Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-312023-04-01falseNo description of principal activity2426truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 04774828 2023-04-01 2024-03-31 04774828 2022-04-01 2023-03-31 04774828 2024-03-31 04774828 2023-03-31 04774828 2022-04-01 04774828 c:Director1 2023-04-01 2024-03-31 04774828 d:PlantMachinery 2023-04-01 2024-03-31 04774828 d:PlantMachinery 2024-03-31 04774828 d:PlantMachinery 2023-03-31 04774828 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 04774828 d:MotorVehicles 2023-04-01 2024-03-31 04774828 d:MotorVehicles 2024-03-31 04774828 d:MotorVehicles 2023-03-31 04774828 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 04774828 d:FurnitureFittings 2023-04-01 2024-03-31 04774828 d:FurnitureFittings 2024-03-31 04774828 d:FurnitureFittings 2023-03-31 04774828 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 04774828 d:OfficeEquipment 2023-04-01 2024-03-31 04774828 d:OfficeEquipment 2024-03-31 04774828 d:OfficeEquipment 2023-03-31 04774828 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 04774828 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 04774828 d:CurrentFinancialInstruments 2024-03-31 04774828 d:CurrentFinancialInstruments 2023-03-31 04774828 d:CurrentFinancialInstruments 1 2024-03-31 04774828 d:CurrentFinancialInstruments 1 2023-03-31 04774828 d:CurrentFinancialInstruments 6 2024-03-31 04774828 d:CurrentFinancialInstruments 6 2023-03-31 04774828 d:Non-currentFinancialInstruments 2024-03-31 04774828 d:Non-currentFinancialInstruments 2023-03-31 04774828 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 04774828 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 04774828 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 04774828 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 04774828 d:ShareCapital 2024-03-31 04774828 d:ShareCapital 2023-03-31 04774828 d:RetainedEarningsAccumulatedLosses 2024-03-31 04774828 d:RetainedEarningsAccumulatedLosses 2023-03-31 04774828 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 04774828 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 04774828 c:FRS102 2023-04-01 2024-03-31 04774828 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 04774828 c:FullAccounts 2023-04-01 2024-03-31 04774828 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 04774828 d:WithinOneYear 2024-03-31 04774828 d:WithinOneYear 2023-03-31 04774828 d:BetweenOneFiveYears 2024-03-31 04774828 d:BetweenOneFiveYears 2023-03-31 04774828 d:MoreThanFiveYears 2024-03-31 04774828 d:MoreThanFiveYears 2023-03-31 04774828 f:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 04774828










JACARANDA CARPETS LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
JACARANDA CARPETS LTD
REGISTERED NUMBER: 04774828

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
355,943
288,353

  
355,943
288,353

Current assets
  

Stocks
 5 
2,392,438
2,608,336

Debtors: amounts falling due within one year
 6 
757,763
852,073

Cash at bank and in hand
  
124,335
257,712

  
3,274,536
3,718,121

Creditors: amounts falling due within one year
 7 
(2,767,551)
(2,989,922)

Net current assets
  
 
 
506,985
 
 
728,199

Total assets less current liabilities
  
862,928
1,016,552

Creditors: amounts falling due after more than one year
 8 
(104,153)
(245,645)

Provisions for liabilities
  

Deferred tax
 9 
(44,152)
(16,185)

  
 
 
(44,152)
 
 
(16,185)

Net assets
  
714,623
754,722


Capital and reserves
  

Called up share capital 
  
1,501
1,501

Profit and loss account
  
713,122
753,221

  
714,623
754,722


Page 1

 
JACARANDA CARPETS LTD
REGISTERED NUMBER: 04774828
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
R C Meager
Director

Date: 26 September 2024

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
JACARANDA CARPETS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

The company is a private company limited by shares and is registered in England and Wales. The Company's registered number is 04774828. The Company's registered office is 1 Cockerel Rise, Magnetic Park, Desborough, Northamptonshire, NN14 2WE.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

The directors continue to review cash and profit forecasts and are of the view that the company is able to continue as a going concern for a period of at least 12 months from the date of signing the financial statements, on the basis of financial arrangements in place and the ongoing support of the directors and the holding company.
The directors have looked ahead for a period in excess of 12 months from the date of approval of these financial statements in forming their assessment that the company is a going concern.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
JACARANDA CARPETS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase 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 creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.7

Government and other grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4

 
JACARANDA CARPETS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.10

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

 
JACARANDA CARPETS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.12
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
33%
Motor vehicles
-
33%
Fixtures and fittings
-
33%
Office equipment
-
33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 6

 
JACARANDA CARPETS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.18

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Page 7

 
JACARANDA CARPETS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.18
Financial instruments (continued)

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.19

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 24 (2023 - 26).

