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Registered number: 04890073
Paul's Discount Carpets Limited
Unaudited ABRIDGED Financial Statements
For The Year Ended 30 September 2023
Alexander Myerson & Co Limited
Alexander House
61 Rodney Street
Liverpool
Merseyside
L1 9ER
Unaudited Financial Statements
Contents
Page
Abridged Balance Sheet 1—2
Notes to the Abridged Financial Statements 3—5
Page 1
Abridged Balance Sheet
Registered number: 04890073
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 1,500 3,000
Tangible Assets 5 18,656 10,007
20,156 13,007
CURRENT ASSETS
Stocks 32,216 26,703
Debtors 116,124 94,602
Cash at bank and in hand 60,793 59,766
209,133 181,071
Creditors: Amounts Falling Due Within One Year (205,355 ) (162,471 )
NET CURRENT ASSETS (LIABILITIES) 3,778 18,600
TOTAL ASSETS LESS CURRENT LIABILITIES 23,934 31,607
Creditors: Amounts Falling Due After More Than One Year (19,927 ) (29,695 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (3,959 ) (1,863 )
NET ASSETS 48 49
CAPITAL AND RESERVES
Called up share capital 6 2 2
Profit and Loss Account 46 47
SHAREHOLDERS' FUNDS 48 49
Page 1
Page 2
For the year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
All of the company's members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet for the year end 30 September 2023 in accordance with section 444(2A) of the Companies Act 2006.
On behalf of the board
Mr P Davies
Director
18 September 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Abridged Financial Statements
1. General Information
Paul's Discount Carpets Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04890073 . The registered office is 150 Cherryfield Drive, Kirkby, Liverpool, Merseyside, L32 8RX.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. 
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 25% on reducing balance
Fixtures & Fittings 25% on reducing balance
Computer Equipment 33% on cost
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
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2.7. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.8. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 6 (2022: 7)
6 7
4. Intangible Assets
Total
£
Cost
As at 1 October 2022 15,000
As at 30 September 2023 15,000
Amortisation
As at 1 October 2022 12,000
Provided during the period 1,500
As at 30 September 2023 13,500
Net Book Value
As at 30 September 2023 1,500
As at 1 October 2022 3,000
5. Tangible Assets
Total
£
Cost
As at 1 October 2022 42,433
Additions 18,031
As at 30 September 2023 60,464
Depreciation
As at 1 October 2022 32,426
Provided during the period 9,382
As at 30 September 2023 41,808
Net Book Value
As at 30 September 2023 18,656
As at 1 October 2022 10,007
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Page 5
6. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 2 2
7. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2023 2022
£ £
Not later than one year 33,392 33,392
Later than one year and not later than five years 27,827 61,218
61,219 94,610
8. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 October 2022 Amounts advanced Amounts repaid Amounts written off As at 30 September 2023
£ £ £ £ £
Mr Paul Davies (37,851 ) (127,255 ) 123,062 - (42,044 )
Mrs Lise Davies (37,851 ) (127,255 ) 123,062 - (42,044 )
The above loan is unsecured, interest free and repayable on demand.
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