Oriental Carpets & Rugs Limited 07413940 false 2023-07-01 2024-06-30 2024-06-30 The principal activity of the company is wholesale of rugs / carpets. Digita Accounts Production Advanced 6.30.9574.0 true 07413940 2023-07-01 2024-06-30 07413940 2024-06-30 07413940 core:RetainedEarningsAccumulatedLosses 2024-06-30 07413940 core:ShareCapital 2024-06-30 07413940 core:CurrentFinancialInstruments 2024-06-30 07413940 core:CurrentFinancialInstruments core:WithinOneYear 2024-06-30 07413940 core:Non-currentFinancialInstruments core:AfterOneYear 2024-06-30 07413940 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-06-30 07413940 core:Goodwill 2024-06-30 07413940 core:FurnitureFittingsToolsEquipment 2024-06-30 07413940 core:LandBuildings 2024-06-30 07413940 core:MotorVehicles 2024-06-30 07413940 core:OtherPropertyPlantEquipment 2024-06-30 07413940 bus:SmallEntities 2023-07-01 2024-06-30 07413940 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 07413940 bus:FullAccounts 2023-07-01 2024-06-30 07413940 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 07413940 bus:RegisteredOffice 2023-07-01 2024-06-30 07413940 bus:CompanySecretaryDirector1 2023-07-01 2024-06-30 07413940 bus:Director2 2023-07-01 2024-06-30 07413940 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 07413940 core:ComputerSoftware 2023-07-01 2024-06-30 07413940 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-07-01 2024-06-30 07413940 core:Goodwill 2023-07-01 2024-06-30 07413940 core:Buildings 2023-07-01 2024-06-30 07413940 core:FurnitureFittings 2023-07-01 2024-06-30 07413940 core:FurnitureFittingsToolsEquipment 2023-07-01 2024-06-30 07413940 core:LandBuildings 2023-07-01 2024-06-30 07413940 core:MotorVehicles 2023-07-01 2024-06-30 07413940 core:OtherPropertyPlantEquipment 2023-07-01 2024-06-30 07413940 core:PlantMachinery 2023-07-01 2024-06-30 07413940 countries:EnglandWales 2023-07-01 2024-06-30 07413940 2023-06-30 07413940 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-06-30 07413940 core:Goodwill 2023-06-30 07413940 core:FurnitureFittingsToolsEquipment 2023-06-30 07413940 core:LandBuildings 2023-06-30 07413940 core:MotorVehicles 2023-06-30 07413940 core:OtherPropertyPlantEquipment 2023-06-30 07413940 2022-07-01 2023-06-30 07413940 2023-06-30 07413940 core:RetainedEarningsAccumulatedLosses 2023-06-30 07413940 core:ShareCapital 2023-06-30 07413940 core:CurrentFinancialInstruments 2023-06-30 07413940 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 07413940 core:Non-currentFinancialInstruments core:AfterOneYear 2023-06-30 07413940 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-06-30 07413940 core:Goodwill 2023-06-30 07413940 core:FurnitureFittingsToolsEquipment 2023-06-30 07413940 core:LandBuildings 2023-06-30 07413940 core:MotorVehicles 2023-06-30 07413940 core:OtherPropertyPlantEquipment 2023-06-30 iso4217:GBP xbrli:pure

Registration number: 07413940

Oriental Carpets & Rugs Limited

Unaudited Financial Statements

for the Year Ended 30 June 2024

 

Oriental Carpets & Rugs Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Oriental Carpets & Rugs Limited

(Registration number: 07413940)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

53,247

117,626

Tangible assets

5

691,711

490,380

 

744,958

608,006

Current assets

 

Stocks

6

3,193,789

3,015,107

Debtors

7

3,402,888

2,711,231

Cash at bank and in hand

 

310,593

370,513

 

6,907,270

6,096,851

Creditors: Amounts falling due within one year

8

(2,409,323)

(1,571,343)

Net current assets

 

4,497,947

4,525,508

Total assets less current liabilities

 

5,242,905

5,133,514

Creditors: Amounts falling due after more than one year

8

(1,175,961)

(1,278,765)

Provisions for liabilities

(136,363)

(66,354)

Net assets

 

3,930,581

3,788,395

Capital and reserves

 

Called up share capital

100

100

Retained earnings

3,930,481

3,788,295

Shareholders' funds

 

3,930,581

3,788,395

For the financial year ending 30 June 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.

 

Oriental Carpets & Rugs Limited

(Registration number: 07413940)
Balance Sheet as at 30 June 2024

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 5 February 2025 and signed on its behalf by:
 

.........................................
D M Tippett
Company secretary and director

.........................................
G M Tippett
Director

 

Oriental Carpets & Rugs Limited

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

1

General information

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

The address of its registered office is:
Think Rugs Anchor Road
Longton
Stoke-On-Trent
Staffordshire
ST3 1NF
UK

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 except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover compromises 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 show net of sales/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.

 

Oriental Carpets & Rugs Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 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 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

Plant and machinery

25% reducing balance

Fixtures and fittings

25% reducing balance

Motor vehicles

25% reducing balance

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

Software

10% straight line

 

Oriental Carpets & Rugs Limited

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

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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 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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 25 (2023 - 20).

 

Oriental Carpets & Rugs Limited

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

4

Intangible assets

Goodwill
 £

Software
 £

Total
£

Cost or valuation

At 1 July 2023

650,000

102,140

752,140

At 30 June 2024

650,000

102,140

752,140

Amortisation

At 1 July 2023

595,833

38,681

634,514

Amortisation charge

54,167

10,212

64,379

At 30 June 2024

650,000

48,893

698,893

Carrying amount

At 30 June 2024

-

53,247

53,247

At 30 June 2023

54,167

63,459

117,626

 

Oriental Carpets & Rugs Limited

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

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 July 2023

277,491

81,168

161,068

261,139

780,866

Additions

-

4,551

70,536

224,525

299,612

At 30 June 2024

277,491

85,719

231,604

485,664

1,080,478

Depreciation

At 1 July 2023

18,713

62,337

56,757

152,679

290,486

Charge for the year

5,549

10,287

28,588

53,857

98,281

At 30 June 2024

24,262

72,624

85,345

206,536

388,767

Carrying amount

At 30 June 2024

253,229

13,095

146,259

279,128

691,711

At 30 June 2023

258,778

18,831

104,311

108,460

490,380

 

Oriental Carpets & Rugs Limited

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

6

Stocks

2024
£

2023
£

Stocks

3,193,789

3,015,107

7

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

807,821

404,812

Amounts owed by related parties

2,530,408

2,248,542

Prepayments

 

62,393

44,050

Other debtors

 

2,266

13,827

   

3,402,888

2,711,231

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

284,519

175,013

Trade creditors

 

1,232,392

616,244

Taxation and social security

 

353,120

307,371

Accruals and deferred income

 

74,205

2,392

Other creditors

 

465,087

470,323

 

2,409,323

1,571,343

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

1,175,961

1,278,765