Company registration number 04964598 (England and Wales)
THE WILTON CARPET FACTORY LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
PAGES FOR FILING WITH REGISTRAR
THE WILTON CARPET FACTORY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 9
THE WILTON CARPET FACTORY LIMITED
BALANCE SHEET
AS AT 31 AUGUST 2023
31 August 2023
- 1 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,003,856
993,808
Current assets
Stocks
4
1,658,365
1,397,096
Debtors
5
989,998
1,166,296
Cash at bank and in hand
614,349
293,064
3,262,712
2,856,456
Creditors: amounts falling due within one year
6
(2,145,108)
(1,899,429)
Net current assets
1,117,604
957,027
Total assets less current liabilities
3,121,460
1,950,835
Creditors: amounts falling due after more than one year
7
(796,703)
(48,317)
Provisions for liabilities
9
(179,119)
(110,404)
Net assets
2,145,638
1,792,114
Capital and reserves
Called up share capital
10
650,001
650,001
Profit and loss reserves
1,495,637
1,142,113
Total equity
2,145,638
1,792,114

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 16 April 2024 and are signed on its behalf by:
C S Brammall
Director
Company Registration No. 04964598
THE WILTON CARPET FACTORY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
- 2 -
1
Accounting policies
Company information

The Wilton Carpet Factory Limited is a private company limited by shares incorporated in England and Wales. The registered office is King Street, Wilton, Salisbury, Wiltshire, United Kingdom, SP2 0AY.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention.

 

The company has adopted disclosure exemptions in line with paragraph 1AC.35 of FRS102 and has not disclosed intra-group related party transactions.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent

of that group prepares publicly available consolidated financial statements, including this company, which are

intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group.

The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Wylye Valley Holdings Limited. These consolidated financial statements are available from its registered office, King Street, Wilton, Salisbury. Wiltshire, SP2 0AY.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. In making their assessment, the directors have reviewed the balance sheet and likely future cash flows of the business. They have also considered the facilities and cash that are in place at this point in time and at least one year from the date that the fiancial statements will be signed. Thus the directors believe it is appropriate to continue to adopt the going concern basis of accounting in preparing these financial statements. true

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account returns, discounts and rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer on dispatch of the goods, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

THE WILTON CARPET FACTORY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 3 -
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
10% - 33.33% Straight line
Fixtures and fittings
20% Straight line
Computers
33% Straight line
Motor vehicles
20% Straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

THE WILTON CARPET FACTORY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 4 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

THE WILTON CARPET FACTORY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 5 -
1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
93
84
THE WILTON CARPET FACTORY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 6 -
3
Tangible fixed assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 September 2022 as restated
2,141,103
282,843
106,906
2,530,852
Additions
1,305,093
13,260
37,272
1,355,625
At 31 August 2023
3,446,196
296,103
144,178
3,886,477
Depreciation and impairment
At 1 September 2022 as restated
1,345,162
112,922
78,960
1,537,044
Depreciation charged in the year
278,552
50,983
16,042
345,577
At 31 August 2023
1,623,714
163,905
95,002
1,882,621
Carrying amount
At 31 August 2023
1,822,482
132,198
49,176
2,003,856
At 31 August 2022 as restated
795,941
169,921
27,946
993,808
4
Stocks
2023
2022
£
£
Stocks
1,658,365
1,397,096
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
632,458
566,745
Other debtors
178,830
143,846
Prepayments and accrued income
178,710
455,705
989,998
1,166,296
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
880,140
913,606
Amounts owed to group undertakings
457
16,786
Corporation tax
-
0
16,628
Other taxation and social security
333,511
239,772
Other creditors
931,000
712,637
2,145,108
1,899,429
THE WILTON CARPET FACTORY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 7 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
796,703
48,317
8
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
148,686
183,960
In two to five years
553,386
48,317
In over five years
243,317
-
0
945,389
232,277

The net obligations under finance lease and hire purchase contracts are secured over the assets to which they relate.

9
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
179,119
110,404
10
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
650,001
650,001
650,001
650,001
11
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Jon Brand FCA
Statutory Auditor:
Azets Audit Services
THE WILTON CARPET FACTORY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 8 -
12
Financial commitments, guarantees and contingent liabilities

The company has a set off agreement in place with Wylye Valley Holdings Limited and Avon Valley Holdings Limited to enable any borrowings within these companies to be secured on the assets of The Wilton Carpet Factory Limited. The total potential liability as at the balance sheet date is £398,510 (2022: £493,903).

13
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
176,275
330,600
14
Capital commitments

Amounts contracted for but not provided in the financial statements:

2023
2022
£
£
Acquisition of tangible fixed assets
47,624
918,284

Included within prepayments and accrued income is £14,287 (2022: £285,745) in respect of deposits paid for the acquisition of tangible fixed assets.

15
Directors' transactions

During the year, the director has loaned £200,000 to the company. The amounts payable in respect of the directors loan do not incur any interest and are repayable on demand.

16
Prior period adjustment
Reconciliation of changes in equity
1 September
31 August
2021
2022
£
£
Adjustments to prior year
Adjustments to fixed assets
-
(4,878)
Equity as previously reported
1,830,534
1,796,992
Equity as adjusted
1,830,534
1,792,114
Analysis of the effect upon equity
Profit and loss reserves
-
(4,878)
THE WILTON CARPET FACTORY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
16
Prior period adjustment
(Continued)
- 9 -
Reconciliation of changes in loss for the previous financial period
2022
£
Adjustments to prior year
Adjustments to fixed assets
(4,878)
Loss as previously reported
(33,542)
Loss as adjusted
(38,420)
Notes to reconciliation
Adjustments to fixed assets

During the year ended 31 August 2023, the company undertook a full review of its fixed asset register and identified a number of discrepancies in respect of the prior period. It has been determined that fixed assets had not been correctly capitalised or disposed of in the year ended 31 August 2022. A prior period adjustment increasing profit and loss reserves and reducing the value of fixed assets recognised by £4,878 has been made.

17
Parent company

The immediate parent company is Avon Valley Holdings Limited, incorporated in England and Wales.

 

The ultimate parent company, which draws up consolidated financial statements, is Wylye Valley Holdings Limited, incorporated in England and Wales. The registered office address is King Street, Wilton, Salisbury, United Kingdom, SP2 0AY.

 

 

 

 

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