Company Registration No. 04258067 (England and Wales)
Fleece Knit Ltd
Unaudited accounts
for the year ended 31 July 2022
Fleece Knit Ltd
Unaudited accounts
Contents
Fleece Knit Ltd
Statement of financial position
as at 31 July 2022
Tangible assets
110,320
139,345
Cash at bank and in hand
116,380
68,593
Creditors: amounts falling due within one year
(66,238)
(45,459)
Net current assets
106,897
68,245
Total assets less current liabilities
217,217
207,590
Creditors: amounts falling due after more than one year
(27,987)
(37,836)
Provisions for liabilities
Deferred tax
(20,961)
(26,476)
Net assets
168,269
143,278
Called up share capital
20
20
Profit and loss account
168,249
143,258
Shareholders' funds
168,269
143,278
For the year ending 31 July 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 30 November 2022 and were signed on its behalf by
Mr Ibrahim Mangia
Director
Company Registration No. 04258067
Fleece Knit Ltd
Notes to the Accounts
for the year ended 31 July 2022
Fleece Knit Ltd is a private company, limited by shares, registered in England and Wales, registration number 04258067. The registered office is 161 Leicester Street, Leicester , LE5 4FS.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% straight line
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Fleece Knit Ltd
Notes to the Accounts
for the year ended 31 July 2022
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
4
Tangible fixed assets
Plant & machinery
Charge for the year
29,285
Amounts falling due within one year
Trade debtors
52,507
39,727
6
Creditors: amounts falling due within one year
2022
2021
Bank loans and overdrafts
10,648
10,609
Trade creditors
3,019
6,446
Taxes and social security
48,296
23,519
Other creditors
4,275
4,885
7
Creditors: amounts falling due after more than one year
2022
2021
Allotted, called up and fully paid:
20 Ordinary shares of £1 each
20
20
Fleece Knit Ltd
Notes to the Accounts
for the year ended 31 July 2022
9
Average number of employees
During the year the average number of employees was 8 (2021: 8).
