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Registration number: 02609287

Carters Furniture Centre Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Carters Furniture Centre Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Carters Furniture Centre Limited

Company Information

Directors

Miss Vivienne Carter

Mrs June Roden

Mr John Carter

Registered office

Caldwell Mill
New Road
Kidderminster
Worcestershire
DY10 1AQ

Accountants

AIMS Bridge House
River Side North
Bewdley
DY12 1AB

 

Carters Furniture Centre Limited

(Registration number: 02609287)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

45,260

54,326

Other financial assets

5

1,904

1,904

 

47,164

56,230

Current assets

 

Stocks

6

547,670

579,670

Debtors

7

79,534

29,557

Cash at bank and in hand

 

1,019,959

793,282

 

1,647,163

1,402,509

Creditors: Amounts falling due within one year

8

(945,326)

(804,373)

Net current assets

 

701,837

598,136

Total assets less current liabilities

 

749,001

654,366

Provisions for liabilities

(5,400)

(5,400)

Net assets

 

743,601

648,966

Capital and reserves

 

Called up share capital

9

1,000

1,000

Retained earnings

742,601

647,966

Shareholders' funds

 

743,601

648,966

For the financial 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 2 January 2025 and signed on its behalf by:
 

 

Carters Furniture Centre Limited

(Registration number: 02609287)
Balance Sheet as at 31 May 2024

.........................................
Miss Vivienne Carter
Director

.........................................
Mrs June Roden
Director

 

Carters Furniture Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Caldwell Mill
New Road
Kidderminster
Worcestershire
DY10 1AQ

These financial statements were authorised for issue by the Board on 2 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Carters Furniture Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Carters Furniture Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 19 (2023 - 19).

 

Carters Furniture Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

4

Tangible assets

Land and buildings
£

Long leasehold land and buildings
£

Plant and machinery
£

Motor vehicles
 £

Cost or valuation

At 1 June 2023

30,843

54,531

224,546

59,695

At 31 May 2024

30,843

54,531

224,546

59,695

Depreciation

At 1 June 2023

6,789

52,594

203,748

52,158

Charge for the year

617

330

5,199

2,920

At 31 May 2024

7,406

52,924

208,947

55,078

Carrying amount

At 31 May 2024

23,437

1,607

15,599

4,617

At 31 May 2023

24,054

1,937

20,798

7,537

Total
£

Cost or valuation

At 1 June 2023

369,615

At 31 May 2024

369,615

Depreciation

At 1 June 2023

315,289

Charge for the year

9,066

At 31 May 2024

324,355

Carrying amount

At 31 May 2024

45,260

At 31 May 2023

54,326

Included within the net book value of land and buildings above is £23,437 (2023 - £24,054) in respect of freehold land and buildings and £1,607 (2023 - £1,937) in respect of long leasehold land and buildings.
 

 

Carters Furniture Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

5

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 1 June 2023

1,904

1,904

At 31 May 2024

1,904

1,904

Impairment

Carrying amount

At 31 May 2024

1,904

1,904

6

Stocks

2024
£

2023
£

Other inventories

547,670

579,670

7

Debtors

Current

2024
£

2023
£

Trade debtors

28,379

11,085

Prepayments

36,778

14,682

Other debtors

14,377

3,790

 

79,534

29,557

8

Creditors

Creditors: amounts falling due within one year

 

Carters Furniture Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

270,140

233,880

Amounts owed to group undertakings and undertakings in which the company has a participating interest

11

301,330

243,820

Taxation and social security

 

131,084

115,981

Accruals and deferred income

 

240,701

210,185

Other creditors

 

2,071

507

 

945,326

804,373

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

1,000

1,000

1,000

1,000

       

10

Dividends

2024

2023

£

£

Interim dividend of £42.00 (2023 - £70.00) per ordinary share

58,000

70,000

 

 

11

Related party transactions

 

Carters Furniture Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

135,866

142,451

Contributions paid to money purchase schemes

-

1,345

135,866

143,796