Registration number:
Pyramid Linoleum & Carpet Company Limited
for the Year Ended 31 December 2024
Pyramid Linoleum & Carpet Company Limited
(Registration number: 05800800)
Balance Sheet as at 31 December 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Investment properties |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Revaluation reserve |
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- |
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Retained earnings |
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Shareholders' funds |
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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:
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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)
.........................................
M C Steer
Director
Pyramid Linoleum & Carpet Company Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
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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
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)
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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:
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Asset class |
Depreciation method and rate |
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Freehold land and buildings |
2% straight line |
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Plant and machinery |
15% reducing balance |
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Fixtures, fittings and equipment |
15% reducing balance |
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Motor vehicles |
20% reducing balance |
Investment properties
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:
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Asset class |
Amortisation method and rate |
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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)
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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
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Pyramid Linoleum & Carpet Company Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)
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Intangible assets |
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Goodwill |
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Cost |
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At 1 January 2024 |
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At 31 December 2024 |
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Amortisation |
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At 1 January 2024 |
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Amortisation charge |
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At 31 December 2024 |
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Carrying amount |
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At 31 December 2024 |
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At 31 December 2023 |
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Pyramid Linoleum & Carpet Company Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)
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Tangible assets |
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Freehold land and buildings |
Fixtures, fittings and equipment |
Plant and machinery |
Motor vehicles |
Total |
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Cost |
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At 1 January 2024 |
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Additions |
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- |
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Reclassification |
( |
- |
- |
- |
( |
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At 31 December 2024 |
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Depreciation |
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At 1 January 2024 |
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Charge for the year |
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Reclassification |
( |
- |
- |
- |
( |
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At 31 December 2024 |
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Carrying amount |
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At 31 December 2024 |
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At 31 December 2023 |
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Pyramid Linoleum & Carpet Company Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)
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Investment properties |
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Fair value |
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At 1 January 2024 |
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Additions |
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Reclassification |
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Fair value adjustments |
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At 31 December 2024 |
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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).
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Debtors |
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2024 |
2023 |
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Trade debtors |
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Other debtors |
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Prepayments and accrued income |
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Pyramid Linoleum & Carpet Company Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)
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Creditors |
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2024 |
2023 |
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Due within one year |
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Bank loans |
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Obligation under HP and finance leases |
13,638 |
8,884 |
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Pension scheme loan |
- |
30,016 |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Accruals |
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2024 |
2023 |
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Due after one year |
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Bank loans |
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Obligations under HP and finance leases |
36,026 |
24,683 |
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2024 |
2023 |
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Due after more than five years |
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After more than five years by instalments |
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- |
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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)
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Share capital |
Allotted, called up and fully paid shares
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2024 |
2023 |
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No. |
£ |
No. |
£ |
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5,100 |
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5,100 |
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4,900 |
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4,900 |
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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 £
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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).