A. Elliot (Fine Fabrics) Limited - Accounts to registrar (filleted) - small 22.3
A. Elliot (Fine Fabrics) Limited - Accounts to registrar (filleted) - small 22.3
A. ELLIOT (FINE FABRICS) LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST OCTOBER 2022 |
A. ELLIOT (FINE FABRICS) LIMITED (REGISTERED NUMBER: SC042402) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST OCTOBER 2022 |
Page |
Balance Sheet | 1 |
Notes to the Financial Statements | 3 |
Chartered Accountants' Report | 7 |
A. ELLIOT (FINE FABRICS) LIMITED (REGISTERED NUMBER: SC042402) |
BALANCE SHEET |
31ST OCTOBER 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks | 5 |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 8 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
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. |
A. ELLIOT (FINE FABRICS) LIMITED (REGISTERED NUMBER: SC042402) |
BALANCE SHEET - continued |
31ST OCTOBER 2022 |
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 |
A. ELLIOT (FINE FABRICS) LIMITED (REGISTERED NUMBER: SC042402) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST OCTOBER 2022 |
1. | STATUTORY INFORMATION |
A. Elliot (Fine Fabrics) Limited is a |
Registered number: |
Registered office: |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents the fair value, net of value added tax and discounts, of woven goods provided to customers and work carried out in respect of services provided to customers. Revenue is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer. This is usually at the point when the customer has taken delivery of the goods. |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Stocks |
Stocks and Work in Progress have been valued at the lower of cost and net realisable value. The cost of Work in Progress includes attributable overheads. |
Financial assets |
Basic financial assets, including trade and other debtors and bank balances, are initially recognised at transaction price. |
At the end of each reporting period financial assets measured at cost are assessed for evidence of impairment. Any impairment loss is recognised in the Income Statement. |
Financial assets are derecognised when the contractual rights to the cash flows from the asset expire or are settled. |
Financial liabilities |
Basic financial liabilities, including trade and other creditors, are initially recognised at transaction price. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. These are classed as current liabilities if payment is due within one year or less. If not they are presented as non-current liabilities. |
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. |
A. ELLIOT (FINE FABRICS) LIMITED (REGISTERED NUMBER: SC042402) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST OCTOBER 2022 |
2. | ACCOUNTING POLICIES - continued |
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. |
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. |
Going concern |
The directors have considered the potential impact of the current Covid-19 pandemic on the business and are satisfied that the company has sufficient cash reserves to meet all financial obligations for the foreseeable future. The Accounts have therefore been prepared on the going concern basis. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
A. ELLIOT (FINE FABRICS) LIMITED (REGISTERED NUMBER: SC042402) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST OCTOBER 2022 |
4. | TANGIBLE FIXED ASSETS |
Freehold | Plant and |
property | machinery | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1st November 2021 |
and 31st October 2022 |
DEPRECIATION |
At 1st November 2021 |
Charge for year |
At 31st October 2022 |
NET BOOK VALUE |
At 31st October 2022 |
At 31st October 2021 |
Cost or valuation at 31st October 2022 is represented by: |
Freehold | Plant and |
property | machinery | Totals |
£ | £ | £ |
Valuation in 2008 | 75,000 | - | 75,000 |
Cost | - | 8,595 | 8,595 |
75,000 | 8,595 | 83,595 |
If the Company's property had not been revalued it would have been included at the following historical cost: |
2022 | 2021 |
£ | £ |
Cost | 6,508 | 6,508 |
Aggregate depreciation | 3,988 | 3,988 |
The Company's property was valued on an existing use basis on 25th May 2008 by Buccleuch John Sale, Chartered Surveyors. The directors are of the opinion, having taken appropriate advice, that the property's value is still at this level. |
The directors are also of the opinion that the residual value of the site is not materially different from the existing use value and so no depreciation has been charged. |
A. ELLIOT (FINE FABRICS) LIMITED (REGISTERED NUMBER: SC042402) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST OCTOBER 2022 |
5. | STOCKS |
2022 | 2021 |
£ | £ |
Stock & WIP |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade creditors |
Social security and other taxes |
VAT | 3,867 | 2,283 |
Directors' current accounts | 102,853 | 106,353 |
Accrued expenses |
At 31st October 2022 there was a balance of £102,853 (2021, £106,353) due by the company to Mr R W V Elliot, director. As a result of the introduction of FRS 102, this loan is shown in the financial statements as being due within one year. Mr Elliot has indicated that he will not seek repayment until the company has adequate finance in place. |
8. | RESERVES |
Revaluation |
reserve |
£ |
At 1st November 2021 |
and 31st October 2022 |
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
A. ELLIOT (FINE FABRICS) LIMITED |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of A. Elliot (Fine Fabrics) Limited for the year ended 31st October 2022 which comprise the Income Statement, Balance Sheet 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 ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance. |
This report is made solely to the Board of Directors of A. Elliot (Fine Fabrics) Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of A. Elliot (Fine Fabrics) Limited and state those matters that we have agreed to state to the Board of Directors of A. Elliot (Fine Fabrics) Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that A. Elliot (Fine Fabrics) 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 A. Elliot (Fine Fabrics) Limited. You consider that A. Elliot (Fine Fabrics) 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 A. Elliot (Fine Fabrics) 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. |
Chartered Accountants |
19 Buccleuch Street |
Hawick |
Roxburghshire |
TD9 0HL |