Company No: 07993252 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTORS	L J Barker
	S J Millbank

REGISTERED OFFICE	Lowin House
	Tregolls Road
	Truro
	TR1 2NA
	United Kingdom

COMPANY NUMBER

07993252 (England and Wales)

CHARTERED ACCOUNTANTS	Francis Clark LLP
	Lowin House
	Tregolls Road
	Truro
	Cornwall TR1 2NA

	Note	2023		2022
		£		£
Fixed assets
Tangible assets	3	49,784		56,055
		49,784		56,055
Current assets
Stocks	4	183,662		173,686
Debtors	5	26,451		20,254
Cash at bank and in hand		73,860		91,909
		283,973		285,849
Creditors: amounts falling due within one year	6	( 174,882)		( 170,806)
Net current assets		109,091		115,043
Total assets less current liabilities		158,875		171,098
Creditors: amounts falling due after more than one year	7	( 14,549)		( 31,667)
Provision for liabilities		( 7,660)		( 8,678)
Net assets		136,666		130,753
Capital and reserves
Called-up share capital	8	100		100
Profit and loss account		136,566		130,653
Total shareholders' funds		136,666		130,753

For the financial year ending 31 March 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Truro Fabrics Limited (registered number: 07993252) were approved and authorised for issue by the Board of Directors on 12 December 2023. They were signed on its behalf by:

S J Millbank Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Truro Fabrics Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Lowin House, Tregolls Road, Truro, TR1 2NA, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
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 financial statements. 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 tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset over its expected useful life, as follows:

Leasehold improvements	15 years straight line
Vehicles	20 % reducing balance
Fixtures and fittings	10 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

2. Employees

	2023		2022
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	16		15

3. Tangible assets

	Leasehold improve- ments		Vehicles		Fixtures and fittings		Total
	£		£		£		£
Cost
At 01 April 2022	39,667		12,995		113,476		166,138
At 31 March 2023	39,667		12,995		113,476		166,138
Accumulated depreciation
At 01 April 2022	39,667		6,342		64,074		110,083
Charge for the financial year	0		1,330		4,941		6,271
At 31 March 2023	39,667		7,672		69,015		116,354
Net book value
At 31 March 2023	0		5,323		44,461		49,784
At 31 March 2022	0		6,653		49,402		56,055

4. Stocks

	2023		2022
	£		£
Stocks	183,662		173,686

5. Debtors

	2023		2022
	£		£
Prepayments	26,451		20,254

6. Creditors: amounts falling due within one year

	2023		2022
	£		£
Bank loans	10,000		10,000
Trade creditors	55,642		36,680
Amounts owed to directors	17,001		21,851
Other loans	0		4,986
Accruals	3,000		2,577
Taxation and social security	27,186		27,923
Other creditors	62,053		66,789
	174,882		170,806

7. Creditors: amounts falling due after more than one year

	2023		2022
	£		£
Bank loans	14,549		31,667

8. Called-up share capital

	2023		2022
	£		£
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each	100		100

9. Financial commitments

Commitments

The total amount of financial commitments not included in the balance sheet is £117,584 (2022: £200,584). As at 31 March 2023 the company had annual commitments under non-cancellable operating leases.

	2023		2022
	£		£
Total future minimum lease payments under non-cancellable operating lease	22,332		0

The total future minimum lease payments under non-cancellable operating leases relate to a vehicle lease.