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Registration number: 10965902

Carpet Development (International) Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Carpet Development (International) Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 9

 

Carpet Development (International) Limited

Company Information

Director

Mr J Bentham

Registered office

1 Bond Street
Colne
Lancashire
BB8 9DG

Accountants

Hargreaves Brown & Benson
Chartered Accountants
1 Bond Street
Colne
Lancashire
BB8 9DG

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Carpet Development (International) Limited
for the Year Ended 30 June 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Carpet Development (International) Limited for the year ended 30 June 2024 as set out on pages 3 to 9 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 in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Carpet Development (International) Limited, as a body. Our work has been undertaken solely to prepare for your approval the accounts of Carpet Development (International) Limited and state those matters that we have agreed to state to the Board of Directors of Carpet Development (International) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Carpet Development (International) Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Carpet Development (International) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Carpet Development (International) Limited. You consider that Carpet Development (International) 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 accounts of Carpet Development (International) 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 accounts.

......................................

Hargreaves Brown & Benson
Chartered Accountants
1 Bond Street
Colne
Lancashire
BB8 9DG

21 February 2025

 

Carpet Development (International) Limited

(Registration number: 10965902)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

29,229

33,430

Current assets

 

Stocks

5

2,540

2,965

Debtors

6

32,241

42,760

Cash at bank and in hand

 

35,913

2,269

 

70,694

47,994

Creditors: Amounts falling due within one year

7

(20,228)

(16,053)

Net current assets

 

50,466

31,941

Total assets less current liabilities

 

79,695

65,371

Creditors: Amounts falling due after more than one year

7

(14,959)

(155,378)

Provisions for liabilities

(2,216)

(2,281)

Net assets/(liabilities)

 

62,520

(92,288)

Capital and reserves

 

Called up share capital

50

100

Capital redemption reserve

49

-

Retained earnings

62,421

(92,388)

Shareholders' funds/(deficit)

 

62,520

(92,288)

For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 21 February 2025
 

.........................................
Mr J Bentham
Director

   
     
 

Carpet Development (International) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

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

The address of its registered office is:
1 Bond Street
Colne
Lancashire
BB8 9DG

The principal place of business is:
Unit 2 Stanley Court
Alan Ramsbottom Way
Great Harwood
Lancashire
BB6 7UR

These financial statements were authorised for issue by the director on 21 February 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.

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:

Asset class

Depreciation method and rate

Fixtures and fittings

10% reducing balance

Plant and machinery

12.5% reducing balance

Office Equipment

15% reducing balance

 

Carpet Development (International) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

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.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

 

Carpet Development (International) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

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 the director) during the year was 2 (2023 - 2).

 

Carpet Development (International) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 July 2023

68,545

68,545

At 30 June 2024

68,545

68,545

Depreciation

At 1 July 2023

35,115

35,115

Charge for the year

4,201

4,201

At 30 June 2024

39,316

39,316

Carrying amount

At 30 June 2024

29,229

29,229

At 30 June 2023

33,430

33,430

5

Stocks

2024
£

2023
£

Other inventories

2,540

2,965

6

Debtors

2024
£

2023
£

Trade debtors

12,571

17,774

Prepayments

468

849

Other debtors

19,202

24,137

32,241

42,760

 

Carpet Development (International) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

2,546

2,546

Trade creditors

 

5,152

5,082

Taxation and social security

 

7,949

3,754

Accruals and deferred income

 

1,162

2,326

Other creditors

 

3,419

2,345

 

20,228

16,053

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

14,959

155,378

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

14,959

155,378

Current loans and borrowings

2024
£

2023
£

Other borrowings

2,546

2,546

 

Carpet Development (International) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

9

Related party transactions

Loans from related parties

2024

Associates
£

Total
£

At start of period

129,489

129,489

Impairment

(129,489)

(129,489)

At end of period

-

-

2023

Associates
£

Total
£

At start of period

129,489

129,489

At end of period

129,489

129,489

Terms of loans from related parties

The loan dated 11 April 2018 between the company and its shareholder Wools of New Zealand (UK) Limited was unsecured.

Wools of New Zealand (UK) Limited resolved on the 7 November 2023 to the release the remaining loan in its entirety with no further amounts owing under the loan agreement.