Caseware UK (AP4) 2023.0.135 2023.0.135 2024-01-312024-01-310455false12truefalsetrue2023-02-01No description of principal activity12The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 04715601 2023-02-01 2024-01-31 04715601 2022-02-01 2023-01-31 04715601 2024-01-31 04715601 2023-01-31 04715601 c:Director1 2023-02-01 2024-01-31 04715601 d:Buildings 2023-02-01 2024-01-31 04715601 d:Buildings 2024-01-31 04715601 d:Buildings 2023-01-31 04715601 d:Buildings d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 04715601 d:Buildings d:LeasedAssetsHeldAsLessee 2023-02-01 2024-01-31 04715601 d:Buildings d:ShortLeaseholdAssets 2023-02-01 2024-01-31 04715601 d:Buildings d:ShortLeaseholdAssets 2024-01-31 04715601 d:Buildings d:ShortLeaseholdAssets 2023-01-31 04715601 d:MotorVehicles 2023-02-01 2024-01-31 04715601 d:MotorVehicles 2024-01-31 04715601 d:MotorVehicles 2023-01-31 04715601 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 04715601 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-02-01 2024-01-31 04715601 d:FurnitureFittings 2023-02-01 2024-01-31 04715601 d:FurnitureFittings 2024-01-31 04715601 d:FurnitureFittings 2023-01-31 04715601 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 04715601 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2023-02-01 2024-01-31 04715601 d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 04715601 d:LeasedAssetsHeldAsLessee 2023-02-01 2024-01-31 04715601 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-01-31 04715601 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-31 04715601 d:Goodwill 2023-02-01 2024-01-31 04715601 d:Goodwill 2024-01-31 04715601 d:Goodwill 2023-01-31 04715601 d:CurrentFinancialInstruments 2024-01-31 04715601 d:CurrentFinancialInstruments 2023-01-31 04715601 d:Non-currentFinancialInstruments 2024-01-31 04715601 d:Non-currentFinancialInstruments 2023-01-31 04715601 d:CurrentFinancialInstruments d:WithinOneYear 2024-01-31 04715601 d:CurrentFinancialInstruments d:WithinOneYear 2023-01-31 04715601 d:Non-currentFinancialInstruments d:AfterOneYear 2024-01-31 04715601 d:Non-currentFinancialInstruments d:AfterOneYear 2023-01-31 04715601 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-01-31 04715601 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-01-31 04715601 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2024-01-31 04715601 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-01-31 04715601 d:ShareCapital 2024-01-31 04715601 d:ShareCapital 2023-01-31 04715601 d:RetainedEarningsAccumulatedLosses 2024-01-31 04715601 d:RetainedEarningsAccumulatedLosses 2023-01-31 04715601 c:FRS102 2023-02-01 2024-01-31 04715601 c:AuditExempt-NoAccountantsReport 2023-02-01 2024-01-31 04715601 c:FullAccounts 2023-02-01 2024-01-31 04715601 c:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 04715601 2 2023-02-01 2024-01-31 04715601 d:AcceleratedTaxDepreciationDeferredTax 2024-01-31 04715601 d:AcceleratedTaxDepreciationDeferredTax 2023-01-31 04715601 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2024-01-31 04715601 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-01-31 04715601 e:PoundSterling 2023-02-01 2024-01-31 iso4217:GBP xbrli:pure
Registered number: 04715601









NORFOLK CARPETS LIMITED

UNAUDITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JANUARY 2024

 
NORFOLK CARPETS LIMITED
REGISTERED NUMBER: 04715601

BALANCE SHEET
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
1
1

Tangible assets
 5 
355,927
360,932

  
355,928
360,933

Current assets
  

Stocks
  
170,000
175,000

Debtors: amounts falling due within one year
 6 
276,292
360,371

Cash at bank and in hand
 7 
624,529
532,246

  
1,070,821
1,067,617

Creditors: amounts falling due within one year
 8 
(269,263)
(315,707)

Net current assets
  
 
 
801,558
 
 
751,910

Total assets less current liabilities
  
1,157,486
1,112,843

Creditors: amounts falling due after more than one year
 9 
(111,907)
(139,382)

Provisions for liabilities
  

Deferred tax
 11 
(9,098)
(8,791)

  
 
 
(9,098)
 
 
(8,791)

Net assets
  
1,036,481
964,670


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
1,036,479
964,668

  
1,036,481
964,670


Page 1

 
NORFOLK CARPETS LIMITED
REGISTERED NUMBER: 04715601

BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 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 profit and loss account 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 on 23 October 2024.




