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REGISTERED NUMBER: 05982607 (England and Wales)





















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

CARPETS DIRECT 2U LTD

CARPETS DIRECT 2U LTD (REGISTERED NUMBER: 05982607)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


CARPETS DIRECT 2U LTD

COMPANY INFORMATION
for the Year Ended 31 December 2023







DIRECTORS: Mr R Freeman
Mrs A L Freeman
Mr R J A Freeman





SECRETARY: Mr R J A Freeman





REGISTERED OFFICE: 29 High Street
Pelsall
Walsall
WS3 4LX





REGISTERED NUMBER: 05982607 (England and Wales)





ACCOUNTANTS: Rice & Co (Brownhills) Limited
Chartered Accountants
90 High Street
Brownhills
Walsall
West Midlands
WS8 6EW

CARPETS DIRECT 2U LTD (REGISTERED NUMBER: 05982607)

BALANCE SHEET
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 227,757 15,959

CURRENT ASSETS
Stocks 5 35,000 28,500
Debtors 6 7,082 6,273
Cash at bank and in hand 240,771 405,599
282,853 440,372
CREDITORS
Amounts falling due within one year 7 125,241 116,466
NET CURRENT ASSETS 157,612 323,906
TOTAL ASSETS LESS CURRENT
LIABILITIES

385,369

339,865

CREDITORS
Amounts falling due after more than one
year

8

(14,167

)

(24,167

)

PROVISIONS FOR LIABILITIES (4,942 ) (2,827 )
NET ASSETS 366,260 312,871

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 366,160 312,771
SHAREHOLDERS' FUNDS 366,260 312,871

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

CARPETS DIRECT 2U LTD (REGISTERED NUMBER: 05982607)

BALANCE SHEET - continued
31 December 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 September 2024 and were signed on its behalf by:





Mr R Freeman - Director


CARPETS DIRECT 2U LTD (REGISTERED NUMBER: 05982607)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Carpets Direct 2u Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised when goods have been delivered to customers, or services completed, such that risks & rewards of ownership have transferred to them.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - 33% on cost
Improvements to property - 20% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

CARPETS DIRECT 2U LTD (REGISTERED NUMBER: 05982607)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2022 - 8 ) .

4. TANGIBLE FIXED ASSETS
Improvements
Freehold Short to
property leasehold property
£    £    £   
COST
At 1 January 2023 - 660 8,060
Additions 207,125 - -
Disposals - - -
At 31 December 2023 207,125 660 8,060
DEPRECIATION
At 1 January 2023 - 660 6,978
Charge for year - - 216
Eliminated on disposal - - -
At 31 December 2023 - 660 7,194
NET BOOK VALUE
At 31 December 2023 207,125 - 866
At 31 December 2022 - - 1,082

CARPETS DIRECT 2U LTD (REGISTERED NUMBER: 05982607)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

4. TANGIBLE FIXED ASSETS - continued

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 January 2023 60,926 9,200 21,202 100,048
Additions - 11,000 558 218,683
Disposals - (6,000 ) - (6,000 )
At 31 December 2023 60,926 14,200 21,760 312,731
DEPRECIATION
At 1 January 2023 51,060 8,108 17,283 84,089
Charge for year 2,467 3,003 1,119 6,805
Eliminated on disposal - (5,920 ) - (5,920 )
At 31 December 2023 53,527 5,191 18,402 84,974
NET BOOK VALUE
At 31 December 2023 7,399 9,009 3,358 227,757
At 31 December 2022 9,866 1,092 3,919 15,959

5. STOCKS
2023 2022
£    £   
Stocks 35,000 28,500

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 7,082 6,273

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,000 10,000
Trade creditors 49,373 44,298
Taxation and social security 47,071 48,926
Other creditors 18,797 13,242
125,241 116,466

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 14,167 24,167

CARPETS DIRECT 2U LTD (REGISTERED NUMBER: 05982607)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year - 12,750
Between one and five years - 7,437
- 20,187