2022-12-012023-11-302023-11-30false04577993Carpet News 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Carpet News Limited

Registered Number
04577993
(England and Wales)

Unaudited Financial Statements for the Year ended
30 November 2023

Carpet News Limited
Company Information
for the year from 1 December 2022 to 30 November 2023

Director

P New

Company Secretary

Mrs K New

Registered Address

8 Spur Road
Cosham
Portsmouth
PO6 3EB

Registered Number

04577993 (England and Wales)
Carpet News Limited
Balance Sheet as at
30 November 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets46,0318,041
6,0318,041
Current assets
Stocks548,55548,075
Debtors6113,097141,085
Cash at bank and on hand518,631416,715
680,283605,875
Creditors amounts falling due within one year7(173,613)(172,241)
Net current assets (liabilities)506,670433,634
Total assets less current liabilities512,701441,675
Creditors amounts falling due after one year8(16,642)(26,649)
Provisions for liabilities(1,146)(1,528)
Net assets494,913413,498
Capital and reserves
Called up share capital9090
Profit and loss account494,823413,408
Shareholders' funds494,913413,498
The financial statements were approved and authorised for issue by the Director on 19 August 2024, and are signed on its behalf by:
P New
Director
Registered Company No. 04577993
Carpet News Limited
Notes to the Financial Statements
for the year ended 30 November 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Interest income
Interest income is recognised using the effective interest rate method.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
2.Average number of employees

20232022
Average number of employees during the year99
3.Intangible assets

Total

£
Cost or valuation
At 01 December 22200,000
At 30 November 23200,000
Amortisation and impairment
At 01 December 22200,000
At 30 November 23200,000
Net book value
At 30 November 23-
At 30 November 22-
4.Tangible fixed assets

Total

£
Cost or valuation
At 01 December 2281,691
At 30 November 2381,691
Depreciation and impairment
At 01 December 2273,650
Charge for year2,010
At 30 November 2375,660
Net book value
At 30 November 236,031
At 30 November 228,041
5.Stocks

2023

2022

££
Finished goods48,55548,075
Total48,55548,075
6.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables103,589129,585
Prepayments and accrued income9,50811,500
Total113,097141,085
7.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables62,704101,433
Bank borrowings and overdrafts19,14810,008
Taxation and social security88,56157,700
Accrued liabilities and deferred income3,2003,100
Total173,613172,241
8.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts16,64226,649
Total16,64226,649