10
31/03/2020
2020-03-31
false
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No description of principal activities is disclosed
2019-04-01
Sage Accounts Production 2020 Update 1 - FRS102_2019
xbrli:pure
xbrli:shares
iso4217:GBP
03728170
2019-04-01
2020-03-31
03728170
2020-03-31
03728170
2019-03-31
03728170
2018-04-01
2019-03-31
03728170
2019-03-31
03728170
2018-03-31
03728170
core:PlantMachinery
2019-04-01
2020-03-31
03728170
bus:RegisteredOffice
2019-04-01
2020-03-31
03728170
bus:LeadAgentIfApplicable
2019-04-01
2020-03-31
03728170
bus:Director1
2019-04-01
2020-03-31
03728170
bus:Director2
2019-04-01
2020-03-31
03728170
core:RetainedEarningsAccumulatedLosses
2018-04-01
2019-03-31
03728170
core:RetainedEarningsAccumulatedLosses
2019-04-01
2020-03-31
03728170
core:WithinOneYear
2020-03-31
03728170
core:WithinOneYear
2019-03-31
03728170
core:ShareCapital
2020-03-31
03728170
core:ShareCapital
2019-03-31
03728170
core:SharePremium
2020-03-31
03728170
core:SharePremium
2019-03-31
03728170
core:RevaluationReserve
2020-03-31
03728170
core:RevaluationReserve
2019-03-31
03728170
core:RetainedEarningsAccumulatedLosses
2020-03-31
03728170
core:RetainedEarningsAccumulatedLosses
2019-03-31
03728170
core:ShareCapital
2018-03-31
03728170
core:SharePremium
2018-03-31
03728170
core:RevaluationReserve
2018-03-31
03728170
core:RetainedEarningsAccumulatedLosses
2018-03-31
03728170
core:CostValuation
core:Non-currentFinancialInstruments
2019-03-31
03728170
core:AdditionsToInvestments
core:Non-currentFinancialInstruments
2020-03-31
03728170
core:CostValuation
core:Non-currentFinancialInstruments
2020-03-31
03728170
core:Non-currentFinancialInstruments
2020-03-31
03728170
core:Non-currentFinancialInstruments
2019-03-31
03728170
bus:SmallEntities
2019-04-01
2020-03-31
03728170
bus:AuditExempt-NoAccountantsReport
2019-04-01
2020-03-31
03728170
bus:AbridgedAccounts
2019-04-01
2020-03-31
03728170
bus:SmallCompaniesRegimeForAccounts
2019-04-01
2020-03-31
03728170
bus:PrivateLimitedCompanyLtd
2019-04-01
2020-03-31
Company registration number:
03728170
Cashmere Fibres International Limited
Unaudited filleted abridged financial statements
31 March 2020
Cashmere Fibres International Limited
Contents
Directors and other information
Abridged statement of financial position
Statement of changes in equity
Notes to the financial statements
Cashmere Fibres International Limited
Directors and other information
|
|
|
|
Directors
|
David Michael Lee
|
|
|
David Kenneth Mallin
|
|
|
|
|
|
|
|
Company number
|
03728170
|
|
|
|
|
|
|
|
Registered office
|
Park View Mills
|
|
|
Raymond Street
|
|
|
Bradford
|
|
|
BD5 8DT
|
|
|
|
|
|
|
|
Business address
|
Park View Mills
|
|
|
Raymond Street
|
|
|
Bradford
|
|
|
BD5 8DT
|
|
|
|
|
|
|
|
Accountants
|
Bostocks Boyce Welch
|
|
|
The Counting House
|
|
|
Tower Buildings
|
|
|
Wade House Road
|
|
|
Shelf
|
|
|
HX3 7PB
|
|
|
|
Cashmere Fibres International Limited
Abridged statement of financial position
31 March 2020
|
|
|
2020
|
|
|
|
2019
|
|
|
|
|
Note
|
£
|
|
£
|
|
£
|
|
£
|
|
|
|
|
|
|
|
|
|
|
Fixed assets
|
|
|
|
|
|
|
|
|
|
Tangible assets
|
|
5
|
377,678
|
|
|
|
508,628
|
|
|
Investments
|
|
6
|
154,444
|
|
|
|
94,823
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
|
|
532,122
|
|
|
|
603,451
|
|
|
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
|
|
Stocks
|
|
|
238,004
|
|
|
|
397,975
|
|
|
Debtors
|
|
|
1,150,254
|
|
|
|
1,486,688
|
|
|
Cash at bank and in hand
|
|
|
62,737
|
|
|
|
65,065
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
1,450,995
|
|
|
|
1,949,728
|
|
|
Creditors: amounts falling due
|
|
|
|
|
|
|
|
|
|
within one year
|
|
|
(
3,206,133)
|
|
|
|
(
3,412,364)
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
Net current liabilities
|
|
|
|
|
(
1,755,138)
|
|
|
|
(
1,462,636)
|
|
|
|
|
|
_______
|
|
|
|
_______
|
Total assets less current liabilities
|
|
|
|
|
(
1,223,016)
|
|
|
|
(
859,185)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provisions for liabilities
|
|
|
|
|
320,334
|
|
|
|
320,334
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______
|
|
|
|
_______
|
Net liabilities
|
|
|
|
|
