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REGISTERED NUMBER: 05805192 (England and Wales)
























UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

FOR

ERIC WRIGHT CARPETS LIMITED

ERIC WRIGHT CARPETS LIMITED (REGISTERED NUMBER: 05805192)

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


ERIC WRIGHT CARPETS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTORS: R D Looker
C G Wright
Mrs M J Wright





REGISTERED OFFICE: Hamilton Office Park
31 High View Close
Leicester
Leicestershire
LE4 9LJ





REGISTERED NUMBER: 05805192 (England and Wales)





ACCOUNTANTS: TC Group
31 High View Close
Hamilton Office Park
Leicester
Leicestershire
LE4 9LJ

ERIC WRIGHT CARPETS LIMITED (REGISTERED NUMBER: 05805192)

BALANCE SHEET
31 MAY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 13,307 19,961
Tangible assets 5 168,609 120,497
181,916 140,458

CURRENT ASSETS
Stocks 62,982 63,385
Debtors 6 40,303 32,552
Cash at bank and in hand 27,863 52,354
131,148 148,291
CREDITORS
Amounts falling due within one year 7 156,023 170,470
NET CURRENT LIABILITIES (24,875 ) (22,179 )
TOTAL ASSETS LESS CURRENT LIABILITIES 157,041 118,279

CREDITORS
Amounts falling due after more than one
year

8

91,116

71,159
NET ASSETS 65,925 47,120

CAPITAL AND RESERVES
Called up share capital 30,852 30,852
Retained earnings 35,073 16,268
65,925 47,120

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.

ERIC WRIGHT CARPETS LIMITED (REGISTERED NUMBER: 05805192)

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 15 January 2025 and were signed on its behalf by:





R D Looker - Director


ERIC WRIGHT CARPETS LIMITED (REGISTERED NUMBER: 05805192)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024


1. STATUTORY INFORMATION

Eric Wright 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.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2007, is being amortised evenly over its estimated useful life of ten years.

The directors took the decision in 2017 to write off the goodwill acquired in 2007 over a period of 10 years

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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 - Straight line over 2 to 6 years
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

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.


ERIC WRIGHT CARPETS LIMITED (REGISTERED NUMBER: 05805192)

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 5 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 June 2023
and 31 May 2024 66,536
AMORTISATION
At 1 June 2023 46,575
Charge for year 6,654
At 31 May 2024 53,229
NET BOOK VALUE
At 31 May 2024 13,307
At 31 May 2023 19,961

ERIC WRIGHT CARPETS LIMITED (REGISTERED NUMBER: 05805192)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 June 2023 80,000 7,750 13,040
Additions - - -
Disposals - - -
At 31 May 2024 80,000 7,750 13,040
DEPRECIATION
At 1 June 2023 - 3,875 12,095
Charge for year - 1,938 236
Eliminated on disposal - - -
At 31 May 2024 - 5,813 12,331
NET BOOK VALUE
At 31 May 2024 80,000 1,937 709
At 31 May 2023 80,000 3,875 945

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 June 2023 83,225 6,122 190,137
Additions 69,000 - 69,000
Disposals (19,776 ) - (19,776 )
At 31 May 2024 132,449 6,122 239,361
DEPRECIATION
At 1 June 2023 47,752 5,918 69,640
Charge for year 18,042 202 20,418
Eliminated on disposal (19,306 ) - (19,306 )
At 31 May 2024 46,488 6,120 70,752
NET BOOK VALUE
At 31 May 2024 85,961 2 168,609
At 31 May 2023 35,473 204 120,497

ERIC WRIGHT CARPETS LIMITED (REGISTERED NUMBER: 05805192)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 June 2023 7,750 34,000 41,750
Additions - 54,000 54,000
At 31 May 2024 7,750 88,000 95,750
DEPRECIATION
At 1 June 2023 3,875 9,031 12,906
Charge for year 1,938 11,783 13,721
At 31 May 2024 5,813 20,814 26,627
NET BOOK VALUE
At 31 May 2024 1,937 67,186 69,123
At 31 May 2023 3,875 24,969 28,844

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 35,963 28,237
Other debtors 4,340 4,315
40,303 32,552

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 15,206 15,206
Hire purchase contracts 5,533 5,070
Trade creditors 32,643 51,175
Taxation and social security 22,199 21,432
Other creditors 80,442 77,587
156,023 170,470

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 49,172 65,128
Hire purchase contracts 41,944 6,031
91,116 71,159

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 4,476 12,432

ERIC WRIGHT CARPETS LIMITED (REGISTERED NUMBER: 05805192)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 64,378 80,334
Hire purchase contracts 47,477 11,101
111,855 91,435

The bank loan is secured by way of a fixed and floating charge over all the property and undertakings of the company.
Hire purchase contracts are secured against the assets they relate to.

10. RELATED PARTY DISCLOSURES

Included in other creditors are loans from the directors of £77,062 (2023 :- £74,191).
These loans are interest free and repayable on demand.