Mobus Fabrics Limited Company accounts
Mobus Fabrics Limited Company accounts
COMPANY REGISTRATION NUMBER:
02954897
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Financial Statements |
Year ended 30 September 2023
Contents |
Pages |
Officers and professional advisers
1
Strategic report
2 to 3
Directors' report
4 to 5
Independent auditor's report to the members
6 to 9
Profit and loss account
10
Balance sheet
11
Statement of cash flows
12
Notes to the financial statements
13 to 24
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Officers and Professional Advisers |
The board of directors |
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Company secretary |
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Registered office |
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Auditor |
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Chartered Accountants & statutory auditor |
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35 Westgate |
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Huddersfield |
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HD1 1PA |
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Bankers |
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33 Park Row |
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Leeds |
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LS1 1LD |
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Strategic Report |
Year ended 30 September 2023
This report was approved by the board of directors on 2 April 2024 and signed on behalf of the board by:
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Director |
Director |
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Directors' Report |
Year ended 30 September 2023
The directors present their report and the financial statements of the company for the year ended
30 September 2023
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Directors
The directors who served the company during the year were as follows:
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Dividends
Particulars of recommended dividends are detailed in note 13 to the financial statements.
Disclosure of information in the strategic report
Directors' responsibilities statement
Each of the persons who is a director at the date of approval of this report confirms that:
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so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board of directors on
2 April 2024
and signed on behalf of the board by:
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Director |
Director |
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Independent Auditor's Report to the Members of
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Year ended 30 September 2023
Opinion
Basis for opinion
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
Responsibilities of directors
Auditor's responsibilities for the audit of the financial statements
This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
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(Senior Statutory Auditor) |
For and on behalf of |
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Chartered Accountants & statutory auditor |
35 Westgate |
Huddersfield |
HD1 1PA |
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Profit and Loss Account |
Year ended 30 September 2023
2023 |
2022 |
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Note |
£ |
£ |
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Turnover |
4 |
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Cost of sales |
(
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(
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-------------- |
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Gross profit |
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Administrative expenses |
(
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(
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Other operating income |
5 |
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Operating profit |
6 |
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Other interest receivable and similar income |
10 |
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Interest payable and similar expenses |
11 |
(
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(
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Profit before taxation |
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Tax on profit |
12 |
(
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(
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Profit for the financial year and total comprehensive income |
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Dividends paid and payable |
13 |
(
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(
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Retained earnings at the start of the year |
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Retained earnings at the end of the year |
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All the activities of the company are from continuing operations.
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Balance Sheet |
2023 |
2022 |
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Note |
£ |
£ |
Fixed assets
Tangible assets |
14 |
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Investments |
15 |
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Current assets
Stocks |
16 |
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Debtors |
17 |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year |
18 |
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Net current assets |
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Total assets less current liabilities |
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Creditors: amounts falling due after more than one year |
19 |
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Provisions
Taxation including deferred tax |
20 |
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Net assets |
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Capital and reserves
Called up share capital |
24 |
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Capital redemption reserve |
25 |
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Profit and loss account |
25 |
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Shareholders funds |
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These financial statements were approved by the
board of directors
and authorised for issue on
2 April 2024
, and are signed on behalf of the board by:
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Director |
Director |
Company registration number:
02954897
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Statement of Cash Flows |
Year ended 30 September 2023
2023 |
2022 |
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£ |
£ |
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Cash flows from operating activities
Profit for the financial year |
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Adjustments for: |
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Depreciation of tangible assets |
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Government grant income |
(
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(
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Other interest receivable and similar income |
(
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(
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Interest payable and similar expenses |
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Gains on disposal of tangible assets |
– |
(
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Tax on profit |
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Changes in: |
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Stocks |
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Trade and other debtors |
(
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(
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Trade and other creditors |
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(
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Cash generated from operations |
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Interest paid |
(
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(
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Interest received |
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Tax paid |
(
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(
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Net cash from/(used in) operating activities |
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(
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Cash flows from investing activities
Purchase of tangible assets |
(
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(
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Proceeds from sale of tangible assets |
– |
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Acquisition of subsidiaries |
– |
(
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Net cash used in investing activities |
(
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(
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Cash flows from financing activities
Proceeds from borrowings |
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Proceeds from loans from group undertakings |
(
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– |
Government grant income |
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Dividends paid |
(
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(
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Net cash (used in)/from financing activities |
(
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Net (decrease)/increase in cash and cash equivalents |
(
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Cash and cash equivalents at beginning of year |
518,614 |
457,347 |
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Cash and cash equivalents at end of year |
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Notes to the Financial Statements |
Year ended 30 September 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Russell Way, Off Bradford Road, Brighouse, West Yorkshire, HD6 4LX.
