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REGISTERED NUMBER: 04782632 (England and Wales)















TOP OF THE PILE QUALITY CARPETS LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024






TOP OF THE PILE QUALITY CARPETS LTD (REGISTERED NUMBER: 04782632)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024




Page

Company Information 1

Statement of Financial Position 2 to 3

Notes to the Financial Statements 4 to 6


TOP OF THE PILE QUALITY CARPETS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: J D R Pycroft
Mrs J A Pycroft



SECRETARY: Mrs J A Pycroft



REGISTERED OFFICE: 27-29 Lumley Avenue
Skegness
Lincolnshire
PE25 2AT



REGISTERED NUMBER: 04782632 (England and Wales)



ACCOUNTANTS: Duncan & Toplis Limited
27-29 Lumley Avenue
Skegness
Lincolnshire
PE25 2AT



BANKERS: National Westminster Bank Plc
97 Lumley Road
Skegness
Lincolnshire
PE25 3LY

TOP OF THE PILE QUALITY CARPETS LTD (REGISTERED NUMBER: 04782632)

STATEMENT OF FINANCIAL POSITION
30 JUNE 2024

30.6.24 30.6.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 71,942 33,638
71,942 33,638

CURRENT ASSETS
Stocks 49,403 53,745
Debtors 6 63,414 43,085
Cash at bank and in hand 2,206 186,861
115,023 283,691
CREDITORS
Amounts falling due within one year 7 73,348 147,956
NET CURRENT ASSETS 41,675 135,735
TOTAL ASSETS LESS CURRENT LIABILITIES 113,617 169,373

CREDITORS
Amounts falling due after more than one year 8 (26,606 ) -

PROVISIONS FOR LIABILITIES (12,773 ) (5,395 )
NET ASSETS 74,238 163,978

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 74,138 163,878
SHAREHOLDERS' FUNDS 74,238 163,978

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

TOP OF THE PILE QUALITY CARPETS LTD (REGISTERED NUMBER: 04782632)

STATEMENT OF FINANCIAL POSITION - continued
30 JUNE 2024


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 February 2025 and were signed on its behalf by:




J D R Pycroft - Director



Mrs J A Pycroft - Director


TOP OF THE PILE QUALITY CARPETS LTD (REGISTERED NUMBER: 04782632)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1. STATUTORY INFORMATION

Top of the Pile Quality Carpets Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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 provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value on fitting or supply of goods, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance, 15% on reducing balance and 10% on cost

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Stocks
Stock and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Uncompleted client work at the balance sheet date has been reflected in the financial statements as work in progress.

Financial instruments
The company has chosen to adopt the FRS 102A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

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 is recognised in the income statement.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


TOP OF THE PILE QUALITY CARPETS LTD (REGISTERED NUMBER: 04782632)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 9 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 July 2023
and 30 June 2024 120,000
AMORTISATION
At 1 July 2023
and 30 June 2024 120,000
NET BOOK VALUE
At 30 June 2024 -
At 30 June 2023 -

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 July 2023 153,964
Additions 59,359
At 30 June 2024 213,323
DEPRECIATION
At 1 July 2023 120,326
Charge for year 21,055
At 30 June 2024 141,381
NET BOOK VALUE
At 30 June 2024 71,942
At 30 June 2023 33,638

TOP OF THE PILE QUALITY CARPETS LTD (REGISTERED NUMBER: 04782632)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Trade debtors 35,991 39,495
Other debtors 27,423 3,590
63,414 43,085

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Bank loans and overdrafts 6,766 -
Trade creditors 46,880 34,715
Taxation and social security 13,531 35,492
Other creditors 6,171 77,749
73,348 147,956

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.6.24 30.6.23
£    £   
Bank loans 26,606 -

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.6.24 30.6.23
value: £    £   
100 Ordinary £1 100 100

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The company has provided the directors with an interest free loan totalling £8,885.
(2023 - The directors have provided the company with an interest free loan totalling £71,629.)