Silverfin false false 31/07/2024 01/08/2023 31/07/2024 E Gorjian 16/03/1995 I Gorjian 19/04/2024 11/05/2005 S Gorjian 11/05/2005 12 April 2025 The principal activity of the company continued to be that of the purchase and sale of carpets and rugs. 03034001 2024-07-31 03034001 bus:Director1 2024-07-31 03034001 bus:Director2 2024-07-31 03034001 bus:Director3 2024-07-31 03034001 2023-07-31 03034001 core:CurrentFinancialInstruments 2024-07-31 03034001 core:CurrentFinancialInstruments 2023-07-31 03034001 core:ShareCapital 2024-07-31 03034001 core:ShareCapital 2023-07-31 03034001 core:RetainedEarningsAccumulatedLosses 2024-07-31 03034001 core:RetainedEarningsAccumulatedLosses 2023-07-31 03034001 core:OtherPropertyPlantEquipment 2023-07-31 03034001 core:OtherPropertyPlantEquipment 2024-07-31 03034001 2023-08-01 2024-07-31 03034001 bus:FilletedAccounts 2023-08-01 2024-07-31 03034001 bus:SmallEntities 2023-08-01 2024-07-31 03034001 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 03034001 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 03034001 bus:Director1 2023-08-01 2024-07-31 03034001 bus:Director2 2023-08-01 2024-07-31 03034001 bus:Director3 2023-08-01 2024-07-31 03034001 core:OtherPropertyPlantEquipment 2023-08-01 2024-07-31 03034001 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-08-01 2024-07-31 03034001 2022-08-01 2023-07-31 03034001 core:OtherPropertyPlantEquipment 1 2023-08-01 2024-07-31 03034001 1 2023-08-01 2024-07-31 iso4217:GBP xbrli:pure

Company No: 03034001 (England and Wales)

RAMA CARPETS LTD

Unaudited Financial Statements
For the financial year ended 31 July 2024
Pages for filing with the registrar

RAMA CARPETS LTD

Unaudited Financial Statements

For the financial year ended 31 July 2024

Contents

RAMA CARPETS LTD

STATEMENT OF FINANCIAL POSITION

As at 31 July 2024
RAMA CARPETS LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 July 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 105,909 93,157
105,909 93,157
Current assets
Stocks 2,981,046 3,034,285
Debtors 4 850,594 733,567
Cash at bank and in hand 3,037,460 3,013,422
6,869,100 6,781,274
Creditors: amounts falling due within one year 5 ( 1,849,756) ( 2,203,457)
Net current assets 5,019,344 4,577,817
Total assets less current liabilities 5,125,253 4,670,974
Provision for liabilities ( 9,080) ( 22,624)
Net assets 5,116,173 4,648,350
Capital and reserves
Called-up share capital 100 100
Profit and loss account 7 5,116,073 4,648,250
Total shareholders' funds 5,116,173 4,648,350

For the financial year ending 31 July 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Rama Carpets Ltd (registered number: 03034001) were approved and authorised for issue by the Board of Directors on 12 April 2025. They were signed on its behalf by:

S Gorjian
Director
RAMA CARPETS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
RAMA CARPETS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Rama Carpets Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 41 Humber Road, London, NW2 6EN, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Comprehensive Income in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.


Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Employee benefits

Short term 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 as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 25 % reducing balance
3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
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.

Impairment of assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service portal.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

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.

Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans 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.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 26 26

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 August 2023 458,336 458,336
Additions 62,730 62,730
Disposals ( 57,589) ( 57,589)
rounding 0 0
At 31 July 2024 463,477 463,477
Accumulated depreciation
At 01 August 2023 365,179 365,179
Charge for the financial year 29,039 29,039
Disposals ( 36,650) ( 36,650)
0 0
At 31 July 2024 357,568 357,568
Net book value
At 31 July 2024 105,909 105,909
At 31 July 2023 93,157 93,157

4. Debtors

2024 2023
£ £
Trade debtors 751,865 641,327
Other debtors 98,729 92,240
850,594 733,567

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 1,176,532 1,047,124
Taxation and social security 260,295 525,763
Other creditors 412,929 630,570
1,849,756 2,203,457

6. Related party transactions

Other related party transactions

2024 2023
£ £
Other related parties 82,684 71,078

7. Profit and loss reserves

Retained earnings represents accumulated comprehensive income for the year and prior periods less dividends paid.

8. Operating lease commitment

Lessee

2024 2023
£ £
Lessee 1,179,784 1,405,149

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, for premises and licences.