Cortman Textiles Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01389217 (England and Wales)

Unaudited Financial Statements for the Year Ended 31st October 2020

for

CORTMAN TEXTILES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr P Onslow

Mrs C A Harrison

SECRETARY:

Mrs C A Harrison

REGISTERED OFFICE:

450 Carr Place

Walton Summit

Bamber Bridge

Preston

Lancashire

PR5 8AU

REGISTERED NUMBER:

01389217 (England and Wales)

ACCOUNTANTS:

Abrams Ashton - Chorley

Chartered Certified Accountants

41 St Thomas's Road

Chorley

Lancashire

PR7 1JE

FIXED ASSETS

Tangible assets

4

3,666

4,627

Investments

5

10,000

10,000

13,666

14,627

CURRENT ASSETS

Stocks

602,671

753,327

Debtors

6

1,622,872

1,514,572

Cash at bank and in hand

40,343

235,640

2,265,886

2,503,539

CREDITORS

Amounts falling due within one year

7

709,410

985,779

NET CURRENT ASSETS

1,556,476

1,517,760

TOTAL ASSETS LESS CURRENT LIABILITIES

1,570,142

1,532,387

PROVISIONS FOR LIABILITIES

697

879

NET ASSETS

1,569,445

1,531,508

CAPITAL AND RESERVES

Called up share capital

10

50,000

50,000

Retained earnings

1,519,445

1,481,508

SHAREHOLDERS' FUNDS

1,569,445

1,531,508

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st October 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st October 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10th May 2021 and were signed on its behalf by:

Mr P Onslow - Director

1.	STATUTORY INFORMATION

Cortman Textiles Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements

The financial statements contain information about Cortman Textiles Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Revenue recognition

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of consideration is the present value of future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33.3% on reducing balance

Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit and loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit and loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Investments in subsidiaries

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in the profit and loss account.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments' of FRS 102 to all its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Cash and cash equivalents

Cash and cash equivalents includes cash in hand, deposits held with banks, and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2019 - 11 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1st November 2019

and 31st October 2020

31,721

37,404

14,699

7,921

91,745

DEPRECIATION

At 1st November 2019

29,383

36,901

13,366

7,468

87,118

Charge for year

351

126

333

151

961

At 31st October 2020

29,734

37,027

13,699

7,619

88,079

NET BOOK VALUE

At 31st October 2020

1,987

377

1,000

302

3,666

At 31st October 2019

2,338

503

1,333

453

4,627

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1st November 2019

and 31st October 2020

10,000

NET BOOK VALUE

At 31st October 2020

10,000

At 31st October 2019

10,000

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Hydroproof Limited

Registered office: 450 Carr Place, Walton Summit, Bamber Bridge, Preston, PR5 8AU

Nature of business: Textile Coating

%

Class of shares:

holding

Ordinary

100.00

31.10.20

31.10.19

£

£

Aggregate capital and reserves

661,037

615,849

Profit/(loss) for the year

45,188

(10,696

)

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.20

31.10.19

£

£

Trade debtors

391,110

354,762

Other debtors

1,224,568

1,096,550

VAT

2,967

59,643

Prepayments

4,227

3,617

1,622,872

1,514,572

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.20

31.10.19

£

£

Trade creditors

31,707

364,706

Amounts owed to group undertakings

652,675

592,360

Tax

17,432

22,002

Social security and other taxes

2,565

2,284

Directors' current accounts

727

86

Accrued expenses

4,304

4,341

709,410

985,779

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.10.20

31.10.19

£

£

Within one year

19,750

19,750

9.	SECURED DEBTS

The bank holds a legal charge over the assets of the company.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.10.20

31.10.19

value:

£

£

37,500

Ordinary A

1

37,500

37,500

10,000

Ordinary B

1

10,000

10,000

2,500

Ordinary C

1

2,500

2,500

50,000

50,000

11.	RELATED PARTY DISCLOSURES

The company is owed £1,224,568 (2019 £1,096,550) by Peter Onslow Limited, a company which Mr P Onslow, a director, is involved in. No interest has been charged by the company in respect of this loan and there is no formal repayment date for this loan.

12.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr P Onslow.