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COMPANY REGISTRATION NUMBER: 07474607
The Market-Weighton Carpet Company Limited
Unaudited financial statements
31 January 2025
The Market-Weighton Carpet Company Limited
Statement of financial position
31 January 2025
2025
2024
Note
£
£
£
£
Fixed assets
Tangible assets
5
84,523
115,591
Current assets
Stocks
25,000
25,000
Debtors
6
83,860
48,106
Cash at bank and in hand
202,626
189,219
---------
---------
311,486
262,325
Creditors: Amounts falling due within one year
7
( 94,533)
( 66,190)
---------
---------
Net current assets
216,953
196,135
---------
---------
Total assets less current liabilities
301,476
311,726
Creditors: Amounts falling due after more than one year
8
( 33,720)
( 45,145)
---------
---------
Net assets
267,756
266,581
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
267,656
266,481
---------
---------
Shareholders funds
267,756
266,581
---------
---------
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 January 2025 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 .
The Market-Weighton Carpet Company Limited
Statement of financial position (continued)
31 January 2025
These financial statements were approved by the board of directors and authorised for issue on 28 February 2025 , and are signed on behalf of the board by:
J H Adnett
Director
Company registration number: 07474607
The Market-Weighton Carpet Company Limited
Notes to the financial statements
Year ended 31 January 2025
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Gables, Old Market Street, Thetford, Norfolk, IP24 2EN. The trading address is 6 Southgate, Market Weighton, York, YO34 3AG.
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
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold property
-
10%-20% straight line
Fixtures and fittings
-
25% straight line
Motor vehicles
-
25% reducing balance
Equipment
-
33% straight line
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.
Hire purchase contracts
Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of employees during the year was 4 (2024: 4 ).
5. Tangible assets
Freehold property
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 February 2024
23,027
18,893
128,479
12,936
183,335
Additions
1,475
1,475
-------
-------
---------
-------
---------
At 31 January 2025
23,027
20,368
128,479
12,936
184,810
-------
-------
---------
-------
---------
Depreciation
At 1 February 2024
14,406
15,944
26,969
10,425
67,744
Charge for the year
2,209
1,282
26,947
2,105
32,543
-------
-------
---------
-------
---------
At 31 January 2025
16,615
17,226
53,916
12,530
100,287
-------
-------
---------
-------
---------
Carrying amount
At 31 January 2025
6,412
3,142
74,563
406
84,523
-------
-------
---------
-------
---------
At 31 January 2024
8,621
2,949
101,510
2,511
115,591
-------
-------
---------
-------
---------
6. Debtors
2025
2024
£
£
Trade debtors
23,887
19,570
Other debtors
59,973
28,536
-------
-------
83,860
48,106
-------
-------
7. Creditors: Amounts falling due within one year
2025
2024
£
£
Bank loans and overdrafts
10,404
10,149
Trade creditors
34,038
34,972
Social security and other taxes
40,102
15,477
Other creditors
9,989
5,592
-------
-------
94,533
66,190
-------
-------
Included within creditors is a bank loan of £10,404 which is secured by charges over assets held by the company.
8. Creditors: Amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
4,407
14,801
Other creditors
29,313
30,344
-------
-------
33,720
45,145
-------
-------
Included within creditors is a bank loan of £4,407 which is secured by charges over assets held by the company.
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2025
2024
£
£
Not later than 1 year
12,500
12,500
Later than 1 year and not later than 5 years
50,000
-------
-------
62,500
12,500
-------
-------
10. Directors' advances, credits and guarantees
Included in debtors at the year end is £52,184 (2024: £21,428) which is owed to the company by the directors. The maximum overdrawn amount in the year was £94,086 (2024: £38,832). Interest has been charged at the official rate.