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Registration number: 05031902

J R Carpets Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 30 April 2024

 

J R Carpets Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Abridged Balance Sheet

4 to 5

Notes to the Unaudited Abridged Financial Statements

6 to 13

 

J R Carpets Limited

Company Information

Directors

Mr Richard John Allen

Carl Burnett

Company secretary

Mr Richard John Allen

Registered office

5 Clyst Road
TOPSHAM
Exeter
Devon
EX3 0DB

Accountants

Southon & Co
Chartered Certified Accountants
6 -10 The Parade
Exmouth
Devon
EX8 1RL

 

J R Carpets Limited

Directors' Report for the Year Ended 30 April 2024

The directors present their report and the abridged financial statements for the year ended 30 April 2024.

Directors of the company

The directors who held office during the year were as follows:

Mr Richard John Allen - Company secretary and director

Carl Burnett

Principal activity

The principal activity of the company is that of flooring supply and installation.

Small companies provision statement

This report has 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.

Approved and authorised by the Board on 28 January 2025 and signed on its behalf by:
 

.........................................
Mr Richard John Allen
Company secretary and director

.........................................
Carl Burnett
Director

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
J R Carpets Limited
for the Year Ended 30 April 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of J R Carpets Limited for the year ended 30 April 2024 as set out on pages 4 to 13 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of J R Carpets Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of J R Carpets Limited and state those matters that we have agreed to state to the Board of Directors of J R Carpets Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than J R Carpets Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that J R Carpets Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of J R Carpets Limited. You consider that J R Carpets Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of J R Carpets Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Southon & Co
Chartered Certified Accountants
6 -10 The Parade
Exmouth
Devon
EX8 1RL

28 January 2025

 

J R Carpets Limited

Abridged Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

136,737

149,879

Current assets

 

Stocks

6

209,727

295,525

Debtors

375,414

788,632

Cash at bank and in hand

 

-

5,415

 

585,141

1,089,572

Creditors: Amounts falling due within one year

(567,514)

(1,041,673)

Net current assets

 

17,627

47,899

Total assets less current liabilities

 

154,364

197,778

Creditors: Amounts falling due after more than one year

(47,917)

(72,917)

Provisions for liabilities

(25,644)

(28,029)

Net assets

 

80,803

96,832

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

80,703

96,732

Shareholders' funds

 

80,803

96,832

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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

 

J R Carpets Limited

Abridged Balance Sheet as at 30 April 2024

Approved and authorised by the Board on 28 January 2025 and signed on its behalf by:
 

.........................................

Mr Richard John Allen

Company secretary and director

.........................................

Carl Burnett

Director

Registration number: 05031902

 

J R Carpets Limited

Notes to the Unaudited Abridged 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:
5 Clyst Road
TOPSHAM
Exeter
Devon
EX3 0DB

These financial statements were authorised for issue by the Board on 28 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 abridged 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 abridged 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.

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.

 

J R Carpets Limited

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

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

Property Improvements

15% per annum of net book value

Plant & Machinery

25% per annum of net book value

Fixtures & Fittings

25% per annum of net book value

Motor vehicles

25% per annum of net book value

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.

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.

 

J R Carpets Limited

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

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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 33 (2023 - 21).

 

J R Carpets Limited

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

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

45,579

49,960

 

J R Carpets Limited

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

5

Tangible assets

Properties under construction
 £

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2023

15,080

65,007

19,450

340,555

440,092

Additions

-

26,355

21,000

-

47,355

Disposals

-

-

-

(60,465)

(60,465)

At 30 April 2024

15,080

91,362

40,450

280,090

426,982

Depreciation

At 1 May 2023

12,724

52,621

16,193

208,675

290,213

Charge for the year

589

3,097

6,064

35,829

45,579

Eliminated on disposal

-

-

-

(45,547)

(45,547)

At 30 April 2024

13,313

55,718

22,257

198,957

290,245

Carrying amount

At 30 April 2024

1,767

35,644

18,193

81,133

136,737

At 30 April 2023

2,356

12,386

3,257

131,880

149,879

6

Stocks

2024
£

2023
£

Other inventories

209,727

295,525

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       
 

J R Carpets Limited

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

8

Dividends

2024

2023

£

£

Final dividend of £49,494.00 (2023 - £192,200.00) per ordinary share

49,494

192,200

 

 

9

Related party transactions

 

J R Carpets Limited

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

Transactions with directors

2024

At 1 May 2023
£

Advances to director
£

Repayments by director
£

At 30 April 2024
£

Mr Richard John Allen

68

49,494

(49,562)

-

Mr David Maule

(11,491)

11,491

-

-

2023

At 1 May 2022
£

Repayments by director
£

At 30 April 2023
£

Mr Richard John Allen

(25)

93

68

Mr David Maule

(21,099)

9,608

(11,491)

 

J R Carpets Limited

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

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

103,434

64,290

Contributions paid to money purchase schemes

-

122

103,434

64,412