2.
Statement of compliance
3.
Accounting policies
Basis of preparation
Consolidation
Judgements and key sources of estimation uncertainty
Revenue recognition
Taxation
Foreign currencies
Tangible assets
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold improvements |
- |
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Plant & machinery |
- |
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Fixtures & fittings |
- |
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Motor vehicles |
- |
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Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in joint ventures
Impairment of fixed assets
Stocks
Government grants
Provisions
Financial instruments
Defined contribution plans
4.
Turnover
Turnover arises from:
2023 |
2022 |
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£ |
£ |
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UK |
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Europe |
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Asia |
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USA |
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The whole of the turnover is attributable to the principal activity of the company.
5.
Other operating income
2023 |
2022 |
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£ |
£ |
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Government grant income |
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6.
Operating profit
Operating profit or loss is stated after charging/crediting:
2023 |
2022 |
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£ |
£ |
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Depreciation of tangible assets |
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Gains on disposal of tangible assets |
– |
(
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Impairment of trade debtors |
8,407 |
– |
Foreign exchange differences |
(
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(
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7.
Auditor's remuneration
2023 |
2022 |
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£ |
£ |
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Fees payable for the audit of the financial statements |
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------------ |
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8.
Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to:
2023 |
2022 |
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No. |
No. |
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Distribution staff |
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Administrative staff |
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Management staff |
4 |
4 |
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The aggregate payroll costs incurred during the year, relating to the above, were:
2023 |
2022 |
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£ |
£ |
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Wages and salaries |
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Social security costs |
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Other pension costs |
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------------ |
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9.
Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2023 |
2022 |
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£ |
£ |
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Remuneration |
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Company contributions to defined contribution pension plans |
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The number of directors who accrued benefits under company pension plans was as follows:
2023 |
2022 |
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No. |
No. |
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Defined contribution plans |
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10.
Other interest receivable and similar income
2023 |
2022 |
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£ |
£ |
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Other interest receivable and similar income |
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11.
Interest payable and similar expenses
2023 |
2022 |
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£ |
£ |
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Interest on banks loans and overdrafts |
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Other interest payable and similar charges |
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------------ |
------------ |
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12.
Tax on profit
Major components of tax expense
2023 |
2022 |
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£ |
£ |
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Current tax:
UK current tax expense |
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Adjustments in respect of prior periods |
– |
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Total current tax |
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Deferred tax:
Origination and reversal of timing differences |
(
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(
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Tax on profit |
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Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is lower than (2022: lower than) the
standard rate of corporation tax in the UK
of
22
% (2022:
19
%).
2023 |
2022 |
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£ |
£ |
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Profit on ordinary activities before taxation |
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------------ |
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Profit on ordinary activities by rate of tax |
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Adjustment to tax charge in respect of prior periods |
– |
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Effect of expenses not deductible for tax purposes |
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(
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Effect of capital allowances and depreciation |
(
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(
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Effect of revenue exempt from tax |
(
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(
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Group relief |
(
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(
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Tax on profit |
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------------ |
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13.
Dividends
2023 |
2022 |
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£ |
£ |
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Dividends paid during the year (excluding those for which a liability existed at the end of the prior year ) |
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------------ |
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14.
Tangible assets
Short leasehold improvements |
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Total |
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£ |
£ |
£ |
£ |
£ |
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Cost |
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At 1 October 2022 |
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Additions |
– |
– |
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– |
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At 30 September 2023 |
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Depreciation |
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At 1 October 2022 |
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Charge for the year |
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– |
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------------ |
------------ |
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------------ |
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At 30 September 2023 |
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------------ |
------------ |
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Carrying amount |
|||||
At 30 September 2023 |
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– |
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------------ |
------------ |
------------ |
------------ |
------------ |
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At 30 September 2022 |
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– |
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15.
