Pyramid Linoleum & Carpet Company Limited 05800800 false 2024-01-01 2024-12-31 2024-12-31 The principal activity of the company is that of retail sale of carpets, rugs, wall and floor coverings in specialised stores. The company also receives rental income from investment properties. Digita Accounts Production Advanced 6.30.9574.0 true 05800800 2024-01-01 2024-12-31 05800800 2024-12-31 05800800 bus:OrdinaryShareClass1 2024-12-31 05800800 bus:OrdinaryShareClass2 2024-12-31 05800800 core:RetainedEarningsAccumulatedLosses 2024-12-31 05800800 core:RevaluationReserve 2024-12-31 05800800 core:ShareCapital 2024-12-31 05800800 core:CurrentFinancialInstruments 2024-12-31 05800800 core:CurrentFinancialInstruments core:WithinOneYear 2024-12-31 05800800 core:Non-currentFinancialInstruments core:AfterOneYear 2024-12-31 05800800 core:Goodwill 2024-12-31 05800800 core:MoreThanFiveYears 1 2024-12-31 05800800 core:FurnitureFittings 2024-12-31 05800800 core:LandBuildings core:OwnedOrFreeholdAssets 2024-12-31 05800800 core:MotorVehicles 2024-12-31 05800800 core:PlantMachinery 2024-12-31 05800800 bus:SmallEntities 2024-01-01 2024-12-31 05800800 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 05800800 bus:FilletedAccounts 2024-01-01 2024-12-31 05800800 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 05800800 bus:Director3 2024-01-01 2024-12-31 05800800 bus:OrdinaryShareClass1 2024-01-01 2024-12-31 05800800 bus:OrdinaryShareClass2 2024-01-01 2024-12-31 05800800 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 05800800 core:Goodwill 2024-01-01 2024-12-31 05800800 core:FurnitureFittings 2024-01-01 2024-12-31 05800800 core:FurnitureFittingsToolsEquipment 2024-01-01 2024-12-31 05800800 core:LandBuildings 2024-01-01 2024-12-31 05800800 core:LandBuildings core:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 05800800 core:MotorVehicles 2024-01-01 2024-12-31 05800800 core:PlantMachinery 2024-01-01 2024-12-31 05800800 core:Vehicles 2024-01-01 2024-12-31 05800800 countries:AllCountries 2024-01-01 2024-12-31 05800800 2023-12-31 05800800 core:Goodwill 2023-12-31 05800800 core:FurnitureFittings 2023-12-31 05800800 core:LandBuildings core:OwnedOrFreeholdAssets 2023-12-31 05800800 core:MotorVehicles 2023-12-31 05800800 core:PlantMachinery 2023-12-31 05800800 2023-01-01 2023-12-31 05800800 2023-12-31 05800800 bus:OrdinaryShareClass1 2023-12-31 05800800 bus:OrdinaryShareClass2 2023-12-31 05800800 core:RetainedEarningsAccumulatedLosses 2023-12-31 05800800 core:RevaluationReserve 2023-12-31 05800800 core:ShareCapital 2023-12-31 05800800 core:CurrentFinancialInstruments 2023-12-31 05800800 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 05800800 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 05800800 core:Goodwill 2023-12-31 05800800 core:MoreThanFiveYears 1 2023-12-31 05800800 core:FurnitureFittings 2023-12-31 05800800 core:LandBuildings core:OwnedOrFreeholdAssets 2023-12-31 05800800 core:MotorVehicles 2023-12-31 05800800 core:PlantMachinery 2023-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 05800800

Pyramid Linoleum & Carpet Company Limited

Unaudited Financial Statements

for the Year Ended 31 December 2024

 

Pyramid Linoleum & Carpet Company Limited

(Registration number: 05800800)

Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

3

40,000

60,000

Tangible assets

4

1,840,520

2,875,779

Investment properties

5

2,563,247

415,716

 

4,443,767

3,351,495

Current assets

 

Stocks

412,784

405,904

Debtors

6

634,105

791,567

Cash at bank and in hand

 

390,299

308,217

 

1,437,188

1,505,688

Creditors: Amounts falling due within one year

7

(904,984)

(937,830)

Net current assets

 

532,204

567,858

Total assets less current liabilities

 

4,975,971

3,919,353

Creditors: Amounts falling due after more than one year

7

(1,927,343)

(1,107,683)

Provisions for liabilities

(40,355)

(37,600)

Net assets

 

3,008,273

2,774,070

Capital and reserves

 

Called up share capital

8

10,000

10,000

Revaluation reserve

6,963

-

Retained earnings

2,991,310

2,764,070

Shareholders' funds

 

3,008,273

2,774,070

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Directors' Report and the Profit and Loss Account has been taken.

