Company Registration No. 10433922 (England and Wales)
FAMETEX TEXTILE RECYCLING LIMITED
Unaudited accounts
for the year ended 31 October 2020
FAMETEX TEXTILE RECYCLING LIMITED
Unaudited accounts
Contents
FAMETEX TEXTILE RECYCLING LIMITED
Company Information
for the year ended 31 October 2020
Director
Mohamed Anverali Waljee
Company Number
10433922 (England and Wales)
Registered Office
340 ROBIN HOOD LANE
BIRMINGHAM
WEST MIDLANDS
B28 0EG
ENGLAND
Accountants
WNR Associates Limited
63/66 Hatton Garden
Fifth Floor Suite 23
London
EC1N 8LE
FAMETEX TEXTILE RECYCLING LIMITED
Statement of financial position
as at
31 October 2020
Tangible assets
19,575
26,100
Inventories
75,000
75,000
Cash at bank and in hand
4,288
21,804
Creditors: amounts falling due within one year
(25,848)
(34,357)
Net current assets
123,880
132,887
Total assets less current liabilities
143,455
158,987
Creditors: amounts falling due after more than one year
(220,000)
(220,000)
Net liabilities
(76,545)
(61,013)
Called up share capital
2
2
Profit and loss account
(76,547)
(61,015)
Shareholders' funds
(76,545)
(61,013)
For the year ending 31 October 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 31 July 2021 and were signed on its behalf by
Mohamed Anverali Waljee
Director
Company Registration No. 10433922
FAMETEX TEXTILE RECYCLING LIMITED
Notes to the Accounts
for the year ended 31 October 2020
FAMETEX TEXTILE RECYCLING LIMITED is a private company, limited by shares, registered in England and Wales, registration number 10433922. The registered office and principal place of business is 340 ROBIN HOOD LANE, BIRMINGHAM, WEST MIDLANDS, B28 0EG, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% Reducing balance
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
FAMETEX TEXTILE RECYCLING LIMITED
Notes to the Accounts
for the year ended 31 October 2020
The company at present is showing a deficit on resources and in the Balance sheet totals.
The Director has showed his intention to continue supporting the company financially until such a time as when the company can operate on its own funding.
The Director has also showed his intention not to draw down on any loans made to the company until such a time when the company is able to begin repayment without adversely affecting its operations.
In light of the above, the director has reasonable expectations that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, he continues to adopt the going concern basis in preparing the accounts.
4
Tangible fixed assets
Plant & machinery
Cost or valuation
At cost
At 1 November 2019
65,034
At 31 October 2020
65,034
At 1 November 2019
38,934
Charge for the year
6,525
At 31 October 2020
45,459
At 31 October 2020
19,575
At 31 October 2019
26,100
5
Debtors: amounts falling due within one year
2020
2019
Trade debtors
70,440
70,440
6
Creditors: amounts falling due within one year
2020
2019
Taxes and social security
-
17,480
Loans from directors
22,017
1,473
7
Creditors: amounts falling due after more than one year
2020
2019
Other creditors
220,000
220,000
FAMETEX TEXTILE RECYCLING LIMITED
Notes to the Accounts
for the year ended 31 October 2020
8
Share capital
2020
2019
Allotted, called up and fully paid:
2 Ordinary shares of £1 each
2
2
9
Average number of employees
During the year the average number of employees was 2 (2019: 3).