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REGISTERED NUMBER: 03260592 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

Kiely Carpets Limited

Kiely Carpets Limited (Registered number: 03260592)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Kiely Carpets Limited

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTORS: A D Kiely
Mrs D Kiely





SECRETARY: Mrs D Kiely





REGISTERED OFFICE: Unit 14 Mead Lane Industrial Estate
Lydney
Gloucestershire
GL15 5DA





REGISTERED NUMBER: 03260592 (England and Wales)





ACCOUNTANTS: Knights
2A Lighthouse Trade Park
Lydney
21 Highnam Business Centre
Highnam
Gloucestershire
GL2 8DN

Kiely Carpets Limited (Registered number: 03260592)

BALANCE SHEET
31 DECEMBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 349,431 361,430

CURRENT ASSETS
Stocks 63,790 61,377
Debtors 5 160,754 200,745
Cash at bank and in hand 311,304 199,123
535,848 461,245
CREDITORS
Amounts falling due within one year 6 183,242 138,978
NET CURRENT ASSETS 352,606 322,267
TOTAL ASSETS LESS CURRENT
LIABILITIES

702,037

683,697

PROVISIONS FOR LIABILITIES 7 30,998 36,067
NET ASSETS 671,039 647,630

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 670,939 647,530
671,039 647,630

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Kiely Carpets Limited (Registered number: 03260592)

BALANCE SHEET - continued
31 DECEMBER 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 March 2025 and were signed on its behalf by:




A D Kiely - Director



Mrs D Kiely - Director


Kiely Carpets Limited (Registered number: 03260592)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1. STATUTORY INFORMATION

Kiely Carpets Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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
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
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company made contributions to a director personal pension plan during the year. These amounts are charged through the profit and loss account.

Kiely Carpets Limited (Registered number: 03260592)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 9 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 January 2024 266,413 237,382 53,810 174,681 732,286
Additions - - 12,360 43,000 55,360
Disposals - - - (41,623 ) (41,623 )
At 31 December 2024 266,413 237,382 66,170 176,058 746,023
DEPRECIATION
At 1 January 2024 96,782 139,732 44,780 89,562 370,856
Charge for year 5,328 5,076 1,515 24,223 36,142
Eliminated on disposal - - - (10,406 ) (10,406 )
At 31 December 2024 102,110 144,808 46,295 103,379 396,592
NET BOOK VALUE
At 31 December 2024 164,303 92,574 19,875 72,679 349,431
At 31 December 2023 169,631 97,650 9,030 85,119 361,430

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 96,704 125,745
Other debtors 64,050 75,000
160,754 200,745

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 37,478 63,661
Tax 39,513 39,341
Social security and other taxes 10,293 16,120
VAT 2,777 4,969
Directors' loan accounts 79,181 887
Accrued expenses 14,000 14,000
183,242 138,978

7. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 30,998 36,067

Kiely Carpets Limited (Registered number: 03260592)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

7. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 January 2024 36,067
Accelerated Capital Allowances (5,069 )
Balance at 31 December 2024 30,998