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Registrar

Registration number: 02154251

Mersea Carpets Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

Mersea Carpets Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Mersea Carpets Limited

Company Information

Directors

H L T Lockett

O J Lockett

Registered office

Great Eastern Road
Sudbury
Suffolk
CO10 2TJ

Bankers

Barclays Bank Plc
9 High Street
Colchester
Essex
CO1 1DA

Accountants

Lambert Chapman LLP
Chartered Accountants
3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

 

Mersea Carpets Limited

(Registration number: 02154251)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

54,910

56,324

Investment property

6

130,000

130,000

 

184,910

186,324

Current assets

 

Stocks

7

62,250

62,717

Debtors

8

496,140

356,819

Cash at bank and in hand

 

218,896

558,121

 

777,286

977,657

Creditors: Amounts falling due within one year

9

(235,359)

(236,659)

Net current assets

 

541,927

740,998

Total assets less current liabilities

 

726,837

927,322

Provisions for liabilities

(6,160)

5,113

Net assets

 

720,677

932,435

Capital and reserves

 

Called up share capital

10

80

266,080

Capital redemption reserve

295,020

29,020

Retained earnings

425,577

637,335

Shareholders' funds

 

720,677

932,435

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:

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 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 Board on 13 March 2025 and signed on its behalf by:
 

H L T Lockett
Director

O J Lockett
Director

 
     
 

Mersea Carpets Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

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: Great Eastern Road, Sudbury, Suffolk, CO10 2TJ.

These financial statements were authorised for issue by the Board on 13 March 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.

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

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2023 - 8).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 August 2023

228,707

228,707

At 31 July 2024

228,707

228,707

Amortisation

At 1 August 2023

228,707

228,707

At 31 July 2024

228,707

228,707

Carrying amount

At 31 July 2024

-

-

 

Mersea Carpets Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

5

Tangible assets

Office equipment
 £

Motor vehicles
 £

Improvements to property
£

Total
£

Cost or valuation

At 1 August 2023

15,495

79,992

10,500

105,987

Additions

3,325

44,523

-

47,848

Disposals

-

(57,992)

(10,500)

(68,492)

At 31 July 2024

18,820

66,523

-

85,343

Depreciation

At 1 August 2023

14,735

32,019

2,909

49,663

Charge for the year

705

10,079

-

10,784

Eliminated on disposal

-

(27,105)

(2,909)

(30,014)

At 31 July 2024

15,440

14,993

-

30,433

Carrying amount

At 31 July 2024

3,380

51,530

-

54,910

At 31 July 2023

760

47,973

7,591

56,324

6

Investment properties

2024
£

At 1 August

130,000

At 31 July

130,000

7

Stocks

2024
£

2023
£

Stocks

62,250

62,717

 

Mersea Carpets Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

8

Debtors

2024
£

2023
£

Trade debtors

203,883

202,808

Directors loan

-

119,469

Amounts owed by group undertakings

258,668

-

Other debtors

16,938

24,224

Prepayments

16,651

10,318

496,140

356,819

9

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

75,312

66,173

Taxation and social security

90,693

127,460

Directors loan

200

-

Other creditors

64,572

36,695

Accruals and deferred income

4,582

6,331

235,359

236,659

10

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

80

80

80

80

Ordinary 'B' shares of £1 each

-

-

116,000

116,000

Ordinary 'C' shares of £1 each

-

-

150,000

150,000

80

80

266,080

266,080

11

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 £3,333 (2023 - £3,333).