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REGISTERED NUMBER: 10520992 (England and Wales)















Unaudited Financial Statements

For The Year Ended 30 October 2023

for

KS Carpet Ltd

KS Carpet Ltd (Registered number: 10520992)






Contents of the Financial Statements
For The Year Ended 30 October 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


KS Carpet Ltd

Company Information
For The Year Ended 30 October 2023







DIRECTORS: Mr H A H Al - Saadi
Mrs N S Tawfeeq





REGISTERED OFFICE: Unit 3
Crossway Park
Hitchin Road
Arlesey
Bedfordshire
SG15 6SG





REGISTERED NUMBER: 10520992 (England and Wales)





ACCOUNTANTS: RNS Business Solutions Limited
Chartered Accountants
276 Preston Road
Harrow
Middlesex
HA3 0QA

KS Carpet Ltd (Registered number: 10520992)

Balance Sheet
30 October 2023

30/10/23 30/10/22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 48,493 59,619

CURRENT ASSETS
Stocks 692,380 671,895
Debtors 5 187,454 180,251
Cash at bank and in hand 21,306 16,317
901,140 868,463
CREDITORS
Amounts falling due within one year 6 1,021,965 1,026,166
NET CURRENT LIABILITIES (120,825 ) (157,703 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(72,332

)

(98,084

)

CAPITAL AND RESERVES
Called up share capital 100 100
Profit and loss account (72,432 ) (98,184 )
(72,332 ) (98,084 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 October 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

KS Carpet Ltd (Registered number: 10520992)

Balance Sheet - continued
30 October 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 November 2024 and were signed on its behalf by:




Mr H A H Al - Saadi - Director



Mrs N S Tawfeeq - Director


KS Carpet Ltd (Registered number: 10520992)

Notes to the Financial Statements
For The Year Ended 30 October 2023

1. STATUTORY INFORMATION

KS Carpet Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - in accordance with the property
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 20% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in Profit and Loss Account.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

KS Carpet Ltd (Registered number: 10520992)

Notes to the Financial Statements - continued
For The Year Ended 30 October 2023

2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

Going concern
As at the balance sheet date the company's total liabilities exceeded its total assets. However, directors anticipate that the company will become profitable in future years and considering the support available from creditors, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Therefore, the financial statements have been prepared on a going concern basis.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2022 - 8 ) .

KS Carpet Ltd (Registered number: 10520992)

Notes to the Financial Statements - continued
For The Year Ended 30 October 2023

4. TANGIBLE FIXED ASSETS
Fixtures
Short and Motor
leasehold fittings vehicles Totals
£    £    £    £   
COST
At 31 October 2022
and 30 October 2023 8,980 69,868 61,016 139,864
DEPRECIATION
At 31 October 2022 502 40,749 38,994 80,245
Charge for year 898 5,825 4,403 11,126
At 30 October 2023 1,400 46,574 43,397 91,371
NET BOOK VALUE
At 30 October 2023 7,580 23,294 17,619 48,493
At 30 October 2022 8,478 29,119 22,022 59,619

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/10/23 30/10/22
£    £   
Trade debtors 120,153 112,711
Other debtors 67,301 67,540
187,454 180,251

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/10/23 30/10/22
£    £   
Trade creditors 333,552 397,846
Taxation and social security 46,682 7,699
Other creditors 641,731 620,621
1,021,965 1,026,166

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
30/10/23 30/10/22
£    £   
Within one year 106,890 106,890
Between one and five years 427,560 427,560
In more than five years 367,818 474,708
902,268 1,009,158

KS Carpet Ltd (Registered number: 10520992)

Notes to the Financial Statements - continued
For The Year Ended 30 October 2023

8. RELATED PARTY DISCLOSURES

Included in creditors is an amount due to directors and shareholders of £627,156 (2022: £605,359). The outstanding loan due is interest free and payable on demand.