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Registration number: 01220080

Jims Carpets Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

Jims Carpets Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Jims Carpets Limited

(Registration number: 01220080)
Balance Sheet as at 30 September 2024

Note

2024

2023

   

£

£

£

£

Fixed assets

   

 

Tangible assets

4

 

813,610

 

950,820

Current assets

   

 

Stocks

1,807,675

 

2,287,938

 

Debtors

5

908,741

 

541,441

 

Cash at bank and in hand

 

413,632

 

138,871

 

 

3,130,048

 

2,968,250

 

Creditors: Amounts falling due within one year

6

(1,876,018)

 

(1,735,412)

 

Net current assets

   

1,254,030

 

1,232,838

Total assets less current liabilities

   

2,067,640

 

2,183,658

Creditors: Amounts falling due after more than one year

6

 

(491,319)

 

(597,896)

Provisions for liabilities

 

(67,000)

 

(92,000)

Net assets

   

1,509,321

 

1,493,762

Capital and reserves

   

 

Called up share capital

8

419,317

 

419,317

 

Share premium reserve

31,572

 

31,572

 

Profit and loss account

1,058,432

 

1,042,873

 

Total equity

   

1,509,321

 

1,493,762

 

Jims Carpets Limited

(Registration number: 01220080)
Balance Sheet as at 30 September 2024

For the financial year ending 30 September 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 17 March 2025 and signed on its behalf by:
 

.........................................
Mr S E Walker
Director

 

Jims Carpets Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
42 Commercial Road
Kirkstall
Leeds
LS5 3AQ

These financial statements were authorised for issue by the Board on 17 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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' including the disclosure and presentation requirements of Section 1A and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The company's functional and presentation currency is pound sterling.

Summary of disclosure exemptions

The company has taken advantage of the exemption under Section 1AC.35 from disclosing transactions and balances
with fellow group undertakings that are wholly owned..

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when: The amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Jims Carpets Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, 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 corporation 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 in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold buildings

2% straight line basis

Short leasehold improvements

over the term of the lease

Plant, machinery, fixture and fittings

15% to 20% reducing balance basis

Motor vehicles

20% straight line basis

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of stocks comprises the purchase price, include taxes and duties and those overheads that have been incurred in bringing the stocks 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.

 

Jims Carpets Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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.

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.

 

Jims Carpets Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Financial instruments

Financial assets

Basic financial assets, including trade and other receivables, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar asset. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss and any subsequent reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 50 (2023 - 57).

 

Jims Carpets Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

4

Tangible assets

Land and buildings
£

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 October 2023

869,628

403,111

482,049

1,754,788

Additions

-

-

3,064

3,064

At 30 September 2024

869,628

403,111

485,113

1,757,852

Depreciation

At 1 October 2023

344,273

113,977

345,718

803,968

Charge for the year

32,546

78,307

29,421

140,274

At 30 September 2024

376,819

192,284

375,139

944,242

Carrying amount

At 30 September 2024

492,809

210,827

109,974

813,610

At 30 September 2023

525,355

289,134

136,331

950,820

Included within the net book value of land and buildings above is £336,322 (2023 - £341,405) in respect of freehold land and buildings and £156,487 (2023 - £183,950) in respect of short leasehold land and buildings.
 

5

Debtors

Current

2024
£

2023
£

Trade debtors

508,247

390,968

Prepayments

171,209

149,373

Other debtors

229,285

1,100

 

908,741

541,441

 

Jims Carpets Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

6

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

228,154

230,611

Trade creditors

 

729,046

710,252

Amounts owed to group undertakings

10

677

32,064

Taxation and social security

 

494,014

412,767

Accruals and deferred income

 

39,592

27,959

Other creditors

 

384,535

321,759

 

1,876,018

1,735,412

Creditors include net obligations under finance lease and hire purchase contracts which are secured on the assets subject to the agreement of £104,306 (2023 - £102,832).

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

491,319

597,896

Creditors include net obligations under finance lease and hire purchase contracts which are secured on the assets subject to the agreement of £72,108 (2023 - £178,685).

 

Jims Carpets Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

7

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

104,306

102,832

Other borrowings

123,848

127,779

228,154

230,611

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

72,108

178,685

Redeemable preference shares

419,211

419,211

491,319

597,896

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A shares of £1 each

50

50

50

50

Ordinary B shares of £1 each

6

6

6

6

Ordinary C shares of £1 each

50

50

50

50

Preference shares of £1 each

419,211

419,211

419,211

419,211

419,317

419,317

419,317

419,317

9

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 £619,977 (2023 - £932,344).

 

Jims Carpets Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

10

Related party transactions

Transactions with directors

2023

At 1 October 2022
£

Repayments by director
£

At 30 September 2023
£

Interest free loan

5,666

(5,666)

-

 

Expenditure with and payables to related parties

2024

Key management
£

Amounts payable to related party

123,848

2023

Key management
£

Amounts payable to related party

127,779

Amounts due to key management are interest free and repayable on demand.

11

Parent and ultimate parent undertaking

The company's immediate parent is Jims Carpets Holdings Limited, incorporated in England & Wales.