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Registered number: 07286490
Steven Holmes Carpets Limited
Unaudited Financial Statements
For The Year Ended 30 June 2024
Deans
Gibson House Hurricane Court
Hurricane Close
Stafford
ST16 1GZ
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 07286490
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 23,217 26,397
23,217 26,397
CURRENT ASSETS
Stocks 24,923 18,850
Debtors 6 2,326 2,283
Cash at bank and in hand 157,701 206,895
184,950 228,028
Creditors: Amounts Falling Due Within One Year 7 (129,819 ) (176,607 )
NET CURRENT ASSETS (LIABILITIES) 55,131 51,421
TOTAL ASSETS LESS CURRENT LIABILITIES 78,348 77,818
PROVISIONS FOR LIABILITIES
Deferred Taxation (5,340 ) (5,279 )
NET ASSETS 73,008 72,539
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 72,908 72,439
SHAREHOLDERS' FUNDS 73,008 72,539
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For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr S Holmes
Director
10 January 2025
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Steven Holmes Carpets Limited is a private company, limited by shares, registered in England & Wales.  The company's registered number and registered office address can be found on the Company Information page.
2. Accounting Policies
2.1. Basis of Preparation of 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 probisions of section 1a "Small Entities" and the Companies Act 2006.  The financial statements have been prepared under the historical cost convention.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below.  These policies have been consistently applied to all years presented unless otherwise stated.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of VAT and trade discounts.  The policies adopted for the recognition of turnover are as follows:
Sale of goods
Turnover from the sale of carpets is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transfer will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is being amortised evenly over its estimated economic life of seven years.
Intangible assets are initially measured at cost.  After intial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less accumulated depreciation.  Cost includes costs directly attributeable to making the asset capable of operating as intended.  Depreciation is provided at the following rates in order to write off each asset over its estimated useful life.
Plant & Machinery 15% on reducing balance
Motor Vehicles 25% on reducing balance
Fixtures & Fittings 15% on reducing balance
Computer Equipment 20% on cost
2.5. Leasing and Hire Purchase Contracts
Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.
2.6. Stocks and Work in Progress
Stocks and work in progress are stated at the lower of cost and estimated selling price less costs to complete and sell.  Cost includes all cost of purchase, cost of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula.  Provision is made for damaged, obsolete and slow-moving stock where appropriate.
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2.7. 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.
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 assesments 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.
2.8. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.9. Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price.  Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 5 (2023: 5)
5 5
4. Intangible Assets
Goodwill
£
Cost
As at 1 July 2023 48,517
As at 30 June 2024 48,517
Amortisation
As at 1 July 2023 48,517
As at 30 June 2024 48,517
Net Book Value
As at 30 June 2024 -
As at 1 July 2023 -
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5. Tangible Assets
Plant & Machinery etc.
£
Cost
As at 1 July 2023 74,203
Additions 3,383
As at 30 June 2024 77,586
Depreciation
As at 1 July 2023 47,806
Provided during the period 6,563
As at 30 June 2024 54,369
Net Book Value
As at 30 June 2024 23,217
As at 1 July 2023 26,397
6. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 2,326 2,283
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 26,706 19,811
Corporation tax 22,739 16,031
VAT 3,659 4,361
Net wages 6,824 6,496
Accruals and deferred income 4,874 6,491
Directors' loan accounts 65,017 123,417
129,819 176,607
8. Share Capital
2024 2023
Allotted, called up and fully paid £ £
100 Ordinary Shares of £ 1.00 each 100 100
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