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Registered number: 08321073










CARPET LOOM (NEWPORT) LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
CARPET LOOM (NEWPORT) LIMITED
 

CONTENTS



Page
Balance sheet
 
1 - 2
Notes to the financial statements
 
3 - 8


 
CARPET LOOM (NEWPORT) LIMITED
REGISTERED NUMBER: 08321073

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
14,948
17,296

Current assets
  

Stocks
  
81,811
74,387

Debtors: amounts falling due within one year
 6 
215,461
178,952

Cash at bank and in hand
  
220,205
195,312

  
517,477
448,651

Creditors: amounts falling due within one year
 7 
(116,353)
(109,139)

Net current assets
  
 
 
401,124
 
 
339,512

Total assets less current liabilities
  
416,072
356,808

Creditors: amounts falling due after more than one year
 8 
-
(16,616)

Provisions for liabilities
  

Deferred tax
  
(1,269)
(1,776)

Net assets
  
414,803
338,416


Capital and reserves
  

Called up share capital 
  
3
3

Profit and loss account
  
414,800
338,413

  
414,803
338,416

Page 1

 
CARPET LOOM (NEWPORT) LIMITED
REGISTERED NUMBER: 08321073
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 April 2025.




J.C. Blackburn
Director


The notes on pages 3 to 8 form part of these financial statements.
Page 2

 
CARPET LOOM (NEWPORT) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Carpet Loom (Newport) Limited  is a private company limited by shares incorporated and domiciled in England. The address of the registered office and principal place of business is Unit 6, Springfield Industrial Estate, Newport, Shropshire, United Kingdom, TF10 7NB.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Intangible assets

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the profit and loss account over its useful economic life.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 3

 
CARPET LOOM (NEWPORT) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Motor vehicles
-
25% on a straight line basis
Fixtures and fittings
-
10% on a straight line basis
Office equipment
-

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

  
2.8

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

 
2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4

 
CARPET LOOM (NEWPORT) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.10

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.11

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.12

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Employees

The average monthly number of employees, including directors, during the year was 10 (2023 - 10).

Page 5

 
CARPET LOOM (NEWPORT) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Intangible assets




Goodwill

£



Cost


At 1 January 2024
35,000



At 31 December 2024

35,000



Amortisation


At 1 January 2024
35,000



At 31 December 2024

35,000



Net book value



At 31 December 2024
-



At 31 December 2023
-



Page 6

 
CARPET LOOM (NEWPORT) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


Tangible fixed assets





Motor vehicles
Fixtures, fittings and equipment
Office equipment
Total

£
£
£
£



Cost 


At 1 January 2024
19,792
32,039
965
52,796


Additions
-
1,544
482
2,026



At 31 December 2024

19,792
33,583
1,447
54,822



Depreciation


At 1 January 2024
12,292
23,208
-
35,500


Charge for the year on owned assets
2,500
1,512
362
4,374



At 31 December 2024

14,792
24,720
362
39,874



Net book value



At 31 December 2024
5,000
8,863
1,085
14,948



At 31 December 2023
7,500
8,831
965
17,296


6.


Debtors

2024
2023
£
£


Trade debtors
134,679
98,972

Other debtors
75,114
75,114

Prepayments and accrued income
5,668
4,866

215,461
178,952


Page 7

 
CARPET LOOM (NEWPORT) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
122
10,000

Trade creditors
52,215
45,726

Corporation tax
22,716
14,760

Other taxation and social security
36,771
33,528

Other creditors
-
732

Accruals and deferred income
4,529
4,393

116,353
109,139



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
-
16,616



9.


Directors' benefits: advances, credit and guarantees

At the year end a director owed £56,272 (2023: £56,272) to the company, the balance being unsecured, interest-free and with no fixed repayment date. Payments of £Nil (2023: £Nil) were made to the director with repayments of £Nil (2023: £Nil) to the company, and the maximum balance outstanding during the year was £56,272 (2023: £56,272).

 
Page 8