Registered number
10068782
Antique Oriental Rugs Limited
Filleted Accounts
31 March 2024
Antique Oriental Rugs Limited
Registered number: 10068782
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 5,425 2,700
Current assets
Stocks 57,500 90,743
Debtors 4 120,141 151,673
Cash at bank and in hand 2,055 5,946
179,696 248,362
Creditors: amounts falling due within one year 5 (113,845) (175,072)
Net current assets 65,851 73,290
Total assets less current liabilities 71,276 75,990
Creditors: amounts falling due after more than one year 6 (37,455) (31,667)
Net assets 33,821 44,323
Capital and reserves
Called up share capital 10 10
Profit and loss account 33,811 44,313
Shareholders' funds 33,821 44,323
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
S J Knight
Director
Approved by the board on 31 October 2024
Antique Oriental Rugs Limited
Notes to the Accounts
for the year ended 31 March 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. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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 evenly over its expected useful life, as follows:
Fixtures fittings and office equipment over 4 years
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.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Fixtures fittings and office equipment
£
Cost
At 1 April 2023 13,780
Additions 7,041
At 31 March 2024 20,821
Depreciation
At 1 April 2023 11,080
Charge for the year 4,316
At 31 March 2024 15,396
Net book value
At 31 March 2024 5,425
At 31 March 2023 2,700
4 Debtors 2024 2023
£ £
Trade debtors 840 5,981
Directors loan account 88,673 115,064
Other debtors 30,628 30,628
120,141 151,673
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 8,937 6,804
Taxation and social security costs 101,043 165,518
Other creditors 3,865 2,750
113,845 175,072
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 37,455 31,667
7 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 14,814 9,833
8 Controlling party
The company is controlled by the director.
9 Other information
Antique Oriental Rugs Limited is a private company limited by shares and incorporated in England. Its registered office is:
Travel House
High Street
Moreton-in-Marsh
Glos
Antique Oriental Rugs Limited 10068782 false 2023-04-01 2024-03-31 2024-03-31 VT Final Accounts April 2024 S J Knight No description of principal activity 10068782 2022-04-01 2023-03-31 10068782 core:WithinOneYear 2023-03-31 10068782 core:AfterOneYear 2023-03-31 10068782 core:ShareCapital 2023-03-31 10068782 core:RetainedEarningsAccumulatedLosses 2023-03-31 10068782 core:AllPeriods 2023-03-31 10068782 2023-04-01 2024-03-31 10068782 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 10068782 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 10068782 bus:Director40 2023-04-01 2024-03-31 10068782 1 2023-04-01 2024-03-31 10068782 2 2023-04-01 2024-03-31 10068782 core:PlantMachinery 2023-04-01 2024-03-31 10068782 countries:England 2023-04-01 2024-03-31 10068782 bus:FRS102 2023-04-01 2024-03-31 10068782 bus:FilletedAccounts 2023-04-01 2024-03-31 10068782 2024-03-31 10068782 core:WithinOneYear 2024-03-31 10068782 core:AfterOneYear 2024-03-31 10068782 core:ShareCapital 2024-03-31 10068782 core:RetainedEarningsAccumulatedLosses 2024-03-31 10068782 core:PlantMachinery 2024-03-31 10068782 core:AllPeriods 2024-03-31 10068782 2023-03-31 10068782 core:PlantMachinery 2023-03-31 iso4217:GBP xbrli:pure