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Registration number: 09511741

A Dean Carpets Limited

REPORT OF THE DIRECTORS and Unaudited Financial Statements

for the Year Ended 30 April 2024

 

A Dean Carpets Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 13

 

A Dean Carpets Limited

Company Information

Directors

Mr Philip Martin Dean

Mrs Melanie Dean

Registered office

Bridge Wharf
Station Approach
Carmarthen
SA31 2BE
 

Accountants

Wynne & Co
Chartered Accountants
Forestry House
Brewery Road
Carmarthen
Carmarthenshire
SA31 1TF

 

A Dean Carpets Limited

(Registration number: 09511741)
Balance Sheet as at 30 April 2024

Note

30 April
2024
£

30 April
2023
£

Fixed assets

 

Tangible assets

4

87,579

97,805

Current assets

 

Stocks

5

32,319

31,000

Debtors

6

55,654

25,033

Cash at bank and in hand

 

35,473

37,724

 

123,446

93,757

Creditors: Amounts falling due within one year

7

(146,649)

(103,304)

Net current liabilities

 

(23,203)

(9,547)

Total assets less current liabilities

 

64,376

88,258

Creditors: Amounts falling due after more than one year

7

(28,417)

(46,167)

Net assets

 

35,959

42,091

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

35,859

41,991

Shareholders' funds

 

35,959

42,091

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

A Dean Carpets Limited

(Registration number: 09511741)
Balance Sheet as at 30 April 2024

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 15 January 2025 and signed on its behalf by:
 

.........................................
Mr Philip Martin Dean
Director

.........................................
Mrs Melanie Dean
Director

 

A Dean Carpets Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Bridge Wharf
Station Approach
Carmarthen
SA31 2BE

These financial statements were authorised for issue by the Board on 15 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

A Dean Carpets Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 April 2024

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% on cost

Motor vehicles

20% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

A Dean Carpets Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 April 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

A Dean Carpets Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 April 2024

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2023 - 8).

 

A Dean Carpets Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 April 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 May 2023

27,141

1,781

85,350

8,591

122,863

Additions

-

897

-

8,782

9,679

At 30 April 2024

27,141

2,678

85,350

17,373

132,542

Depreciation

At 1 May 2023

-

864

20,660

3,534

25,058

Charge for the year

-

692

16,878

2,335

19,905

At 30 April 2024

-

1,556

37,538

5,869

44,963

Carrying amount

At 30 April 2024

27,141

1,122

47,812

11,504

87,579

At 30 April 2023

27,141

917

64,690

5,057

97,805

Included within the net book value of land and buildings above is £27,141 (2023 - £27,141) in respect of freehold land and buildings.
 

 

A Dean Carpets Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 April 2024

5

Stocks

30 April
2024
£

30 April
2023
£

Other inventories

32,319

31,000

 

A Dean Carpets Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 April 2024

6

debtors

Current

30 April
2024
£

30 April
2023
£

Trade debtors

50,398

20,737

Prepayments

5,256

4,296

 

55,654

25,033

7

Creditors

Creditors: amounts falling due within one year

Note

30 April
2024
£

30 April
2023
£

Due within one year

 

Bank loans and overdrafts

9

17,750

25,078

Trade creditors

 

16,386

24,716

Taxation and social security

 

65,033

16,417

Accruals and deferred income

 

1,500

1,408

Other creditors

 

45,980

35,685

 

146,649

103,304

Creditors: amounts falling due after more than one year

Note

30 April
2024
£

30 April
2023
£

Due after one year

 

Loans and borrowings

9

28,417

46,167

 

A Dean Carpets Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 April 2024

8

Share capital

Allotted, called up and fully paid shares

30 April
2024

30 April
2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       
 

A Dean Carpets Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 April 2024

9

Loans and borrowings

Non-current loans and borrowings

30 April
2024
£

30 April
2023
£

Bank borrowings

8,430

16,883

Hire purchase contracts

19,987

29,284

28,417

46,167

Current loans and borrowings

30 April
2024
£

30 April
2023
£

Bank borrowings

8,453

8,308

Hire purchase contracts

9,297

16,770

17,750

25,078

10

Dividends

Interim dividends paid

30 April
2024
£

30 April
2023
£

Interim dividend of £840.00 (2023 - £720.00) per each Ordinary shares

84,000

72,000

 

 
 

A Dean Carpets Limited

Notes to the Unaudited Financial Statements
for the Year Ended 30 April 2024

11

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

18,200

18,200

Contributions paid to money purchase schemes

16,800

9,600

35,000

27,800