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REGISTERED NUMBER: 10235058 (England and Wales)












Unaudited Financial Statements

for the Year Ended 31 May 2024

for

Carousel Soft Furnishings Limited

Carousel Soft Furnishings Limited (Registered number: 10235058)






Contents of the Financial Statements
for the Year Ended 31 May 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Carousel Soft Furnishings Limited

Company Information
for the Year Ended 31 May 2024







DIRECTORS: Miss S C Justice
Mrs C Taylor
M Taylor





REGISTERED OFFICE: c/o Horizon Foam Holdings Limited
Woodfold Mill
Lloyd Street
Darwen
Lancashire
BB3 1EH





REGISTERED NUMBER: 10235058 (England and Wales)





ACCOUNTANTS: Egan Roberts Limited
Accountants
Citygate
Longridge Road
Preston
Lancashire
PR2 5BQ

Carousel Soft Furnishings Limited (Registered number: 10235058)

Balance Sheet
31 May 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 79,720 103,628
Tangible assets 5 53,408 62,860
133,128 166,488

CURRENT ASSETS
Stocks 252,342 202,596
Debtors 6 148,845 159,411
Cash at bank and in hand 83,840 238,582
485,027 600,589
CREDITORS
Amounts falling due within one year 7 250,452 226,337
NET CURRENT ASSETS 234,575 374,252
TOTAL ASSETS LESS CURRENT
LIABILITIES

367,703

540,740

CREDITORS
Amounts falling due after more than
one year

8

(10,000

)

(22,667

)

PROVISIONS FOR LIABILITIES (15,437 ) (15,437 )
NET ASSETS 342,266 502,636

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 342,166 502,536
SHAREHOLDERS' FUNDS 342,266 502,636

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 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.

Carousel Soft Furnishings Limited (Registered number: 10235058)

Balance Sheet - continued
31 May 2024


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 13 August 2024 and were signed on its behalf by:





Mrs C Taylor - Director


Carousel Soft Furnishings Limited (Registered number: 10235058)

Notes to the Financial Statements
for the Year Ended 31 May 2024

1. STATUTORY INFORMATION

Carousel Soft Furnishings 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 the business in 2016 will be amortised evenly over its estimated useful life of ten years commencing 1 June 2017.

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 - 15% on reducing balance
Computer equipment - 40% 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.

Carousel Soft Furnishings Limited (Registered number: 10235058)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Short term debtors and creditors
Short term debtors and creditors with no stated interest rate are recorded at transition price. Any losses arising from impairment are recognised in the profit and loss account.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2023 - 19 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 June 2023
and 31 May 2024 239,075 8,000 247,075
AMORTISATION
At 1 June 2023 143,447 - 143,447
Charge for year 23,908 - 23,908
At 31 May 2024 167,355 - 167,355
NET BOOK VALUE
At 31 May 2024 71,720 8,000 79,720
At 31 May 2023 95,628 8,000 103,628

Carousel Soft Furnishings Limited (Registered number: 10235058)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

5. TANGIBLE FIXED ASSETS
Plant and Computer
machinery equipment Totals
£    £    £   
COST
At 1 June 2023
and 31 May 2024 123,797 3,000 126,797
DEPRECIATION
At 1 June 2023 61,026 2,911 63,937
Charge for year 9,416 36 9,452
At 31 May 2024 70,442 2,947 73,389
NET BOOK VALUE
At 31 May 2024 53,355 53 53,408
At 31 May 2023 62,771 89 62,860

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 75,853 62,911
Amounts owed by group undertakings - 48,818
Other debtors 33,431 27,795
Tax 17,975 -
Prepayments 21,586 19,887
148,845 159,411

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,000 10,000
Other loans 2,667 4,000
Trade creditors 155,349 102,365
Amounts owed to group undertakings 20,391 -
Tax (1 ) 52,398
Social security and other taxes 8,879 9,271
VAT 41,416 31,397
Other creditors 9,451 14,806
Accrued expenses 2,300 2,100
250,452 226,337

Carousel Soft Furnishings Limited (Registered number: 10235058)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 1-2 years 10,000 10,000
Bank loans - 2-5 years - 10,000
Other loans - 1-2 years - 2,667
10,000 22,667

9. ULTIMATE CONTROLLING PARTY

The company is a subsidiary of Horizon Foam Holdings Limited, whose registered office and principal place of business is Woodfold Mills, Lloyd Street, Darwen, Lancashire, BB3 1EH. The ultimate controlling party is Shopfloor Limited, a company controlled by Mrs C Taylor.