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Registered number: 06373919
The St Neots Carpet Company Ltd
Unaudited Financial Statements
For The Year Ended 30 September 2024
Davey Grover Ltd
Chartered Accountants
4 Fenice Court
Phoenix Business Park
St. Neots
Cambridgeshire
PE19 8EP
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—6
Page 1
Statement of Financial Position
Registered number: 06373919
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 22,876 29,652
22,876 29,652
CURRENT ASSETS
Stocks 5 5,000 3,240
Debtors 6 23,677 18,576
Cash at bank and in hand 8,678 6,256
37,355 28,072
Creditors: Amounts Falling Due Within One Year 7 (37,770 ) (33,675 )
NET CURRENT ASSETS (LIABILITIES) (415 ) (5,603 )
TOTAL ASSETS LESS CURRENT LIABILITIES 22,461 24,049
Creditors: Amounts Falling Due After More Than One Year 8 (24,119 ) (34,252 )
NET LIABILITIES (1,658 ) (10,203 )
CAPITAL AND RESERVES
Called up share capital 10 5 5
Income Statement (1,663 ) (10,208 )
SHAREHOLDERS' FUNDS (1,658) (10,203)
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For the year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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 Income Statement.
On behalf of the board
Mr P J Milson
Director
30 April 2025
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
The St Neots Carpet Company Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 06373919 . The registered office is 4 Fenice Court, Phoenix Business Park, Eaton Socon, St. Neots, Cambridgeshire, PE19 8EP.
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 and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
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.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. 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:
Motor Vehicles 25% on reducing balance
Fixtures & Fittings 25% on reducing balance
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the income statement so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to income statement as incurred.
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2.5. Stocks and Work in Progress
Stocks and work in progress 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. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2023: 3)
3 3
4. Tangible Assets
Motor Vehicles Fixtures & Fittings Total
£ £ £
Cost
As at 1 October 2023 37,724 8,661 46,385
Additions - 696 696
Disposals - (1,835 ) (1,835 )
As at 30 September 2024 37,724 7,522 45,246
...CONTINUED
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Depreciation
As at 1 October 2023 10,020 6,713 16,733
Provided during the period 6,926 546 7,472
Disposals - (1,835 ) (1,835 )
As at 30 September 2024 16,946 5,424 22,370
Net Book Value
As at 30 September 2024 20,778 2,098 22,876
As at 1 October 2023 27,704 1,948 29,652
5. Stocks
2024 2023
£ £
Stock 5,000 3,240
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 1,400 263
Other debtors 22,277 18,313
23,677 18,576
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 4,684 4,685
Trade creditors 12,394 12,665
Bank loans and overdrafts 5,000 5,000
Other creditors 2,010 1,700
Taxation and social security 13,682 9,625
37,770 33,675
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 21,216 25,899
Bank loans 2,903 8,353
24,119 34,252
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9. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 4,684 4,685
Later than one year and not later than five years 21,216 25,899
25,900 30,584
25,900 30,584
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 5 5
11. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 October 2023 Amounts advanced Amounts repaid Amounts written off As at 30 September 2024
£ £ £ £ £
Mr Paul Milson 10,033 5,638 - - 15,672
The above loan is unsecured, interest free and repayable on demand.
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