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| 2. |
Summary of Significant Accounting Policies |
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The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements. |
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Statement of compliance |
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The financial statements of the company for the financial year ended 31 December 2025 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006. |
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Basis of preparation |
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The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity, and to the nearest ?1. |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax. Turnover is largely in the form of agricultural twines and stretch film sales. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods), when the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. |
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Provisions |
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Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is possible that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwriting of the discount is recognised in finance costs in profit or loss in the period it arises. |
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Impairment |
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A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. |
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Tangible assets and depreciation |
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Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Depreciation is calculated so as to write off the costs or valuation of an asset, less its residual value, over the useful economic life of that asset as follows: |
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Fixtures, fittings and equipment |
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12.5% Straight line |
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Motor vehicles |
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25% Straight line |
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If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the deprecation is revised prospectively to reflect the new estimates. |
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Stocks |
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Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. |
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Taxation and deferred taxation |
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The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted of subsequently enacted at the reporting date. |
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Financial Instruments |
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The company only enters in to basic financial instrument transactions that result in the recognition of financial assets and liabilities, such as trade and other debtors and creditors, and loans from third parties. |
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Ordinary share capital |
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The ordinary share capital of the company is presented as equity. |
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| 9. |
Related party transactions |
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During the year the company entered into the following transactions with related parties: |
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2025 |
2024 |
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£ |
£ |
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Cordex Companhia Industrial Textil SA (Trade Debtors) |
118,349 |
71,985 |
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Cordex Companhia Industrial Textil SA (Commissions) |
118,349 |
71,985 |
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Cordex Companhia Industrial Textil SA (Trade Creditors) |
(2,688,879) |
(2,464,255) |
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Cordex Companhia Industrial Textil SA (Purchases) |
7,627,257 |
7,774,824 |
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Cordex Sociedade Gestora de Participacoes Sociais SA (Trade Creditors) |
(26,510) |
- |
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Cordex Sociedade Gestora de Participacoes Sociais SA (Purchases) |
26,510 |
- |
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5,175,076 |
5,454,539 |
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Cordex Companhia Industrial Textil SA and Cordex UK Ltd are subsidiaries of the parent company, Cordex Sociedade Gestora de Participacoes Socais SA. |