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REGISTERED NUMBER: 00891273 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

FOR

CARMAL ENTERPRISES LIMITED

CARMAL ENTERPRISES LIMITED (REGISTERED NUMBER: 00891273)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 January 2024










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


CARMAL ENTERPRISES LIMITED

COMPANY INFORMATION
for the year ended 31 January 2024







DIRECTORS: C Valentine
A Valentine



SECRETARY: C Valentine



REGISTERED OFFICE: 27 Beauchamp Place
London
SW3 1NJ



REGISTERED NUMBER: 00891273 (England and Wales)



ACCOUNTANTS: Thorne Lancaster Parker
5th Floor
Palladium House
1-4 Argyll Street
London
W1F 7TA



BANKERS: Bank of Scotland
St James' Gate
14-16 Cockspur Street
London
SW1Y

CARMAL ENTERPRISES LIMITED (REGISTERED NUMBER: 00891273)

STATEMENT OF FINANCIAL POSITION
31 January 2024

2024 2023
Notes £    £   
FIXED ASSETS
Property, plant and equipment 4 34,483 36,212

CURRENT ASSETS
Inventories 5 719,884 810,947
Debtors 6 47,220 80,115
Investments 7 242,125 235,744
Cash at bank 395,534 710,090
1,404,763 1,836,896
CREDITORS
Amounts falling due within one year 8 (135,003 ) (227,152 )
NET CURRENT ASSETS 1,269,760 1,609,744
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,304,243

1,645,956

PROVISIONS FOR LIABILITIES 10 (4,346 ) (4,346 )
NET ASSETS 1,299,897 1,641,610

CAPITAL AND RESERVES
Called up share capital 175,000 175,000
Share premium 67,402 67,402
Capital redemption reserve 208,333 208,333
Retained earnings 849,162 1,190,875
SHAREHOLDERS' FUNDS 1,299,897 1,641,610

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

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

CARMAL ENTERPRISES LIMITED (REGISTERED NUMBER: 00891273)

STATEMENT OF FINANCIAL POSITION - continued
31 January 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 Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 August 2024 and were signed on its behalf by:





C Valentine - Director


CARMAL ENTERPRISES LIMITED (REGISTERED NUMBER: 00891273)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 January 2024


1. STATEMENT OF COMPLIANCE

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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
They have been prepared on a going concern basis, under the historical cost convention, as modified by the recognition of certain financial assets and liabilities measured at fair value.

Revenue recognition
Turnover represents the amounts derived from the provision of goods which fall within the company's ordinary activities, all of which are continuing, stated net of value added tax.

Property plant and equipment
Property, plant and equipment are initially measured at cost (or deemed cost) and are subsequently measured at cost or valuation, net of depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration initially recorded at cost.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leaseholdOver the term of the lease
Fixtures and fittings20% on cost
Motor vehicles25% on cost
Computer equipment33.33% on cost

The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing inventories to their present location and condition.

Taxation
Taxation expense for the period comprises current and deferred tax recognised in the reporting period. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case tax is also recognised in other comprehensive income or directly in equity respectively.

Current or deferred taxation assets and liabilities are not discounted.

Current tax
Current tax is the amount of corporation tax payable in respect of the taxable profit for the year or prior years. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the period end.

Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.


CARMAL ENTERPRISES LIMITED (REGISTERED NUMBER: 00891273)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 January 2024


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences which are differences between taxable profits and total comprehensive income that arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that the directors consider that it probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
The financial statements are presented in sterling which is also the the functional currency of the company.

Transactions in currencies other than the functional currency (foreign currencies) are initially recorded at the standard exchange rate ruling for the period..

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the reporting date.

Non-monetary assets and liabilities denominated in foreign currencies are translated at the rate ruling at the date of the transaction or, if the asset or liability is measured at fair value, the rate when that fair value was determined.

