REGENT FIBRES LIMITED - Period Ending 2019-12-31
REGENT FIBRES LIMITED - Period Ending 2019-12-31
Registration number:
REGENT FIBRES LIMITED
for the Period from 20 December 2018 to 31 December 2019
REGENT FIBRES LIMITED
Contents
Company Information |
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Directors' Report |
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Profit and Loss Account |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
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Detailed Profit and Loss Account |
REGENT FIBRES LIMITED
Company Information
Directors |
Woodford Directors Limited Ms Andreea Ecaterina Mocanu |
Company secretary |
Woodford Services Limited |
Registered office |
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Accountants |
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REGENT FIBRES LIMITED
Directors' Report for the Period from 20 December 2018 to 31 December 2019
The directors present their report and the financial statements for the period from 20 December 2018 to 31 December 2019.
Incorporation
The company was incorporated on
Directors of the company
The directors who held office during the period were as follows:
Principal activity
The principal activity of the company is that of sale and distribution of natural undyed yarn including alpaca wool.
Small companies provision statement
This report has 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.
Approved by the
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REGENT FIBRES LIMITED
Profit and Loss Account for the Period from 20 December 2018 to 31 December 2019
Note |
2019 |
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Turnover |
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Cost of sales |
( |
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Gross profit |
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Administrative expenses |
( |
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Operating profit |
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Interest payable and similar expenses |
( |
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(7,016) |
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Profit before tax |
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Taxation |
( |
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Profit for the financial period |
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The above results were derived from continuing operations.
The company has no recognised gains or losses for the period other than the results above.
REGENT FIBRES LIMITED
Statement of Comprehensive Income for the Period from 20 December 2018 to 31 December 2019
2019 |
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Profit for the period |
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Total comprehensive income for the period |
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REGENT FIBRES LIMITED
(Registration number: 11736863)
Balance Sheet as at 31 December 2019
Note |
2019 |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial period ending 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
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.
Approved and authorised by the
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REGENT FIBRES LIMITED
Statement of Changes in Equity for the Period from 20 December 2018 to 31 December 2019
Share capital |
Profit and loss account |
Total |
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Profit for the period |
- |
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Total comprehensive income |
- |
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New share capital subscribed |
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- |
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At 31 December 2019 |
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REGENT FIBRES LIMITED
Notes to the Financial Statements for the Period from 20 December 2018 to 31 December 2019
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
England
These financial statements were authorised for issue by the
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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.
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.
Tax
The tax expense for the period comprises current 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.
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.
REGENT FIBRES LIMITED
Notes to the Financial Statements for the Period from 20 December 2018 to 31 December 2019
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.
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
Stocks |
2019 |
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Other inventories |
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Debtors |
REGENT FIBRES LIMITED
Notes to the Financial Statements for the Period from 20 December 2018 to 31 December 2019
2019 |
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Trade debtors |
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Prepayments |
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Other debtors |
( |
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Creditors |
Creditors: amounts falling due within one year
2019 |
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Due within one year |
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Accruals and deferred income |
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Other creditors |
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Share capital |
Allotted, called up and fully paid shares
2019 |
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No. |
£ |
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|
|
100 |
Related party transactions |
Loans from related parties
2019 |
Other related parties |
Advanced |
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Terms of loans from related parties
REGENT FIBRES LIMITED
Detailed Profit and Loss Account for the Period from 20 December 2018 to 31 December 2019
2019 |
|
Turnover (analysed below) |
1,467,735 |
Cost of sales (analysed below) |
(1,349,413) |
Gross profit |
118,322 |
Gross profit (%) |
8.06% |
Administrative expenses |
|
Employment costs (analysed below) |
(34,544) |
General administrative expenses (analysed below) |
(44,344) |
Finance charges (analysed below) |
(3,700) |
(82,588) |
|
Operating profit |
35,734 |
Interest payable and similar expenses (analysed below) |
(7,016) |
Profit before tax |
28,718 |
REGENT FIBRES LIMITED
Detailed Profit and Loss Account for the Period from 20 December 2018 to 31 December 2019
2019 |
Turnover |
|
Sale of goods, rest of world |
1,467,735 |
Cost of sales |
|
Direct costs |
(1,336,394) |
Freight and carriage |
(13,019) |
(1,349,413) |
Employment costs |
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Commissions payable |
(34,544) |
General administrative expenses |
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Travel and subsistence |
(17,495) |
Accountancy fees |
(23,750) |
Legal and professional fees |
(3,099) |
(44,344) |
Finance charges |
|
Bank charges |
(3,700) |
Interest payable and similar expenses |
|
Foreign currency (gains)/losses |
(7,016) |