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Registered number: 1434047










FARNHAM CARPET COMPANY LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

For the Year Ended 31 March 2024

 
FARNHAM CARPET COMPANY LIMITED
Registered number: 1434047

STATEMENT OF FINANCIAL POSITION
As at 31 March 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
651,958
659,780

  
651,958
659,780

Current assets
  

Stocks
 5 
10,429
14,543

Debtors: amounts falling due within one year
 6 
72,917
80,429

Cash at bank and in hand
  
93,832
98,297

  
177,178
193,269

Creditors: amounts falling due within one year
 7 
(75,282)
(79,359)

Net current assets
  
 
 
101,896
 
 
113,910

Total assets less current liabilities
  
753,854
773,690

  

Net assets
  
753,854
773,690


Capital and reserves
  

Called up share capital 
  
6,332
6,332

Share premium account
  
176,527
176,527

Revaluation reserve
  
635,972
635,972

Profit and loss account
  
(64,977)
(45,141)

  
753,854
773,690


Page 1

 
FARNHAM CARPET COMPANY LIMITED
Registered number: 1434047
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
As at 31 March 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 






N Crossley
Director

Date: 18 August 2024

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
FARNHAM CARPET COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 March 2024

1.


General information

Farnham Carpet Company Limited is a private company limited by shares and incorporated in England. Its registered office is 85a West Street, Farnham, Surrey, GU9 7EN.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 3

 
FARNHAM CARPET COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 March 2024

2.Accounting policies (continued)


2.3
Tangible fixed assets (continued)

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, both using the reducing balance and straight line methods.

Depreciation is provided on the following basis:

Freehold property
-
2%
straight line
Plant & machinery
-
25%
reducing balance
Motor vehicles
-
25%
reducing balance
Fixtures & fittings
-
10%
reducing balance
Improvements To Property
-
10%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

  
2.4

Revaluation of tangible fixed assets

As permitted by the transitional provisions under FRS 102, the company has elected to not adopt a policy of revaluation of tangible fixed assets. The previous revaluation amount has therefore been retained as deemed cost.

 
2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.8

Creditors

Short term creditors are measured at the transaction price. 

Page 4

 
FARNHAM CARPET COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 March 2024

2.Accounting policies (continued)

 
2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.11

Interest income

Interest income is recognised in profit or loss using the effective interest method.

  
2.12

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.


3.


Employees

The average monthly number of employees, including directors, during the year was 8 (2023 - 8).

Page 5

 
FARNHAM CARPET COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 March 2024

4.


Tangible fixed assets





Freehold property
Plant & machinery
Motor vehicles
Fixtures & fittings
Improvements To Property

£
£
£
£
£



Cost or valuation


At 1 April 2023
690,000
11,587
46,857
28,376
5,015


Additions
-
-
8,190
-
-


Disposals
-
-
(10,857)
-
-



At 31 March 2024

690,000
11,587
44,190
28,376
5,015



Depreciation


At 1 April 2023
56,351
10,414
24,266
26,009
5,015


Charge for the year on owned assets
7,044
293
7,654
237
-


Disposals
-
-
(10,073)
-
-



At 31 March 2024

63,395
10,707
21,847
26,246
5,015



Net book value



At 31 March 2024
626,605
880
22,343
2,130
-



At 31 March 2023
633,649
1,173
22,591
2,367
-
Page 6

 
FARNHAM CARPET COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 March 2024

           4.Tangible fixed assets (continued)


Total

£



Cost or valuation


At 1 April 2023
781,835


Additions
8,190


Disposals
(10,857)



At 31 March 2024

779,168



Depreciation


At 1 April 2023
122,055


Charge for the year on owned assets
15,228


Disposals
(10,073)



At 31 March 2024

127,210



Net book value



At 31 March 2024
651,958



At 31 March 2023
659,780


5.


Stocks

2024
2023
£
£

Finished goods and goods for resale
10,429
14,543

10,429
14,543


Page 7

 
FARNHAM CARPET COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 31 March 2024

6.


Debtors

2024
2023
£
£


Trade debtors
62,032
59,805

Other debtors
-
7,000

Prepayments and accrued income
10,885
13,624

72,917
80,429


Included within other debtors due within one year is a loan to a director, amounting to £NIL (2023 - £7000). The loan was repaid in full in November 2023.




7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
43,160
44,911

Other taxation and social security
16,724
21,473

Other creditors
-
3,751

Accruals and deferred income
15,398
9,224

75,282
79,359


 
Page 8