Company registration number SC232922 (Scotland)
VICTORIA CARPETS (DUNDEE) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
VICTORIA CARPETS (DUNDEE) LIMITED
CONTENTS
Page
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
VICTORIA CARPETS (DUNDEE) LIMITED
REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF VICTORIA CARPETS (DUNDEE) LIMITED
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Victoria Carpets (Dundee) Limited for the year ended 30 June 2024 set out on pages 2 to 7 from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants of Scotland we are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas-framework-preparation-of-accounts.

This report is made solely to the board of directors of Victoria Carpets (Dundee) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Victoria Carpets (Dundee) Limited and state those matters that we have agreed to state to the board of directors of Victoria Carpets (Dundee) Limited, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Victoria Carpets (Dundee) Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Victoria Carpets (Dundee) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Victoria Carpets (Dundee) Limited. You consider that Victoria Carpets (Dundee) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Victoria Carpets (Dundee) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

MMG Chartered Accountants
Chartered Accountants
Chapelshade House
78-84 Bell Street
Dundee
DD1 1RQ
Scotland
29 January 2025
VICTORIA CARPETS (DUNDEE) LIMITED
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
8,870
13,665
Current assets
Stocks
4
13,000
13,000
Debtors
5
197,901
70,262
Cash at bank and in hand
377,200
406,104
588,101
489,366
Creditors: amounts falling due within one year
6
(134,937)
(122,212)
Net current assets
453,164
367,154
Total assets less current liabilities
462,034
380,819
Creditors: amounts falling due after more than one year
7
(10,000)
(20,000)
Provisions for liabilities
(2,217)
(3,416)
Net assets
449,817
357,403
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
449,816
357,402
Total equity
449,817
357,403
VICTORIA CARPETS (DUNDEE) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2024
30 June 2024
- 3 -

For the financial year ended 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 of its financial statements for the year in question in accordance with section 476.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 29 January 2025
Mr R G O Fyfe
Director
Company registration number SC232922 (Scotland)
VICTORIA CARPETS (DUNDEE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
1
Accounting policies
Company information

Victoria Carpets (Dundee) Limited is a private company limited by shares incorporated in Scotland. The registered office is 43-45 Cowgate, Dundee, DD1 2JF.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

1.3
Tangible fixed assets

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
25% on reducing balance
Fixtures and fittings
20% on reducing balance
Computers
25% on reducing balance
Motor vehicles
25% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving item.

1.5
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 tax

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.

VICTORIA CARPETS (DUNDEE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
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.

1.6
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.7
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.8
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

 

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
8
9
VICTORIA CARPETS (DUNDEE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 July 2023
-
0
10,619
2,148
32,140
44,907
Additions
267
-
0
174
-
0
441
Disposals
-
0
-
0
-
0
(9,990)
(9,990)
At 30 June 2024
267
10,619
2,322
22,150
35,358
Depreciation and impairment
At 1 July 2023
-
0
9,386
1,433
20,423
31,242
Depreciation charged in the year
66
242
220
2,336
2,864
Eliminated in respect of disposals
-
0
-
0
-
0
(7,618)
(7,618)
At 30 June 2024
66
9,628
1,653
15,141
26,488
Carrying amount
At 30 June 2024
201
991
669
7,009
8,870
At 30 June 2023
-
0
1,233
715
11,717
13,665
4
Stocks
2024
2023
£
£
Stocks
13,000
13,000
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
57,496
68,058
Other debtors
140,405
2,204
197,901
70,262
VICTORIA CARPETS (DUNDEE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,000
10,000
Trade creditors
25,645
25,772
Corporation tax
57,255
42,234
Other taxation and social security
35,981
38,507
Other creditors
6,056
5,699
134,937
122,212
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
10,000
20,000
8
ULTIMATE CONTROLLING PARTY

The ultimate controlling party are Mr R G O Fyfe and Ms J Ring.

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