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REGISTERED NUMBER: 02218841 (England and Wales)















LAKIN CARPET & FLOORING COMPANY LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






LAKIN CARPET & FLOORING COMPANY LIMITED (REGISTERED NUMBER: 02218841)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


LAKIN CARPET & FLOORING COMPANY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTOR: N P Lakin



REGISTERED OFFICE: Unit 20 Ariane Mariner
Lichfield Road Industrial Estate
Tamworth
Staffordshire
B79 7XF



REGISTERED NUMBER: 02218841 (England and Wales)



ACCOUNTANTS: Burrows Scarborough
Sovereign House
12 Warwick Street
Coventry
West Midlands
CV5 6ET



BANKERS: Virgin Money
7-11 High Street
Coventry
CV1 5SB

LAKIN CARPET & FLOORING COMPANY LIMITED (REGISTERED NUMBER: 02218841)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 137,735 141,931

CURRENT ASSETS
Stocks 5,600 5,610
Debtors 5 7,977 4,591
Cash at bank and in hand 169,750 148,995
183,327 159,196
CREDITORS
Amounts falling due within one year 6 70,617 53,626
NET CURRENT ASSETS 112,710 105,570
TOTAL ASSETS LESS CURRENT
LIABILITIES

250,445

247,501

PROVISIONS FOR LIABILITIES 11,294 12,343
NET ASSETS 239,151 235,158

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 7 238,151 234,158
239,151 235,158

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 27 November 2024 and were signed by:





N P Lakin - Director


LAKIN CARPET & FLOORING COMPANY LIMITED (REGISTERED NUMBER: 02218841)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Lakin Carpet & Flooring Company Limited 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 2% on cost
Plant and machinery etc - 25% on reducing balance and 15% on reducing balance

The freehold land is not depreciated.

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Turnover and other income
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Sale of goods

Turnover from the sale of carpets and related flooring products is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.

LAKIN CARPET & FLOORING COMPANY LIMITED (REGISTERED NUMBER: 02218841)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 3 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 April 2023
and 31 March 2024 145,000 91,214 236,214
DEPRECIATION
At 1 April 2023 10,440 83,843 94,283
Charge for year 1,740 2,456 4,196
At 31 March 2024 12,180 86,299 98,479
NET BOOK VALUE
At 31 March 2024 132,820 4,915 137,735
At 31 March 2023 134,560 7,371 141,931

Included in cost of land and buildings is freehold land of £ 58,000 (2023 - £ 58,000 ) which is not depreciated.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 5,957 3,826
Other debtors 2,020 765
7,977 4,591

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Payments on account 10,412 9,056
Trade creditors 19,463 11,706
Taxation and social security 11,653 9,976
Other creditors 29,089 22,888
70,617 53,626

7. RESERVES

Included in retained earnings is £103,582 (2021 - £103,582) of non-distributable reserves.