Registered number
10179486
Discount Carpets Limited
Filleted Accounts
31 May 2024
Discount Carpets Limited
Registered number: 10179486
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 461 542
Current assets
Stocks 90,576 72,721
Debtors 4 4 4
Cash in hand 647 453
Cash at bank and in hand 41,207 93,902
132,434 167,080
Creditors: amounts falling due within one year 6 (52,477) (80,671)
Net current assets 79,957 86,409
Net assets 80,418 86,951
Capital and reserves
Called up share capital 4 4
Profit and loss account 80,414 86,947
Shareholders' funds 80,418 86,951
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Asad Mahmood
Director
Approved by the board on 27 February 2025
Discount Carpets Limited
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 15% Reducing balance
Motor Vehicles 25% Reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2023 1,587
At 31 May 2024 1,587
Depreciation
At 1 June 2023 1,045
Charge for the year 81
At 31 May 2024 1,126
Net book value
At 31 May 2024 461
At 31 May 2023 542
4 Debtors 2024 2023
£ £
Other debtors 4 4
5 Investments held as current assets 2024 2023
£ £
Cash 647 453
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 17,277 17,608
Director loan 30,513 56,836
Taxation and social security costs 4,687 6,227
52,477 80,671
7 Other information
Discount Carpets Limited is a private company limited by shares and incorporated in England. Its registered office is:
89 Hawthorne Road
Kingstanding
Birmingham
West Midlands
B44 8QT
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