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Registered number: 09618179
Ornate Rugs Limited
Financial Statements
For The Year Ended 31 August 2024
Asif Tax Advisers Ltd
Chartered Certified Accountants
90 Fenman Gardens
Ilford
London
IG3 9TS
Contents
Page
Company Information 1
Balance Sheet 2—3
Notes to the Financial Statements 4—6
Page 1
Company Information
Directors Mr Farid Sadiq
Mrs Raihana Amini
Company Number 09618179
Registered Office 15 Lumen Road
First Floor, East Lane, Business Park
Wembley
HA9 7RE
Accountants Asif Tax Advisers Ltd
Chartered Certified Accountants
90 Fenman Gardens
Ilford
London
IG3 9TS
Page 1
Page 2
Balance Sheet
Registered number: 09618179
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 33,986 38,234
Tangible Assets 5 6,602 4,955
Investments 6 1,303 1,303
41,891 44,492
CURRENT ASSETS
Stocks 7 1,205,000 990,000
Debtors 8 422,176 408,115
Cash at bank and in hand 791,460 625,689
2,418,636 2,023,804
Creditors: Amounts Falling Due Within One Year 9 (2,150,220 ) (1,718,283 )
NET CURRENT ASSETS (LIABILITIES) 268,416 305,521
TOTAL ASSETS LESS CURRENT LIABILITIES 310,307 350,013
Creditors: Amounts Falling Due After More Than One Year 10 (202,266 ) (250,311 )
NET ASSETS 108,041 99,702
CAPITAL AND RESERVES
Called up share capital 11 100 100
Profit and Loss Account 107,941 99,602
SHAREHOLDERS' FUNDS 108,041 99,702
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Page 3
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Farid Sadiq
Director
21/04/2025
The notes on pages 4 to 6 form part of these financial statements.
Page 3
Page 4
Notes to the Financial Statements
1. General Information
Ornate Rugs Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09618179 . The registered office is 15 Lumen Road, First Floor, East Lane, Business Park, Wembley, HA9 7RE.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of ten years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% on reducing balance
Motor Vehicles 20% on reducing balance
2.5. Stocks and Work in Progress
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2.6. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 6 (2023: 6)
6 6
4. Intangible Assets
Goodwill
£
Cost
As at 1 September 2023 42,482
As at 31 August 2024 42,482
Amortisation
As at 1 September 2023 4,248
Provided during the period 4,248
As at 31 August 2024 8,496
Net Book Value
As at 31 August 2024 33,986
As at 1 September 2023 38,234
5. Tangible Assets
Plant & Machinery Motor Vehicles Total
£ £ £
Cost
As at 1 September 2023 5,322 15,958 21,280
Additions 3,298 - 3,298
As at 31 August 2024 8,620 15,958 24,578
Depreciation
As at 1 September 2023 3,044 13,281 16,325
Provided during the period 1,115 536 1,651
As at 31 August 2024 4,159 13,817 17,976
Net Book Value
As at 31 August 2024 4,461 2,141 6,602
As at 1 September 2023 2,278 2,677 4,955
6. Investments
Associates
£
Cost
As at 1 September 2023 1,303
As at 31 August 2024 1,303
Provision
As at 1 September 2023 -
As at 31 August 2024 -
...CONTINUED
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Net Book Value
As at 31 August 2024 1,303
As at 1 September 2023 1,303
7. Stocks
2024 2023
£ £
Stock 1,205,000 990,000
8. Debtors
2024 2023
£ £
Due within one year
Trade debtors 254,026 355,862
Other debtors 168,150 52,253
422,176 408,115
9. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 2,128,794 1,698,579
Bank loans and overdrafts 3,777 -
Other creditors 8,165 9,032
Taxation and social security 9,484 10,672
2,150,220 1,718,283
10. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Other creditors 202,266 250,311
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
12. Dividends
2024 2023
£ £
On equity shares:
Final dividend paid 30,000 30,000
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