REGISTERED NUMBER: |
MASTERCRAFT RUGS HOLDINGS LIMITED |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 |
REGISTERED NUMBER: |
MASTERCRAFT RUGS HOLDINGS LIMITED |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 |
MASTERCRAFT RUGS HOLDINGS LIMITED (REGISTERED NUMBER: 13759809) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
MASTERCRAFT RUGS HOLDINGS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 AUGUST 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
The Exchange |
5 Bank Street |
Bury |
Lancashire |
BL9 0DN |
MASTERCRAFT RUGS HOLDINGS LIMITED (REGISTERED NUMBER: 13759809) |
STATEMENT OF FINANCIAL POSITION |
31 AUGUST 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 4 |
Investments | 5 |
CURRENT ASSETS |
Cash in hand |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
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 were approved by the Board of Directors and authorised for issue on |
MASTERCRAFT RUGS HOLDINGS LIMITED (REGISTERED NUMBER: 13759809) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2024 |
1. | STATUTORY INFORMATION |
Mastercraft Rugs Holdings Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 13759809. The registered office address is 19 Kenyon Road, Brierfield, Nelson, BB9 5SP. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
In the application of the company's accounting policies, the directors are required to make estimates and judgements. The estimates are based on historical experience and other relevant factors. Actual results may differ from these estimates. |
The estimates are continually evaluated. Revisions to accounting estimates are recognised in the period in which the estimate is revised. |
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below. |
Estimating the residual value of the leasehold property is considered a key judgement. |
Property plant and equipment |
Land and buildings | - |
The directors have concluded that the residual value of the property is equal to the net book value and therefore the property shall not be depreciated. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement. |
Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled. |
MASTERCRAFT RUGS HOLDINGS LIMITED (REGISTERED NUMBER: 13759809) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Dividends |
Equity dividends are recognised when they become legally payable and are no longer at the discretion of the company. |
Income from fixed asset investments |
Income from fixed asset investments is received in the form of dividends and is credited to the income statement when received. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | PROPERTY, PLANT AND EQUIPMENT |
Land and |
buildings |
£ |
COST |
Additions |
At 31 August 2024 |
NET BOOK VALUE |
At 31 August 2024 |
MASTERCRAFT RUGS HOLDINGS LIMITED (REGISTERED NUMBER: 13759809) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2024 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 September 2023 |
and 31 August 2024 |
NET BOOK VALUE |
At 31 August 2024 |
At 31 August 2023 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other creditors |