REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 September 2022 |
for |
Masons Textiles Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 September 2022 |
for |
Masons Textiles Limited |
Masons Textiles Limited (Registered number: 02798352) |
Contents of the Financial Statements |
for the Year Ended 30 September 2022 |
Page |
Company Information | 1 |
Chartered Accountants' Report | 2 |
Statement of Financial Position | 3 |
Notes to the Financial Statements | 5 |
Masons Textiles Limited |
Company Information |
for the Year Ended 30 September 2022 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Owl Cotes Barn |
Low Lane |
Cowling |
Keighley |
West Yorkshire |
BD22 0LE |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Masons Textiles Limited |
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 Masons Textiles Limited for the year ended 30 September 2022 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 Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the Board of Directors of Masons Textiles 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 Masons Textiles Limited and state those matters that we have agreed to state to the Board of Directors of Masons Textiles Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Masons Textiles Limited and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that Masons Textiles 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 Masons Textiles Limited. You consider that Masons Textiles 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 Masons Textiles 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. |
Chartered Accountants |
Owl Cotes Barn |
Low Lane |
Cowling |
Keighley |
West Yorkshire |
BD22 0LE |
Masons Textiles Limited (Registered number: 02798352) |
Statement of Financial Position |
30 September 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Investments | 8 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 10 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
Masons Textiles Limited (Registered number: 02798352) |
Statement of Financial Position - continued |
30 September 2022 |
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 |
Masons Textiles Limited (Registered number: 02798352) |
Notes to the Financial Statements |
for the Year Ended 30 September 2022 |
1. | STATUTORY INFORMATION |
Masons Textiles Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about Masons Textiles Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Goodwill |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Land and buildings | - |
Plant and machinery etc | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost less any provision for impairment. |
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. |
Masons Textiles Limited (Registered number: 02798352) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2022 |
2. | ACCOUNTING POLICIES - continued |
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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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. |
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. |
Investment in limited partnerships |
The company's share of divided profits in limited partnerships is recognised in the profit and loss account on a receivable basis. The company's investment is stated at cost less any provisions. |
Leasing contracts |
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 October 2021 |
and 30 September 2022 |
AMORTISATION |
At 1 October 2021 |
and 30 September 2022 |
NET BOOK VALUE |
At 30 September 2022 |
At 30 September 2021 |
Masons Textiles Limited (Registered number: 02798352) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2022 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 October 2021 |
Additions |
Disposals | ( |
) | ( |
) |
Revaluations |
At 30 September 2022 |
DEPRECIATION |
At 1 October 2021 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
Revaluation adjustments | ( |
) | ( |
) |
At 30 September 2022 |
NET BOOK VALUE |
At 30 September 2022 |
At 30 September 2021 |
Included in cost or valuation of land and buildings is freehold land of £ 350,000 (2021 - £ 350,000 ) which is not depreciated. |
Cost or valuation at 30 September 2022 is represented by: |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
Valuation in 2022 | 360,000 | - | 360,000 |
Valuation in 2017 | 1,115,000 | - | 1,115,000 |
Cost | - | 1,990,267 | 1,990,267 |
1,475,000 | 1,990,267 | 3,465,267 |
Masons Textiles Limited (Registered number: 02798352) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2022 |
5. | TANGIBLE FIXED ASSETS - continued |
If freehold land and building had not been revalued it would have been included at the following historical cost: |
2022 | 2021 |
£ | £ |
Cost | 598,630 | 598,630 |
Aggregate depreciation | 269,073 | 258,753 |
Value of land in freehold land and buildings | 83,495 | 83,495 |
Freehold land and buildings were valued on an existing use basis on 29 July 2022 by Hayfield Robinson - Property Consultants . |
6. | FIXED ASSET INVESTMENTS |
Interest |
Shares in | in other |
group | participating |
undertakings | interests | Totals |
£ | £ | £ |
COST |
At 1 October 2021 |
and 30 September 2022 | 100,950 | 1,150,699 |
PROVISIONS |
At 1 October 2021 |
and 30 September 2022 | 977,347 | - | 977,347 |
NET BOOK VALUE |
At 30 September 2022 | 100,950 | 173,352 |
At 30 September 2021 | 100,950 | 173,352 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
Other debtors |
8. | CURRENT ASSET INVESTMENTS |
2022 | 2021 |
£ | £ |
Listed investments | 250,000 | - |
Masons Textiles Limited (Registered number: 02798352) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2022 |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade creditors | 71,596 | 57,415 |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
10. | RESERVES |
Revaluation |
reserve |
£ |
At 1 October 2021 |
No description | 469,284 |
At 30 September 2022 |
11. | OTHER FINANCIAL COMMITMENTS |
At 30th September 2022 the company had annual commitments under non-cancellable operating leases in respect of land and buildings which expire between one and five years of £17,000 (2021: £16,250). |
12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The company occupies certain premises owned by a small self administered pension scheme of which the director is a trustee and potential beneficiary. The lease is for a rolling one year period with a normal commercial rent payable amounting to £17,000 (2021: £16,250). No amounts were outstanding at the balance sheet date. |
13. | ULTIMATE CONTROLLING PARTY |
The controlling party is A D Peden. |