G K Burdett
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
NORFOLK CARPETS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.


General information

Norfolk Carpets Limited is a private company limited by shares, incorporated in England and Wales, with a company registration number of 04715601. The address of the registered office is Tanglewood, Fulcher Avenue, Cromer, Norfolk, NR27 9SG.

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

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.

 
2.3

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.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

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 3

 
NORFOLK CARPETS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.6

Borrowing costs

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

 
2.7

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.

 
2.8

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.

 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Goodwill
-
fully amortised

Page 4

 
NORFOLK CARPETS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.10

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Freehold property
-
50 years straight line
Property improvements
-
50 years straight line
Motor vehicles
-
25% reducing balance basis
Fixtures, fittings and equipment
-
25% reducing balance basis

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.

 
2.11

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.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.13

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.

 
2.14

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 5

 
NORFOLK CARPETS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.15

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.

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.

 
2.16

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 12 (2023 - 12).

Page 6

 
NORFOLK CARPETS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

4.


Intangible assets




Intellectual Property
Goodwill
Total

£
£
£



Cost


At 1 February 2023
1
149,999
150,000



At 31 January 2024

1
149,999
150,000



Amortisation


At 1 February 2023
-
149,999
149,999



At 31 January 2024

-
149,999
149,999



Net book value



At 31 January 2024
1
-
1



At 31 January 2023
1
-
1



Page 7

 
NORFOLK CARPETS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

5.


Tangible fixed assets





Freehold property
Property improvement
Motor vehicles
Fixtures, fittings and equipment
Total

£
£
£
£
£



Cost or valuation


At 1 February 2023
359,885
10,300
44,501
25,100
439,786


Additions
-
11,022
-
468
11,490



At 31 January 2024

359,885
21,322
44,501
25,568
451,276



Depreciation


At 1 February 2023
43,182
1,236
12,650
21,786
78,854


Charge for the year on owned assets
7,197
455
5,302
881
13,835


Charge for the year on financed assets
-
-
2,660
-
2,660



At 31 January 2024

50,379
1,691
20,612
22,667
95,349



Net book value



At 31 January 2024
309,506
19,631
23,889
2,901
355,927



At 31 January 2023
316,703
9,064
31,851
3,314
360,932

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Motor vehicles
7,980
10,640

Page 8

 
NORFOLK CARPETS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

6.


Debtors

2024
2023
£
£


Trade debtors
264,789
347,328

Other debtors
4,025
4,025

Prepayments
3,478
5,018

Amounts recoverable on contracts
4,000
4,000

276,292
360,371



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
624,529
532,246



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
27,405
29,905

Trade creditors
72,256
108,211

Corporation tax
48,940
62,933

Other taxation and social security
25,595
25,819

Obligations under finance lease and hire purchase contracts
3,932
3,932

Other creditors
3,671
3,652

Accruals and deferred income
87,464
81,255

269,263
315,707


Page 9

 
NORFOLK CARPETS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
111,252
134,795

Net obligations under finance leases and hire purchase contracts
655
4,587

111,907
139,382


The following liabilities were secured:

2024
2023
£
£



Bank loans
138,657
164,700

Hire purchase
-
8,519

138,657
173,219

Details of security provided:

The bank loans are secured on the freehold property of 6 Fish Hill, Holt, Norfolk, which is held in  freehold property. The bank also holds a debenture comprising fixed and floating charges over all the assets and undertakings of Norfolk Carpets Limited.


 


10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
27,405
29,905


Amounts falling due 2-5 years

Bank loans
111,252
127,115

Amounts falling due after more than 5 years

Bank loans
-
7,680

138,657
164,700


Page 10

 
NORFOLK CARPETS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

11.


Deferred taxation




2024


£






At beginning of year
8,791


Charged to profit or loss
307



At end of year
9,098

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
9,098
8,791


12.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £7,098 (2023 - £6,634).
Contributions of £1,172 (2023 £1,290) were payable to the fund at the balance sheet date and are included in creditors.


13.Directors' personal guarantees

In relation to the bank loan secured on the property at 6 Fish Hill Holt, the directors have given security and personal guarantees as thus:-
Security over the freehold property of G K Burdett.
Guarantee given by G K Burdett and Mrs J Burdett to secure all liabilities of Norfolk Carpets Limited to £30,000.


Page 11