All translation differences are taken to profit or loss, except to the extent that they relate to gains or losses on non-monetary items recognised in other comprehensive income, when the related translation gain or loss is also recognised in other comprehensive income.

Hire purchase and leasing commitments
Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and are depreciated over their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet.

The interest element of the rental obligations is charged to the profit and loss account over the period of the agreement and represents a constant proportion of the balance of capital repayments outstanding.

Rentals paid under operating leases are charged to income on a straight line basis over the lease term.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme, where the amounts are charged to profit or loss is the contributions payable in the year. Differences between contributions payable in the year and the contributions actually paid are shown as either accruals or prepayments.

CARMAL ENTERPRISES LIMITED (REGISTERED NUMBER: 00891273)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 January 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
The company has chosen to adopt Section 11 of FRS 102 in respect of financial instruments as it has only basic financial instruments.

a) Basic financial assets

Trade and other debtors, loans to fellow group companies, loans to related companies, other debtors and bank balances, which are due within one year are initially recognised at transaction price and subsequently carried at amortised cost being the transaction price less any amounts settled and any impairment losses.

At the end of each reporting period basic 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 profit or loss.

If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

A financial asset is derecognised only when the contractual rights to cash flows expire or are settled, or substantially all the risks and rewards of ownership are transferred to another party, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to seel the asset in its entirety to an unrelated third party.

b) Basic financial liabilities and equity

Financial liabilities are classified as liabilities and equity instruments according to the substance of the contractual arrangements entered into. an equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Trade creditors, other creditors and loans from fellow group and related companies are initially recognised at transaction price and subsequently carried at amortised cost, being transaction price less any amounts settled.

Other loans are initially recognised at the transaction price, including transaction costs and subsequently measured at amortised cost using the effective interest method. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and other similar charges.

Basic financial liabilities are derecognised when the contractual obligation is discharged, cancelled or expired.

c) Equity instruments

The ordinary share capital of the company is classified as equity and recorded at fair value of the cash or other resources received pr receivable, net of direct costs of issuing the equity instruments.

Cash and cash equivalents
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2023 - 17 ) .

CARMAL ENTERPRISES LIMITED (REGISTERED NUMBER: 00891273)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 January 2024


4. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Short and Motor Computer
leasehold fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 February 2023 333,812 278,361 9,823 131,840 753,836
Disposals (42,681 ) (240,754 ) - - (283,435 )
At 31 January 2024 291,131 37,607 9,823 131,840 470,401
DEPRECIATION
At 1 February 2023 303,661 273,740 9,823 130,400 717,624
Charge for year - - - 1,002 1,002
Eliminated on disposal (44,121 ) (238,587 ) - - (282,708 )
At 31 January 2024 259,540 35,153 9,823 131,402 435,918
NET BOOK VALUE
At 31 January 2024 31,591 2,454 - 438 34,483
At 31 January 2023 30,151 4,621 - 1,440 36,212

5. INVENTORIES
2024 2023
£    £   
Raw materials 9,842 29,841
Work-in-progress 50,322 202,066
Finished goods 659,720 579,040
719,884 810,947

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 8,413 20,826
Prepayments and accrued income 38,807 59,289
47,220 80,115

7. CURRENT ASSET INVESTMENTS
2024 2023
£    £   
Current Asset Investments 242,125 235,744

CARMAL ENTERPRISES LIMITED (REGISTERED NUMBER: 00891273)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 January 2024


8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 52,046 121,923
Social security and other taxes 43,452 55,697
Other creditors 16,836 22,393
Accruals and deferred income 22,669 27,139
135,003 227,152

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 237,918 247,000
Between one and five years 893,781 933,918
In more than five years 318,162 516,189
1,449,861 1,697,107

10. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 4,346 4,346

Deferred
tax
£   
Balance at 1 February 2023 4,346
Balance at 31 January 2024 4,346

11. ULTIMATE CONTROLLING PARTY

The company is controlled by C M Valentine, the Managing Director.