Discount Carpet Tiles Ltd 5014160 false 2023-02-01 2024-01-31 2024-01-31 The principal activity of the company is the retail of carpet tiles. Digita Accounts Production Advanced 6.30.9574.0 true true 5014160 2023-02-01 2024-01-31 5014160 2024-01-31 5014160 bus:Director2 1 2024-01-31 5014160 core:RetainedEarningsAccumulatedLosses 2024-01-31 5014160 core:ShareCapital 2024-01-31 5014160 core:CurrentFinancialInstruments 2024-01-31 5014160 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-31 5014160 core:Non-currentFinancialInstruments 2024-01-31 5014160 core:Non-currentFinancialInstruments core:AfterOneYear 2024-01-31 5014160 core:FurnitureFittingsToolsEquipment 2024-01-31 5014160 core:MotorVehicles 2024-01-31 5014160 core:OtherPropertyPlantEquipment 2024-01-31 5014160 bus:SmallEntities 2023-02-01 2024-01-31 5014160 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 5014160 bus:FilletedAccounts 2023-02-01 2024-01-31 5014160 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 5014160 bus:RegisteredOffice 2023-02-01 2024-01-31 5014160 bus:Director2 2023-02-01 2024-01-31 5014160 bus:Director2 1 2023-02-01 2024-01-31 5014160 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 5014160 core:FurnitureFittingsToolsEquipment 2023-02-01 2024-01-31 5014160 core:MotorVehicles 2023-02-01 2024-01-31 5014160 core:OtherPropertyPlantEquipment 2023-02-01 2024-01-31 5014160 countries:EnglandWales 2023-02-01 2024-01-31 5014160 2023-01-31 5014160 bus:Director2 1 2023-01-31 5014160 core:FurnitureFittingsToolsEquipment 2023-01-31 5014160 core:MotorVehicles 2023-01-31 5014160 core:OtherPropertyPlantEquipment 2023-01-31 5014160 2022-02-01 2023-01-31 5014160 2023-01-31 5014160 bus:Director2 1 2023-01-31 5014160 core:RetainedEarningsAccumulatedLosses 2023-01-31 5014160 core:ShareCapital 2023-01-31 5014160 core:CurrentFinancialInstruments 2023-01-31 5014160 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 5014160 core:Non-currentFinancialInstruments 2023-01-31 5014160 core:Non-currentFinancialInstruments core:AfterOneYear 2023-01-31 5014160 core:FurnitureFittingsToolsEquipment 2023-01-31 5014160 core:MotorVehicles 2023-01-31 5014160 core:OtherPropertyPlantEquipment 2023-01-31 5014160 bus:Director2 1 2022-02-01 2023-01-31 5014160 bus:Director2 1 2022-01-31 iso4217:GBP xbrli:pure

Registration number: 5014160

Discount Carpet Tiles Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

Discount Carpet Tiles Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Discount Carpet Tiles Ltd

(Registration number: 5014160)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

7,214

11,379

Current assets

 

Stocks

5

45,000

70,000

Debtors

6

32,590

20,599

Cash at bank and in hand

 

5,922

6,965

 

83,512

97,564

Creditors: Amounts falling due within one year

7

(35,688)

(55,224)

Net current assets

 

47,824

42,340

Total assets less current liabilities

 

55,038

53,719

Creditors: Amounts falling due after more than one year

7

(37,500)

(41,250)

Provisions for liabilities

(962)

(7)

Net assets

 

16,576

12,462

Capital and reserves

 

Called up share capital

200

100

Retained earnings

16,376

12,362

Shareholders' funds

 

16,576

12,462

 

Discount Carpet Tiles Ltd

(Registration number: 5014160)
Balance Sheet as at 31 January 2024

For the financial year ending 31 January 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 31 October 2024
 

.........................................
J F C Smith
Director

 

Discount Carpet Tiles Ltd

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

1

General information

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

The address of its registered office is:
Unit 7 Kenyon Business Centre
Lomeshaye Industrial Estate
Nelson
Lancashire
BB9 5SP
England

These financial statements were authorised for issue by the director on 31 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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

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

Going concern

The financial statements have been prepared on a going concern basis.

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 and deferred 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.

 

Discount Carpet Tiles Ltd

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

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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

Furniture, fittings and equipment

25% reducing balance

Motor Vehicles

25% reducing balance

Other property, plant and equipment

25% reducing balance

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.

 

Discount Carpet Tiles Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 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.

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.

 

Discount Carpet Tiles Ltd

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

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 4).

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 February 2023

18,828

16,385

18,809

54,022

Additions

475

4,000

270

4,745

Disposals

-

(8,080)

-

(8,080)

At 31 January 2024

19,303

12,305

19,079

50,687

Depreciation

At 1 February 2023

17,679

8,487

16,477

42,643

Charge for the year

287

1,519

634

2,440

Eliminated on disposal

-

(1,610)

-

(1,610)

At 31 January 2024

17,966

8,396

17,111

43,473

Carrying amount

At 31 January 2024

1,337

3,909

1,968

7,214

At 31 January 2023

1,149

7,898

2,332

11,379

5

Stocks

2024
£

2023
£

Other inventories

45,000

70,000

 

Discount Carpet Tiles Ltd

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

6

Debtors

Current

2024
£

2023
£

Trade debtors

5,987

2,012

Prepayments

297

275

Other debtors

26,306

18,312

 

32,590

20,599

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

3,750

3,750

Trade creditors

 

2,686

17,089

Taxation and social security

 

27,050

16,436

Accruals and deferred income

 

2,000

1,575

Other creditors

 

202

16,374

 

35,688

55,224

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

37,500

41,250

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

37,500

41,250

Current loans and borrowings

2024
£

2023
£

Bank borrowings

3,750

3,750

 

Discount Carpet Tiles Ltd

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

9

Related party transactions

Transactions with the director

2024

At 1 February 2023
£

Advances to director
£

Repayments by director
£

At 31 January 2024
£

J F C Smith

Directors loan account on which interest is charged

11,865

35,089

(29,500)

17,454

2023

At 1 February 2022
£

Advances to director
£

Repayments by director
£

At 31 January 2023
£

J F C Smith

Directors loan account on which interest is charged

51,021

30,436

(69,592)

11,865