Company Registration No. 10524364 (England and Wales)
Texlogistics Limited
Unaudited accounts
for the year ended 31 December 2022
Texlogistics Limited
Unaudited accounts
Contents
Texlogistics Limited
Company Information
for the year ended 31 December 2022
Directors
Matthew John Sheridan Bourne
Darren John Sowden
Company Number
10524364 (England and Wales)
Registered Office
Riverside Business Park
Kirkgate Commercial Centre
Wakefield
West Yorkshire
WF1 5DJ
England
Texlogistics Limited
Statement of financial position
as at 31 December 2022
Tangible assets
869,429
113,207
Cash at bank and in hand
472,954
190,143
Creditors: amounts falling due within one year
(531,248)
(336,225)
Net current assets
428,840
332,127
Total assets less current liabilities
1,298,269
445,334
Creditors: amounts falling due after more than one year
(545,428)
-
Provisions for liabilities
Deferred tax
(27,441)
(21,510)
Net assets
725,400
423,824
Called up share capital
100
100
Share premium
74,945
74,945
Profit and loss account
650,355
348,779
Shareholders' funds
725,400
423,824
For the year ending 31 December 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 directors acknowledge their 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 of Directors and authorised for issue on 11 August 2023 and were signed on its behalf by
Darren John Sowden
Director
Company Registration No. 10524364
Texlogistics Limited
Notes to the Accounts
for the year ended 31 December 2022
Texlogistics Limited is a private company, limited by shares, registered in England and Wales, registration number 10524364. The registered office is Riverside Business Park, Kirkgate Commercial Centre , Wakefield, West Yorkshire, WF1 5DJ, England.
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.
Monetary 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 rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
The financial statements have been prepared on the going concern basis, in accordance with the Companies Act 2006 and applicable accounting standards in the United Kingdom. In considering the going concern assumption, the directors have considered the cash flow requirements of the Company. The directors are confident that the Company has adequate resources to continue in operation existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Texlogistics Limited
Notes to the Accounts
for the year ended 31 December 2022
Tangible fixed assets and depreciation
Land and buildings are stated in the statement of financial position at their revalued amounts. The revalued amounts equate to the fair value at the date of revaluation, less any depreciation or impairment losses subsequently accumulated. Revaluations are carried out regularly so that the carrying amounts do not materially differ from using the fair value at the date of the statement of financial position.
Any revaluation increase or decrease on land and buildings is credited to the property revaluation reserve in ‘other reserves’.
Depreciation on revalued buildings is charged to profit or loss so as to write off their value, less residual value, over
their estimated useful life of 50 years, using the straight-line method.
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at a straight line basis at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
10% - 20%
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/ completion.
Texlogistics Limited
Notes to the Accounts
for the year ended 31 December 2022
The Company has chosen to adopt FRS 102, Section 11 Basic Financial Instruments and 12 Other Financial Instruments Issues of FRS 102 in respect of financial instruments.
All financial assets and liabilities are initially measured at transaction price, including transaction costs, except for those financial assets classified at fair value through profit or loss, which are initially measured at fair value (at transaction price excluding transaction costs) unless the arrangement constitutes a financing transaction.
Financial assets and financial liabilities are only offset in the Company balance sheet when, and only when, there is a legally enforceable right to set off the recognised amounts and the Company intends to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Debt instruments (other than those repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the present value of the future cash flows and subsequently amortised using the effective interest method.
Creditors
Short-term creditors are measured at transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are subsequently measured at amortised cost using the effective interest method.
Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are subsequently measured at amortised cost using the effective interest method, less any impairment.
Cash and cash equivalents
Cash is represented by cash on hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments which mature in no more than three months from the date of acquisition and which are readily convertible into known amounts of cash with insignificant risk of change in value.
Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated financial instrument.
Impairment
Financial assets measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset’s carrying amount and the present value of estimated cash flows discounted at the asset’s effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset’s carrying amount and best estimate, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.
Derecognition
Financial assets are derecognised when and only when:
• the contractual rights to the cash flows from the financial asset expire or are settled; or
• the Company transfers substantially all of the risks and rewards of ownership of the financial asset
to another party; or
• the Company, despite having retained some, but not all, significant risks and rewards of ownership,
has transferred control of the asset to another party.
Texlogistics Limited
Notes to the Accounts
for the year ended 31 December 2022
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. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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.
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
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.
4
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At cost
At 1 January 2022
-
77,015
-
73,228
17,362
167,605
Additions
725,000
6,600
34,235
10,592
5,776
782,203
At 31 December 2022
725,000
83,615
34,235
83,820
23,138
949,808
At 1 January 2022
-
10,235
-
31,778
12,385
54,398
Charge for the year
-
7,897
2,853
11,933
3,298
25,981
At 31 December 2022
-
18,132
2,853
43,711
15,683
80,379
At 31 December 2022
725,000
65,483
31,382
40,109
7,455
869,429
At 31 December 2021
-
66,780
-
41,450
4,977
113,207
Included within fixtures and fittings are leasehold improvements of £15,334 (2021: £15,334) with accumulated depreciation of £4,786 (2021: £2,703) and net book value of £10,548 (2021: £12,631). Leasehold improvements are depreciated straight line over 10 years whilst the remaining fixtures & fittings are depreciated straight line over 5 years.
Finished goods
17,836
18,736
Texlogistics Limited
Notes to the Accounts
for the year ended 31 December 2022
Amounts falling due within one year
Trade debtors
351,381
228,297
Amounts due from group undertakings etc.
80,952
143,145
Accrued income and prepayments
34,110
87,931
7
Creditors: amounts falling due within one year
2022
2021
Bank loans and overdrafts
39,440
-
Trade creditors
299,267
197,856
Amounts owed to group undertakings and other participating interests
442
497
Taxes and social security
73,581
47,638
Other creditors
12,929
2,058
8
Creditors: amounts falling due after more than one year
2022
2021
Aggregate of amounts that fall due for payment after five years
387,668
-
During August 2022, the Company took out a mortgage of £580,000 with a term of 15 years and an annual interest rate of 10.25%, secured against the property purchased.
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Loan to director
-
2,855
-
2,855
Texlogistics Limited
Notes to the Accounts
for the year ended 31 December 2022
10
Transactions with related parties
At the end of the year, the Company had a payable to Christopher Farr Cloth Limited, a company registered in England with registered number 03868176, of £442 (2021: £497).
By the end of the year, the Company had a receivable of £80,897 (2021: £143,090) from Christopher Farr Cloth Limited for services rendered.
During the year ended 31 December 2022, the Company provided services to Christopher Farr Cloth Limited for a total net amount of £830,046 (2021: £739,707).
During the year ended 31 December 2022, the Company provided services to The Farr Partnership for a total net amount of £4,842 (2021: £nil). The Farr Partnership is a related party due as it is 40% owned by one of the Company's directors.
By the end of the year, the Company had a receivable of £55 (2021: £55) from Artweave Limited, a company registered in England with registered number 10522485.
The Company's immediate parent company is Artweave Limited, a company registered in England with registered number 10522485, by virtue of its ownership of 55% of the issued share capital of the Company.
The Company's ultimate controlling party is Christopher Farr Cloth Limited, a company registered in England with registered number 03868176, by virtue of its ownership of 100% of the issued share capital of Artweave Limited.
12
Average number of employees
During the year the average number of employees was 35 (2021: 31).
