REGISTERED NUMBER:
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B & R Textiles Limited |
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Unaudited Financial Statements for the Year Ended 30 April 2021 |
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REGISTERED NUMBER:
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B & R Textiles Limited |
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Unaudited Financial Statements for the Year Ended 30 April 2021 |
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B & R Textiles Limited (Registered number: 01229617) |
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Contents of the Financial Statements |
for the Year Ended 30 April 2021 |
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Page |
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Statement of Financial Position | 1 |
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Notes to the Financial Statements | 3 |
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B & R Textiles Limited (Registered number: 01229617) |
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Statement of Financial Position |
30 April 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
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Current assets |
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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Creditors |
Amounts falling due within one year | 6 |
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Net current assets |
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Total assets less current liabilities |
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Creditors |
Amounts falling due after more than one
year |
7 |
( |
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Provisions for liabilities | ( |
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Net assets |
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Capital and reserves |
Called up share capital |
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Other reserves |
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Retained earnings |
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Shareholders' funds |
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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. |
B & R Textiles Limited (Registered number: 01229617) |
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Statement of Financial Position - continued |
30 April 2021 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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B & R Textiles Limited (Registered number: 01229617) |
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Notes to the Financial Statements |
for the Year Ended 30 April 2021 |
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1. | Statutory information |
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B & R Textiles Limited is a
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Registered number: | 01229617 |
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Registered office: | 10 Bridge Street |
Christchurch |
Dorset |
BH23 1EF |
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2. | Accounting policies |
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Basis of preparing the financial statements |
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Turnover |
The turnover shown in the profit and loss account represents amounts receivable for the year, exclusive of Value Added Tax in connection with the company's trade of textile merchants. |
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Tangible fixed assets |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Computer equipment | - |
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Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. |
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Stock and work in progress |
Stocks are measured at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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B & R Textiles Limited (Registered number: 01229617) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 April 2021 |
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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. |
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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. |
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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. |
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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. |
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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 cash refund. |
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Impairment of fixed assets |
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are reviewed for possible reversal at each reporting date. |
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Going concern |
The financial statements have been prepared on a going concern basis, after consideration given by the directors future profits are expected. |
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3. | Employees and directors |
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The average number of employees during the year was
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B & R Textiles Limited (Registered number: 01229617) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 April 2021 |
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4. | Tangible fixed assets |
Fixtures |
Long | and | Motor | Computer |
leasehold | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
Cost |
At 1 May 2020 |
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Additions |
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At 30 April 2021 |
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Depreciation |
At 1 May 2020 |
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Charge for year |
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At 30 April 2021 |
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Net book value |
At 30 April 2021 |
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At 30 April 2020 |
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5. | Debtors: amounts falling due within one year |
2021 | 2020 |
£ | £ |
Trade debtors |
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Other debtors |
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Prepayments |
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6. | Creditors: amounts falling due within one year |
2021 | 2020 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Tax |
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Social security and other taxes |
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VAT | 20,606 | 15,691 |
Other creditors |
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Directors' current accounts | 1,621 | 7,985 |
Accrued expenses |
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B & R Textiles Limited (Registered number: 01229617) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 April 2021 |
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7. | Creditors: amounts falling due after more than one year |
2021 | 2020 |
£ | £ |
Bank loans - 1-2 years |
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Bank loans - 2-5 years |
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Bank loans more 5 yr by instal |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 yr by instal | 8,773 | - |
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8. | Leasing agreements |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2021 | 2020 |
£ | £ |
Within one year |
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Between one and five years |
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In more than five years |
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9. | Secured debts |
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The bank loan is under the terms of the government backed, Business Bounce Back Loan Scheme. |
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10. | Directors' advances, credits and guarantees |
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During the year,a director's current account was overdrawn by a maximum of £1,303 (2020 - £25,546). The account returned to credit by the year end. |
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11. | Post balance sheet events |
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Due to the impact of Covid-19 on all non-essential business, through government lock down and social distancing procedures, the company has closed their premises for trading during a significant portion of 2020 and 2021. As a result of the government regulations, the company suffered a reduction in revenue. |