Tex-Style Limited - Accounts to registrar (filleted) - small 23.2.5

TEX-STYLE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

S J Bowler

REGISTERED OFFICE:

Unit 20

Kings Mill Way

Mansfield

Nottinghamshire

NG18 5ER

REGISTERED NUMBER:

07744514 (England and Wales)

ACCOUNTANTS:

Sibbalds Limited

Chartered Accountants and Business Advisers

Oakhurst House

57 Ashbourne Road

Derby

Derbyshire

DE22 3FS

FIXED ASSETS

Tangible assets

4

58,874

67,186

CURRENT ASSETS

Stocks

4,345

8,956

Debtors

5

41,340

63,084

Cash at bank and in hand

7,078

9,639

52,763

81,679

CREDITORS

Amounts falling due within one year

6

33,094

48,069

NET CURRENT ASSETS

19,669

33,610

TOTAL ASSETS LESS CURRENT LIABILITIES

78,543

100,796

CREDITORS

Amounts falling due after more than one year

7

(50,541

)

(67,910

)

PROVISIONS FOR LIABILITIES

8

(11,200

)

(12,800

)

NET ASSETS

16,802

20,086

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

16,702

19,986

SHAREHOLDERS' FUNDS

16,802

20,086

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 4 April 2024 and were signed by:

S J Bowler - Director

1.	STATUTORY INFORMATION

Tex-Style Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Significant judgements and estimates

As a result of the current years review of estimated useful lives, residual values and depreciation methods by the Director the following change to depreciation has been made:

Motor Vehicles that had previously been depreciated on a 25% reducing balance basis are now depreciated on a 15% reducing balance basis from the start of the financial year.

The Director believes the new depreciation method will give a fairer representation of the useful economic life of the asset. The change in method and estimated useful life of the asset has resulted in a decrease in the depreciation charge for the current year of £6,152.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

15% on reducing balance

Computer equipment

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Foreign currencies

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 rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 October 2022

5,552

62,825

6,523

74,900

Additions

1,527

-

1,153

2,680

At 30 September 2023

7,079

62,825

7,676

77,580

DEPRECIATION

At 1 October 2022

2,659

1,309

3,746

7,714

Charge for year

948

9,227

817

10,992

At 30 September 2023

3,607

10,536

4,563

18,706

NET BOOK VALUE

At 30 September 2023

3,472

52,289

3,113

58,874

At 30 September 2022

2,893

61,516

2,777

67,186

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

40,714

60,966

Other debtors

626

2,118

41,340

63,084

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

9,013

8,827

Hire purchase contracts

9,842

9,326

Trade creditors

3,835

23,033

Taxation and social security

8,337

3,571

Other creditors

2,067

3,312

33,094

48,069

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans

17,919

25,446

Hire purchase contracts

32,622

42,464

50,541

67,910

8.	PROVISIONS FOR LIABILITIES

2023

2022

£

£

Deferred tax

11,200

12,800

Deferred

tax

£

Balance at 1 October 2022

12,800

Credit to Statement of Income and Retained Earnings during year

(1,600

)

Balance at 30 September 2023

11,200

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

100

Ordinary

£1

100

100