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REGISTERED NUMBER: 04184655 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

Ross & Hughes Carpets Limited

Ross & Hughes Carpets Limited (Registered number: 04184655)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Balance Sheet 1

Notes to the Financial Statements 3


Ross & Hughes Carpets Limited (Registered number: 04184655)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 564,960 490,981

CURRENT ASSETS
Stocks 230,683 217,989
Debtors 5 420,466 500,148
Cash at bank 210,620 191,462
861,769 909,599
CREDITORS
Amounts falling due within one year 6 515,092 445,205
NET CURRENT ASSETS 346,677 464,394
TOTAL ASSETS LESS CURRENT
LIABILITIES

911,637

955,375

CREDITORS
Amounts falling due after more than one
year

7

(117,711

)

(102,148

)

PROVISIONS FOR LIABILITIES 9 (46,379 ) (30,693 )
NET ASSETS 747,547 822,534

CAPITAL AND RESERVES
Called up share capital 75 100
Capital redemption reserve 25 -
Retained earnings 747,447 822,434
747,547 822,534

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.

Ross & Hughes Carpets Limited (Registered number: 04184655)

Balance Sheet - 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 September 2024 and were signed on its behalf by:




N D Millington - Director W H Ross - Director




Mrs A L Ross - Director C P Hoban - Director


Ross & Hughes Carpets Limited (Registered number: 04184655)

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

1. STATUTORY INFORMATION

Ross & Hughes Carpets Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 04184655

Registered office: Ty Seiont House
Cibyn Industrial Estate
Caernarfon
Gwynedd
LL55 2BD

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 4% on cost
Plant and machinery etc - 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.

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.

Ross & Hughes Carpets Limited (Registered number: 04184655)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

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 29 (2023 - 28 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 April 2023 431,219 437,340 868,559
Additions - 190,010 190,010
Disposals - (32,343 ) (32,343 )
At 31 March 2024 431,219 595,007 1,026,226
DEPRECIATION
At 1 April 2023 110,353 267,225 377,578
Charge for year 15,765 86,619 102,384
Eliminated on disposal - (18,696 ) (18,696 )
At 31 March 2024 126,118 335,148 461,266
NET BOOK VALUE
At 31 March 2024 305,101 259,859 564,960
At 31 March 2023 320,866 170,115 490,981

Included in cost of land and buildings is freehold land of £ 37,100 (2023 - £ 37,100 ) which is not depreciated.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 322,795 410,262
Other debtors 97,671 89,886
420,466 500,148

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 29,305 29,681
Hire purchase contracts 43,403 25,916
Trade creditors 312,246 311,426
Taxation and social security 99,402 67,357
Other creditors 30,736 10,825
515,092 445,205

Ross & Hughes Carpets Limited (Registered number: 04184655)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Bank loans 43,593 71,013
Hire purchase contracts 46,135 31,135
Other creditors 27,983 -
117,711 102,148

8. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Bank loans 72,593 99,013

The lender holds a legal mortgage on the freehold property and a fixed and floating charge on the other assets.

9. PROVISIONS FOR LIABILITIES
31.3.24 31.3.23
£    £   
Deferred tax 46,379 30,693

Deferred
tax
£   
Balance at 1 April 2023 30,693
Charge to Income Statement during year 15,686
Balance at 31 March 2024 46,379

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2024 and 31 March 2023:

31.3.24 31.3.23
£    £   
W H Ross and Mrs A L Ross
Balance outstanding at start of year 8,771 1,760
Amounts advanced 10,516 12,511
Amounts repaid (16,100 ) (5,500 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 3,187 8,771

Ross & Hughes Carpets Limited (Registered number: 04184655)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

A L Hughes
Balance outstanding at start of year - 1,412
Amounts advanced - 1,588
Amounts repaid - (3,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

N D Millington
Balance outstanding at start of year 5,378 11,193
Amounts advanced 643 5,328
Amounts repaid (11,105 ) (11,143 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (5,084 ) 5,378

Mrs C W Millington
Balance outstanding at start of year - 9,175
Amounts advanced - 325
Amounts repaid - (9,500 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -