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REGISTERED NUMBER: 07154215 (England and Wales)












Unaudited Financial Statements

for the Year Ended 28 February 2023

for

Morris Carpets Ltd

Morris Carpets Ltd (Registered number: 07154215)






Contents of the Financial Statements
for the Year Ended 28 February 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Morris Carpets Ltd

Company Information
for the Year Ended 28 February 2023







DIRECTORS: S Morris
P Morris





REGISTERED OFFICE: Holly Cottage
89 Park Street
Penrhiwceiber
Mountain Ash
RCT
CF45 3YW





REGISTERED NUMBER: 07154215 (England and Wales)





ACCOUNTANTS: C Hergest Ltd
AAT Licensed Accountant
28 High Street
Aberdare
RCT
CF44 7AA

Morris Carpets Ltd (Registered number: 07154215)

Balance Sheet
28 February 2023

28.2.23 28.2.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 32,638 43,782

CURRENT ASSETS
Stocks 5 85,739 87,225
Debtors 6 14,917 8,202
Cash at bank and in hand 28,487 43,818
129,143 139,245
CREDITORS
Amounts falling due within one year 7 72,261 72,967
NET CURRENT ASSETS 56,882 66,278
TOTAL ASSETS LESS CURRENT
LIABILITIES

89,520

110,060

CREDITORS
Amounts falling due after more than one
year

8

32,544

48,436
NET ASSETS 56,976 61,624

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 9 56,876 61,524
SHAREHOLDERS' FUNDS 56,976 61,624

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

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.

Morris Carpets Ltd (Registered number: 07154215)

Balance Sheet - continued
28 February 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 7 September 2023 and were signed on its behalf by:





S Morris - Director


Morris Carpets Ltd (Registered number: 07154215)

Notes to the Financial Statements
for the Year Ended 28 February 2023

1. STATUTORY INFORMATION

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

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on reducing balance

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 6 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 March 2022
and 28 February 2023 27,346 3,950 42,745 74,041
DEPRECIATION
At 1 March 2022 11,704 3,950 14,605 30,259
Charge for year 4,109 - 7,035 11,144
At 28 February 2023 15,813 3,950 21,640 41,403
NET BOOK VALUE
At 28 February 2023 11,533 - 21,105 32,638
At 28 February 2022 15,642 - 28,140 43,782

Morris Carpets Ltd (Registered number: 07154215)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

5. STOCKS
28.2.23 28.2.22
£    £   
Stocks 80,739 82,225
Work-in-progress 5,000 5,000
85,739 87,225

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Trade debtors 10,417 5,352
Rental bond 2,500 2,500
Other debtors 1,500 -
Prepayments 500 350
14,917 8,202

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Bank loans and overdrafts 18,291 11,105
Hire purchase contracts 6,485 8,429
Trade creditors 21,013 26,021
Tax - 3,355
Social security and other taxes 434 449
VAT 9,388 3,631
Directors' current accounts 11,398 15,368
Accrued expenses 5,252 4,609
72,261 72,967

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
28.2.23 28.2.22
£    £   
Bank loans more 5 yr by instal 21,552 31,391
Hire purchase contracts 10,992 17,045
32,544 48,436

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 21,552 31,391

Morris Carpets Ltd (Registered number: 07154215)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

9. RESERVES
Retained
earnings
£   

At 1 March 2022 61,524
Deficit for the year (648 )
Dividends (4,000 )
At 28 February 2023 56,876