(
902,682)
|
|
|
|
(
538,851)
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
|
|
|
|
|
Capital and reserves
|
|
|
|
|
|
|
|
|
|
Called up share capital
|
|
|
|
|
3
|
|
|
|
3
|
Share premium account
|
|
|
|
|
19,999
|
|
|
|
19,999
|
Revaluation reserve
|
|
|
|
|
584,868
|
|
|
|
584,868
|
Profit and loss account
|
|
|
|
|
(
1,507,552)
|
|
|
|
(
1,143,721)
|
|
|
|
|
|
_______
|
|
|
|
_______
|
Shareholders deficit
|
|
|
|
|
(
902,682)
|
|
|
|
(
538,851)
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
|
|
|
|
|
For the year ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the current year ending 31 March 2020 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the
board of directors
and authorised for issue on
24 March 2021
, and are signed on behalf of the board by:
David Kenneth Mallin
Director
Company registration number:
03728170
Cashmere Fibres International Limited
Statement of changes in equity
Year ended 31 March 2020
|
|
Called up share capital
|
Share premium account
|
|
Revaluation reserve
|
|
Profit and loss account
|
Total
|
|
|
|
|
£
|
£
|
|
£
|
|
£
|
£
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 1 April 2018
|
|
3
|
19,999
|
|
584,868
|
|
(
574,574)
|
30,296
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss for the year
|
|
|
|
|
|
|
(
569,147)
|
(
569,147)
|
|
|
|
|
_______
|
_______
|
|
_______
|
|
_______
|
_______
|
|
|
Total comprehensive income for the year
|
|
-
|
-
|
|
-
|
|
(
569,147)
|
(
569,147)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______
|
_______
|
|
_______
|
|
_______
|
_______
|
|
|
At 31 March 2019 and 1 April 2019
|
|
3
|
19,999
|
|
584,868
|
|
(1,143,722)
|
(538,852)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss for the year
|
|
|
|
|
|
|
(
363,830)
|
(
363,830)
|
|
|
|
|
_______
|
_______
|
|
_______
|
|
_______
|
_______
|
|
|
Total comprehensive income for the year
|
|
-
|
-
|
|
-
|
|
(
363,830)
|
(
363,830)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______
|
_______
|
|
_______
|
|
_______
|
_______
|
|
|
At 31 March 2020
|
|
3
|
19,999
|
|
584,868
|
|
(
1,507,552)
|
(
902,682)
|
|
|
|
|
_______
|
_______
|
|
_______
|
|
_______
|
_______
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cashmere Fibres International Limited
Notes to the financial statements
Year ended 31 March 2020
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Park View Mills, Raymond Street, Bradford, BD5 8DT.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
|
|
|
|
|
|
Plant and machinery
|
-
|
20 %
|
reducing balance
|
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset 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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
10
(2019:
10
).
5.
Tangible assets
|
|
|
|
|
|
|
|
|
|
|
£
|
|
|
|
|
|
|
|
Cost
|
|
|
|
|
|
|
|
|
At 1 April 2019
|
661,963
|
|
|
|
|
|
|
|
Disposals
|
(
46,226)
|
|
|
|
|
|
|
|
|
_______
|
|
|
|
|
|
|
|
At 31 March 2020
|
615,737
|
|
|
|
|
|
|
|
|
_______
|
|
|
|
|
|
|
|
Depreciation
|
|
|
|
|
|
|
|
|
At 1 April 2019
|
153,335
|
|
|
|
|
|
|
|
Charge for the year
|
93,641
|
|
|
|
|
|
|
|
Disposals
|
(
8,917)
|
|
|
|
|
|
|
|
|
_______
|
|
|
|
|
|
|
|
At 31 March 2020
|
238,059
|
|
|
|
|
|
|
|
|
_______
|
|
|
|
|
|
|
|
Carrying amount
|
|
|
|
|
|
|
|
|
At 31 March 2020
|
377,678
|
|
|
|
|
|
|
|
|
_______
|
|
|
|
|
|
|
|
At 31 March 2019
|
508,628
|
|
|
|
|
|
|
|
|
_______
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.
Investments
|
|
|
|
|
|
|
|
|
|
£
|
|
|
|
|
|
|
Cost
|
|
|
|
|
|
|
|
At 1 April 2019
|
94,823
|
|
|
|
|
|
|
Additions
|
59,621
|
|
|
|
|
|
|
|
_______
|
|
|
|
|
|
|
At 31 March 2020
|
154,444
|
|
|
|
|
|
|
|
_______
|
|
|
|
|
|
|
Impairment
|
|
|
|
|
|
|
|
At 1 April 2019 and 31 March 2020
|
-
|
|
|
|
|
|
|
|
_______
|
|
|
|
|
|
|
Carrying amount
|
|
|
|
|
|
|
|
At 31 March 2020
|
154,444
|
|
|
|
|
|
|
|
_______
|
|
|
|
|
|
|
At 31 March 2019
|
94,823
|
|
|
|
|
|
|
|
_______
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7.
Controlling party
The directors of the company have controlling interest of the company by virtue of their 66.67% interest in the called up share capital.