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CITY CARPET & FLOORING LTD

Registered Number
14099260
(England and Wales)

Unaudited Financial Statements for the Year ended
31 May 2024

CITY CARPET & FLOORING LTD
Company Information
for the year from 1 June 2023 to 31 May 2024

Director

Kawa Abdullah Sharif

Registered Address

176-178 Kenton Road
Harrow
London
HA3 8BL

Registered Number

14099260 (England and Wales)
CITY CARPET & FLOORING LTD
Statement of Financial Position
31 May 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets321,86323,370
21,86323,370
Current assets
Stocks464,23568,000
Debtors551,00351,217
Cash at bank and on hand34,1414,204
149,379123,421
Creditors amounts falling due within one year6(250,615)(195,593)
Net current assets (liabilities)(101,236)(72,172)
Total assets less current liabilities(79,373)(48,802)
Provisions for liabilities7(3,775)(3,978)
Net assets(83,148)(52,780)
Capital and reserves
Called up share capital1,0001,000
Profit and loss account(84,148)(53,780)
Shareholders' funds(83,148)(52,780)
The financial statements were approved and authorised for issue by the Director on 12 February 2025, and are signed on its behalf by:
Kawa Abdullah Sharif
Director
Registered Company No. 14099260
CITY CARPET & FLOORING LTD
Notes to the Financial Statements
for the year ended 31 May 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)Straight line (years)
Fixtures and fittings25-
Vehicles-3
Office Equipment25-
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
2.Average number of employees

20242023
Average number of employees during the year55
3.Tangible fixed assets

Vehicles

Fixtures & fittings

Office Equipment

Total

££££
Cost or valuation
At 01 June 233,00024,9091,00828,917
Additions5,000--5,000
At 31 May 248,00024,9091,00833,917
Depreciation and impairment
At 01 June 233754,9202525,547
Charge for year1,1774,9973336,507
At 31 May 241,5529,91758512,054
Net book value
At 31 May 246,44814,99242321,863
At 31 May 232,62519,98975623,370
4.Stocks

2024

2023

££
Finished goods64,23568,000
Total64,23568,000
5.Debtors: amounts due within one year

2024

2023

££
Other debtors51,00351,217
Total51,00351,217
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables21,252-
Taxation and social security17,0167,079
Other creditors211,521186,014
Accrued liabilities and deferred income8262,500
Total250,615195,593
7.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)3,7753,978
Total3,7753,978