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REGISTERED NUMBER: 08032852 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH APRIL 2024

FOR

DIRECT CARPETS LIMITED

DIRECT CARPETS LIMITED (REGISTERED NUMBER: 08032852)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


DIRECT CARPETS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30TH APRIL 2024







DIRECTOR: A K Brown





REGISTERED OFFICE: Manufactory House
Bell Lane
Hertford
Hertfordshire
SG14 1BP





REGISTERED NUMBER: 08032852 (England and Wales)





ACCOUNTANTS: Cook & Partners Limited
Manufactory House
Bell Lane
Hertford
Hertfordshire
SG14 1BP

DIRECT CARPETS LIMITED (REGISTERED NUMBER: 08032852)

BALANCE SHEET
30TH APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 4,000 4,500
Tangible assets 5 - -
4,000 4,500

CURRENT ASSETS
Stocks 30,000 30,000
Debtors 6 55,838 39,296
Cash at bank - 3,351
85,838 72,647
CREDITORS
Amounts falling due within one year 7 128,008 89,015
NET CURRENT LIABILITIES (42,170 ) (16,368 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(38,170

)

(11,868

)

CREDITORS
Amounts falling due after more than one
year

8

10,316

20,835
NET LIABILITIES (48,486 ) (32,703 )

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings (48,487 ) (32,704 )
SHAREHOLDERS' FUNDS (48,486 ) (32,703 )

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30th 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 CARPETS LIMITED (REGISTERED NUMBER: 08032852)

BALANCE SHEET - continued
30TH 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 31st January 2025 and were signed by:





A K Brown - Director


DIRECT CARPETS LIMITED (REGISTERED NUMBER: 08032852)

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

1. STATUTORY INFORMATION

Direct 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

Accounting convention
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.

Going Concern Justification
The director has assessed various factors and risks affecting the company and its ability in these difficult economic times to continue to trade as a going concern. The director has not identified any material uncertainties or risks related to events or conditions that could affect the carrying values of the company's assets and liabilities as at the balance sheet date. Therefore the financial statements for the year ended 30th April 2024 have been prepared using the going concern basis of accounting.

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

Revenue - Described as turnover - is the value of goods (net of VAT) provided to customers during the year, plus the value of work (net of VAT) performed during the year with respect to services.

Revenue is recognised on the sale of goods when the goods are delivered and title has passed. Revenue is recognised on the provision of services once completed.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of twenty 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.
Fixtures and fittings - 25% on cost
Motor vehicles - 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.


DIRECT CARPETS LIMITED (REGISTERED NUMBER: 08032852)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 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
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st May 2023
and 30th April 2024 10,000
AMORTISATION
At 1st May 2023 5,500
Amortisation for year 500
At 30th April 2024 6,000
NET BOOK VALUE
At 30th April 2024 4,000
At 30th April 2023 4,500

5. TANGIBLE FIXED ASSETS
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1st May 2023
and 30th April 2024 1,341 5,501 6,842
DEPRECIATION
At 1st May 2023
and 30th April 2024 1,341 5,501 6,842
NET BOOK VALUE
At 30th April 2024 - - -
At 30th April 2023 - - -

DIRECT CARPETS LIMITED (REGISTERED NUMBER: 08032852)

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

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 26,147 21,010
Amounts recoverable on contract 17,940 17,940
Deferred tax asset 11,487 -
Prepayments 264 346
55,838 39,296

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 17,577 10,260
Trade creditors 16,058 18,523
Social security and other taxes 12,689 11,125
VAT 13,444 10,388
Other creditors 20,369 4,198
Directors' current accounts 44,621 31,271
Accrued expenses 3,250 3,250
128,008 89,015

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 1-2 years 10,316 10,519
Bank loans - 2-5 years - 10,316
10,316 20,835

9. OTHER FINANCIAL COMMITMENTS

Financial commitments at the year end total £23,483 (2022: £22,560)