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REGISTERED NUMBER: 07289233 (England and Wales)














CHAPPELLS CARPETS LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024






CHAPPELLS CARPETS LIMITED (REGISTERED NUMBER: 07289233)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


CHAPPELLS CARPETS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2024







DIRECTORS: D G Dyson
Mrs K Dyson



REGISTERED OFFICE: Glenewes House
Gate Way Drive
Yeadon
Leeds
West Yorkshire
LS19 7XY



REGISTERED NUMBER: 07289233 (England and Wales)



ACCOUNTANTS: UHY BPR Heaton
Chartered Accountants
Glenewes House
Gate Way Drive
Leeds
West Yorkshire
LS19 7XY



BANKERS: HSBC Bank plc
47 Market Street
Bradford
West Yorkshire
BD1 1LW

CHAPPELLS CARPETS LIMITED (REGISTERED NUMBER: 07289233)

BALANCE SHEET
31 AUGUST 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 4 12,000 14,000
Tangible assets 5 8,645 11,526
20,645 25,526

CURRENT ASSETS
Stocks 8,211 5,706
Debtors 6 4,154 4,131
Cash in hand 213 160
12,578 9,997
CREDITORS
Amounts falling due within one year 7 140,214 126,584
NET CURRENT LIABILITIES (127,636 ) (116,587 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(106,991

)

(91,061

)

CREDITORS
Amounts falling due after more than one
year

8

7,905

19,184
NET LIABILITIES (114,896 ) (110,245 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (114,996 ) (110,345 )
SHAREHOLDERS' FUNDS (114,896 ) (110,245 )

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.

CHAPPELLS CARPETS LIMITED (REGISTERED NUMBER: 07289233)

BALANCE SHEET - 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 7 February 2025 and were signed on its behalf by:





D G Dyson - Director


CHAPPELLS CARPETS LIMITED (REGISTERED NUMBER: 07289233)

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

1. STATUTORY INFORMATION

Chappells Carpets Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

The financial statements have been prepared on a going concern basis which assumes the continued support of the company's creditors.

The company meets its day-to-day working capital requirements through an overdraft facility which, in common with all such facilities, is repayable on demand. The director believes this facility will continue.

Due to the continuing availability of banking facilities and the ongoing support of the company's principal shareholder and creditors, the director believes that it is appropriate to prepare the financial statements on the going concern basis which assumes that the company will continue in operational existence for the foreseeable future.

If the company was unable to continue in operational existence for the foreseeable future, adjustments would have to be made to reduce the balance sheet values of assets to their recoverable amounts, and to provide for further liabilities that might arise, and to reclassify fixed assets and long-term liabilities as current assets and liabilities.


Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

CHAPPELLS CARPETS LIMITED (REGISTERED NUMBER: 07289233)

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

2. ACCOUNTING POLICIES - continued

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 initially measured at transaction price, except for those financial assets classified as at fair value through profit or loss.

Basic financial instruments
Basic financial instruments are those with relatively straight forward terms and would include cash, bank balances, trade debtors and trade creditors.

Where the arrangement does not constitute a financial transaction, e.g. trade debtors on normal commercial terms, the debtor will be valued initially at transaction price (i.e. cost) and subsequently at transaction price less impairment (if any) due to concerns over recoverability.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

CHAPPELLS CARPETS LIMITED (REGISTERED NUMBER: 07289233)

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

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 September 2023
and 31 August 2024 40,000
AMORTISATION
At 1 September 2023 26,000
Charge for year 2,000
At 31 August 2024 28,000
NET BOOK VALUE
At 31 August 2024 12,000
At 31 August 2023 14,000

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 September 2023
and 31 August 2024 20,489
DEPRECIATION
At 1 September 2023 8,963
Charge for year 2,881
At 31 August 2024 11,844
NET BOOK VALUE
At 31 August 2024 8,645
At 31 August 2023 11,526

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 496 24
Other debtors 3,658 4,107
4,154 4,131

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 18,802 13,809
Hire purchase contracts (see note 9) 968 5,444
Trade creditors 26,668 9,154
Taxation and social security 11,971 15,218
Other creditors 81,805 82,959
140,214 126,584

CHAPPELLS CARPETS LIMITED (REGISTERED NUMBER: 07289233)

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

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 7,905 18,216
Hire purchase contracts (see note 9) - 968
7,905 19,184

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 968 5,444
Between one and five years - 968
968 6,412

Non-cancellable operating leases
2024 2023
£    £   
Within one year 10,000 12,000
Between one and five years - 10,000
10,000 22,000