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REGISTERED NUMBER: 04611464 (England and Wales)





B & J CARPETS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024






B & J CARPETS LIMITED (REGISTERED NUMBER: 04611464)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


B & J CARPETS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2024







DIRECTOR: Mr M Johns



SECRETARY: Mrs T Johns



REGISTERED OFFICE: 7 St John Street
Mansfield
Nottinghamshire
NG18 1QH



REGISTERED NUMBER: 04611464 (England and Wales)



ACCOUNTANTS: ApC
Chartered Accountants
7 St John Street
Mansfield
Nottinghamshire
NG18 1QH



BANKERS: Natwest
9 Church Street
Mansfield
Nottinghamshire
NG18 1HP

B & J CARPETS LIMITED (REGISTERED NUMBER: 04611464)

BALANCE SHEET
31 JANUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 - -
Tangible assets 6 90,949 117,755
90,949 117,755

CURRENT ASSETS
Stocks 94,044 92,968
Debtors 7 7,690 5,976
Cash at bank 129,740 148,472
231,474 247,416
CREDITORS
Amounts falling due within one year 8 230,494 203,568
NET CURRENT ASSETS 980 43,848
TOTAL ASSETS LESS CURRENT
LIABILITIES

91,929

161,603

PROVISIONS FOR LIABILITIES 17,280 22,373
NET ASSETS 74,649 139,230

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 74,549 139,130
SHAREHOLDERS' FUNDS 74,649 139,230

B & J CARPETS LIMITED (REGISTERED NUMBER: 04611464)

BALANCE SHEET - continued
31 JANUARY 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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 director and authorised for issue on 17 April 2024 and were signed by:





Mr M Johns - Director


B & J CARPETS LIMITED (REGISTERED NUMBER: 04611464)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024


1. STATUTORY INFORMATION

B & J Carpets 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

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

Significant judgements and estimates
In relation to goodwill on acquisition of the business in 2003, the company has carried out a review as part of its transition to FRS102 1A of the intangible assets and has decided to allocate the assets to Intellectual Property and Branding and Goodwill being split as one third to two thirds. This is in relation to the directors' belief that the future cash flows of the Intellectual Property and Branding justifies this basis and has a 20 year useful life in respect of income streams.

Turnover
Turnover represents the value excluding Value Added Tax, of carpet and flooring goods supplied and fitted to customers during the year. In respect of services supplied to customers, all income is taken to the profit and loss at the same point as the right to receive the consideration is acquired.

Goodwill
Goodwill being the amount paid in connection with the acquisition of a business in 2003, is being amortised evenly over 10 years over its estimated useful life from the date of transition of 1 February 2015 to FRS102 1A. Prior to transition goodwill was being amortised over the estimated useful life of 20 years.

Intangible assets
Intellectual Property and Branding is in connection to the acquisition of a business in 2003 and is amortised over 20 years.

B & J CARPETS LIMITED (REGISTERED NUMBER: 04611464)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


3. ACCOUNTING POLICIES - continued

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 - 25% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33.33% 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.

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.

B & J CARPETS LIMITED (REGISTERED NUMBER: 04611464)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


3. ACCOUNTING POLICIES - continued

Financial instruments
Financial instruments 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 entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 6 ) .

B & J CARPETS LIMITED (REGISTERED NUMBER: 04611464)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


5. INTANGIBLE FIXED ASSETS
IP &
Goodwill Branding Totals
£    £    £   
COST
At 1 February 2023
and 31 January 2024 200,000 100,000 300,000
AMORTISATION
At 1 February 2023
and 31 January 2024 200,000 100,000 300,000
NET BOOK VALUE
At 31 January 2024 - - -
At 31 January 2023 - - -

6. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 February 2023
and 31 January 2024 13,330 85,813 198,801 10,719 308,663
DEPRECIATION
At 1 February 2023 12,705 56,422 114,674 7,107 190,908
Charge for year 158 4,410 21,033 1,205 26,806
At 31 January 2024 12,863 60,832 135,707 8,312 217,714
NET BOOK VALUE
At 31 January 2024 467 24,981 63,094 2,407 90,949
At 31 January 2023 625 29,391 84,127 3,612 117,755


B & J CARPETS LIMITED (REGISTERED NUMBER: 04611464)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024


7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Prepayments and accrued income 7,690 5,976

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Corporation tax 4,683 7,857
Social security and other taxes 1,909 1,885
CT61 Tax 167 167
VAT 10,703 15,384
Directors' current accounts 204,403 170,662
Accruals and deferred income 8,629 7,613
230,494 203,568

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary Shares £1 100 100

10. RELATED PARTY DISCLOSURES

Key management personnel remuneration in the year totalled £21,008 (2023: £20,783).