Registered number
06071179
Eaton Square Carpets Limited
Filleted Accounts
31 January 2024
Eaton Square Carpets Limited
Registered number: 06071179
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 32,097 48,905
Current assets
Stocks 213,925 462,810
Debtors 4 19,803 100,599
Cash at bank and in hand 413,655 26,974
647,383 590,383
Creditors: amounts falling due within one year 5 (490,582) (473,169)
Net current assets 156,801 117,214
Total assets less current liabilities 188,898 166,119
Provisions for liabilities (8,024) (5,510)
Net assets 180,874 160,609
Capital and reserves
Called up share capital 100 100
Profit and loss account 180,774 160,509
Shareholder's funds 180,874 160,609
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
J D P Dowling
Director
Approved by the board on 13 March 2024
Eaton Square Carpets Limited
Notes to the Accounts
for the year ended 31 January 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life, as follows:
Plant and machinery 18% to 33% Reducing balance
Motor vehicles 18% Reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 8 9
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 February 2023 20,000 52,602 - 72,602
Additions - 3,986 34,521 38,507
Disposals (20,000) (33,400) - (53,400)
At 31 January 2024 - 23,188 34,521 57,709
Depreciation
At 1 February 2023 5,500 18,197 - 23,697
Charge for the year - 4,501 6,214 10,715
On disposals (5,500) (3,300) - (8,800)
At 31 January 2024 - 19,398 6,214 25,612
Net book value
At 31 January 2024 - 3,790 28,307 32,097
At 31 January 2023 14,500 34,405 - 48,905
4 Debtors 2024 2023
£ £
Trade debtors 8,636 98,099
Other debtors 11,167 2,500
19,803 100,599
5 Creditors: amounts falling due within one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts - 4,510
Trade creditors 103,756 187,277
Taxation and social security costs 58,127 38,521
Other creditors 328,699 242,861
490,582 473,169
6 Loans to directors
Interest free and repayable on B/fwd Paid Repaid C/fwd
demand £ £ £ £
J D P Dowling
Director's loan account (240,000) - 18,000 (222,000)
(240,000) - 18,000 (222,000)
7 Other information
Eaton Square Carpets Limited is a private company limited by shares and incorporated in England. Its registered office is:
71-75 Shelton Street
Covent Garden
London
WC2H 9JQ
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