Company registration number 03807509 (England and Wales)
A K CARPETS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
A K CARPETS LIMITED
CONTENTS
Page
Balance sheet
2
Statement of changes in equity
1
Notes to the financial statements
3 - 6
A K CARPETS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2023
- 1 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 November 2021
100
330,508
330,608
Year ended 31 October 2022:
Profit and total comprehensive income for the year
-
34,678
34,678
Transfers
-
(116,300)
(116,300)
Balance at 31 October 2022
100
248,886
248,986
Year ended 31 October 2023:
Profit and total comprehensive income for the year
-
34,851
34,851
Balance at 31 October 2023
100
283,737
283,837
A K CARPETS LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
1
1
Tangible assets
5
27,952
40,655
Current assets
Stocks
54,422
38,580
Debtors
6
158,364
145,755
Cash at bank and in hand
129,426
83,776
342,212
268,111
Creditors: amounts falling due within one year
7
(67,208)
(33,759)
Net current assets
275,004
234,352
Total assets less current liabilities
302,957
275,008
Creditors: amounts falling due after more than one year
8
(13,070)
(18,298)
Provisions for liabilities
(6,050)
(7,724)
Net assets
283,837
248,986
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
283,737
248,886
Total equity
283,837
248,986

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

For the financial year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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 1 March 2024 and are signed on its behalf by:
Mr R G Ayers
Director
Company Registration No. 03807509
A K CARPETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 3 -
1
Accounting policies
Company information

A K Carpets Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 4 Robinson Court, Brockholes Way, Claughton on Brock, Preston, United Kingdom, PR3 0PZ.

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 principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods 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 trade discounts, settlement discounts and volume rebates.

1.3
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 equipment
15% reducing balance
Fixtures and fittings
15% reducing balance
Motor vehicles
25% reducing balance

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.

1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

1.5
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.

A K CARPETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 4 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

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, bank loans and loans from fellow group companies that are classified as debt, are recognised at transaction price.

1.6
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.

 

1.7
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.

1.8
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.

1.9
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.

A K CARPETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 5 -
2
Judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. These estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

In the opinion of the director, there are no key judgements, estimates or assumptions to disclose.

3
Employees

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

2023
2022
Number
Number
Total
2
2
4
Intangible fixed assets
Goodwill
Other
Total
£
£
£
Cost
At 1 November 2022 and 31 October 2023
1
119
120
Amortisation and impairment
At 1 November 2022 and 31 October 2023
-
0
119
119
Carrying amount
At 31 October 2023
1
-
0
1
At 31 October 2022
1
-
0
1
A K CARPETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 6 -
5
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 November 2022
13,518
31,661
59,857
105,036
Disposals
-
0
-
0
(12,529)
(12,529)
At 31 October 2023
13,518
31,661
47,328
92,507
Depreciation and impairment
At 1 November 2022
9,849
27,396
27,136
64,381
Depreciation charged in the year
550
640
7,625
8,815
Eliminated in respect of disposals
-
0
-
0
(8,641)
(8,641)
At 31 October 2023
10,399
28,036
26,120
64,555
Carrying amount
At 31 October 2023
3,119
3,625
21,208
27,952
At 31 October 2022
3,669
4,265
32,721
40,655
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
46,938
34,181
Amounts owed by group undertakings
109,948
109,948
Other debtors
1,478
1,626
158,364
145,755
7
Creditors: amounts falling due within one year
2023
2022
£
£
Hire purchase (secured)
5,228
5,228
Trade creditors
37,764
12,845
Taxation and social security
19,322
10,926
Other creditors
4,894
4,760
67,208
33,759
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Hire purchase (secured)
13,070
18,298
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