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COMPANY REGISTRATION NUMBER: 07156109
PARLIAMENT CARPETS LIMITED
Filleted Unaudited Financial Statements
31 December 2023
PARLIAMENT CARPETS LIMITED
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
54,868
13,892
Current assets
Stocks
1,000
1,000
Debtors
6
203,505
193,656
Cash at bank and in hand
329,513
305,966
---------
---------
534,018
500,622
Creditors: amounts falling due within one year
7
122,984
177,643
---------
---------
Net current assets
411,034
322,979
---------
---------
Total assets less current liabilities
465,902
336,871
Creditors: amounts falling due after more than one year
8
51,868
24,841
---------
---------
Net assets
414,034
312,030
---------
---------
PARLIAMENT CARPETS LIMITED
Statement of Financial Position (continued)
31 December 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
600
600
Profit and loss account
413,434
311,430
---------
---------
Shareholders funds
414,034
312,030
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31st December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 14 August 2024 , and are signed on behalf of the board by:
Mr S Miraftab
Director
Company registration number: 07156109
PARLIAMENT CARPETS LIMITED
Notes to the Financial Statements
Year ended 31st December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 194 Brent Street, London, NW4 1BE.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
20% reducing balance
Motor vehicle
-
20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2022: 4 ).
5. Tangible assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1st January 2023
8,633
23,291
31,924
Additions
1,697
52,996
54,693
--------
--------
--------
At 31st December 2023
10,330
76,287
86,617
--------
--------
--------
Depreciation
At 1st January 2023
6,377
11,655
18,032
Charge for the year
791
12,926
13,717
--------
--------
--------
At 31st December 2023
7,168
24,581
31,749
--------
--------
--------
Carrying amount
At 31st December 2023
3,162
51,706
54,868
--------
--------
--------
At 31st December 2022
2,256
11,636
13,892
--------
--------
--------
6. Debtors
2023
2022
£
£
Other debtors
203,505
193,656
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,000
10,000
Trade creditors
21,560
31,389
Corporation tax
28,755
31,933
Social security and other taxes
16,304
14,359
Other creditors
46,365
89,962
---------
---------
122,984
177,643
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
15,064
24,841
Other creditors
36,804
--------
--------
51,868
24,841
--------
--------
9. Related party transactions
During the year, the company paid a dividend of £ 19,800 (2022 - £21,000) to Mr S Miraftab the director.