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REGISTERED NUMBER: 01688923 (England and Wales)















MASTERCRAFT RUGS LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024






MASTERCRAFT RUGS LIMITED (REGISTERED NUMBER: 01688923)

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 4


MASTERCRAFT RUGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2024







DIRECTORS: J M Dickson
R M Dickson
T E Dickson





SECRETARY: J M Dickson





REGISTERED OFFICE: 19 Kenyon Road
Lomeshaye Industrial Estate
Nelson
Lancashire
BB9 5SP





REGISTERED NUMBER: 01688923 (England and Wales)





ACCOUNTANTS: DJH Bury Limited
The Exchange
5 Bank Street
Bury
Lancashire
BL9 0DN

MASTERCRAFT RUGS LIMITED (REGISTERED NUMBER: 01688923)

STATEMENT OF FINANCIAL POSITION
31 AUGUST 2024

2024 2023
Notes £    £   
FIXED ASSETS
Property, plant and equipment 4 49,024 811,053

CURRENT ASSETS
Inventories 767,280 852,369
Debtors 5 591,532 636,581
Cash at bank 2,342,469 1,948,123
3,701,281 3,437,073
CREDITORS
Amounts falling due within one year 6 (374,049 ) (381,303 )
NET CURRENT ASSETS 3,327,232 3,055,770
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,376,256

3,866,823

PROVISIONS FOR LIABILITIES (36,250 ) (43,469 )
NET ASSETS 3,340,006 3,823,354

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 3,339,906 3,823,254
SHAREHOLDERS' FUNDS 3,340,006 3,823,354

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

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

MASTERCRAFT RUGS LIMITED (REGISTERED NUMBER: 01688923)

STATEMENT OF FINANCIAL POSITION - continued
31 AUGUST 2024


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 April 2025 and were signed on its behalf by:





R M Dickson - Director


MASTERCRAFT RUGS LIMITED (REGISTERED NUMBER: 01688923)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024


1. STATUTORY INFORMATION

Mastercraft Rugs Limited is a private company, limited by shares, registered in England and Wales. The registered number is 01688923. The registered office is 19 Kenyon Road, Lomeshaye Industrial Estate, Nelson, Lancashire, BB9 5SP.

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.

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 continuously 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 useful economic life of an asset and the anticipated residual value are considered key in calculating an appropriate depreciation charge.

Making judgement based on historical experience on the level of provision required for bad debts. Further information received after the statement of financial position date may impact on the level of provision required.

Making judgement based on historical experience on the level of provision required for impairment of inventories.

Revenue
Revenue comprises the aggregate of the fair value of the sale of goods, net of value-added tax, rebates and discounts.

Sales of goods are recognised when the company has delivered products to the customer, the customer has accepted the products and collection of the related receivables is anticipated.

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Leasehold property - 2% straight line
Plant and machinery etc - 25% on reducing balance and 10% on reducing balance

The residual values, estimated useful lives and depreciation method of property, plant and equipment are reviewed, and adjusted as appropriate, at each statement of financial position date. The effects of any revision are recognised in the income statement when the change arises.

Inventories
Inventories are valued at the lower of cost and net realisable value, after making due allowances for obsolete and slow moving items. Cost represents the purchase price of the item.

Net realisable value comprises selling price less costs to complete and sell.

MASTERCRAFT RUGS LIMITED (REGISTERED NUMBER: 01688923)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instrument 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.

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.

Foreign currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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 the income statement in the period to which they relate.

Leasing commitments
Amounts paid under operating leases are charged to the income statement on a straight line basis over the period of the lease.

Dividends
Equity dividends are recognised when they become legally payable and are no longer at the discretion of the company.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2023 - 11 ) .

MASTERCRAFT RUGS LIMITED (REGISTERED NUMBER: 01688923)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024


4. PROPERTY, PLANT AND EQUIPMENT
Plant and
Leasehold machinery
property etc Totals
£    £    £   
COST
At 1 September 2023 1,008,806 170,402 1,179,208
Disposals (1,008,806 ) - (1,008,806 )
At 31 August 2024 - 170,402 170,402
DEPRECIATION
At 1 September 2023 252,902 115,253 368,155
Charge for year 3,363 6,125 9,488
Eliminated on disposal (256,265 ) - (256,265 )
At 31 August 2024 - 121,378 121,378
NET BOOK VALUE
At 31 August 2024 - 49,024 49,024
At 31 August 2023 755,904 55,149 811,053

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 549,157 603,501
Other debtors 42,375 33,080
591,532 636,581

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 55,531 38,621
Taxation and social security 310,686 334,083
Other creditors 7,832 8,599
374,049 381,303

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year - 283

8. SECURED DEBTS

There is a fixed and floating charge by way of a debenture over all of the assets of the company.