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Registered number: 02936243










CARRINO FLOORING LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2024

 
CARRINO FLOORING LIMITED
REGISTERED NUMBER:02936243

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2024
2023
2023
Note
£
£
£
£

Fixed assets
  

Tangible assets
 4 
26,945
31,723

Investments
 5 
42,000
42,000

  
68,945
73,723

Current assets
  

Stocks
 6 
513,016
690,726

Debtors: amounts falling due within one year
 7 
1,744,684
2,495,527

Cash at bank and in hand
 8 
3,390,714
3,258,377

  
5,648,414
6,444,630

Creditors: amounts falling due within one year
 9 
(1,370,074)
(2,323,594)

Net current assets
  
 
 
4,278,340
 
 
4,121,036

Total assets less current liabilities
  
4,347,285
4,194,759

  

Net assets
  
4,347,285
4,194,759


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
4,347,185
4,194,659

  
4,347,285
4,194,759


Page 1

 
CARRINO FLOORING LIMITED
REGISTERED NUMBER:02936243
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024

The Director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The Director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Giovanni Carrino
Director
Date: 12 March 2025


The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
CARRINO FLOORING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Carrino Flooring Limited is a private limited Company, incorporated in England and Wales.
The registered office and the principal place of business is 9 Marlborough Road, Colmworth Business Park, Eaton Socon, St Neots, Cambridgeshire, PE19 8YP.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 3

 
CARRINO FLOORING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, Value Added Tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
CARRINO FLOORING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.


 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model, other than investment properties, are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis.


Plant and machinery
-
15% per annum reducing balance
Motor vehicles
-
25% per annum reducing balance
Fixtures and fittings
-
20% per annum reducing balance
Equipment
-
20% per annum reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 5

 
CARRINO FLOORING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 13 (2023 - 12).

Page 6

 
CARRINO FLOORING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Equipment
Total

£
£
£
£
£



Cost or valuation


At 1 July 2023
10,066
33,096
39,835
100,682
183,679


Additions
-
7,386
-
2,477
9,863


Disposals
-
(32,490)
-
-
(32,490)



At 30 June 2024

10,066
7,992
39,835
103,159
161,052



Depreciation


At 1 July 2023
8,582
25,278
33,809
84,287
151,956


Charge for the year on owned assets
223
1,920
1,205
4,292
7,640


Disposals
-
(25,489)
-
-
(25,489)



At 30 June 2024

8,805
1,709
35,014
88,579
134,107



Net book value



At 30 June 2024
1,261
6,283
4,821
14,580
26,945



At 30 June 2023
1,484
7,818
6,026
16,395
31,723


5.


Fixed asset investments





Investments in associates

£



Cost or valuation


At 1 July 2023
42,000



At 30 June 2024
42,000




Page 7

 
CARRINO FLOORING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

6.


Stocks

2024
2023
£
£

Finished goods and goods for resale
513,016
690,726



7.


Debtors

2024
2023
£
£


Trade debtors
895,745
1,569,235

Amounts owed by group undertakings
690,035
692,422

Other debtors
136,806
213,823

Prepayments and accrued income
22,098
20,047

1,744,684
2,495,527



8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
3,390,714
3,258,377



9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
624,979
1,466,843

Amounts owed to group undertakings
675,963
677,271

Amounts owed to other participating interests
18,000
18,000

Corporation tax
-
50,371

Other taxation and social security
28,134
30,684

Other creditors
5,247
58,796

Accruals and deferred income
17,751
21,629

1,370,074
2,323,594


Page 8

 
CARRINO FLOORING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

10.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held
separately from those of the Company in an independently administered fund. The pension cost charge
represents contributions payable by the Company to the fund and amounted to £10,243 (2023 - £8,694). Contributions totalling £5,247 (2023 - £5,164) were payable to the fund at the balance sheet date.


11.


Related party transactions

The amount owed by Carrino Holdings Limited to Carrino Floorings Limited at the year end was £690,035 (2023 - £690,035). This loan is interest free and repayable on demand.  
 
At 30 June 2024 a balance of £320 was due to Carrino Flooring Limited from Carrino Holdings Limited and is included in trade debtors (2023: £nil).                        
The amount owed to Carrino Special Products Limited by Carrino Floorings Limited at the year end was £nil (2023 - £2,387 owed to Carrino Flooring Limited). This loan was written off during the year.
At 30 June 2024, there was a balance of £677,312 (2023: £677,271) due to Apex Block Cutters Limited, a company of which Giovanni Carrino is a director. This loan is interest free  and repayable on demand.
At 30 June 2024 a balance of £532 was due to Carrino Flooring Limited from Apex Blockcutters Limited and is included in trade debtors (2023: £4,468).
During the year management fees of £nil (2023: £13,950) were paid to Apex Block Cutting Limited a Company with a similar Director.
During the year management fees of £45,516 (£nil) were paid to Carrino Holdings Limited.
At 30 June 2024, there was a balance of £18,000 (2023 - £18,000) due to Kingstone Products Limited (formally Chiltern Contrete Limited), a company of which Giovanni Carrino is a director. This loan is interest free  and repayable on demand.

 
Page 9