Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31false2022-04-01No description of principal activity2627truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 04774828 2022-04-01 2023-03-31 04774828 2021-04-01 2022-03-31 04774828 2023-03-31 04774828 2022-03-31 04774828 c:Director1 2022-04-01 2023-03-31 04774828 d:Buildings 2022-04-01 2023-03-31 04774828 d:PlantMachinery 2022-04-01 2023-03-31 04774828 d:PlantMachinery 2023-03-31 04774828 d:PlantMachinery 2022-03-31 04774828 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 04774828 d:MotorVehicles 2022-04-01 2023-03-31 04774828 d:MotorVehicles 2023-03-31 04774828 d:MotorVehicles 2022-03-31 04774828 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 04774828 d:FurnitureFittings 2022-04-01 2023-03-31 04774828 d:FurnitureFittings 2023-03-31 04774828 d:FurnitureFittings 2022-03-31 04774828 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 04774828 d:OfficeEquipment 2022-04-01 2023-03-31 04774828 d:OfficeEquipment 2023-03-31 04774828 d:OfficeEquipment 2022-03-31 04774828 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 04774828 d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 04774828 d:CurrentFinancialInstruments 2023-03-31 04774828 d:CurrentFinancialInstruments 2022-03-31 04774828 d:CurrentFinancialInstruments 1 2023-03-31 04774828 d:CurrentFinancialInstruments 1 2022-03-31 04774828 d:CurrentFinancialInstruments 6 2023-03-31 04774828 d:CurrentFinancialInstruments 6 2022-03-31 04774828 d:Non-currentFinancialInstruments 2023-03-31 04774828 d:Non-currentFinancialInstruments 2022-03-31 04774828 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 04774828 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 04774828 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 04774828 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 04774828 d:ShareCapital 2023-03-31 04774828 d:ShareCapital 2022-03-31 04774828 d:RetainedEarningsAccumulatedLosses 2023-03-31 04774828 d:RetainedEarningsAccumulatedLosses 2022-03-31 04774828 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 04774828 d:AcceleratedTaxDepreciationDeferredTax 2022-03-31 04774828 c:FRS102 2022-04-01 2023-03-31 04774828 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 04774828 c:FullAccounts 2022-04-01 2023-03-31 04774828 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 04774828 d:WithinOneYear 2023-03-31 04774828 d:WithinOneYear 2022-03-31 04774828 d:BetweenOneFiveYears 2023-03-31 04774828 d:BetweenOneFiveYears 2022-03-31 04774828 d:MoreThanFiveYears 2023-03-31 04774828 d:MoreThanFiveYears 2022-03-31 04774828 6 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Registered number: 04774828










JACARANDA CARPETS LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
JACARANDA CARPETS LTD
REGISTERED NUMBER: 04774828

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
288,353
164,255

  
288,353
164,255

Current assets
  

Stocks
 5 
2,608,336
2,381,033

Debtors: amounts falling due within one year
 6 
852,073
930,678

Cash at bank and in hand
  
257,712
291,043

  
3,718,121
3,602,754

Creditors: amounts falling due within one year
 7 
(2,989,922)
(2,740,681)

Net current assets
  
 
 
728,199
 
 
862,073

Total assets less current liabilities
  
1,016,552
1,026,328

Creditors: amounts falling due after more than one year
 8 
(245,645)
(267,667)

Provisions for liabilities
  

Deferred tax
 9 
(16,185)
-

  
 
 
(16,185)
 
 
-

Net assets
  
754,722
758,661


Capital and reserves
  

Called up share capital 
  
1,501
1,501

Profit and loss account
  
753,221
757,160

  
754,722
758,661


Page 1

 
JACARANDA CARPETS LTD
REGISTERED NUMBER: 04774828
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
R C Meager
Director

Date: 3 November 2023

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
JACARANDA CARPETS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

The company is a private company limited by shares and is registered in England and Wales. The Company's registered number is 04774828. The Company's registered office is 1 Cockerel Rise, Magnetic Park, Desborough, Northamptonshire, NN14 2WE.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors continue to review cash and profit forecasts and are of the view that the company is able to continue as a going concern for a period of at least 12 months from the date of signing the financial statements, on the basis of financial arrangements in place and the ongoing support of the directors and the holding company.
The directors have looked ahead for a period in excess of 12 months from the date of approval of these financial statements in forming their assessment that the company is a going concern.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
JACARANDA CARPETS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.7

Government and other grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4

 
JACARANDA CARPETS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.10

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

 
JACARANDA CARPETS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.12
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
4%
Plant and machinery
-
33%
Motor vehicles
-
33%
Fixtures and fittings
-
33%
Office equipment
-
33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.14

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.15

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.16

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.17

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 6

 
JACARANDA CARPETS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.18

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

 
2.19

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Investments in non-derivative instruments that are equity to the issuer are measured:
at fair value with changes recognised in the Statement of Income and Retained Earnings if the shares are publicly traded or their fair value can otherwise be measured reliably;
at cost less impairment for all other investments.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of
Page 7

 
JACARANDA CARPETS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.19
Financial instruments (continued)

derivatives are recognised in profit or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives.

