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REGISTERED NUMBER: 06378993 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 October 2024

for

MAGAN CARPETS & FLOORING LIMITED

MAGAN CARPETS & FLOORING LIMITED (REGISTERED NUMBER: 06378993)






Contents of the Financial Statements
for the Year Ended 31 October 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3

Chartered Accountants' Report 6

MAGAN CARPETS & FLOORING LIMITED

Company Information
for the Year Ended 31 October 2024







DIRECTOR: A I Barnicle





SECRETARY: A I Barnicle





REGISTERED OFFICE: Unit 1
Edwards Lane Industrial Estate
Liverpool
L24 9HX





REGISTERED NUMBER: 06378993 (England and Wales)





ACCOUNTANTS: LBW Chartered Accountants
Enterprise House
The Courtyard
Old Courthouse Road
Bromborough
Merseyside
CH62 4UE

MAGAN CARPETS & FLOORING LIMITED (REGISTERED NUMBER: 06378993)

Balance Sheet
31 October 2024

31.10.24 31.10.23
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 363,017 35,506

CURRENT ASSETS
Stocks 9,634 39,876
Debtors 5 424,356 378,440
Cash at bank 283,766 424,591
717,756 842,907
CREDITORS
Amounts falling due within one year 6 435,513 337,809
NET CURRENT ASSETS 282,243 505,098
TOTAL ASSETS LESS CURRENT
LIABILITIES

645,260

540,604

PROVISIONS FOR LIABILITIES 9,048 5,874
NET ASSETS 636,212 534,730

CAPITAL AND RESERVES
Called up share capital 7 10 10
Retained earnings 8 636,202 534,720
SHAREHOLDERS' FUNDS 636,212 534,730

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 4 June 2025 and were signed by:





A I Barnicle - Director


MAGAN CARPETS & FLOORING LIMITED (REGISTERED NUMBER: 06378993)

Notes to the Financial Statements
for the Year Ended 31 October 2024

1. STATUTORY INFORMATION

Magan Carpets & Flooring Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on cost
Computer equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 8 ) .

MAGAN CARPETS & FLOORING LIMITED (REGISTERED NUMBER: 06378993)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 November 2023 - 51,424 2,430
Additions 318,694 5,200 12,695
At 31 October 2024 318,694 56,624 15,125
DEPRECIATION
At 1 November 2023 - 28,054 1,630
Charge for year - 5,185 200
At 31 October 2024 - 33,239 1,830
NET BOOK VALUE
At 31 October 2024 318,694 23,385 13,295
At 31 October 2023 - 23,370 800

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 November 2023 55,935 6,703 116,492
Additions 6,000 330 342,919
At 31 October 2024 61,935 7,033 459,411
DEPRECIATION
At 1 November 2023 44,626 6,676 80,986
Charge for year 10,009 14 15,408
At 31 October 2024 54,635 6,690 96,394
NET BOOK VALUE
At 31 October 2024 7,300 343 363,017
At 31 October 2023 11,309 27 35,506

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.24 31.10.23
£    £   
Trade debtors 400,021 361,656
Other debtors 24,335 16,784
424,356 378,440

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.24 31.10.23
£    £   
Trade creditors 321,049 249,186
Taxation and social security 52,015 51,128
Other creditors 62,449 37,495
435,513 337,809

MAGAN CARPETS & FLOORING LIMITED (REGISTERED NUMBER: 06378993)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.10.24 31.10.23
value: £    £   
10 Ordinary 1 10 10

8. RESERVES
Retained
earnings
£   

At 1 November 2023 534,720
Profit for the year 134,382
Dividends (32,900 )
At 31 October 2024 636,202

9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

Included in other creditors is an amount of £18,049 (2023: £36,701) owing to Mr A Barnicle in relation to directors loan account.

10. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is A I Barnicle.

Chartered Accountants' Report to the Director
on the Unaudited Financial Statements of
Magan Carpets & Flooring Limited (Registered number: 06378993)

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Magan Carpets & Flooring Limited for the year ended 31 October 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Magan Carpets & Flooring Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Magan Carpets & Flooring Limited and state those matters that we have agreed to state to the director of Magan Carpets & Flooring Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Magan Carpets & Flooring Limited and its director for our work or for this report.

It is your duty to ensure that Magan Carpets & Flooring Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Magan Carpets & Flooring Limited. You consider that Magan Carpets & Flooring Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Magan Carpets & Flooring Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






LBW Chartered Accountants
Enterprise House
The Courtyard
Old Courthouse Road
Bromborough
Merseyside
CH62 4UE


4 June 2025