Investments
Shares in group undertakings |
Shares in participating interests |
Total |
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£ |
£ |
£ |
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Cost |
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At 1 October 2022 and 30 September 2023 |
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------------ |
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Impairment |
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At 1 October 2022 and 30 September 2023 |
– |
– |
– |
------------ |
------------ |
------------ |
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Carrying amount |
|||
At 30 September 2023 |
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At 30 September 2022 |
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The company owns 31% of the ordinary share capital of Shaoxing Sian Flame Retardant Co Limited, a company registered in China. The principal activity of the company is that of flame retardant processing.
The company also owns 100% of the ordinary share capital of Shaoxing Mobus Fabrics Co Limited, a company registered in China. The principal activity of the company is that of the distribution of upholstery fabrics.
The company also owns 100% of the ordinary share capital of Hangzhou Mobus Fabrics Co Limited, a company registered in China. The principal activity of the company is that of the distribution of upholstery fabrics.
16.
Stocks
2023 |
2022 |
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£ |
£ |
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Finished goods and goods for resale |
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17.
Debtors
2023 |
2022 |
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£ |
£ |
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Trade debtors |
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Amounts owed by group undertakings |
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Prepayments and accrued income |
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Other debtors |
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The debtors above include the following amounts falling due after more than one year:
2023 |
2022 |
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£ |
£ |
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Amounts owed by group undertakings |
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18.
Creditors:
amounts falling due within one year
2023 |
2022 |
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£ |
£ |
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Bank loans and overdrafts |
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Trade creditors |
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Accruals and deferred income |
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Corporation tax |
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Social security and other taxes |
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Director loan accounts |
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Invoice finance facility |
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– |
------------ |
------------ |
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The invoice finance facility is secured by a fixed and floating charge over the company's book debts. The bank loans are secured by fixed and floating charges over the company's assets.
19.
Creditors:
amounts falling due after more than one year
2023 |
2022 |
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£ |
£ |
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Amounts owed to group undertakings |
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Accruals and deferred income |
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------------ |
------------ |
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20.
Provisions
Deferred tax (note 21) |
|
£ |
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At 1 October 2022 |
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Additions |
(
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------------ |
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At 30 September 2023 |
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21.
Deferred tax
The deferred tax included in the balance sheet is as follows:
2023 |
2022 |
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£ |
£ |
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Included in provisions (note 20) |
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The deferred tax account consists of the tax effect of timing differences in respect of:
2023 |
2022 |
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£ |
£ |
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Accelerated capital allowances |
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Deferred income |
(
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(
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Other timing differences |
(
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– |
------------ |
------------ |
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69,605 |
74,117 |
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22.
Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution pension plans was £
175,408
(2022: £
177,461
).
23.
Government grants
The amounts recognised in the financial statements for government grants are as follows:
2023 |
2022 |
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£ |
£ |
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Recognised in other operating income:
Government grants recognised directly in income |
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------------ |
------------ |
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24.
Called up share capital
Issued, called up and fully paid
2023 |
2022 |
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No. |
£ |
No. |
£ |
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|
645 |
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645 |
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50 |
|
50 |
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|
50 |
|
50 |
|
|
5 |
|
5 |
------------ |
------------ |
------------ |
------------ |
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25.
Reserves
26.
Analysis of changes in net debt
At 1 Oct 2022 |
Cash flows |
At 30 Sep 2023 |
|
£ |
£ |
£ |
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Cash at bank and in hand |
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(11,830) |
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Debt due within one year |
(1,696,757) |
(334,925) |
(2,031,682) |
Debt due after one year |
(79,095) |
– |
(79,095) |
------------ |
------------ |
------------ |
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(
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(
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(
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------------ |
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Notes to the Financial Statements (continued) |
Year ended 30 September 2023
27.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023 |
2022 |
|
£ |
£ |
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Not later than 1 year |
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Later than 1 year and not later than 5 years |
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Later than 5 years |
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------------ |
------------ |
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------------ |
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Total lease payments recognised as an expense in the profit and loss was £374,445 (2022 - £378,140)
28.
Contingencies
29.
Related party transactions
30.
Controlling party
The company is a wholly owned subsidiary of
Mobus Fabrics Holdings Limited
. There is no one controlling party of this company
. The company is exempt from preparing group accounts as it is included in the consolidated accounts of Mobus Fabrics Holdings Limited
, a company registered in the UK whose registered office is Russell Way, Off Bradford Road, Brighouse, West Yorkshire, HD6 4LX
. A copy of the group accounts are available to the public at Companies House.