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Registration number: 05924434

Terrys Cut Price Carpets Limited

Unaudited Filleted Financial Statements

for the Year Ended 5 April 2024

 

Terrys Cut Price Carpets Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 10

 

Terrys Cut Price Carpets Limited

Company Information

Directors

Mr Terence Daniel Leahy

Mrs Julie Karen Leahy

Company secretary

Mrs Julie Karen Leahy

Registered office

Beckett House
Wyrefields
Poulton Le Fylde
Lancashire
FY6 8JX

Accountants

Beckett Rawcliffe Limited
Chartered Accountants
Unit 17, Beckett House
Sovereign Court
Wyrefields
Poulton Le Fylde
Lancashire
FY6 8JX

 

Terrys Cut Price Carpets Limited

(Registration number: 05924434)
Balance Sheet as at 5 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

52,407

63,611

Current assets

 

Stocks

5

240,000

280,000

Debtors

6

438,609

454,503

Cash at bank and in hand

 

618,900

683,509

 

1,297,509

1,418,012

Creditors: Amounts falling due within one year

7

(56,614)

(136,931)

Net current assets

 

1,240,895

1,281,081

Net assets

 

1,293,302

1,344,692

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

1,293,202

1,344,592

Shareholders' funds

 

1,293,302

1,344,692

For the financial year ending 5 April 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.

Approved and authorised by the Board on 11 February 2025 and signed on its behalf by:
 

.........................................
Mr Terence Daniel Leahy
Director

   
     
 

Terrys Cut Price Carpets Limited

Notes to the Unaudited Financial Statements for the Year Ended 5 April 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:
Beckett House
Wyrefields
Poulton Le Fylde
Lancashire
FY6 8JX

The principal place of business is:
Unit 5
Burton Road Industrial Park
Blackpool
FY4 4NW

These financial statements were authorised for issue by the Board on 11 February 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 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.

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 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.

Tax

The tax expense for the period comprises current 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.

 

Terrys Cut Price Carpets Limited

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2024

The current income 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.

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

Leasehold improvements

10% straight line

Fixtures fitting & equipment

15% reducing balance

Office equipment

15% reducing balance

Motor vehicles

25% reducing balance

Plant and machinery

15% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

 

Terrys Cut Price Carpets Limited

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2024

Trade creditors

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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2023 - 9).

 

Terrys Cut Price Carpets Limited

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 6 April 2023

11,835

102,610

121,219

10,118

245,782

At 5 April 2024

11,835

102,610

121,219

10,118

245,782

Depreciation

At 6 April 2023

5,918

62,295

107,862

6,096

182,171

Charge for the year

1,183

6,078

3,339

604

11,204

At 5 April 2024

7,101

68,373

111,201

6,700

193,375

Carrying amount

At 5 April 2024

4,734

34,237

10,018

3,418

52,407

At 5 April 2023

5,917

40,315

13,357

4,022

63,611

Included within the net book value of land and buildings above is £4,734 (2023 - £5,918) in respect of short leasehold land and buildings.
 

 

Terrys Cut Price Carpets Limited

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2024

5

Stocks

2024
£

2023
£

Other inventories

240,000

280,000

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

60,579

60,599

Amounts owed by related parties

10

373,030

373,030

Other debtors

 

5,000

20,874

   

438,609

454,503

 

Terrys Cut Price Carpets Limited

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

23,022

92,276

Taxation and social security

26,555

24,936

Accruals and deferred income

4,000

4,000

Other creditors

3,037

15,719

56,614

136,931

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

9

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £600.00 (2023 - £650.00) per each Ordinary

60,000

65,000

 

 

10

Related party transactions

 

Terrys Cut Price Carpets Limited

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2024

Transactions with directors

 

Terrys Cut Price Carpets Limited

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2024

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

34,584

21,584

Loans to related parties

2024

Other related parties
£

Total
£

At start of period

373,030

373,030

At end of period

373,030

373,030

2023

Other related parties
£

Total
£

At start of period

373,030

373,030

At end of period

373,030

373,030

Terms of loans to related parties

JKL Properties Ltd - a company under common control.

11

Parent and ultimate parent undertaking

The ultimate controlling party is Mr T D & Mrs J K Leahy.