
Financial instruments - fair values have been estimated at the amount the Group would expect to receive or pay to terminate the forward contracts at the balance sheet date based on prevailing foreign currency rates. Stock provision - management exercises judgement in determining when stock items are considered obsolete, slow moving, or impaired and make an appropriate provision, to ensure that stock is valued at the lower of cost and net realisable value. This includes assessing product ageing, historical and forecast sales trends and changes in customer demand.
Analysis of turnover by country of destination:
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THE COLE FABRICS GROUP PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026
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THE COLE FABRICS GROUP PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026
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THE COLE FABRICS GROUP PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026
10.Taxation (continued)
There were no factors that may affect future tax charges.
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THE COLE FABRICS GROUP PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026
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THE COLE FABRICS GROUP PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026
12.Tangible fixed assets (continued)
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THE COLE FABRICS GROUP PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026
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THE COLE FABRICS GROUP PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026
Page 29
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THE COLE FABRICS GROUP PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026
Page 30
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THE COLE FABRICS GROUP PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026
Page 31
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THE COLE FABRICS GROUP PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026
Page 32
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THE COLE FABRICS GROUP PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026
19.Deferred taxation (continued)
Page 33
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THE COLE FABRICS GROUP PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026
Foreign exchange reserve
Other reserves
Includes movements in fair values on derivative financial instruments identified as designated and effective hedges. This is a non-distributable reserve impacting Other Comprehensive Income.
Merger relief reserve
Profit and loss account
The Group operates a defined contribution pension scheme. The pension cost charge for the period represents contributions payable by the Group to the scheme and amounted to £222,120 (2024: £203,998).
There were no outstanding or prepaid contributions at end of the financial period.
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THE COLE FABRICS GROUP PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026
The Group is controlled by the directors.
Page 35
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