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REGISTERED NUMBER: 03972375 (England and Wales)













FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

FOR

DIRECT CARPET & CURTAIN SUPPLIES LIMITED

DIRECT CARPET & CURTAIN SUPPLIES LIMITED (REGISTERED NUMBER: 03972375)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


DIRECT CARPET & CURTAIN SUPPLIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTOR: Mr L W Thomson



REGISTERED OFFICE: Unit 1 & 2 Eagle Court
Woodland Road
Torquay
Devon
TQ2 7AT



REGISTERED NUMBER: 03972375 (England and Wales)



ACCOUNTANTS: Marsland Nash Associates
Chartered Tax Advisers, Accountants
and Business Consultants
Vantage Point House
Silverhills Road
Decoy Industrial Estate
Newton Abbot
Devon
TQ12 5ND



BANKERS: Lloyds
51-52 Fleet Street
Torquay
Devon
TQ2 5DW

DIRECT CARPET & CURTAIN SUPPLIES LIMITED (REGISTERED NUMBER: 03972375)

BALANCE SHEET
30 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 13,694 17,161
13,694 17,161

CURRENT ASSETS
Stocks 6 74,201 83,431
Debtors 7 73,874 148,267
Cash at bank and in hand 573 6,872
148,648 238,570
CREDITORS
Amounts falling due within one year 8 266,286 185,215
NET CURRENT (LIABILITIES)/ASSETS (117,638 ) 53,355
TOTAL ASSETS LESS CURRENT LIABILITIES (103,944 ) 70,516

CREDITORS
Amounts falling due after more than one
year

9

(18,712

)

(35,985

)

PROVISIONS FOR LIABILITIES (1,090 ) (1,416 )
NET (LIABILITIES)/ASSETS (123,746 ) 33,115

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (123,846 ) 33,015
SHAREHOLDERS' FUNDS (123,746 ) 33,115

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

DIRECT CARPET & CURTAIN SUPPLIES LIMITED (REGISTERED NUMBER: 03972375)

BALANCE SHEET - continued
30 APRIL 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 director and authorised for issue on 31 August 2024 and were signed by:





Mr L W Thomson - Director


DIRECT CARPET & CURTAIN SUPPLIES LIMITED (REGISTERED NUMBER: 03972375)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024


1. STATUTORY INFORMATION

Direct Carpet & Curtain Supplies 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 2000, is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - 25% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% 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 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

DIRECT CARPET & CURTAIN SUPPLIES LIMITED (REGISTERED NUMBER: 03972375)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


2. ACCOUNTING POLICIES - continued

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.

Going concern
The company expects to meet its day to day working capital requirements by extending its creditor's terms.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2023 - 17 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 May 2023
and 30 April 2024 151,500
AMORTISATION
At 1 May 2023
and 30 April 2024 151,500
NET BOOK VALUE
At 30 April 2024 -
At 30 April 2023 -

5. TANGIBLE FIXED ASSETS
Fixtures
Short and Motor Computer
leasehold fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 May 2023 2,441 21,541 93,782 658 118,422
Additions - 734 - - 734
Disposals - - (14,313 ) - (14,313 )
At 30 April 2024 2,441 22,275 79,469 658 104,843
DEPRECIATION
At 1 May 2023 2,168 18,056 80,872 165 101,261
Charge for year 68 633 3,192 165 4,058
Eliminated on disposal - - (14,170 ) - (14,170 )
At 30 April 2024 2,236 18,689 69,894 330 91,149
NET BOOK VALUE
At 30 April 2024 205 3,586 9,575 328 13,694
At 30 April 2023 273 3,485 12,910 493 17,161

DIRECT CARPET & CURTAIN SUPPLIES LIMITED (REGISTERED NUMBER: 03972375)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


6. STOCKS
2024 2023
£    £   
Stocks 74,201 83,431

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 62,544 122,455
Other debtors 6,923 21,405
Prepayments 4,407 4,407
73,874 148,267

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 46,139 17,273
Trade creditors 123,075 80,585
Social security and other taxes 19,696 7,146
VAT 46,276 39,922
Other creditors 2,697 -
Accruals and deferred income 23,874 35,878
Accrued expenses 4,529 4,411
266,286 185,215

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 1-2 years 18,712 35,985

10. OTHER FINANCIAL COMMITMENTS

At 30 April 2024, the company had total commitments under non-cancellable operating leases over the remaining life of the those leases of £246,794 (2023: £238,567).

11. GOVERNMENT GUARANTEED LOAN

The bank loan of £35,985 (2023: £53,257) is a COVID-19 CBILS, guaranteed by the government. Term runs to May 2026.