Registrar
Registration number:
Mersea Carpets Limited
for the Year Ended 31 July 2024
Mersea Carpets Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Mersea Carpets Limited
Company Information
Directors |
H L T Lockett O J Lockett |
Registered office |
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Bankers |
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Accountants |
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Mersea Carpets Limited
(Registration number: 02154251)
Balance Sheet as at 31 July 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Capital redemption reserve |
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Retained earnings |
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Shareholders' funds |
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For the financial year ended 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been 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
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Mersea Carpets Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office and principle place of business is:
These financial statements were authorised for issue by the
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.
These financial statements are presented in Sterling (£), which is the company's functional currency.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of carpets and beds. Turnover is shown net of value added tax, returns, rebates and discounts.
Tax
Current Tax is recognised in the profit and loss account, 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.
Deferred tax is recognised on material temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.
Depreciation
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Motor vehicles |
25% reducing balance method |
Office equipment |
15% reducing balance method and straight line over 3 years |
Improvements to property |
10% reducing balance method |
Mersea Carpets Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024
Investment property
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
5% straight line method |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
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. Trade creditors 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.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity.
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.
Mersea Carpets Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 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.
Long term employee benefits
The holiday year for Mersea Carpets Limited ends at 31 December 2024.
Any unused holiday can be carried forward at the discretion of the directors. The cost of any unused entitlement is recognised in the period in which the employee's services are received.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 August 2023 |
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At 31 July 2024 |
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Amortisation |
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At 1 August 2023 |
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At 31 July 2024 |
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Carrying amount |
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At 31 July 2024 |
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- |
Mersea Carpets Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024
Tangible assets |
Office equipment |
Motor vehicles |
Improvements to property |
Total |
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Cost or valuation |
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At 1 August 2023 |
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Additions |
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- |
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Disposals |
- |
( |
( |
( |
At 31 July 2024 |
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- |
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Depreciation |
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At 1 August 2023 |
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Charge for the year |
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- |
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Eliminated on disposal |
- |
( |
( |
( |
At 31 July 2024 |
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- |
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Carrying amount |
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At 31 July 2024 |
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- |
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At 31 July 2023 |
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Investment properties |
2024 |
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At 1 August |
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At 31 July |
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Stocks |
2024 |
2023 |
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Stocks |
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62,717 |
Mersea Carpets Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024
Debtors |
2024 |
2023 |
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Trade debtors |
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Directors loan |
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119,469 |
Amounts owed by group undertakings |
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- |
Other debtors |
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Prepayments |
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Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Directors loan |
200 |
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Other creditors |
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Accruals and deferred income |
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Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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80 |
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80 |
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- |
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116,000 |
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- |
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150,000 |
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £