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Registration number: 08414395

Bury Carpets Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Bury Carpets Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Bury Carpets Ltd

Company Information

Directors

J Tishler

Michael John Thomas Barlow

Nigel David Howard

Ian Glover

Company secretary

J Tishler

Registered office

1 Church Street
Bury
Lancs
BL9 6BN

Accountants

King Street Accounts
35A King Street
Whalley
Clitheroe
Lancs
BB7 9SP

 

Bury Carpets Ltd

(Registration number: 08414395)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

6,428

8,196

Current assets

 

Stocks

5

86,475

101,953

Debtors

6

119,884

104,203

Cash at bank and in hand

 

69,115

61,748

 

275,474

267,904

Creditors: Amounts falling due within one year

7

(69,148)

(71,402)

Net current assets

 

206,326

196,502

Net assets

 

212,754

204,698

Capital and reserves

 

Called up share capital

8

10

10

Retained earnings

212,744

204,688

Shareholders' funds

 

212,754

204,698

For the financial year ending 31 March 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 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.

Approved and authorised by the Board on 20 June 2024 and signed on its behalf by:
 

 

Bury Carpets Ltd

(Registration number: 08414395)
Balance Sheet as at 31 March 2024

.........................................
J Tishler
Director

 

Bury Carpets Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

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

The address of its registered office is:
1 Church Street
Bury
Lancs
BL9 6BN
England

These financial statements were authorised for issue by the Board on 20 June 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 current 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.

 

Bury Carpets Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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.

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

Motor Vehicles

25% reducing balance

Furniture , Fittings & Equipment

20% reducing balance

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.

 

Bury Carpets Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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.

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 year, was 7 (2023 - 7).

 

Bury Carpets Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

13,914

17,347

31,261

At 31 March 2024

13,914

17,347

31,261

Depreciation

At 1 April 2023

8,275

14,790

23,065

Charge for the year

1,128

640

1,768

At 31 March 2024

9,403

15,430

24,833

Carrying amount

At 31 March 2024

4,511

1,917

6,428

At 31 March 2023

5,639

2,557

8,196

5

Stocks

2024
£

2023
£

Other inventories

86,475

101,953

6

Debtors

Current

2024
£

2023
£

Trade debtors

-

2,620

Other debtors

119,884

101,583

 

119,884

104,203

 

Bury Carpets Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

30,657

32,546

Taxation and social security

34,591

34,956

Accruals and deferred income

3,900

3,900

69,148

71,402

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary £1 shares of £1 each

10

10

10

10

       

9

Related party transactions

The company is a wholly owned subsidiary of Bury Carpets Holdings Ltd .

The amount owed by Bury Carpets Holding Company Ltd at the year end was £119,884 (2023 £119,884 owed ) .

Dividends of £46,000 were paid to the holding company during the year (2023 £50,000 Paid ).

The amounts owed to the company by the directors at the year end amounted to £nil (2023 £7,913 owed ).