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REGISTERED NUMBER: 04212985 (England and Wales)















WITHEY CARPETS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






WITHEY CARPETS LIMITED (REGISTERED NUMBER: 04212985)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Statement of Financial Position 2 to 3

Notes to the Financial Statements 4 to 6


WITHEY CARPETS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: G Wright
Mrs B Wright





REGISTERED OFFICE: 45 Main Ridge East
Boston
Lincolnshire
PE21 6ST





REGISTERED NUMBER: 04212985 (England and Wales)





ACCOUNTANTS: Duncan & Toplis Limited
5 Resolution Close
Endeavour Park
Boston
Lincolnshire
PE21 7TT

WITHEY CARPETS LIMITED (REGISTERED NUMBER: 04212985)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 15,731 21,146

CURRENT ASSETS
Stocks 133,864 106,802
Debtors 5 329,791 382,835
Cash at bank and in hand 261,575 170,547
725,230 660,184
CREDITORS
Amounts falling due within one year 6 254,001 193,803
NET CURRENT ASSETS 471,229 466,381
TOTAL ASSETS LESS CURRENT LIABILITIES 486,960 487,527

CREDITORS
Amounts falling due after more than one year 7 (11,667 ) (21,667 )

PROVISIONS FOR LIABILITIES (2,756 ) (4,111 )
NET ASSETS 472,537 461,749

CAPITAL AND RESERVES
Called up share capital 9 30,000 30,000
Retained earnings 442,537 431,749
SHAREHOLDERS' FUNDS 472,537 461,749

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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.

WITHEY CARPETS LIMITED (REGISTERED NUMBER: 04212985)

STATEMENT OF FINANCIAL POSITION - continued
31 MARCH 2024


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 August 2024 and were signed on its behalf by:




G Wright - Director



Mrs B Wright - Director


WITHEY CARPETS LIMITED (REGISTERED NUMBER: 04212985)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Withey Carpets Limited 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 (£).


The trading address is 45 Main Ridge East Boston Lincolnshire PE21 6ST.

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 represents invoiced sale of goods and services. Revenue is recognised at the time of delivery and fitting.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on cost, 25% on reducing balance and 10% on cost

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell and after making due allowance for obsolete and slow moving items.

Financial instruments
The company has chosen to adopt the FRS 102A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.


WITHEY CARPETS LIMITED (REGISTERED NUMBER: 04212985)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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.

Government grants
Government grants that are classified as revenue grants are recognised in the income statement in the period to which they relate, with any amounts not yet recognised being shown as a liability in the statement of financial position.

The Government grants received relate to support in respect of the Covid-19 pandemic, and include the Coronavirus Job Retention Scheme and the Covid Business Support Grant.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 7 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023
and 31 March 2024 63,919
DEPRECIATION
At 1 April 2023 42,773
Charge for year 5,415
At 31 March 2024 48,188
NET BOOK VALUE
At 31 March 2024 15,731
At 31 March 2023 21,146

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed by group undertakings 326,873 373,144
Other debtors 2,918 9,691
329,791 382,835

WITHEY CARPETS LIMITED (REGISTERED NUMBER: 04212985)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,000 10,000
Trade creditors 102,076 104,957
Taxation and social security 82,974 50,790
Other creditors 58,951 28,056
254,001 193,803

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 11,667 21,667

8. LEASING AGREEMENTS
At the date of the financial statements the company has future operating lease commitments of £184,125 (2023 - £244,383).

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
30,000 Ordinary £1 30,000 30,000

10. ULTIMATE PARENT UNDERTAKING

The ultimate parent undertaking is G&B Carpets Limited, a company incorporated and registered in England and Wales.

The registered office of G&B Carpets Limited is:

5 Resolution Close
Endeavour Park
Boston
Lincolnshire
PE21 7TT