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Registration number: 06541171

Home Choice Carpet Limited

Annual Report and Unaudited Financial Statements

for the Period from 1 April 2023 to 31 May 2024

 

Home Choice Carpet Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 10

 

Home Choice Carpet Limited

Company Information

Directors

Mr David White

Mrs Deborah Alice White

Company secretary

Mrs Deborah Alice White

Registered office

70A Hawbeck Road
Park Wood
Rainham
Kent
ME8 9TP

Accountants

C W W Limited
B3 Clover House
Harvey Drive
John Wilson Business Park
Whitstable
Kent
CT5 3QZ

 

Home Choice Carpet Limited

(Registration number: 06541171)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

31,200

37,200

Tangible assets

5

-

735

 

31,200

37,935

Current assets

 

Debtors

6

45

27,437

Cash at bank and in hand

 

757

37

 

802

27,474

Creditors: Amounts falling due within one year

7

(26,342)

(28,720)

Net current liabilities

 

(25,540)

(1,246)

Net assets

 

5,660

36,689

Capital and reserves

 

Called up share capital

8

20

20

Retained earnings

5,640

36,669

Shareholders' funds

 

5,660

36,689

For the financial period ending 31 May 2024 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 period 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.

Approved and authorised by the Board on 2 September 2024 and signed on its behalf by:
 

.........................................
Mrs Deborah Alice White
Company secretary and director

 

Home Choice Carpet Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in United KIngdom.

The address of its registered office is:
70A Hawbeck Road
Park Wood
Rainham
Kent
ME8 9TP

These financial statements were authorised for issue by the Board on 2 September 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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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 financial statements have been prepared on a 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 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.

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.

 

Home Choice Carpet Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 31 May 2024

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

25% RB

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

5% SL

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.

 

Home Choice Carpet Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 31 May 2024

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 2 (2023 - 3).

 

Home Choice Carpet Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 31 May 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

120,000

120,000

At 31 May 2024

120,000

120,000

Amortisation

At 1 April 2023

82,800

82,800

Amortisation charge

6,000

6,000

At 31 May 2024

88,800

88,800

Carrying amount

At 31 May 2024

31,200

31,200

At 31 March 2023

37,200

37,200

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 April 2023

2,266

2,014

2,755

7,750

At 31 May 2024

2,266

2,014

2,755

7,750

Depreciation

At 1 April 2023

2,266

2,014

2,020

7,750

Charge for the period

-

-

735

-

At 31 May 2024

2,266

2,014

2,755

7,750

Carrying amount

At 31 May 2024

-

-

-

-

At 31 March 2023

-

-

735

-

 

Home Choice Carpet Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 31 May 2024

Total
£

Cost or valuation

At 1 April 2023

14,785

At 31 May 2024

14,785

Depreciation

At 1 April 2023

14,050

Charge for the period

735

At 31 May 2024

14,785

Carrying amount

At 31 May 2024

-

At 31 March 2023

735

 

Home Choice Carpet Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 31 May 2024

6

Debtors

Current

2024
£

2023
£

Trade debtors

-

25,338

Other debtors

45

2,099

 

45

27,437

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

-

16,090

Trade creditors

 

-

7,655

Taxation and social security

 

-

3,869

Other creditors

 

26,342

1,106

 

26,342

28,720

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

20

20

20

20

         

9

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank overdrafts

-

16,090

10

Dividends

 

Home Choice Carpet Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 31 May 2024

   

2024

 

2023

   

£

 

£

Final dividend of £Nil (2023 - £1.00) per ordinary share

 

-

 

20,000

Interim dividend of £Nil (2023 - £3.00) per ordinary share

 

-

 

-

   

-

 

20,000

         

11

Related party transactions

 

Home Choice Carpet Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2023 to 31 May 2024

Directors' remuneration

The directors' remuneration for the period was as follows:

2024
£

2023
£

Remuneration

11,772

16,266