REGISTERED NUMBER: SC509805 (Scotland)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

FOR

M G CARPETS LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr M A Grant

Mrs A L Grant

REGISTERED OFFICE:

34 Beachen Court

Grantown on Spey

Moray

PH26 3JD

REGISTERED NUMBER:

SC509805 (Scotland)

ACCOUNTANTS:

Ross + Co Accountancy Limited

31 Strathspey Avenue

Aviemore

PH22 1SN

BANKERS:

TSB

2-4 Inglis Street

Inverness

IV1 1HN

FIXED ASSETS

Intangible assets

4

1,375

2,475

Tangible assets

5

24,648

13,062

26,023

15,537

CURRENT ASSETS

Stocks

6,000

12,000

Debtors

6

16,857

12,572

Cash at bank

8,268

10,374

31,125

34,946

CREDITORS

Amounts falling due within one year

7

29,503

40,830

NET CURRENT ASSETS/(LIABILITIES)

1,622

(5,884

)

TOTAL ASSETS LESS CURRENT LIABILITIES

27,645

9,653

CREDITORS

Amounts falling due after more than one year

8

(12,649

)

(4,792

)

PROVISIONS FOR LIABILITIES

9

(4,683

)

(2,482

)

NET ASSETS

10,313

2,379

CAPITAL AND RESERVES

Allotted, called up and fully paid share capital

10

100

100

Profit and loss account - distributable

10,213

2,279

SHAREHOLDERS' FUNDS

10,313

2,379

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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.

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 April 2025 and were signed on its behalf by:

Mr M A Grant - Director

Mrs A L Grant - Director

1.	STATUTORY INFORMATION

M G Carpets Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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.

The financial statements have been prepared under the going concern basis as in the opinion of the directors there is adequate finance available to the company in order to continue in operation for the foreseeable future.

TURNOVER

Turnover represents net invoiced sales of services and goods, excluding value added tax.

GOODWILL

Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of ten years.

TANGIBLE FIXED ASSETS

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Tools & equipment

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

STOCKS

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

TAXATION

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount of tax expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

DEFERRED TAX

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued, non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

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.

DEBTORS AND CREDITORS RECEIVABLE/PAYABLE WITHIN ONE YEAR

Debtors and creditors with no stated interest and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 4 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 August 2023

and 31 July 2024

11,000

AMORTISATION

At 1 August 2023

8,525

Charge for year

1,100

At 31 July 2024

9,625

NET BOOK VALUE

At 31 July 2024

1,375

At 31 July 2023

2,475

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 August 2023

23,203

Additions

25,445

Disposals

(22,485

)

At 31 July 2024

26,163

DEPRECIATION

At 1 August 2023

10,141

Charge for year

1,106

Eliminated on disposal

(9,732

)

At 31 July 2024

1,515

NET BOOK VALUE

At 31 July 2024

24,648

At 31 July 2023

13,062

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

Additions

25,445

At 31 July 2024

25,445

DEPRECIATION

Charge for year

1,060

At 31 July 2024

1,060

NET BOOK VALUE

At 31 July 2024

24,385

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

16,388

12,572

Other debtors

469

-

16,857

12,572

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

2,500

2,500

Hire purchase contracts

3,551

-

Trade creditors

6,079

11,304

Taxation and social security

8,810

8,551

Other creditors

8,563

18,475

29,503

40,830

Included in other creditors is a loan from the directors, Mr & Mrs Grant. At the balance sheet date this loan amounted to £531 (2023: £5,694). The loan is granted free of interest and is repayable on demand.

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans

2,292

4,792

Hire purchase contracts

10,357

-

12,649

4,792

9.	PROVISIONS FOR LIABILITIES

2024

2023

£

£

Deferred tax

4,683

2,482

Deferred

tax

£

Balance at 1 August 2023

2,482

Provided during year

2,201

Balance at 31 July 2024

4,683

10.

ALLOTTED, CALLED UP AND FULLY PAID SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

100

Ordinary

£1

100

100

11.	ULTIMATE CONTROLLING PARTY

The ultimate controlling parties are the Directors, Mr M A Grant and Mrs A L Grant, by virtue of their equal ownership of the issued Ordinary Share Capital.