0 01/09/2023 31/08/2024 2024-08-31 false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2023-09-01 Sage Accounts Production 24.0 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 10900826 2023-09-01 2024-08-31 10900826 2024-08-31 10900826 2023-08-31 10900826 2022-09-01 2023-08-31 10900826 2023-08-31 10900826 2022-08-31 10900826 bus:Director1 2023-09-01 2024-08-31 10900826 core:WithinOneYear 2024-08-31 10900826 core:WithinOneYear 2023-08-31 10900826 core:ShareCapital 2024-08-31 10900826 core:ShareCapital 2023-08-31 10900826 core:RetainedEarningsAccumulatedLosses 2024-08-31 10900826 core:RetainedEarningsAccumulatedLosses 2023-08-31 10900826 bus:Director1 2023-08-31 10900826 bus:Director1 2024-08-31 10900826 bus:Director1 2022-08-31 10900826 bus:Director1 2023-08-31 10900826 bus:Director1 2022-09-01 2023-08-31 10900826 bus:SmallEntities 2023-09-01 2024-08-31 10900826 bus:AuditExempt-NoAccountantsReport 2023-09-01 2024-08-31 10900826 bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 10900826 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 10900826 bus:FullAccounts 2023-09-01 2024-08-31
Company registration number: 10900826
Hand Knotted Rug Company Ltd
Unaudited filleted financial statements
31 August 2024
Hand Knotted Rug Company Ltd
Contents
Statement of financial position
Notes to the financial statements
Hand Knotted Rug Company Ltd
Statement of financial position
31 August 2024
2024 2023
Note £ £ £ £
Current assets
Stocks 61,755 -
Debtors 4 180,960 378,513
Cash at bank and in hand 13,759 131,687
_______ _______
256,474 510,200
Creditors: amounts falling due
within one year 5 ( 81,686) ( 64,514)
_______ _______
Net current assets 174,788 445,686
_______ _______
Total assets less current liabilities 174,788 445,686
_______ _______
Net assets 174,788 445,686
_______ _______
Capital and reserves
Called up share capital 1 1
Profit and loss account 174,787 445,685
_______ _______
Shareholder funds 174,788 445,686
_______ _______
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.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 21 March 2025 , and are signed on behalf of the board by:
Mr P Mikic
Director
Company registration number: 10900826
Hand Knotted Rug Company Ltd
Notes to the financial statements
Year ended 31 August 2024
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Office FF10 Brooklands House, 58 Marlborough Road, Lancing, West Sussex, BN15 8AF.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Debtors
2024 2023
£ £
Trade debtors 180,960 238,413
Other debtors - 140,100
_______ _______
180,960 378,513
_______ _______
5. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 13,079 116
Corporation tax 41,034 26,993
Social security and other taxes 24,827 35,423
Other creditors 2,746 1,982
_______ _______
81,686 64,514
_______ _______
6. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Mr P Mikic ( 332) ( 664) ( 996)
_______ _______ _______
2023
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Mr P Mikic ( 2,645) 2,313 ( 332)
_______ _______ _______