Falcon Fabrics Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 02658597 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2023

FOR

FALCON FABRICS LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

Chartered Certified Accountants' Report

7

DIRECTORS:

N A Scutt

N R Austin

SECRETARY:

N R Austin

REGISTERED OFFICE:

83 High Street

West Wickham

Kent

BR4 0LS

REGISTERED NUMBER:

02658597 (England and Wales)

ACCOUNTANTS:

Sherwoods

Chartered Certified Accountants

83 High Street

West Wickham

Kent

BR4 0LS

FIXED ASSETS

Tangible assets

4

28,247

6,355

CURRENT ASSETS

Stocks

145,703

110,750

Debtors

5

16,010

18,161

Cash at bank

415,331

437,546

577,044

566,457

CREDITORS

Amounts falling due within one year

6

250,462

247,308

NET CURRENT ASSETS

326,582

319,149

TOTAL ASSETS LESS CURRENT LIABILITIES

354,829

325,504

CREDITORS

Amounts falling due after more than one year

7

46,336

26,874

NET ASSETS

308,493

298,630

CAPITAL AND RESERVES

Called up share capital

50,000

50,000

Retained earnings

258,493

248,630

SHAREHOLDERS' FUNDS

308,493

298,630

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 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 15 April 2024 and were signed on its behalf by:

N A Scutt - Director

1.	STATUTORY INFORMATION

Falcon Fabrics 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.

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.

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 each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on cost

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 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 12 (2022 - 12 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 November 2022

38,358

24,488

7,236

70,082

Additions

-

35,021

-

35,021

Disposals

-

(3,897

)

-

(3,897

)

At 31 October 2023

38,358

55,612

7,236

101,206

DEPRECIATION

At 1 November 2022

36,978

19,514

7,235

63,727

Charge for year

207

9,025

-

9,232

At 31 October 2023

37,185

28,539

7,235

72,959

NET BOOK VALUE

At 31 October 2023

1,173

27,073

1

28,247

At 31 October 2022

1,380

4,974

1

6,355

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 November 2022

16,421

Additions

35,021

Disposals

(3,897

)

At 31 October 2023

47,545

DEPRECIATION

At 1 November 2022

10,792

Charge for year

8,756

At 31 October 2023

19,548

NET BOOK VALUE

At 31 October 2023

27,997

At 31 October 2022

5,629

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.23

31.10.22

£

£

Other debtors

16,010

18,161

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.23

31.10.22

£

£

Bank loans and overdrafts

10,000

10,000

Hire purchase contracts

3,860

-

Trade creditors

155,660

157,589

Taxation and social security

45,185

51,571

Other creditors

35,757

28,148

250,462

247,308

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.10.23

31.10.22

£

£

Bank loans

46,336

26,874

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 Statement of Financial Position. 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 Falcon Fabrics Limited for the year ended 31 October 2023 which comprise the Income Statement, Statement of Financial Position 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 the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Falcon 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 Falcon Fabrics Limited and state those matters that we have agreed to state to the Board of Directors of Falcon Fabrics Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. 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 Falcon 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 profit of Falcon Fabrics Limited. You consider that Falcon 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 Falcon 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.

Sherwoods

Chartered Certified Accountants

83 High Street

West Wickham

Kent

BR4 0LS

Date: .............................................