A. Elliot (Fine Fabrics) Limited - Accounts to registrar (filleted) - small 23.2.5

A. ELLIOT (FINE FABRICS) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST OCTOBER 2023

Page

Balance Sheet

1

Notes to the Financial Statements

3

Chartered Accountants' Report

7

FIXED ASSETS

Tangible assets

4

75,464

75,515

CURRENT ASSETS

Stocks

5

60,849

59,704

Debtors

6

7,867

14,774

Cash at bank

18,687

19,809

87,403

94,287

CREDITORS

Amounts falling due within one year

7

120,332

116,078

NET CURRENT LIABILITIES

(32,929

)

(21,791

)

TOTAL ASSETS LESS CURRENT LIABILITIES

42,535

53,724

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Revaluation reserve

8

72,480

72,480

Retained earnings

(30,945

)

(19,756

)

SHAREHOLDERS' FUNDS

42,535

53,724

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st October 2023 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13th December 2023 and were signed on its behalf by:

R W V Elliot - Director

Ms R McClarty - Director

1.	STATUTORY INFORMATION

A. Elliot (Fine Fabrics) Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address are as below:

Registered number:

SC042402

Registered office:

Forest Mill

Dunsdale Road

Selkirk

TD7 5EA

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 as modified by the revaluation of certain assets.

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

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Freehold property

-

not provided

Plant and machinery

-

10% on reducing balance

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.

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 ongoing affairs 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 4 (2022 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Freehold

Plant and

property

machinery

Totals

£

£

£

COST OR VALUATION

At 1st November 2022

and 31st October 2023

75,000

8,595

83,595

DEPRECIATION

At 1st November 2022

-

8,080

8,080

Charge for year

-

51

51

At 31st October 2023

-

8,131

8,131

NET BOOK VALUE

At 31st October 2023

75,000

464

75,464

At 31st October 2022

75,000

515

75,515

Cost or valuation at 31st October 2023 is represented by:

Freehold

Plant and

property

machinery

Totals

£

£

£

Valuation in 2008

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:

2023

2022

£

£

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.

5.

STOCKS

2023

2022

£

£

Stock & WIP

60,849

59,704

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

7,867

14,774

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade creditors

13,216

7,532

Social security and other taxes

427

476

VAT

2,486

3,867

Directors' current accounts

102,853

102,853

Accrued expenses

1,350

1,350

120,332

116,078

At 31st October 2023 there was a balance of £102,853 (2022, £102,853) 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 2022

and 31st October 2023

72,480

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 2023 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 loss 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.

JRW

Chartered Accountants

19 Buccleuch Street

Hawick

Roxburghshire

TD9 0HL

13th December 2023