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Registration number: 03544774

Pocklington Carpets Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Pocklington Carpets Limited

(Registration number: 03544774)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,765,253

1,787,067

Current assets

 

Stocks

140,215

139,334

Debtors

5

66,549

138,746

Cash at bank and in hand

 

833,774

1,203,562

 

1,040,538

1,481,642

Creditors: Amounts falling due within one year

6

(501,604)

(440,226)

Net current assets

 

538,934

1,041,416

Total assets less current liabilities

 

2,304,187

2,828,483

Creditors: Amounts falling due after more than one year

6

-

(490,631)

Provisions for liabilities

(23,510)

(13,494)

Net assets

 

2,280,677

2,324,358

Capital and reserves

 

Called up share capital

1,500

1,500

Capital redemption reserve

8,500

8,500

Profit and loss account

2,270,677

2,314,358

Shareholders' funds

 

2,280,677

2,324,358

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Pocklington Carpets Limited

(Registration number: 03544774)
Balance Sheet as at 31 December 2023

Approved and authorised by the Board on 28 August 2024 and signed on its behalf by:
 

.........................................
T J Donohue
Director

 

Pocklington Carpets Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
The Old Chapel
George Street
DRIFFIELD
YO25 6RA

These financial statements were authorised for issue by the Board on 28 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The company depends on its existing bank facilities to meet its day to day working capital requirements. Current forecasts indicate that the company expects to be able to operate within these facilities for the whole of the foreseeable future. These facilities are renewed annually and are not guaranteed for the period covered by the going concern review. The directors are not aware, however, of any circumstances that may adversely affect the renewal of these facilities. Accordingly, the directors believe it is appropriate to prepare the financial statements on the going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Pocklington Carpets Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold buildings

over 50 years

Plant and machinery

25% reducing balance basis

Fixtures and fittings

25% reducing balance basis

Motor vehicles

25% reducing balance basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

 

Pocklington Carpets Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 21 (2022 - 21).

 

Pocklington Carpets Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other property, plant and equipment
£

Total
£

Cost or valuation

At 1 January 2023

2,416,105

98,791

130,636

173,002

2,818,534

Additions

-

-

42,495

12,998

55,493

Disposals

-

-

(17,010)

-

(17,010)

At 31 December 2023

2,416,105

98,791

156,121

186,000

2,857,017

Depreciation

At 1 January 2023

700,063

96,270

112,904

122,230

1,031,467

Charge for the year

44,835

630

14,774

15,943

76,182

Eliminated on disposal

-

-

(15,885)

-

(15,885)

At 31 December 2023

744,898

96,900

111,793

138,173

1,091,764

Carrying amount

At 31 December 2023

1,671,207

1,891

44,328

47,827

1,765,253

At 31 December 2022

1,716,042

2,521

17,732

50,772

1,787,067

Included within the net book value of land and buildings above is £1,671,207 (2022 - £1,716,042) in respect of freehold land and buildings.
 

 

Pocklington Carpets Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

5

Debtors

2023
£

2022
£

Trade debtors

33,819

111,485

Prepayments

32,730

27,261

 

66,549

138,746

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Bank loans and overdrafts

-

42,493

Trade creditors

90,080

89,115

Taxation and social security

51,758

66,131

Other creditors

359,766

242,487

501,604

440,226

Creditors include bank loans which are secured of £Nil (2022 - £42,493). The loans are secured on freehold land and buildings.


 

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

Loans and borrowings

-

490,631


 

2023
£

2022
£

Due after more than five years

After more than five years by instalments

-

301,736

-

-

Creditors include bank loans which are secured of £Nil (2022 - £490,631). The loans are secured on freehold land and buildings.

 

Pocklington Carpets Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

7

Related party transactions

Summary of transactions with other related parties

Directors and shareholders
 The company paid dividends totalling £255,000 (2022 - £120,000) to the directors.