The Cotton Print Factory Shop Limited Filleted accounts for Companies House (small and micro)

COTTON PRINT FACTORY SHOP LIMITED - THE - Company Information

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COMPANY REGISTRATION NUMBER: NI015551

The Cotton Print Factory Shop Limited

Filleted Unaudited Financial Statements

31 July 2020

The Cotton Print Factory Shop Limited

Financial Statements

Year ended 31st July 2020

Contents	Page

Chartered accountants report to the director on the preparation of the unaudited statutory financial statements	1

Statement of financial position	2

Notes to the financial statements	4

The Cotton Print Factory Shop Limited

Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of The Cotton Print Factory Shop Limited

Year ended 31st July 2020

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The Cotton Print Factory Shop Limited for the year ended 31st July 2020, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of Chartered Accountants Ireland, we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie. This report is made solely to the director of The Cotton Print Factory Shop Limited in accordance with the terms of our engagement letter dated 22nd March 2021. Our work has been undertaken solely to prepare for your approval the financial statements of The Cotton Print Factory Shop Limited and state those matters that we have agreed to state to you in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Cotton Print Factory Shop Limited and its director for our work or for this report.

It is your duty to ensure that The Cotton Print Factory Shop Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of The Cotton Print Factory Shop Limited. You consider that The Cotton Print Factory Shop Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of The Cotton Print Factory Shop Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

BMK ACCOUNTING LIMITED Chartered Accountants

43 Lockview Road Stranmillis Belfast BT9 5FJ

30 April 2021

The Cotton Print Factory Shop Limited

Statement of Financial Position

31 July 2020

	2020		2019
Note	£	£	£

Fixed assets

Tangible assets	5		10,852	13,565

Current assets

Stocks		200,374	203,278
Debtors	6	195,562	46,017
Cash at bank and in hand		363,795	457,935
		---------	---------
		759,731	707,230

Creditors: amounts falling due within one year	7	113,923		136,330
		---------		---------
Net current assets			645,808	570,900
			---------	---------
Total assets less current liabilities			656,660	584,465

Provisions

Taxation including deferred tax	1,868	2,340
	---------	---------
Net assets	654,792	582,125
	---------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	654,692	582,025
	---------	---------
Shareholders funds	654,792	582,125
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31st July 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

The Cotton Print Factory Shop Limited

Statement of Financial Position (continued)

31 July 2020

These financial statements were approved by the board of directors and authorised for issue on 29 April 2021 , and are signed on behalf of the board by:

Mr Ronald Kelly
Director

Company registration number: NI015551

The Cotton Print Factory Shop Limited

Notes to the Financial Statements

Year ended 31st July 2020

1. General information

The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 16/18 Dargan Crescent, Duncrue Industrial Estate, Belfast, BT3 9JP.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Debtors and creditors receivable / payable withing one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. 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); 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.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Leasehold improvements	-	20% straight line
Fixtures and fittings	-	20% reducing balance
Motor vehicles	-	20% reducing balance

Impairment of fixed assets

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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

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 stock to its present location and condition.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable 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 unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship (see hedge accounting policy). Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 19 (2019: 19 ).

5. Tangible assets

Leasehold improvements	Fixtures and fittings	Motor vehicles	Total
£	£	£	£

Cost
At 1st August 2019 and 31st July 2020	60,996	35,123	11,003	107,122
	--------	--------	--------	---------
Depreciation
At 1st August 2019	60,996	23,867	8,694	93,557
Charge for the year	–	2,251	462	2,713
	--------	--------	--------	---------
At 31st July 2020	60,996	26,118	9,156	96,270
	--------	--------	--------	---------
Carrying amount
At 31st July 2020	–	9,005	1,847	10,852
	--------	--------	--------	---------
At 31st July 2019	–	11,256	2,309	13,565
	--------	--------	--------	---------

6. Debtors

	2020	2019
	£	£

Trade debtors	15,682	11,728
Amounts owed by group undertakings	140,383	9,952
Other debtors	39,497	24,337
	---------	--------
	195,562	46,017
	---------	--------

7. Creditors: amounts falling due within one year

	2020	2019
	£	£

Trade creditors	59,380	62,110
Amounts owed to related undertaking	2,078	5,800
Corporation tax	29,716	28,710
Social security and other taxes	16,749	32,210
Other creditors	6,000	7,500
	---------	---------
	113,923	136,330
	---------	---------

8. Related party transactions

The company has taken advantage of the exemption under the terms of FRS 102 section 1A, from disclosing related party transactions with entities that are wholly owned subsidiaries of the Talbot Textile & Upholstery Supply Co. Limited group of companies. The following companies are considered related parties for the purposes of Financial Reporting Standards 102:- Company: Relationship: Fibre Naturelle Ltd Joint venture Amounts owed by the company (included in note 8)

	2020	2019
	£	£
Fibre Naturelle Ltd	2,078	5,800
	-------	-------

9. Controlling party

The immediate parent and ultimate holding company is Talbot Textile & Upholstery Supply Co. Limited, a company registered in Northern Ireland, which is controlled by Mr Ronald Kelly and Mrs Dorothea Kelly who together own 100% of the issued share capital.