Company registration number 05800800 (England and Wales)
PYRAMID LINOLEUM & CARPET COMPANY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
PYRAMID LINOLEUM & CARPET COMPANY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
PYRAMID LINOLEUM & CARPET COMPANY LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
60,000
80,000
Tangible assets
4
2,875,779
2,847,398
Investment property
5
415,716
415,716
3,351,495
3,343,114
Current assets
Stocks
405,904
437,717
Debtors
6
791,567
837,628
Cash at bank and in hand
308,217
10,673
1,505,688
1,286,018
Creditors: amounts falling due within one year
7
(937,830)
(827,236)
Net current assets
567,858
458,782
Total assets less current liabilities
3,919,353
3,801,896
Creditors: amounts falling due after more than one year
8
(1,107,683)
(1,206,547)
Provisions for liabilities
(37,600)
(21,900)
Net assets
2,774,070
2,573,449
Capital and reserves
Called up share capital
9
10,000
10,000
Profit and loss reserves
2,764,070
2,563,449
Total equity
2,774,070
2,573,449
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
PYRAMID LINOLEUM & CARPET COMPANY LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 25 September 2024 and are signed on its behalf by:
C Steer
Director
Company registration number 05800800 (England and Wales)
PYRAMID LINOLEUM & CARPET COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Pyramid Linoleum & Carpet Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is Crown House, 709 Chesterfield Road, Sheffield, S8 0SL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts.
Rental income is recognised when it falls due in accordance with the lease.
1.3
Intangible fixed assets - goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life which is estimated to be 20 years.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Land and buildings freehold
2% straight line
Plant and machinery
15% reducing balance
Fixtures, fittings & equipment
15% reducing balance
Motor vehicles
20% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
PYRAMID LINOLEUM & CARPET COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
PYRAMID LINOLEUM & CARPET COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
1.12
Retirement benefits
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.13
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
26
26
3
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
400,000
Amortisation
At 1 January 2023
320,000
Amortisation charged for the year
20,000
At 31 December 2023
340,000
Carrying amount
At 31 December 2023
60,000
At 31 December 2022
80,000
PYRAMID LINOLEUM & CARPET COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
4
Tangible fixed assets
Land and buildings freehold
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2023
2,915,065
216,816
103,586
21,485
3,256,952
Additions
68,732
2,016
33,990
104,738
At 31 December 2023
2,915,065
285,548
105,602
55,475
3,361,690
Depreciation
At 1 January 2023
156,602
159,194
79,313
14,445
409,554
Depreciation charged in the year
58,301
10,665
3,717
3,674
76,357
At 31 December 2023
214,903
169,859
83,030
18,119
485,911
Carrying amount
At 31 December 2023
2,700,162
115,689
22,572
37,356
2,875,779
At 31 December 2022
2,758,463
57,622
24,273
7,040
2,847,398
5
Investment property
2023
£
Fair value
At 1 January 2023 and 31 December 2023
415,716
The directors believe the value of the investment property is based on an open market value by reference to market evidence of transaction prices for similar properties. The historical cost of the property is £415,716.
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
212,533
263,538
Other debtors
556,845
544,879
Prepayments and accrued income
22,189
29,211
791,567
837,628
PYRAMID LINOLEUM & CARPET COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
95,333
95,333
Obligations under finance leases
8,884
Pension scheme loan
30,016
32,389
Trade creditors
357,054
318,742
Corporation tax
221,113
148,748
Other taxation and social security
188,640
174,631
Other creditors
15,528
32,574
Accruals
21,262
24,819
937,830
827,236
Amounts due under hire purchase agreements are secured against the assets they relate to £8,884 (2022: £nil).
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
1,083,000
1,178,333
Obligations under finance leases
24,683
Pension scheme loan
28,214
1,107,683
1,206,547
Amounts due under hire purchase agreements are secured against the assets they relate to £24,683 (2022: £nil).
PYRAMID LINOLEUM & CARPET COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
5,100
5,100
5,100
5,100
Ordinary B shares of £1 each
4,900
4,900
4,900
4,900
10,000
10,000
10,000
10,000
10
Related party transactions
Great Big Floor Store Limited
Included within other debtors is an amount owed to Pyramid Linoleum & Carpet Company Limited of £114,453 (2022: £111,723) from The Great Big Floor Store Limited, a company which M Steer is a director of.
11
Directors' transactions
Loans have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Director
2.25
113,291
89,266
2,278
(113,291)
91,544
Director
2.25
319,865
343,384
7,461
(319,865)
350,845
433,156
432,650
9,739
(433,156)
442,389