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Registered number: 7825813
Marquee Carpets Limited
Director's Report and
Unaudited Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Company Information 1
Director's Report 2
Profit and Loss Account 3
Balance Sheet 4—5
Notes to the Financial Statements 6—10
Page 1
Company Information
Director Mrs Deborah Courtney
Company Number 7825813
Registered Office Chalice House
Bromley Road
Colchester
Essex
CO7 7BY
Accountants Accountants Direct
Chalice House
Bromley Road
Colchester
Essex
CO7 7BY
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Director's Report
The director presents her report and the financial statements for the year ended 31 March 2024.
Directors
The director who held office during the year were as follows:
Mrs Deborah Courtney
Statement of Director's Responsibilities
The director is responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The financial statements are required by law to give a true and fair view of the state of affairs of the company and of the profit or loss for that period. In preparing the financial statements the director is required to: 
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. She is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The director is responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Small Company Rules
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.
On behalf of the board
Mrs Deborah Courtney
Director
3rd February 2025
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Profit and Loss Account
2024 2023
Notes £ £
TURNOVER 5,084,053 5,571,352
Cost of sales (3,522,769 ) (4,003,469 )
GROSS PROFIT 1,561,284 1,567,883
Administrative expenses (1,112,640 ) (1,092,081 )
OPERATING PROFIT 448,644 475,802
Other interest receivable and similar income 218 -
Interest payable and similar charges (18,401 ) (18,333 )
PROFIT BEFORE TAXATION 430,461 457,469
Tax on Profit (99,103 ) (88,201 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR 331,358 369,268
The notes on pages 6 to 10 form part of these financial statements.
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Balance Sheet
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 727,258 549,848
Investments 5 194,000 -
921,258 549,848
CURRENT ASSETS
Stocks 6 265,000 250,000
Debtors 7 449,441 528,649
Cash at bank and in hand 151,242 307,280
865,683 1,085,929
Creditors: Amounts Falling Due Within One Year 8 (444,153 ) (580,596 )
NET CURRENT ASSETS (LIABILITIES) 421,530 505,333
TOTAL ASSETS LESS CURRENT LIABILITIES 1,342,788 1,055,181
Creditors: Amounts Falling Due After More Than One Year 9 (15,909 ) (189,694 )
NET ASSETS 1,326,879 865,487
CAPITAL AND RESERVES
Called up share capital 10 2 2
Revaluation reserve 11 130,034 -
Profit and Loss Account 1,196,843 865,485
SHAREHOLDERS' FUNDS 1,326,879 865,487
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For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
On behalf of the board
Mrs Deborah Courtney
Director
3rd February 2025
The notes on pages 6 to 10 form part of these financial statements.
Page 5
Page 6
Notes to the Financial Statements
1. General Information
Marquee Carpets Limited is a private company, limited by shares, incorporated in England & Wales, registered number 7825813 . The registered office is Chalice House, Bromley Road, Colchester, Essex, CO7 7BY.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 2% straight Line
Leasehold 2% straight Line
Plant & Machinery 25% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 25% reducing balance
Computer Equipment 25% reducing balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.6. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 11 (2023: 9)
11 9
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4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost or Valuation
As at 1 April 2023 469,040 121,255 34,950 16,546
Additions - 86,555 - -
Revaluation 130,034 - - -
As at 31 March 2024 599,074 207,810 34,950 16,546
Depreciation
As at 1 April 2023 - 73,293 8,738 13,084
Provided during the period - 40,182 - 866
As at 31 March 2024 - 113,475 8,738 13,950
Net Book Value
As at 31 March 2024 599,074 94,335 26,212 2,596
As at 1 April 2023 469,040 47,962 26,212 3,462
Computer Equipment Total
£ £
Cost or Valuation
As at 1 April 2023 6,998 648,789
Additions 3,550 90,105
Revaluation - 130,034
As at 31 March 2024 10,548 868,928
Depreciation
As at 1 April 2023 3,826 98,941
Provided during the period 1,681 42,729
As at 31 March 2024 5,507 141,670
Net Book Value
As at 31 March 2024 5,041 727,258
As at 1 April 2023 3,172 549,848
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5. Investments
Unlisted
£
Cost
As at 1 April 2023 -
Revaluations 194,000
As at 31 March 2024 194,000
Provision
As at 1 April 2023 -
As at 31 March 2024 -
Net Book Value
As at 31 March 2024 194,000
As at 1 April 2023 -
6. Stocks
2024 2023
£ £
Stock 265,000 250,000
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 356,628 416,102
Prepayments and accrued income 17,813 20,347
Other debtors 75,000 90,000
449,441 526,449
Due after more than one year
Other debtors - 2,200
449,441 528,649
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8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 157,274 120,258
Bank loans and overdrafts 13,636 28,956
Corporation tax 195,387 262,923
Other taxes and social security - 25
VAT 76,733 90,448
Other creditors (1) 575 575
Government grants within one year 358 187
Director's loan account 201 77,224
Amounts owed to other participating interests (11 ) -
444,153 580,596
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 15,909 189,694
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
11. Reserves
Revaluation Reserve
£
Surplus on revaluation 130,034
As at 31 March 2024 130,034
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