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REGISTERED NUMBER: 04184655 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2023

for

Ross & Hughes Carpets Limited

Ross & Hughes Carpets Limited (Registered number: 04184655)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Balance Sheet 1

Notes to the Financial Statements 3


Ross & Hughes Carpets Limited (Registered number: 04184655)

Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 490,981 431,877

CURRENT ASSETS
Stocks 217,989 184,899
Debtors 5 500,148 529,977
Cash at bank 191,462 163,213
909,599 878,089
CREDITORS
Amounts falling due within one year 6 445,205 425,937
NET CURRENT ASSETS 464,394 452,152
TOTAL ASSETS LESS CURRENT
LIABILITIES

955,375

884,029

CREDITORS
Amounts falling due after more than one
year

7

(102,148

)

(114,596

)

PROVISIONS FOR LIABILITIES 9 (30,693 ) (16,363 )
NET ASSETS 822,534 753,070

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 822,434 752,970
822,534 753,070

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

Ross & Hughes Carpets Limited (Registered number: 04184655)

Balance Sheet - continued
31 March 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 November 2023 and were signed on its behalf by:




N D Millington - Director W H Ross - Director




C P Hoban - Director


Ross & Hughes Carpets Limited (Registered number: 04184655)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Ross & Hughes Carpets Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 04184655

Registered office: Ty Seiont House
Cibyn Industrial Estate
Caernarfon
Gwynedd
LL55 2BD

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.
Land and buildings - 4% on cost
Plant and machinery etc - 25% on reducing balance

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

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.

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.

Ross & Hughes Carpets Limited (Registered number: 04184655)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 28 (2022 - 26 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 April 2022 431,219 324,332 755,551
Additions - 133,508 133,508
Disposals - (20,500 ) (20,500 )
At 31 March 2023 431,219 437,340 868,559
DEPRECIATION
At 1 April 2022 94,589 229,085 323,674
Charge for year 15,764 56,702 72,466
Eliminated on disposal - (18,562 ) (18,562 )
At 31 March 2023 110,353 267,225 377,578
NET BOOK VALUE
At 31 March 2023 320,866 170,115 490,981
At 31 March 2022 336,630 95,247 431,877

Included in cost of land and buildings is freehold land of £ 37,100 (2022 - £ 37,100 ) which is not depreciated.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 410,262 475,559
Other debtors 89,886 54,418
500,148 529,977

Ross & Hughes Carpets Limited (Registered number: 04184655)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans and overdrafts 29,681 30,129
Hire purchase contracts 25,916 16,431
Trade creditors 311,426 290,069
Taxation and social security 67,357 76,753
Other creditors 10,825 12,555
445,205 425,937

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.23 31.3.22
£    £   
Bank loans 71,013 98,925
Hire purchase contracts 31,135 15,671
102,148 114,596

8. SECURED DEBTS

The following secured debts are included within creditors:

31.3.23 31.3.22
£    £   
Bank loans 99,013 126,925

The lender holds a legal mortgage on the freehold property and a fixed and floating charge on the other assets.

9. PROVISIONS FOR LIABILITIES
31.3.23 31.3.22
£    £   
Deferred tax 30,693 16,363

Deferred
tax
£   
Balance at 1 April 2022 16,363
Charge to Statement of Income and Retained Earnings during year 14,330
Balance at 31 March 2023 30,693

Ross & Hughes Carpets Limited (Registered number: 04184655)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2023 and 31 March 2022:

31.3.23 31.3.22
£    £   
W H Ross and Mrs A L Ross
Balance outstanding at start of year 1,760 2,823
Amounts advanced 12,511 4,844
Amounts repaid (5,500 ) (5,907 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 8,771 1,760

A L Hughes
Balance outstanding at start of year 1,412 3,213
Amounts advanced 1,588 2,699
Amounts repaid (3,000 ) (4,500 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 1,412

N D Millington
Balance outstanding at start of year 11,193 (5,556 )
Amounts advanced 5,328 27,189
Amounts repaid (11,143 ) (10,440 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 5,378 11,193

Mrs C W Millington
Balance outstanding at start of year 9,175 -
Amounts advanced 325 27,175
Amounts repaid (9,500 ) (18,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 9,175