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COMPANY REGISTRATION NUMBER: 9901633
Carpet Emporium (Cheltenham) Limited
Filleted Unaudited Financial Statements
31 December 2023
Carpet Emporium (Cheltenham) Limited
Financial Statements
Year ended 31 December 2023
Contents
Page
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
4
Carpet Emporium (Cheltenham) Limited
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Carpet Emporium (Cheltenham) Limited
Year ended 31 December 2023
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 December 2023, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
HARPER SHELDON LIMITED Chartered Accountants
Midway House Staverton Technology Park Herrick Way, Staverton Cheltenham, Glos. GL51 6TQ
24 September 2024
Carpet Emporium (Cheltenham) Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
46,343
21,671
Current assets
Stocks
29,375
33,080
Debtors
6
22,240
23,232
Cash at bank and in hand
58,691
88,204
---------
---------
110,306
144,516
Creditors: amounts falling due within one year
7
( 78,945)
( 89,546)
---------
---------
Net current assets
31,361
54,970
--------
--------
Total assets less current liabilities
77,704
76,641
Creditors: amounts falling due after more than one year
8
( 14,167)
( 24,167)
Provisions
Taxation including deferred tax
( 11,330)
( 3,881)
--------
--------
Net assets
52,207
48,593
--------
--------
Carpet Emporium (Cheltenham) Limited
Statement of Financial Position (continued)
31 December 2023
2023
2022
Note
£
£
Capital and reserves
Called up share capital
2
2
Profit and loss account
52,205
48,591
--------
--------
Shareholders funds
52,207
48,593
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2023 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 24 September 2024 , and are signed on behalf of the board by:
D.D. D'AMBROSIO
M.K. D'AMBROSIO
Directors
Company registration number: 9901633
Carpet Emporium (Cheltenham) Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Midway House, Staverton Technology Park, Herrick Way, Staverton, Cheltenham, Glos, GL51 6TQ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to sell. Cost includes all costs of purchase and other costs incurred in bringing the stock to its present location.
Pension costs
The company operates a defined contribution scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension costs charge represents contributions payable for the period by the company to the fund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2022: 6 ).
5. Tangible assets
Equipment
Motor vehicles
Total
£
£
£
Cost
At 1 January 2023
31,740
18,417
50,157
Additions
2,743
28,500
31,243
Disposals
( 11,917)
( 11,917)
--------
--------
--------
At 31 December 2023
34,483
35,000
69,483
--------
--------
--------
Depreciation
At 1 January 2023
13,940
14,546
28,486
Charge for the year
1,928
2,901
4,829
Disposals
( 10,175)
( 10,175)
--------
--------
--------
At 31 December 2023
15,868
7,272
23,140
--------
--------
--------
Carrying amount
At 31 December 2023
18,615
27,728
46,343
--------
--------
--------
At 31 December 2022
17,800
3,871
21,671
--------
--------
--------
6. Debtors
2023
2022
£
£
Trade debtors
14,898
16,684
Other debtors
7,342
6,548
--------
--------
22,240
23,232
--------
--------
Other debtors include £NIL (2022 - £1,002) in respect of the directors' current accounts.
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loan
10,000
10,000
Trade creditors
22,942
15,643
Social security and other taxes
40,052
49,350
Other creditors
5,951
14,553
--------
--------
78,945
89,546
--------
--------
The bank loan is supported by the Bounce Back Loan Scheme Guarantee from the UK Government. Other creditors include £2,649 (2022 - £NIL) in respect of the directors' current accounts.
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loan
14,167
24,167
--------
--------
The bank loan is supported by the Bounce Back Loan Scheme Guarantee from the UK Government.