PTP Accounts Production v24.3.0.553 03893116 Board of Directors 1.10.23 30.9.24 30.9.24 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh038931162023-09-30038931162024-09-30038931162023-10-012024-09-30038931162022-09-30038931162022-10-012023-09-30038931162023-09-3003893116ns15:EnglandWales2023-10-012024-09-3003893116ns14:PoundSterling2023-10-012024-09-3003893116ns10:Director12023-10-012024-09-3003893116ns10:PrivateLimitedCompanyLtd2023-10-012024-09-3003893116ns10:SmallEntities2023-10-012024-09-3003893116ns10:AuditExempt-NoAccountantsReport2023-10-012024-09-3003893116ns10:SmallCompaniesRegimeForDirectorsReport2023-10-012024-09-3003893116ns10:SmallCompaniesRegimeForAccounts2023-10-012024-09-3003893116ns10:FullAccounts2023-10-012024-09-3003893116ns10:Director22023-10-012024-09-3003893116ns10:Director32023-10-012024-09-3003893116ns10:CompanySecretary12023-10-012024-09-3003893116ns10:RegisteredOffice2023-10-012024-09-3003893116ns5:CurrentFinancialInstruments2024-09-3003893116ns5:CurrentFinancialInstruments2023-09-3003893116ns5:Non-currentFinancialInstruments2024-09-3003893116ns5:Non-currentFinancialInstruments2023-09-3003893116ns5:ShareCapital2024-09-3003893116ns5:ShareCapital2023-09-3003893116ns5:SharePremium2024-09-3003893116ns5:SharePremium2023-09-3003893116ns5:RetainedEarningsAccumulatedLosses2024-09-3003893116ns5:RetainedEarningsAccumulatedLosses2023-09-3003893116ns5:PlantMachinery2023-10-012024-09-3003893116ns5:LandBuildings2023-09-3003893116ns5:FurnitureFittings2023-09-3003893116ns5:MotorVehicles2023-09-3003893116ns5:LandBuildings2023-10-012024-09-3003893116ns5:FurnitureFittings2023-10-012024-09-3003893116ns5:MotorVehicles2023-10-012024-09-3003893116ns5:LandBuildings2024-09-3003893116ns5:FurnitureFittings2024-09-3003893116ns5:MotorVehicles2024-09-3003893116ns5:LandBuildings2023-09-3003893116ns5:FurnitureFittings2023-09-3003893116ns5:MotorVehicles2023-09-3003893116ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-09-3003893116ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-10-012024-09-3003893116ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2024-09-3003893116ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-09-3003893116ns5:WithinOneYearns5:CurrentFinancialInstruments2024-09-3003893116ns5:WithinOneYearns5:CurrentFinancialInstruments2023-09-30
REGISTERED NUMBER: 03893116 (England and Wales)















Unaudited Financial Statements for the Year Ended 30th September 2024

for

MAGIC CARPETS (COMMERCIAL) LTD.

MAGIC CARPETS (COMMERCIAL) LTD. (REGISTERED NUMBER: 03893116)

Contents of the Financial Statements
for the Year Ended 30th September 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MAGIC CARPETS (COMMERCIAL) LTD.

Company Information
for the Year Ended 30th September 2024







DIRECTORS: J J Holt
Mrs J Holt
J D Holt



SECRETARY: Mrs J Holt



REGISTERED OFFICE: 22 Winchester Street
Salisbury
SP1 1HG



REGISTERED NUMBER: 03893116 (England and Wales)



ACCOUNTANT: David A Clarke
20 Longhill Drive
Salisbury
Wiltshire
SP2 8TD



BANKERS: Barclays
2-6 High Street
Salisbury
SP1 2NP

MAGIC CARPETS (COMMERCIAL) LTD. (REGISTERED NUMBER: 03893116)

Balance Sheet
30th September 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 223,435 164,085

CURRENT ASSETS
Stocks 25,000 50,000
Debtors 5 410,988 357,909
Cash at bank and in hand 1,471,140 1,323,648
1,907,128 1,731,557
CREDITORS
Amounts falling due within one year 6 1,065,830 900,811
NET CURRENT ASSETS 841,298 830,746
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,064,733

994,831

CREDITORS
Amounts falling due after more than one
year

7

(107,426

)

(87,094

)

PROVISIONS FOR LIABILITIES (17,367 ) (19,261 )
NET ASSETS 939,940 888,476

CAPITAL AND RESERVES
Called up share capital 140 140
Share premium 89,180 89,180
Retained earnings 850,620 799,156
939,940 888,476

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th September 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.

MAGIC CARPETS (COMMERCIAL) LTD. (REGISTERED NUMBER: 03893116)

Balance Sheet - continued
30th September 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12th December 2024 and were signed on its behalf by:





J J Holt - Director


MAGIC CARPETS (COMMERCIAL) LTD. (REGISTERED NUMBER: 03893116)

Notes to the Financial Statements
for the Year Ended 30th September 2024


1. STATUTORY INFORMATION

Magic Carpets (Commercial) Ltd. 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.
Plant and machinery etc - 25% on reducing balance and 15% on reducing balance

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.

MAGIC CARPETS (COMMERCIAL) LTD. (REGISTERED NUMBER: 03893116)

Notes to the Financial Statements - continued
for the Year Ended 30th September 2024


2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2023 - 15 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold and Motor
property fittings vehicles Totals
£    £    £    £   
COST
At 1st October 2023 43,234 28,144 240,948 312,326
Additions - 1,170 123,708 124,878
Disposals - - (21,519 ) (21,519 )
At 30th September 2024 43,234 29,314 343,137 415,685
DEPRECIATION
At 1st October 2023 - 20,629 127,612 148,241
Charge for year - 1,303 57,605 58,908
Eliminated on disposal - - (14,899 ) (14,899 )
At 30th September 2024 - 21,932 170,318 192,250
NET BOOK VALUE
At 30th September 2024 43,234 7,382 172,819 223,435
At 30th September 2023 43,234 7,515 113,336 164,085

MAGIC CARPETS (COMMERCIAL) LTD. (REGISTERED NUMBER: 03893116)

Notes to the Financial Statements - continued
for the Year Ended 30th September 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 1st October 2023 175,685
Additions 123,708
At 30th September 2024 299,393
DEPRECIATION
At 1st October 2023 75,883
Charge for year 55,877
At 30th September 2024 131,760
NET BOOK VALUE
At 30th September 2024 167,633
At 30th September 2023 99,802

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 380,988 327,909
Other debtors 30,000 30,000
410,988 357,909

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 50,102 27,894
Trade creditors 150,468 166,064
Taxation and social security 572,833 517,944
Other creditors 292,427 188,909
1,065,830 900,811

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts 107,426 87,094