Registered number
05004391
Market Carpets Limited
Filleted Accounts
31 December 2024
Market Carpets Limited
Registered number: 05004391
Balance Sheet
as at 31 December 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 116,000 232,000
Tangible assets 4 160,361 157,573
276,361 389,573
Current assets
Stocks 557,805 595,745
Debtors 5 22,546 12,646
Cash at bank and in hand 262,259 133,055
842,610 741,446
Creditors: amounts falling due within one year 6 (1,070,480) (954,661)
Net current liabilities (227,870) (213,215)
Total assets less current liabilities 48,491 176,358
Provisions for liabilities (21,167) (21,551)
Net assets 27,324 154,807
Capital and reserves
Called up share capital 100 100
Profit and loss account 27,224 154,707
Shareholders' funds 27,324 154,807
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.
Mrs C Moisob
Director
Approved by the board on 24 March 2025
Market Carpets Limited
Notes to the Accounts
for the year ended 31 December 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Freehold buildings 5% Straight line
Plant and machinery 20% straight line
Motor vehicles 25% straight line
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 25 24
3 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2024 1,160,000
At 31 December 2024 1,160,000
Amortisation
At 1 January 2024 928,000
Provided during the year 116,000
At 31 December 2024 1,044,000
Net book value
At 31 December 2024 116,000
At 31 December 2023 232,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 January 2024 55,654 173,347 190,703 419,704
Additions - 23,145 30,634 53,779
Disposals - - (29,022) (29,022)
At 31 December 2024 55,654 196,492 192,315 444,461
Depreciation
At 1 January 2024 21,917 139,954 100,260 262,131
Charge for the year 2,783 14,142 29,006 45,931
On disposals - - (23,962) (23,962)
At 31 December 2024 24,700 154,096 105,304 284,100
Net book value
At 31 December 2024 30,954 42,396 87,011 160,361
At 31 December 2023 33,737 33,393 90,443 157,573
5 Debtors 2024 2023
£ £
Trade debtors (640) (640)
Amounts owed by group undertakings and undertakings in which the company has a participating interest 11,639 1,800
Other debtors 11,547 11,486
22,546 12,646
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 148,955 145,767
Taxation and social security costs 408,098 379,001
Other creditors 513,427 429,893
1,070,480 954,661
7 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 832,000 1,040,000
8 Controlling party
The company is a wholly owned subsidiary of Market Carpets SW Limited, registered at 10-12 Bridford Road, Marsh Barton Trading Estate, Exeter, Devon, EX2 8QX.
9 Other information
Market Carpets Limited is a private company limited by shares and incorporated in England. Its registered office is:
10-12 Bridford Road
Marsh Barton Trading Estate
Exeter
Devon
EX2 8QX
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