 
2.20

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 26 (2022 - 27).


4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 April 2022
234,517
294,088
14,438
97,938
640,981


Additions
114,904
110,940
6,718
30,603
263,165


Disposals
(6,375)
(44,367)
-
(1,484)
(52,226)



At 31 March 2023

343,046
360,661
21,156
127,057
851,920



Depreciation


At 1 April 2022
228,393
143,146
14,013
91,174
476,726


Charge for the year on owned assets
31,818
98,602
1,464
5,175
137,059


Disposals
(6,375)
(42,359)
-
(1,484)
(50,218)



At 31 March 2023

253,836
199,389
15,477
94,865
563,567



Net book value



At 31 March 2023
89,210
161,272
5,679
32,192
288,353



At 31 March 2022
6,124
150,942
425
6,764
164,255

Page 8

 
JACARANDA CARPETS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Stocks

2023
2022
£
£

Finished goods and goods for resale
2,608,336
2,381,033



6.


Debtors

2023
2022
£
£


Trade debtors
692,987
658,692

Other debtors
26,365
26,010

Prepayments and accrued income
110,548
54,630

Deferred taxation
-
32,696

Derivatives
22,173
158,650

852,073
930,678


Included within derivatives is the unrealised profit on foreign exchange forward contracts.


7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
519,444
370,038

Bank loans
760,278
627,923

Trade creditors
995,733
941,522

Corporation tax
53,829
142,582

Other taxation and social security
139,020
120,111

Obligations under finance lease and hire purchase contracts
93,349
48,495

Other creditors
40,558
121,151

Accruals and deferred income
290,341
346,065

Derivatives
97,370
22,794

2,989,922
2,740,681


Bank loans and overdrafts are secured by fixed and floating charges on the company's assets. Finance leases and hire purchase contracts are secured on assets to which they relate.
Included within derivatives is the unrealised loss on foreign exchange forward contracts.

Page 9

 
JACARANDA CARPETS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
151,667
221,667

Net obligations under finance leases and hire purchase contracts
93,978
46,000

245,645
267,667


Bank loans and overdrafts are secured by fixed and floating charges on the company's assets. Bank loans are all due for repayment within five years.
 Finance leases and hire purchases are secured on assets to which they relate.


9.


Deferred taxation




2023


£






At beginning of year
32,696


Utilised in year
(48,881)



At end of year
(16,185)

The deferred taxation balance is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(16,185)
32,696


10.


Commitments under operating leases

At 31 March 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
214,234
198,812

Later than 1 year and not later than 5 years
857,168
680,552

Later than 5 years
607,325
702,592

1,678,727
1,581,956

Page 10

 
JACARANDA CARPETS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

11.Other financial commitments

At the year end the company held foreign exchange forward contracts. Under these contracts they were committed to purchase $361,600 worth of GBP (2022: $203,902); $0 worth of EUR (2022: $119,214) and £50,000 worth of EUR (2022: £100,000).
There were also commitments to sell $4,194,562 worth of GBP (2022: $3,537,637), $375,527 worth of EUR (2022: $838,225) and £2,300,000 worth of EUR (2022: £2,600,000).
The fair value of these instruments have been included as a financial liability of £75,197 (2022: financial asset of £135,856).


12.


Related party transactions

In accordance with section 1A of FRS 102, transactions between wholly owned group companies have not been disclosed.
At the year end the company owed £8,958 (2022: £96,158) to R Meager, a director of Jacaranda Carpets Ltd, this is included within creditors due within 12 months, attracts interest of 10% and is repayable on demand.
At the year end the company owed £31,597 (2022: £24,990) to L Meager, a director of Jacaranda Carpets Ltd, this is included within creditors due within 12 months, attracts interest of 10% and is repayable on demand.
At the year end the company was owed £Nil (2022: £1,314) by A Meager, related to the directors and shareholders Jacaranda Carpets Ltd, this is included within other debtors, is interest free and repayable on demand.


13.


Controlling party

Jacaranda Carpets Holdings Ltd is the company's controlling party by virtue of its 100% shareholding. Jacaranda Carpets Holdings Ltd is incorporated in England and Wales and its registered office is: 1 Cockerel Rise, Desborough, Kettering, NN14 2WE.

 
Page 11