Textiles Fibres Ltd - Accounts to registrar - small 17.2

REGISTERED NUMBER: 04456161 (England and Wales)

Unaudited Financial Statements for the Year Ended 29 June 2017

for

Textiles Fibres Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

D R Minnett

SECRETARY:

Cambridge Heath Secretaries Ltd

REGISTERED OFFICE:

50 Jermyn Street

London

SW1Y 6LX

REGISTERED NUMBER:

04456161 (England and Wales)

ACCOUNTANTS:

Lextray (UK) Limited

1st Floor, Victory House

99 - 101 Regent Street

London

W1B 4EZ

CURRENT ASSETS

Debtors

3

1,470,721

2,383,209

Cash at bank

2,844,615

6,979,918

4,315,336

9,363,127

CREDITORS

Amounts falling due within one year

4

-

5,040,191

NET CURRENT ASSETS

4,315,336

4,322,936

TOTAL ASSETS LESS CURRENT LIABILITIES

4,315,336

4,322,936

CREDITORS

Amounts falling due after more than one year

5

4,099,000

4,099,000

NET ASSETS

216,336

223,936

CAPITAL AND RESERVES

Called up share capital

16,000

16,000

Retained earnings

200,336

207,936

SHAREHOLDERS' FUNDS

216,336

223,936

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 June 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 June 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 6 December 2017 and were signed by:

D R Minnett - Director

1.	STATUTORY INFORMATION

Textiles Fibres Ltd 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Partner's profit share

Under a partnership agreement dated 01 July 2002 Fineforce Limited of Wickhams Cay, Road Town, tortola,

British Virgin Islands, is entitled to receive a profit share amounting to 95% of the net profit on all transactions

administered on behalf of the partnership by Textiles Connections Limited.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet 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.

3.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

29.6.17

29.6.16

€

€

Trade debtors

-

2,383,135

Other debtors

1,470,193

-

VAT

528

74

1,470,721

2,383,209

4.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

29.6.17

29.6.16

€

€

Trade creditors

-

8,974

Tax

-

18,410

Other creditors

-

5,012,807

-

5,040,191

5.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

29.6.17

29.6.16

€

€

Other creditors

4,099,000

4,099,000

6.

RESERVES

The only movement in retained earnings is the result of the period.

7.	FIRST TIME ADOPTION OF FRS 102 SECTION 1A

This is the first year in which the company has presented its results under FRS 102 section 1A. The last financial

statements prepared under UK GAAP were the the year ended 29th June 2016. The date of transition to FRS

102 section 1A was 30th June 2016. There were no adjustments arising from the first time adoption of FRS 102

section 1A.