Registered number
11414708
National Carpets & Flooring Ltd
Filleted Accounts
31 May 2024
National Carpets & Flooring Ltd
Registered number: 11414708
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 1,485 3,148
Current assets
Stocks 78,379 76,376
Debtors 4 37,922 33,542
Cash at bank and in hand 1,366 3,735
117,667 113,653
Creditors: amounts falling due within one year 5 (131,451) (105,042)
Net current (liabilities)/assets (13,784) 8,611
Total assets less current liabilities (12,299) 11,759
Creditors: amounts falling due after more than one year 6 (7,782) (13,541)
Net liabilities (20,081) (1,782)
Capital and reserves
Called up share capital 2 2
Profit and loss account (20,083) (1,784)
Shareholders' funds (20,081) (1,782)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr A F Swanwick
Director
Approved by the board on 21 May 2025
National Carpets & Flooring Ltd
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Motor vans over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 2
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 June 2023 8,246 5,900 14,146
Additions 645 - 645
At 31 May 2024 8,891 5,900 14,791
Depreciation
At 1 June 2023 6,796 4,202 10,998
Charge for the year 1,331 977 2,308
At 31 May 2024 8,127 5,179 13,306
Net book value
At 31 May 2024 764 721 1,485
At 31 May 2023 1,450 1,698 3,148
4 Debtors 2024 2023
£ £
Trade debtors 37,386 31,641
Prepayments 536 1,901
37,922 33,542
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 30,274 4,276
Trade creditors 47,820 39,916
Taxation and social security costs - 483
Directors' current account 45,322 44,711
VAT account 4,524 8,554
Accruals 3,511 7,102
131,451 105,042
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 7,782 13,541
Bank loans are unsecured
7 Other information
National Carpets & Flooring Ltd is a private company limited by shares and incorporated in England. Its registered office is:
68 Main Street
Newbold Verdon
Leicester
LE9 9NP
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