 

Pyramid Linoleum & Carpet Company Limited

(Registration number: 05800800)

Balance Sheet as at 31 December 2024 (continued)

These financial statements, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A Small Entities, were approved and authorised for issue by the Board on 2 June 2025 and signed on its behalf by:
 

.........................................

M C Steer

Director

 

Pyramid Linoleum & Carpet Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1

Accounting policies

Statutory information

Pyramid Linoleum & Carpet Company Limited is a private company, limited by shares, domiciled in England and Wales, company number 05800800. The registered office is at Crown House, 709 Chesterfield Road, Sheffield, S8 0SL.

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value. The presentation currency is United Kingdom pounds sterling, which is the functional currency of the company. The financial statements are those of an individual entity.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts. Turnover is recognised when goods and services are provided to clients.

Rental income is recognised when it falls due in accordance with the lease.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Pyramid Linoleum & Carpet Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

1

Accounting policies (continued)

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold land and buildings

2% straight line

Plant and machinery

15% reducing balance

Fixtures, fittings and equipment

15% reducing balance

Motor vehicles

20% reducing balance

Investment properties

Investment properties are carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors as detailed in note 5 of the financial statements. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss account.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20 years

Stocks

Stocks are stated at the lower of cost and net realisable value.

 

Pyramid Linoleum & Carpet Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

1

Accounting policies (continued)

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the statement of income and retained earnings.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 26 (2023 - 26).

 

Pyramid Linoleum & Carpet Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

3

Intangible assets

Goodwill
 £

Cost

At 1 January 2024

400,000

At 31 December 2024

400,000

Amortisation

At 1 January 2024

340,000

Amortisation charge

20,000

At 31 December 2024

360,000

Carrying amount

At 31 December 2024

40,000

At 31 December 2023

60,000

 

Pyramid Linoleum & Carpet Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

4

Tangible assets

Freehold land and buildings
£

Fixtures, fittings and equipment
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost

At 1 January 2024

2,915,065

105,602

285,548

55,475

3,361,690

Additions

779,428

-

7,184

27,027

813,639

Reclassification

(1,915,064)

-

-

-

(1,915,064)

At 31 December 2024

1,779,429

105,602

292,732

82,502

2,260,265

Depreciation

At 1 January 2024

214,903

83,030

169,859

18,119

485,911

Charge for the year

20,000

3,385

17,880

7,472

48,737

Reclassification

(114,903)

-

-

-

(114,903)

At 31 December 2024

120,000

86,415

187,739

25,591

419,745

Carrying amount

At 31 December 2024

1,659,429

19,187

104,993

56,911

1,840,520

At 31 December 2023

2,700,162

22,572

115,689

37,356

2,875,779

 

Pyramid Linoleum & Carpet Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

5

Investment properties

Fair value
£

At 1 January 2024

415,716

Additions

223,183

Reclassification

1,800,161

Fair value adjustments

124,187

At 31 December 2024

2,563,247

The directors believe the value of the investment properties are based on an open market value by reference to market evidence of transaction prices for similar properties. The historical cost of the properties is £2,553,963 (2023 : £415,716).

6

Debtors

2024
£

2023
£

Trade debtors

151,435

212,533

Other debtors

372,815

556,845

Prepayments and accrued income

109,855

22,189

 

634,105

791,567

 

Pyramid Linoleum & Carpet Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

7

Creditors

2024
£

2023
£

Due within one year

Bank loans

61,850

95,333

Obligation under HP and finance leases

13,638

8,884

Pension scheme loan

-

30,016

Trade creditors

331,790

357,054

Taxation and social security

476,477

409,753

Other creditors

4,191

15,528

Accruals

17,038

21,262

904,984

937,830

2024
£

2023
£

Due after one year

Bank loans

1,891,317

1,083,000

Obligations under HP and finance leases

36,026

24,683

1,927,343

1,107,683

2024
£

2023
£

Due after more than five years

After more than five years by instalments

1,690,406

-

-

-

The bank borrowings are secured by a fixed charge over the company's assets.

Amounts due under hire purchase and finance lease agreements are secured against the assets concerned.

 

Pyramid Linoleum & Carpet Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A shares of £1 each

5,100

5,100

5,100

5,100

Ordinary B shares of £1 each

4,900

4,900

4,900

4,900

10,000

10,000

10,000

10,000

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £56,641 (2023 - £Nil).

10

Related party transactions

Included within other debtors is an amount owed from The Great Big Floor Store Limited, a company in which M Steer and C Steer are directors. At the balance sheet date the amount due is £115,887 (2023: £114,453).

During the year the directors had a loan account with the company. Interest is charged at 2.25%. At the balance sheet date the directors owed the company £256,928 (2023: £442,392).