Company registration number 01494876 (England and Wales)
WOOLTON CARPET CENTRE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
WOOLTON CARPET CENTRE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
WOOLTON CARPET CENTRE LIMITED
BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
88,170
90,518
Current assets
Stocks
5
183,700
200,000
Debtors
6
90,887
24,032
Cash at bank and in hand
21,209
139,210
295,796
363,242
Creditors: amounts falling due within one year
7
(307,390)
(361,918)
Net current (liabilities)/assets
(11,594)
1,324
Total assets less current liabilities
76,576
91,842
Creditors: amounts falling due after more than one year
8
(72,219)
(78,231)
Provisions for liabilities
(7,184)
Net assets
4,357
6,427
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
3,357
5,427
Total equity
4,357
6,427
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 30 April 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.
WOOLTON CARPET CENTRE LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024
30 April 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 1 July 2024 and are signed on its behalf by:
Mr AF Griffin
Director
Company registration number 01494876 (England and Wales)
WOOLTON CARPET CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information
Woolton Carpet Centre Limited is a private company limited by shares incorporated in England and Wales. The registered office is C/O Sedulo Liverpool Limited, Walker House, Exchange Flags, Liverpool, Merseyside, United Kingdom, L2 3YL.
1.1
Accounting convention
These financial statements have been prepared in accordance with 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.
1.2
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 excludes trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
15% on reducing balance
Plant and equipment
15% on reducing balance
Fixtures and fittings
15% on reducing balance
Motor vehicles
25% on reducing balance
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.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items.
1.5
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. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
WOOLTON CARPET CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
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.
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.7
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 profit or loss 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 profit or loss 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 leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
15
15
3
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Depreciation of owned tangible fixed assets
8,782
9,008
WOOLTON CARPET CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
4
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 May 2023
44,929
9,355
141,638
42,982
238,904
Additions
7,497
607
8,104
At 30 April 2024
44,929
9,355
149,135
43,589
247,008
Depreciation and impairment
At 1 May 2023
29,270
8,178
107,431
3,507
148,386
Depreciation charged in the year
2,349
177
6,256
1,670
10,452
At 30 April 2024
31,619
8,355
113,687
5,177
158,838
Carrying amount
At 30 April 2024
13,310
1,000
35,448
38,412
88,170
At 30 April 2023
15,659
1,177
34,207
39,475
90,518
5
Stocks
2024
2023
£
£
Stocks
183,700
200,000
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
40,112
22,103
Other debtors
50,775
Prepayments and accrued income
1,929
90,887
24,032
WOOLTON CARPET CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
41,500
41,692
Obligations under finance leases
14,532
15,408
Trade creditors
147,788
197,605
Corporation tax
48,930
39,986
Other taxation and social security
34,833
36,095
Other creditors
19,807
25,599
Accruals and deferred income
5,533
307,390
361,918
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
72,219
63,699
Obligations under finance leases
14,532
72,219
78,231