Company registration number 04784821 (England and Wales)
S & G CARPETS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
S & G CARPETS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
S & G CARPETS LIMITED
BALANCE SHEET
AS AT 31 AUGUST 2024
31 August 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
1
1
Tangible assets
4
205,011
218,284
205,012
218,285
Current assets
Stocks
52,696
46,280
Debtors
5
70,389
77,730
Cash at bank and in hand
3,288
14
126,373
124,024
Creditors: amounts falling due within one year
6
(136,043)
(116,681)
Net current (liabilities)/assets
(9,670)
7,343
Total assets less current liabilities
195,342
225,628
Creditors: amounts falling due after more than one year
7
(63,195)
(89,116)
Provisions for liabilities
8
(10,027)
(12,735)
Net assets
122,120
123,777
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
122,020
123,677
Total equity
122,120
123,777

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

S & G CARPETS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2024
31 August 2024
- 2 -

For the financial year ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 15 May 2025
Mr G N Sing
Director
Company Registration No. 04784821
S & G CARPETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 3 -
1
Accounting policies
Company information

S & G Carpets Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Summit, Woodwater Park, Pynes Hill, Exeter, United Kingdom, EX2 5WS.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

1.3
Intangible fixed assets - goodwill

Goodwill acquired is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its estimated useful economic life.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% per annum on cost (buildings only)
Plant and machinery
10% per annum on net book value
Fixtures, fittings & equipment
10% per annum on net book value
Computer equipment
33% per annum on cost
Motor vehicles
25% per annum on net book value

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Stocks

Stocks are stated at the lower of cost and net realisable value. Stocks comprise of floor laying consumables, flooring offcuts and stock carpets and vinyl.

1.6
Equity instruments

Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

S & G CARPETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 4 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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.

1.8
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
7
6
3
Intangible fixed assets
Goodwill
£
Cost
At 1 September 2023 and 31 August 2024
30,000
Amortisation and impairment
At 1 September 2023 and 31 August 2024
29,999
Carrying amount
At 31 August 2024
1
At 31 August 2023
1
S & G CARPETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 5 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 September 2023
183,000
149,283
332,283
Additions
-
0
508
508
Disposals
-
0
(5,140)
(5,140)
At 31 August 2024
183,000
144,651
327,651
Depreciation and impairment
At 1 September 2023
15,657
98,342
113,999
Depreciation charged in the year
2,440
11,318
13,758
Eliminated in respect of disposals
-
0
(5,117)
(5,117)
At 31 August 2024
18,097
104,543
122,640
Carrying amount
At 31 August 2024
164,903
40,108
205,011
At 31 August 2023
167,343
50,941
218,284

 

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
10,628
29,340
Other debtors
59,761
48,390
70,389
77,730
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
21,039
38,039
Trade creditors
51,791
37,556
Taxation and social security
29,597
16,930
Other creditors
33,616
24,156
136,043
116,681
S & G CARPETS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
6
Creditors: amounts falling due within one year
(Continued)
- 6 -

The bank loans are secured upon the assets to which they relate, where appropriate.

 

Other creditors includes a balance of £9,921 (2023 - £9,197) relating to hire purchase agreements which is secured on the asset to which it relates.

7
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
57,946
73,946
Obligations under finance leases
5,249
15,170
63,195
89,116
Creditors which fall due after five years are payable as follows:
Payable by instalments
28,793
32,217

The bank loans are secured upon the assets to which they relate, where appropriate.

 

Other creditors includes a balance of £5,249 (2023 - £15,170) relating to hire purchase agreements which is secured on the asset to which it relates.

 

8
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
10,027
12,735
9
Directors' transactions

Advances or credits have been granted by the company to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
One director
2.25
45,771
64,100
1,248
(53,945)
57,174
45,771
64,100
1,248
(53,945)
57,174

The loan to the director was unsecured and repayable on demand.

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