Dundas Textiles Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08302107 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2020

for

Dundas Textiles Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs L K Z Sichel

Mr C Sichel

REGISTERED OFFICE:

College Farm

College Lane

Ellisfield

Basingstoke

Hampshire

RG25 2QE

REGISTERED NUMBER:

08302107 (England and Wales)

ACCOUNTANTS:

Butler & Co

Chartered Accountants

Bennett House

The Dean

Alresford

Hampshire

SO24 9BH

FIXED ASSETS

Intangible assets

4

33

86

Tangible assets

5

6,075

8,197

6,108

8,283

CURRENT ASSETS

Stocks

19,470

24,500

Debtors

6

16,317

5,106

Cash at bank

38,055

6,959

73,842

36,565

CREDITORS

Amounts falling due within one year

7

70,185

67,596

NET CURRENT ASSETS/(LIABILITIES)

3,657

(31,031

)

TOTAL ASSETS LESS CURRENT LIABILITIES

9,765

(22,748

)

CREDITORS

Amounts falling due after more than one year

8

13,583

-

NET LIABILITIES

(3,818

)

(22,748

)

CAPITAL AND RESERVES

Called up share capital

10

106

100

Share premium

54,994

-

Retained earnings

(58,918

)

(22,848

)

SHAREHOLDERS' FUNDS

(3,818

)

(22,748

)

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 June 2021 and were signed on its behalf by:

Mrs L K Z Sichel - Director

1.	STATUTORY INFORMATION

Dundas Textiles Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Going concern

The directors, having considered a period of at least twelve months from the date of signing these accounts, deem the company to be a going concern from their review the current financial position, their assessment of how trade will recover post pandemic, and how the funding needed to meet liabilities will be generated. The Directors have agreed to provide support to the Company by way of working capital for as long as the company requires it.

Turnover

Turnover represents the value of goods invoiced by the company, net of Value Added Tax and trade discounts.

Turnover is recognised on the basis of invoices raised.

Intangible assets - patents and licences

Patents and licences were being amortised evenly over their useful life of five years.

Intangible assets - development costs

Development costs are being amortised evenly over their useful life of five years.

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

-

25% reducing balance basis

Computer equipment

-

25% reducing balance basis

Stocks

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

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2019 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Patents

and

Development

licences

costs

Totals

£

£

£

COST

At 1 January 2020

and 31 December 2020

275

1,033

1,308

AMORTISATION

At 1 January 2020

275

947

1,222

Amortisation for year

-

53

53

At 31 December 2020

275

1,000

1,275

NET BOOK VALUE

At 31 December 2020

-

33

33

At 31 December 2019

-

86

86

5.	TANGIBLE FIXED ASSETS

Plant and

Computer

machinery

equipment

Totals

£

£

£

COST

At 1 January 2020

1,465

16,150

17,615

Additions

-

943

943

Disposals

-

(1,849

)

(1,849

)

At 31 December 2020

1,465

15,244

16,709

DEPRECIATION

At 1 January 2020

1,194

8,224

9,418

Charge for year

68

1,957

2,025

Eliminated on disposal

-

(809

)

(809

)

At 31 December 2020

1,262

9,372

10,634

NET BOOK VALUE

At 31 December 2020

203

5,872

6,075

At 31 December 2019

271

7,926

8,197

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

-

92

Other debtors

4,486

842

Deferred tax asset

11,779

4,045

Prepayments

52

127

16,317

5,106

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

1,417

-

Other creditors

-

7,062

Directors' current accounts

67,747

59,574

Accrued expenses

1,021

960

70,185

67,596

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans - 2-5 years

13,583

-

9.	DEFERRED TAX

£

Balance at 1 January 2020

(4,045

)

Capital allowances in excess

(208

)

of depreciation

Deferred tax on unrelieved

(7,526

)

losses

Balance at 31 December 2020

(11,779

)

The directors believe that the Company will be in a position to reverse its tax losses in the short to medium term and therefore continue to recognise the deferred tax asset arising on tax losses.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

106,248

Ordinary Shares

£0.00

1

106

100

6,248 Ordinary Shares shares of £0.001 each were allotted as fully paid at a premium of £8.799 per share during the year.

11.	RELATED PARTY DISCLOSURES

At 31 December 2020 £70,897 (2019 - £59,574) was owed to the directors. No interest was charged on the advance during the year, and the advance is repayable on demand.

12.	IMPACT OF COVID-19 PRE AND POST YEAR END

The Company has been negatively affected through the year by Covid-19 and the impact upon its customers from lockdown. This has resulted in a drop in turnover since April 2020. It is expected that as restrictions ease in 2021, turnover levels will recover. Throughout the period the Company was able to access a bounce back loan which has given a cashflow injection. The company used the time to assess certain aspects of its business in an effort to identify where beneficial changes can be made.

13.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mrs L K Z Sichel.