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Company No: 01919113 (England and Wales)

WOODCOCK CARPETS LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

WOODCOCK CARPETS LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

WOODCOCK CARPETS LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
WOODCOCK CARPETS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 88,448 91,857
88,448 91,857
Current assets
Debtors 4 433,445 7,336
Cash at bank and in hand 34,445 1,993,938
467,890 2,001,274
Creditors: amounts falling due within one year 5 ( 87,388) ( 1,615,650)
Net current assets 380,502 385,624
Total assets less current liabilities 468,950 477,481
Provision for liabilities 6 0 ( 1)
Net assets 468,950 477,480
Capital and reserves
Called-up share capital 2 2
Profit and loss account 468,948 477,478
Total shareholders' funds 468,950 477,480

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Woodcock Carpets Limited (registered number: 01919113) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

Peter James Leist
Director

27 November 2024

WOODCOCK CARPETS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
WOODCOCK CARPETS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Woodcock Carpets Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Larking Gowen 1st Floor Prospect House, Rouen Road, Norwich, NR1 1RE, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Income Statement in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Finance costs

Finance costs are charged to the Income Statement over the term of the debt using the effective interest method so 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.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Plant and machinery 15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Tangible assets

Land and buildings Plant and machinery Total
£ £ £
Cost
At 01 April 2023 170,000 3,015 173,015
At 31 March 2024 170,000 3,015 173,015
Accumulated depreciation
At 01 April 2023 78,200 2,958 81,158
Charge for the financial year 3,400 9 3,409
At 31 March 2024 81,600 2,967 84,567
Net book value
At 31 March 2024 88,400 48 88,448
At 31 March 2023 91,800 57 91,857

4. Debtors

2024 2023
£ £
Trade debtors 3,310 4,690
Amounts owed by associates 425,957 0
Prepayments 3,680 2,646
Deferred tax asset 1 0
VAT recoverable 497 0
433,445 7,336

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 6,413 10,482
Amounts owed to associates 0 1,513,098
Amounts owed to directors 59,081 65,428
Accruals 11,051 16,340
Taxation and social security 10,843 10,302
87,388 1,615,650

6. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 1) 6
Credited/(charged) to the Income Statement 2 ( 7)
At the end of financial year 1 ( 1)

The deferred taxation balance is made up as follows:

2024 2023
£ £
Accelerated capital allowances ( 12) ( 14)
Pension surplus 13 13
1 ( 1)

7. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2024 2023
£ £
Unpaid contributions due to the fund (inc. in accruals) 144 140

8. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Balance owed to PJ & JE Leist 59,081 65,428

Interest of £1,479 (2023: £2,338) was charged on this loan.

Other related party transactions

2024 2023
£ £
Intercompany balance with Wensum Point Carpets, a company under the control of PJ & JE Leist - 2024 Debtor / (2023 Creditor) 425,957 (1,513,098)