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REGISTERED NUMBER: 03523435 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

FOR

COTSWOLD RUG COMPANY LIMITED

COTSWOLD RUG COMPANY LIMITED (REGISTERED NUMBER: 03523435)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


COTSWOLD RUG COMPANY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: Mr D S Morgan
Mr J E Price





SECRETARY: Mr J E Price





REGISTERED OFFICE: Unit 1
Waverley Road
Beeches Industrial Estate
Yate
Bristol
BS37 5QZ





REGISTERED NUMBER: 03523435 (England and Wales)





ACCOUNTANTS: Shiner Mitchell Fisher & Co. Ltd
Smith House
George Street
Nailsworth
Stroud
Gloucestershire
GL6 0AG

COTSWOLD RUG COMPANY LIMITED (REGISTERED NUMBER: 03523435)

BALANCE SHEET
31 MARCH 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 83,265 82,276
83,265 82,276

CURRENT ASSETS
Stocks 316,484 332,717
Debtors 6 282,824 248,175
Cash at bank and in hand 605,888 536,087
1,205,196 1,116,979
CREDITORS
Amounts falling due within one year 7 459,923 414,710
NET CURRENT ASSETS 745,273 702,269
TOTAL ASSETS LESS CURRENT
LIABILITIES

828,538

784,545

CREDITORS
Amounts falling due after more than one
year

8

(2,800

)

(6,703

)

PROVISIONS FOR LIABILITIES (20,400 ) (15,300 )
NET ASSETS 805,338 762,542

CAPITAL AND RESERVES
Called up share capital 10,000 10,000
Retained earnings 795,338 752,542
SHAREHOLDERS' FUNDS 805,338 762,542

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.

COTSWOLD RUG COMPANY LIMITED (REGISTERED NUMBER: 03523435)

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 November 2023 and were signed on its behalf by:




Mr J E Price - Director



Mr D S Morgan - Director


COTSWOLD RUG COMPANY LIMITED (REGISTERED NUMBER: 03523435)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1. STATUTORY INFORMATION

Cotswold Rug Company Limited 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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 1998, is being amortised evenly over its estimated useful life of fifteen years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 25% on reducing balance and 15% 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 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.

COTSWOLD RUG COMPANY LIMITED (REGISTERED NUMBER: 03523435)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 15 (2022 - 17 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2022
and 31 March 2023 90,000
AMORTISATION
At 1 April 2022
and 31 March 2023 90,000
NET BOOK VALUE
At 31 March 2023 -
At 31 March 2022 -

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2022 311,086
Additions 25,019
At 31 March 2023 336,105
DEPRECIATION
At 1 April 2022 228,810
Charge for year 24,030
At 31 March 2023 252,840
NET BOOK VALUE
At 31 March 2023 83,265
At 31 March 2022 82,276

COTSWOLD RUG COMPANY LIMITED (REGISTERED NUMBER: 03523435)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 April 2022
and 31 March 2023 19,512
DEPRECIATION
At 1 April 2022 6,365
Charge for year 1,972
At 31 March 2023 8,337
NET BOOK VALUE
At 31 March 2023 11,175
At 31 March 2022 13,147

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 40,131 20,420
Amounts owed by group undertakings 200,000 200,000
Other debtors 42,693 27,755
282,824 248,175

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Hire purchase contracts (see note 9) 3,902 3,902
Trade creditors 215,556 216,122
Taxation and social security 188,352 157,857
Other creditors 52,113 36,829
459,923 414,710

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.23 31.3.22
£    £   
Hire purchase contracts (see note 9) 2,800 6,703

COTSWOLD RUG COMPANY LIMITED (REGISTERED NUMBER: 03523435)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.3.23 31.3.22
£    £   
Net obligations repayable:
Within one year 3,902 3,902
Between one and five years 2,800 6,703
6,702 10,605

Non-cancellable operating leases
31.3.23 31.3.22
£    £   
Within one year 59,375 -
Between one and five years - 201,875
59,375 201,875

10. SECURED DEBTS

The following secured debts are included within creditors:

31.3.23 31.3.22
£    £   
Hire purchase contracts 6,702 10,605

11. RELATED PARTY DISCLOSURES

The company has made a loan to Carpet Giant (Yate) Limited, its parent company. The balance included in debtors in respect of this loan at 31 March 2023 was £200,000 (2022 - £200,000).

12. ULTIMATE CONTROLLING PARTY

The company is controlled by Carpet Giant (Yate) Limited, its parent company. Carpet Giant (Yate) Limited is controlled by Mr D S Morgan and Mr J E Price.