Page 8

 
JACARANDA CARPETS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 April 2023
343,046
360,661
21,156
127,057
851,920


Additions
-
-
579
218,913
219,492


Disposals
-
(32,290)
-
-
(32,290)



At 31 March 2024

343,046
328,371
21,735
345,970
1,039,122



Depreciation


At 1 April 2023
253,836
199,389
15,477
94,865
563,567


Charge for the year on owned assets
39,223
96,402
2,432
11,154
149,211


Disposals
-
(29,599)
-
-
(29,599)



At 31 March 2024

293,059
266,192
17,909
106,019
683,179



Net book value



At 31 March 2024
49,987
62,179
3,826
239,951
355,943



At 31 March 2023
89,210
161,272
5,679
32,192
288,353


5.


Stocks

2024
2023
£
£

Finished goods and goods for resale
2,392,438
2,608,336


Page 9

 
JACARANDA CARPETS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Debtors

2024
2023
£
£


Trade debtors
574,419
692,987

Other debtors
44,454
26,365

Prepayments and accrued income
104,249
110,548

Derivatives
34,641
22,173

757,763
852,073


Included within derivatives is the unrealised profit on foreign exchange forward contracts.


7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
394,522
519,444

Bank loans
918,542
760,278

Trade creditors
1,116,216
995,733

Corporation tax
64,738
53,829

Other taxation and social security
27,278
139,020

Obligations under finance lease and hire purchase contracts
73,684
93,349

Other creditors
10,726
40,558

Accruals and deferred income
135,689
290,341

Derivatives
26,156
97,370

2,767,551
2,989,922


Bank loans and overdrafts are secured by fixed and floating charges on the company's assets. Finance leases and hire purchase contracts are secured on assets to which they relate.
Included within derivatives is the unrealised loss on foreign exchange forward contracts.

Page 10

 
JACARANDA CARPETS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
81,667
151,667

Net obligations under finance leases and hire purchase contracts
22,486
93,978

104,153
245,645


Bank loans and overdrafts are secured by fixed and floating charges on the company's assets. Bank loans are all due for repayment within five years.
 Finance leases and hire purchases are secured on assets to which they relate.


9.


Deferred taxation




2024
2023


£

£






At beginning of year
(16,185)
32,696


Utilised in year
(27,967)
(48,881)



At end of year
(44,152)
(16,185)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(44,152)
(16,185)


10.


Commitments under operating leases

At 31 March 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
214,234
214,234

Later than 1 year and not later than 5 years
785,834
857,168

Later than 5 years
464,425
607,325

1,464,493
1,678,727

Page 11

 
JACARANDA CARPETS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.Other financial commitments

At the year end the company held foreign exchange forward contracts. Under these contracts they were committed to purchase $125,154 worth of GBP (2023: $361,600); $54,830 worth of EUR (2023: $0) and £0 worth of EUR (2023: £50,000).
There were also commitments to sell $2,501,334 worth of GBP (2023: $4,194,562), $827,597 worth of EUR (2023: $375,527) and £1,300,000 worth of EUR (2023: £2,300,000).
The fair value of these instruments have been included as a financial asset of £8,485 (2023: financial liability of £75,197).


12.


Related party transactions

In accordance with section 1A of FRS 102, transactions between wholly owned group companies have not been disclosed.
At the year end the company owed £149 (2023: £8,958) to R Meager, a director of Jacaranda Carpets Ltd, this is included within creditors due within 12 months, attracts interest of 10% and is repayable on demand.
At the year end the company owed £10,577 (2023: £31,597) to L Meager, a director of Jacaranda Carpets Ltd, this is included within creditors due within 12 months, attracts interest of 10% and is repayable on demand.
At the year end the company was owed £1,000 (2023: £Nil) by A Meager, related to the directors and shareholders Jacaranda Carpets Ltd, this is included within other debtors, is interest free and repayable on demand.


13.


Controlling party

Hibiscus Carpets Ltd is the company's controlling party by virtue of its 100% shareholding. Hibiscus Carpets Ltd is incorporated in England and Wales and its registered office is: 1 Cockerel Rise, Desborough, Kettering, NN14 2WE.

 
Page 12