Company Registration No. 04166846 (England and Wales)
CARPETWORLD (SOUTHERN) LIMITED
ANNUAL REPORT AND UNAUDITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
TWP Accounting LLP
Chartered Accountants
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE
CARPETWORLD (SOUTHERN) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
CARPETWORLD (SOUTHERN) LIMITED
Company Registration No. 04166846
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,269
776
Current assets
Debtors
4
6,222
3,635
Cash at bank and in hand
361
192
6,583
3,827
Creditors: amounts falling due within one year
5
(23,808)
(22,360)
Net current liabilities
(17,225)
(18,533)
Total assets less current liabilities
(15,956)
(17,757)
Creditors: amounts falling due after more than one year
6
(120,098)
(168,332)
Net liabilities
(136,054)
(186,089)
Capital and reserves
Called up share capital
7
500
500
Profit and loss reserves
(136,554)
(186,589)
Total equity
(136,054)
(186,089)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
CARPETWORLD (SOUTHERN) LIMITED
Company Registration No. 04166846
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 18 March 2025 and are signed on its behalf by:
C S Lucas
Director
CARPETWORLD (SOUTHERN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Carpetworld (Southern) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 45-51 Waterloo Road, Epsom, Surrey, KT19 8EX.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
At the balance sheet date the company has net liabilities of £true136,054. Included within creditors are amounts due to the directors of £46,981. The directors have confirmed that they will continue to support the company and not withdraw these loans to the detriment of the company or other creditors. Accordingly, the accounts have been prepared on the going concern basis.
1.3
Reporting period
The accounting period length has been shortened to cover a period of 7 months, from 1 September 2023 - 31 March 2024.
1.4
Turnover
Turnover represents amounts receivable for carpets and associated services supplied during the year net of VAT and trade discounts.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
L/Term Leasehold Property
10% straight line
Equipment
20% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
CARPETWORLD (SOUTHERN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.7
Financial instruments
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
2023
Number
Number
Total
3
3
CARPETWORLD (SOUTHERN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 5 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 September 2023
5,331
25,830
31,161
Additions
810
810
At 31 March 2024
5,331
26,640
31,971
Depreciation and impairment
At 1 September 2023
5,331
25,054
30,385
Depreciation charged in the period
317
317
At 31 March 2024
5,331
25,371
30,702
Carrying amount
At 31 March 2024
1,269
1,269
At 31 August 2023
776
776
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
6,222
3,635
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
4,957
4,957
Trade creditors
10,311
8,676
Taxation and social security
3,417
4,762
Other creditors
5,123
3,965
23,808
22,360
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
25,547
28,504
Other creditors
94,551
139,828
120,098
168,332
CARPETWORLD (SOUTHERN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 6 -
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
500
500
500
500
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
-
20,000
9
Related party transactions
At the balance sheet date the company owed the directors £46,981 (2023 - £92,258). This loan is interest free and repayable on demand.
At the balance sheet date the company owed Overmist £47,570 (2023 - £47,570). This loan is interest free and repayable on demand.