Silverfin false false 31/03/2024 01/04/2023 31/03/2024 T Collins 01/04/2017 M England 17/12/2018 Z Roberts 01/04/2017 15 July 2024 The principal activity of the Company during the financial year was the sale and installation of carpets, rugs, wall and floor coverings. 04350848 2024-03-31 04350848 bus:Director1 2024-03-31 04350848 bus:Director2 2024-03-31 04350848 bus:Director3 2024-03-31 04350848 2023-03-31 04350848 core:CurrentFinancialInstruments 2024-03-31 04350848 core:CurrentFinancialInstruments 2023-03-31 04350848 core:Non-currentFinancialInstruments 2024-03-31 04350848 core:Non-currentFinancialInstruments 2023-03-31 04350848 core:ShareCapital 2024-03-31 04350848 core:ShareCapital 2023-03-31 04350848 core:RetainedEarningsAccumulatedLosses 2024-03-31 04350848 core:RetainedEarningsAccumulatedLosses 2023-03-31 04350848 core:Goodwill 2023-03-31 04350848 core:Goodwill 2024-03-31 04350848 core:LeaseholdImprovements 2023-03-31 04350848 core:PlantMachinery 2023-03-31 04350848 core:Vehicles 2023-03-31 04350848 core:FurnitureFittings 2023-03-31 04350848 core:ComputerEquipment 2023-03-31 04350848 core:OtherPropertyPlantEquipment 2023-03-31 04350848 core:LeaseholdImprovements 2024-03-31 04350848 core:PlantMachinery 2024-03-31 04350848 core:Vehicles 2024-03-31 04350848 core:FurnitureFittings 2024-03-31 04350848 core:ComputerEquipment 2024-03-31 04350848 core:OtherPropertyPlantEquipment 2024-03-31 04350848 core:ImmediateParent core:CurrentFinancialInstruments 2024-03-31 04350848 core:ImmediateParent core:CurrentFinancialInstruments 2023-03-31 04350848 core:CurrentFinancialInstruments 1 2024-03-31 04350848 core:CurrentFinancialInstruments 1 2023-03-31 04350848 core:WithinOneYear 2024-03-31 04350848 core:WithinOneYear 2023-03-31 04350848 core:BetweenOneFiveYears 2024-03-31 04350848 core:BetweenOneFiveYears 2023-03-31 04350848 2023-04-01 2024-03-31 04350848 bus:FilletedAccounts 2023-04-01 2024-03-31 04350848 bus:SmallEntities 2023-04-01 2024-03-31 04350848 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 04350848 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 04350848 bus:Director1 2023-04-01 2024-03-31 04350848 bus:Director2 2023-04-01 2024-03-31 04350848 bus:Director3 2023-04-01 2024-03-31 04350848 core:Goodwill core:TopRangeValue 2023-04-01 2024-03-31 04350848 core:LeaseholdImprovements core:TopRangeValue 2023-04-01 2024-03-31 04350848 core:PlantMachinery 2023-04-01 2024-03-31 04350848 core:Vehicles 2023-04-01 2024-03-31 04350848 core:FurnitureFittings 2023-04-01 2024-03-31 04350848 core:ComputerEquipment core:TopRangeValue 2023-04-01 2024-03-31 04350848 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 04350848 2022-04-01 2023-03-31 04350848 core:LeaseholdImprovements 2023-04-01 2024-03-31 04350848 core:ComputerEquipment 2023-04-01 2024-03-31 04350848 core:Non-currentFinancialInstruments 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Company No: 04350848 (England and Wales)

KC CARPETS & FLOORING LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

KC CARPETS & FLOORING LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

KC CARPETS & FLOORING LIMITED

BALANCE SHEET

As at 31 March 2024
KC CARPETS & FLOORING LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 91,041 83,257
91,041 83,257
Current assets
Stocks 5 11,311 11,201
Debtors 6 629,742 434,267
Cash at bank and in hand 3,344 45,445
644,397 490,913
Creditors: amounts falling due within one year 7 ( 355,946) ( 197,205)
Net current assets 288,451 293,708
Total assets less current liabilities 379,492 376,965
Creditors: amounts falling due after more than one year 8 ( 50,359) ( 56,234)
Provision for liabilities ( 17,297) ( 15,819)
Net assets 311,836 304,912
Capital and reserves
Called-up share capital 100 100
Profit and loss account 311,736 304,812
Total shareholder's funds 311,836 304,912

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of KC CARPETS & FLOORING LIMITED (registered number: 04350848) were approved and authorised for issue by the Board of Directors on 15 July 2024. They were signed on its behalf by:

Z Roberts
Director
KC CARPETS & FLOORING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
KC CARPETS & FLOORING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

KC CARPETS & FLOORING LIMITED (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 7 Didcot Road, Nuffield Industrial Estate, Poole, BH17 0GD, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.

Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Revenue from services is recognised as they are delivered.

Employee benefits

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

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 5 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Leasehold improvements 20 years straight line
Plant and machinery 15 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 15 % reducing balance
Computer equipment 4 years straight line
Other property, plant and equipment 15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 17 15

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 April 2023 24,000 24,000
At 31 March 2024 24,000 24,000
Accumulated amortisation
At 01 April 2023 24,000 24,000
At 31 March 2024 24,000 24,000
Net book value
At 31 March 2024 0 0
At 31 March 2023 0 0

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Fixtures and fittings Computer equipment Other property, plant
and equipment
Total
£ £ £ £ £ £ £
Cost
At 01 April 2023 32,561 12,968 130,030 46,126 5,157 1,137 227,979
Additions 0 0 30,000 1,142 0 0 31,142
At 31 March 2024 32,561 12,968 160,030 47,268 5,157 1,137 259,121
Accumulated depreciation
At 01 April 2023 26,450 8,223 73,289 30,905 5,019 836 144,722
Charge for the financial year 369 712 19,810 2,283 138 46 23,358
At 31 March 2024 26,819 8,935 93,099 33,188 5,157 882 168,080
Net book value
At 31 March 2024 5,742 4,033 66,931 14,080 0 255 91,041
At 31 March 2023 6,111 4,745 56,741 15,221 138 301 83,257

5. Stocks

2024 2023
£ £
Stocks 11,311 11,201

6. Debtors

2024 2023
£ £
Trade debtors 463,024 274,377
Amounts owed by Parent undertakings 110,000 110,000
Corporation tax 0 4,314
Other debtors 56,718 45,576
629,742 434,267

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts 29,364 26,556
Trade creditors 227,729 127,164
CIS withheld 7,049 6,717
Taxation and social security 23,539 11,522
Obligations under finance leases and hire purchase contracts 17,586 14,483
Other creditors 50,679 10,763
355,946 197,205

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 14,806 22,435
Obligations under finance leases and hire purchase contracts 35,553 33,799
50,359 56,234

There are no amounts included above in respect of which any security has been given by the small entity.

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 17,950 37,080
between one and five years 143,750 17,950
161,700 55,030

10. Ultimate controlling party

Parent Company:

CRE Holdings Limited