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Registered number: 08842724
Thetford Carpet Warehouse Limited
Financial Statements
For The Year Ended 30 April 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 08842724
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 261,708 267,691
261,708 267,691
CURRENT ASSETS
Stocks 6 13,329 21,070
Debtors 7 24,463 17,585
Cash at bank and in hand 12,960 23,630
50,752 62,285
Creditors: Amounts Falling Due Within One Year 8 (61,736 ) (58,213 )
NET CURRENT ASSETS (LIABILITIES) (10,984 ) 4,072
TOTAL ASSETS LESS CURRENT LIABILITIES 250,724 271,763
Creditors: Amounts Falling Due After More Than One Year 9 (120,753 ) (147,237 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (2,232 ) (1,863 )
NET ASSETS 127,739 122,663
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account 127,639 122,563
SHAREHOLDERS' FUNDS 127,739 122,663
Page 1
Page 2
For the year ending 30 April 2024 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.
On behalf of the board
Mr Brett Tilly
Director
Mrs Gemma Tilly
Director
5 September 2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Thetford Carpet Warehouse Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08842724 . The registered office is Unit 6, Faraday Place, Thetford, Norfolk, IP24 3RG.
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, excluding discounts, rebates, value added tax and other sales 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 five 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:
Freehold Not provided
Improvements to Properties 20% on cost
Motor Vehicles 25% on reducing method
Equipment 25% on reducing method
Office Equipment 33% on cost
2.5. Stocks and Work in Progress
Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
2.6. 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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Page 4
2.6. 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.
2.7. 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: 2 (2023: 2)
2 2
4. Intangible Assets
Goodwill
£
Cost
As at 1 May 2023 27,288
As at 30 April 2024 27,288
Amortisation
As at 1 May 2023 27,288
As at 30 April 2024 27,288
Net Book Value
As at 30 April 2024 -
As at 1 May 2023 -
5. Tangible Assets
Land & Property
Freehold Improvements to Properties Motor Vehicles Equipment
£ £ £ £
Cost
As at 1 May 2023 246,384 26,545 12,351 25,791
Additions - - - -
As at 30 April 2024 246,384 26,545 12,351 25,791
...CONTINUED
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Page 5
Depreciation
As at 1 May 2023 - 15,044 10,154 18,661
Provided during the period - 5,105 550 1,782
As at 30 April 2024 - 20,149 10,704 20,443
Net Book Value
As at 30 April 2024 246,384 6,396 1,647 5,348
As at 1 May 2023 246,384 11,501 2,197 7,130
Office Equipment Total
£ £
Cost
As at 1 May 2023 16,349 327,420
Additions 1,791 1,791
As at 30 April 2024 18,140 329,211
Depreciation
As at 1 May 2023 15,870 59,729
Provided during the period 337 7,774
As at 30 April 2024 16,207 67,503
Net Book Value
As at 30 April 2024 1,933 261,708
As at 1 May 2023 479 267,691
6. Stocks
2024 2023
£ £
Stock 13,329 21,070
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 5,984 7,504
Prepayments and accrued income 125 79
Other debtors 18,354 10,002
24,463 17,585
Page 5
Page 6
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 21,453 18,462
Bank loans and overdrafts 13,079 16,393
Corporation tax 16,599 12,808
Social security & other taxes 9,493 9,438
Accruals & deferred income 1,112 1,112
61,736 58,213
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 93,253 114,737
Other creditors 27,500 32,500
120,753 147,237
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
11. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 May 2023 Amounts advanced Amounts repaid Amounts written off As at 30 April 2024
£ £ £ £ £
Mr Brett Tilly 4,945 9,121 4,945 - 9,121
Mrs Gemma Tilly 4,945 9,121 4,945 - 9,121
Interest of £313 (2023: £Nil) was charged at the official rate.
Page 6