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REGISTERED NUMBER: 04751848 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024

FOR

BERNIE ATHERTON CARPETS LIMITED

BERNIE ATHERTON CARPETS LIMITED (REGISTERED NUMBER: 04751848)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 May 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


BERNIE ATHERTON CARPETS LIMITED

COMPANY INFORMATION
for the year ended 31 May 2024







DIRECTORS: Mr I D Atherton
Mrs S T Atherton





REGISTERED OFFICE: 17 St Peters Place
Fleetwood
Lancashire
FY7 6EB





REGISTERED NUMBER: 04751848 (England and Wales)





ACCOUNTANTS: Jones Harris Limited
17 St Peters Place
Fleetwood
Lancashire
FY7 6EB

BERNIE ATHERTON CARPETS LIMITED (REGISTERED NUMBER: 04751848)

BALANCE SHEET
31 May 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 50,939 40,787
Investment property 5 335,762 335,762
386,701 376,549

CURRENT ASSETS
Stocks 372,198 362,326
Debtors 6 97,672 49,669
Cash at bank and in hand 145,369 138,438
615,239 550,433
CREDITORS
Amounts falling due within one year 7 (125,951 ) (122,834 )
NET CURRENT ASSETS 489,288 427,599
TOTAL ASSETS LESS CURRENT
LIABILITIES

875,989

804,148

CREDITORS
Amounts falling due after more than one
year

8

(75,642

)

(75,561

)

PROVISIONS FOR LIABILITIES (24,143 ) (22,920 )
NET ASSETS 776,204 705,667

CAPITAL AND RESERVES
Called up share capital 130 130
Fair value reserve 68,178 68,178
Retained earnings 707,896 637,359
SHAREHOLDERS' FUNDS 776,204 705,667

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 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.

BERNIE ATHERTON CARPETS LIMITED (REGISTERED NUMBER: 04751848)

BALANCE SHEET - continued
31 May 2024


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 January 2025 and were signed on its behalf by:





Mr I D Atherton - Director


BERNIE ATHERTON CARPETS LIMITED (REGISTERED NUMBER: 04751848)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 May 2024

1. STATUTORY INFORMATION

Bernie Atherton Carpets 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.

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 as modified by the revaluation of certain assets.

Turnover
Turnover represents sales of goods net of VAT and trade discounts. Turnover is recognised when the goods are physically delivered to the customer.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 5% on cost
Plant and machinery - 20% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 20% on cost
Computer equipment - 33% on cost

Tangible fixed assets held for the company’s own use are stated at cost less accumulated depreciation and accumulated impairment losses.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

No depreciation is provided on investment properties which is a departure from the requirements of the Companies Act 2006. In the opinion of the directors these properties are held primarily for their investment potential and so their current value is of more significance than any measure of consumption and to depreciate them would not give a true and fair view. The provisions of FRS102 Section 1A (effective January 2016) in respect of investment properties have therefore been adopted in order to give a true and fair view. If this departure from the Act had not been made, the profit for the year would have been reduced by depreciation. However the amount of the depreciation cannot reasonably be quantified and the amount which might otherwise have been shown cannot be separately identified or quantified.

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 Income Statement, 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.


BERNIE ATHERTON CARPETS LIMITED (REGISTERED NUMBER: 04751848)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 May 2024

2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Provisions for liabilities
Provisions are recognised where there is a legal or constructive obligation to transfer economic benefits as a result of a past event and it is probable that an outflow of economic benefits will be required to settle the obligation. Where the company expects some or all of a provision to be reimbursed, the reimbursement is only recognised as a separate asset if recovery is virtually certain

Going concern
The directors are satisfied at the time of approving the financial statements that the company has adequate resources to continue to operate for the foreseeable future and as such, continues to adopt the going concern basis in preparing the financial statements.

3. EMPLOYEES AND DIRECTORS

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

BERNIE ATHERTON CARPETS LIMITED (REGISTERED NUMBER: 04751848)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 May 2024

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 June 2023 4,750 30,900 26,191
Additions - - 3,000
At 31 May 2024 4,750 30,900 29,191
DEPRECIATION
At 1 June 2023 475 17,702 19,538
Charge for year 238 4,399 2,930
At 31 May 2024 713 22,101 22,468
NET BOOK VALUE
At 31 May 2024 4,037 8,799 6,723
At 31 May 2023 4,275 13,198 6,653

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 June 2023 98,800 3,261 163,902
Additions 24,000 1,324 28,324
At 31 May 2024 122,800 4,585 192,226
DEPRECIATION
At 1 June 2023 82,140 3,260 123,115
Charge for year 10,340 265 18,172
At 31 May 2024 92,480 3,525 141,287
NET BOOK VALUE
At 31 May 2024 30,320 1,060 50,939
At 31 May 2023 16,660 1 40,787

BERNIE ATHERTON CARPETS LIMITED (REGISTERED NUMBER: 04751848)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 May 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 June 2023 61,000
Additions 24,000
Transfer to ownership (26,500 )
At 31 May 2024 58,500
DEPRECIATION
At 1 June 2023 44,340
Charge for year 10,340
Transfer to ownership (26,500 )
At 31 May 2024 28,180
NET BOOK VALUE
At 31 May 2024 30,320
At 31 May 2023 16,660

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2023
and 31 May 2024 335,762
NET BOOK VALUE
At 31 May 2024 335,762
At 31 May 2023 335,762

Fair value at 31 May 2024 is represented by:
£   
Valuation in 2022 82,018
Cost 253,744
335,762

If investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 253,744 253,744

Investment property was valued on an open market basis on 31 May 2024 by the directors. .

BERNIE ATHERTON CARPETS LIMITED (REGISTERED NUMBER: 04751848)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 May 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 37,660 40,616
Other debtors 27,287 1,700
Directors' current accounts 25,592 -
Prepayments 7,133 7,353
97,672 49,669

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,527 11,099
Hire purchase contracts (see note 9) 12,194 8,722
Trade creditors 44,115 46,627
Tax 18,843 27,580
Social security and other taxes 305 168
VAT 35,477 24,205
Directors' current accounts - 158
Accruals and deferred income 4,490 4,275
125,951 122,834

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 48,030 60,247
Hire purchase contracts (see note 9) 27,612 15,314
75,642 75,561

Bank loans outstanding at the year end amounted to £58,543 (2023 - £71,346) and include instalments due after more than five years of £18,975 (2023 - £22,455).

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 12,194 8,722
Between one and five years 27,612 15,314
39,806 24,036

BERNIE ATHERTON CARPETS LIMITED (REGISTERED NUMBER: 04751848)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 May 2024

9. LEASING AGREEMENTS - continued

Non-cancellable operating leases
2024 2023
£    £   
Within one year 1,308 5,233
Between one and five years - 2,180
1,308 7,413

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 39,806 24,036

The hire purchase is secured over the assets to which it relates.

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 May 2024 and 31 May 2023:

2024 2023
£    £   
Mr I D Atherton and Mrs S T Atherton
Balance outstanding at start of year - -
Amounts advanced 25,592 64,652
Amounts repaid - (64,652 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 25,592 -

The advance to the directors is unsecured and repayable on demand. Interest is being charged at the HMRC rate applicable to beneficial loan arrangements.