Company registration number 08158628 (England and Wales)
DCS CARPETS LIMITED
ANNUAL REPORT AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
DCS CARPETS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
DCS CARPETS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
5,440
Tangible assets
4
92,245
123,695
97,685
123,695
Current assets
Stocks
299,612
306,589
Debtors
5
61,581
46,714
Cash at bank and in hand
74,371
70,710
435,564
424,013
Creditors: amounts falling due within one year
6
(316,212)
(348,588)
Net current assets
119,352
75,425
Total assets less current liabilities
217,037
199,120
Creditors: amounts falling due after more than one year
7
(38,124)
(78,221)
Provisions for liabilities
(10,677)
(1,955)
Net assets
168,236
118,944
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
168,136
118,844
Total equity
168,236
118,944
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
DCS CARPETS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 26 October 2024 and are signed on its behalf by:
Mr C Beange
Director
Company registration number 08158628 (England and Wales)
DCS CARPETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
DCS Carpets Limited is a private company limited by shares incorporated in England and Wales. The registered office is West Walk Building, 110 Regent Road, Leicester, LE1 7LT.
1.1
Basis of preparation
These financial statements have been prepared in accordance with applicable accounting standards including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
1.2
Turnover
Turnover represents amounts receivable for the sale of carpets, floor coverings, beds, soft furnishings and soft play facilities net of VAT and trade discounts.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Software
33% per annum of cost
1.4
Tangible fixed assets
Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
Straight line over the life of the lease
Plant and machinery
25% per annum of cost
Fixtures, fittings & equipment
15% per annum of cost
Motor vehicles
25% per annum of cost
DCS CARPETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset, or the asset's cash generating unit is estimated and compared to the carrying amount in order to determine the extent of the impairment loss (if any). Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the profit and loss account unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Provision is made for damaged, obsolete and slow-moving stock where appropriate.
1.7
Financial instruments
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Debtors and creditors with no stated interest rate and receivable or payable within one year are measured at transaction price. Any losses arising from impairment are recognised in the profit and loss account.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.
1.9
Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
DCS CARPETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.11
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to the profit and loss account on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
20
18
3
Intangible fixed assets
Other
£
Cost
At 1 April 2023
Additions
8,160
At 31 March 2024
8,160
Amortisation and impairment
At 1 April 2023
Amortisation charged for the year
2,720
At 31 March 2024
2,720
Carrying amount
At 31 March 2024
5,440
At 31 March 2023
DCS CARPETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
4
Tangible fixed assets
Leasehold land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2023
8,200
351,999
360,199
Additions
3,100
48,806
51,906
Disposals
(168,104)
(168,104)
At 31 March 2024
11,300
232,701
244,001
Depreciation and impairment
At 1 April 2023
1,171
235,333
236,504
Depreciation charged in the year
1,614
37,814
39,428
Eliminated in respect of disposals
(124,176)
(124,176)
At 31 March 2024
2,785
148,971
151,756
Carrying amount
At 31 March 2024
8,515
83,730
92,245
At 31 March 2023
7,029
116,666
123,695
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
36,205
29,271
Other debtors
4,178
Prepayments and accrued income
21,198
17,443
61,581
46,714
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,000
10,461
Obligations under finance leases
13,219
18,284
Payments received on account
76,731
90,660
Trade creditors
127,494
149,072
Deposits held
1,167
1,000
Corporation tax
23,430
14,056
Other taxation and social security
42,146
44,707
Other creditors
4,293
6,353
Accruals and deferred income
17,732
13,995
316,212
348,588
DCS CARPETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
6
Creditors: amounts falling due within one year
(Continued)
- 7 -
Net obligations under finance lease and hire purchase contracts are secured on the assets to which they relate. The aggregate amount of creditors included above for which security has been given amounted to £13,219 (2023 - £18,284).
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
11,667
21,206
Obligations under finance leases
26,457
57,015
38,124
78,221
Net obligations under finance lease and hire purchase contracts are secured on the assets to which they relate. The aggregate amount of creditors for which security has been given amounted to £26,457 (2023 - £57,015).
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
330,488
391,140
10
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Description
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Director
(165)
2,694
(2,557)
(28)
Director
-
4,164
(3,830)
334
Director
-
8,838
(4,995)
3,843
(165)
15,696
(11,382)
4,149