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Registration number: 10488076

KP Carpets & Flooring Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

KP Carpets & Flooring Ltd

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6

Statement of Changes in Equity

7

Notes to the Unaudited Financial Statements

8 to 16

 

KP Carpets & Flooring Ltd

Company Information

Director

Mr Kevin Perry

Company secretary

Britannia Accountancy & Tax Ltd

Registered office

1633 Parkway
Whiteley
Fareham
Hampshire
PO15 7AH

Accountants

Britannia Accountancy & Tax Ltd
1633 Parkway
Whiteley
Fareham
Hampshire
PO15 7AH

 

KP Carpets & Flooring Ltd

Director's Report for the Year Ended 31 March 2024

The director presents his report and the financial statements for the year ended 31 March 2024.

Director of the company

The director who held office during the year was as follows:

Mr Kevin Perry

Principal activity

The principal activity of the company is Fitting Carpets

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the director on 18 October 2024 and signed on its behalf by:

.........................................
Mr Kevin Perry
Director

   
     
 

Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
KP Carpets & Flooring Ltd
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of KP Carpets & Flooring Ltd for the year ended 31 March 2024 as set out on pages 4 to 16 from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of KP Carpets & Flooring Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of KP Carpets & Flooring Ltd and state those matters that we have agreed to state to the Board of Directors of KP Carpets & Flooring Ltd, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than KP Carpets & Flooring Ltd and its Board of Directors as a body for our work or for this report. To the best of our knowledge at the time of preparation; all information contained in this report is accurate, based upon the information and representations made to us by KP Carpets & Flooring Ltd

It is your duty to ensure that KP Carpets & Flooring Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of KP Carpets & Flooring Ltd. You consider that KP Carpets & Flooring Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of KP Carpets & Flooring Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Britannia Accountancy & Tax Ltd
1633 Parkway
Whiteley
Fareham
Hampshire
PO15 7AH

18 October 2024

 

KP Carpets & Flooring Ltd

Profit and Loss Account for the Year Ended 31 March 2024

Note

2024
£

2023
£

Turnover

 

207,420

157,011

Cost of sales

 

(166,417)

(105,854)

Gross profit

 

41,003

51,157

Administrative expenses

 

(36,080)

(36,872)

Operating profit

 

4,923

14,285

Profit before tax

4

4,923

14,285

Tax on profit

 

(1,853)

(2,985)

Profit for the financial year

 

3,070

11,300

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

KP Carpets & Flooring Ltd

Statement of Comprehensive Income for the Year Ended 31 March 2024

2024
£

2023
£

Profit for the year

3,070

11,300

Total comprehensive income for the year

3,070

11,300

 

KP Carpets & Flooring Ltd

(Registration number: 10488076)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

5

24,250

29,100

Tangible assets

6

421,211

405,489

 

445,461

434,589

Current assets

 

Stocks

7

4,950

-

Debtors

8

22,859

30,943

Cash at bank and in hand

 

10,943

20,962

 

38,752

51,905

Creditors: Amounts falling due within one year

9

(34,139)

(36,490)

Net current assets

 

4,613

15,415

Net assets

 

450,074

450,004

Capital and reserves

 

Called up share capital

10

450,002

450,002

Retained earnings

72

2

Shareholders' funds

 

450,074

450,004

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 18 October 2024
 

.........................................
Mr Kevin Perry
Director

   
     
 

KP Carpets & Flooring Ltd

Statement of Changes in Equity for the Year Ended 31 March 2024

Share capital
£

Retained earnings
£

Total
£

At 1 April 2023

450,002

2

450,004

Profit for the year

-

3,070

3,070

Dividends

-

(3,000)

(3,000)

At 31 March 2024

450,002

72

450,074

Share capital
£

Retained earnings
£

Total
£

At 1 April 2022

450,002

1,702

451,704

Profit for the year

-

11,300

11,300

Dividends

-

(13,000)

(13,000)

At 31 March 2023

450,002

2

450,004

 

KP Carpets & Flooring Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
1633 Parkway
Whiteley
Fareham
Hampshire
PO15 7AH

These financial statements were authorised for issue by the director on 18 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

 

KP Carpets & Flooring Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

18% on net book value

Vehicles

18% on net book value

Office equipment

18% on net book value

Furniture and fittings

18% on net book value

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

KP Carpets & Flooring Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 2).

 

KP Carpets & Flooring Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

3,778

326

Amortisation expense

4,850

4,850

 

KP Carpets & Flooring Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

48,500

48,500

At 31 March 2024

48,500

48,500

Amortisation

At 1 April 2023

19,400

19,400

Amortisation charge

4,850

4,850

At 31 March 2024

24,250

24,250

Carrying amount

At 31 March 2024

24,250

24,250

At 31 March 2023

29,100

29,100

6

Tangible assets

Land and buildings
£

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

404,000

-

3,290

407,290

Additions

-

19,500

-

19,500

At 31 March 2024

404,000

19,500

3,290

426,790

Depreciation

At 1 April 2023

-

-

1,801

1,801

Charge for the year

-

3,510

268

3,778

At 31 March 2024

-

3,510

2,069

5,579

Carrying amount

At 31 March 2024

404,000

15,990

1,221

421,211

At 31 March 2023

404,000

-

1,489

405,489

Included within the net book value of land and buildings above is £404,000 (2023 - £404,000) in respect of freehold land and buildings.
 

 

KP Carpets & Flooring Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Stocks

2024
£

2023
£

Work in progress

4,950

-

8

Debtors

Current

2024
£

2023
£

Trade debtors

8,696

156

Other debtors

14,163

30,787

 

22,859

30,943

 

KP Carpets & Flooring Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

11

24,023

20,759

Trade creditors

 

-

6,745

Taxation and social security

 

5,746

4,743

Accruals and deferred income

 

4,370

4,243

 

34,139

36,490

10

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

Ordinary Non-Voting A of £1 each

1

1

1

1

Preference of £1,000 each

450

450,000

450

450,000

 

452

450,002

452

450,002

11

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Other borrowings

24,023

20,759

12

Dividends

Final dividends paid

 

2024
£

2023
£

Final dividend of £0 per each Ordinary share

-

-

Final dividend of £0 per each Ordinary Non-Voting A share

-

-

 

-

-

Interim dividends paid

 

KP Carpets & Flooring Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

 

2024
£

2023
£

Interim dividend of £1,500 (2023 - £6,500) per each Ordinary share

1,500

13,000

Interim dividend of £1,500 (2023 - £0) per each Ordinary Non-Voting A share

1,500

-

 

3,000

13,000

13

Related party transactions

 

KP Carpets & Flooring Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

9,100

9,100