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COMPANY REGISTRATION NUMBER: 07522007
Greenmount Carpets (Camborne) Ltd
Filleted Unaudited Financial Statements
31 May 2024
Greenmount Carpets (Camborne) Ltd
Statement of Financial Position
31 May 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
6
17,958
20,626
Current assets
Stocks
236,634
232,757
Debtors
7
13,662
13,586
Cash at bank and in hand
60,907
73,061
---------
---------
311,203
319,404
Creditors: amounts falling due within one year
8
197,253
163,719
---------
---------
Net current assets
113,950
155,685
---------
---------
Total assets less current liabilities
131,908
176,311
Creditors: amounts falling due after more than one year
9
15,227
28,075
Provisions
3,411
3,919
---------
---------
Net assets
113,270
144,317
---------
---------
Capital and reserves
Called up share capital
2
2
Profit and loss account
113,268
144,315
---------
---------
Shareholders funds
113,270
144,317
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Greenmount Carpets (Camborne) Ltd
Statement of Financial Position (continued)
31 May 2024
These financial statements were approved by the board of directors and authorised for issue on 24 February 2025 , and are signed on behalf of the board by:
J M E Stephens
Director
Company registration number: 07522007
Greenmount Carpets (Camborne) Ltd
Notes to the Financial Statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Heather House, Caradon Hill, Pensilva, Liskeard, PL14 5PJ, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
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.
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 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 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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.
Tangible assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2023: 10 ).
5. Intangible assets
Goodwill
£
Cost
At 1 June 2023 and 31 May 2024
33,151
--------
Amortisation
At 1 June 2023 and 31 May 2024
33,151
--------
Carrying amount
At 31 May 2024
--------
At 31 May 2023
--------
6. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 June 2023
21,357
29,504
19,794
70,655
Additions
737
899
1,636
--------
--------
--------
--------
At 31 May 2024
22,094
30,403
19,794
72,291
--------
--------
--------
--------
Depreciation
At 1 June 2023
6,650
23,585
19,794
50,029
Charge for the year
3,931
373
4,304
--------
--------
--------
--------
At 31 May 2024
10,581
23,958
19,794
54,333
--------
--------
--------
--------
Carrying amount
At 31 May 2024
11,513
6,445
17,958
--------
--------
--------
--------
At 31 May 2023
14,707
5,919
20,626
--------
--------
--------
--------
7. Debtors
2024
2023
£
£
Other debtors
13,662
13,586
--------
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,000
10,000
Trade creditors
143,077
110,841
Corporation tax
16,932
20,057
Social security and other taxes
19,039
14,145
Other creditors
8,205
8,676
---------
---------
197,253
163,719
---------
---------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
10,000
20,000
Other creditors
5,227
8,075
--------
--------
15,227
28,075
--------
--------
10. Directors' advances, credits and guarantees
At the balance sheet date, the company owed the directors £1,707 (2023 £1,287). This amount is included within 'other creditors'.