| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS FOR THE YEAR ENDED 27 JUNE 2024 |
| FOR |
| F&X CARPETS (UK) LTD |
| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS FOR THE YEAR ENDED 27 JUNE 2024 |
| FOR |
| F&X CARPETS (UK) LTD |
| F&X CARPETS (UK) LTD (REGISTERED NUMBER: 09795511) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 27 JUNE 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| F&X CARPETS (UK) LTD |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 27 JUNE 2024 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountants |
| Statutory Auditor |
| 2 Jordan Street |
| Knott Mill |
| Manchester |
| M15 4PY |
| F&X CARPETS (UK) LTD (REGISTERED NUMBER: 09795511) |
| BALANCE SHEET |
| 27 JUNE 2024 |
| 27.6.24 | 27.6.23 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Prepayments and accrued income |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
| NET LIABILITIES | ( |
) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings | ( |
) | ( |
) |
| ( |
) | ( |
) |
| The financial statements were approved by the director and authorised for issue on |
| F&X CARPETS (UK) LTD (REGISTERED NUMBER: 09795511) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 27 JUNE 2024 |
| 1. | STATUTORY INFORMATION |
| F&X Carpets (UK) Ltd is a private company, limited by shares, registered in England and Wales. The company's registered number is 09795511 and registered office address is Unit 21-22, Roman Way Industrial Estate, Roman Way, Longridge Road, Ribbleton, Preston, PR2 5BB. |
| The financial statements are presented in Sterling, which is also the functional currency of the company. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Going concern |
| At 27 June 2024, the company had net liabilities of £2,053,908 (2023: £2,024,313). |
| The company made a loss in the year as the level of sales remained low, although there was an ongoing effort to reduce the commitment to costs. |
| The company continues to concentrate on the direct supply of goods to reduce the burden of warehousing costs and focus will also, importantly, continue to be on cost management. Trading remains low in the current year but it is expected that any new business opportunities will generate reasonable margins and, with minimum cost on operation, any growth in this direction should produce better results in the future. |
| The director has confirmed that he will continue to provide financial support via connected entities and further that he considers that the going concern basis of preparation of these financial statements is appropriate whilst acknowledging that the company is reliant upon support continuing to be provided by group entities to whom significant debt is owed. The future of certain of those entities is, in themselves, uncertain and the impact on the UK debt is not yet understood, however if this debt were to be called in this would cast doubt on the company's ability to continue as a going concern and it may therefore be unable to realise its assets and discharge its liabilities in the normal course of business. |
| Turnover |
| Turnover represents the value of goods sold, less returns received, and is stated at selling price less discounts given and after value added tax. Sales are recognised when the company considers that it has fulfilled its obligations to the customer which is on the despatch of goods. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Software licence and website costs are being amortised over their expected useful life, of four years, on a straight line basis. |
| Tangible fixed assets |
| Plant and machinery etc | - |
| Tangible fixed assets are stated at historical invoice cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure directly attributable to bringing the asset to the location and condition necessary for operation by the company. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value. |
| In general, cost is calculated at purchase invoice prices plus import duty and transportation costs as applicable. |
| Net realisable value is the price at which stocks can be sold in the normal course of business after allowing for the cost of realisation. |
| Provision is made where necessary for obsolete and slow-moving stocks. |
| F&X CARPETS (UK) LTD (REGISTERED NUMBER: 09795511) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 27 JUNE 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| Financial instruments are considered to comprise bank balances and trade debtors and creditors, plus group balances, which are all included on a non-discounted basis, at transaction price less any necessary impairment. |
| Financial liabilities representing financing transactions, being finance lease liabilities and bank loans as included in notes 7 and 8, are initially recorded at the present value of expected future cash flows discounted at a market rate of interest. At each reporting date the liabilities are measured at amortised cost using the effective interest method. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was NIL (2023 - NIL). |
| 4. | INTANGIBLE FIXED ASSETS |
| Other |
| intangible |
| assets |
| £ |
| COST |
| At 28 June 2023 |
| and 27 June 2024 |
| AMORTISATION |
| At 28 June 2023 |
| and 27 June 2024 |
| NET BOOK VALUE |
| At 27 June 2024 |
| At 27 June 2023 |
| F&X CARPETS (UK) LTD (REGISTERED NUMBER: 09795511) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 27 JUNE 2024 |
| 5. | TANGIBLE FIXED ASSETS |
| Plant and |
| machinery |
| etc |
| £ |
| COST |
| At 28 June 2023 |
| and 27 June 2024 |
| DEPRECIATION |
| At 28 June 2023 |
| Charge for year |
| At 27 June 2024 |
| NET BOOK VALUE |
| At 27 June 2024 |
| At 27 June 2023 |
| 6. | DEBTORS |
| 27.6.24 | 27.6.23 |
| £ | £ |
| Amounts falling due within one year: |
| Trade debtors |
| Other debtors |
| Amounts falling due after more than one year: |
| Other debtors |
| Aggregate amounts |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 27.6.24 | 27.6.23 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 27.6.24 | 27.6.23 |
| £ | £ |
| Bank loans |
| 9. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 27.6.24 | 27.6.23 |
| £ | £ |
| Within one year |
| Between one and five years |
| F&X CARPETS (UK) LTD (REGISTERED NUMBER: 09795511) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 27 JUNE 2024 |
| 10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| The audit report included the following wording in respect of a Material uncertainty relating to going concern: |
| 'We draw your attention to note 2 in the financial statements. The existence of significant debt owed to group companies combined with the continued loss-making position indicate that a material uncertainty exists that may cast doubt on the entity's ability to continue as a going concern. Our opinion is not modified in respect of this matter.' |
| 11. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to a director subsisted during the years ended 27 June 2024 and 27 June 2023: |
| 27.6.24 | 27.6.23 |
| £ | £ |
| Balance outstanding at start of year |
| Amounts repaid | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| 12. | POST BALANCE SHEET EVENTS |
| From 1 July 2024 the company left the Qinghai Himaya group and became privately owned. |
| 13. | PARENT UNDERTAKING |
| During the year the company's parent undertaking was Qinghai Himalaya Home Co Limited, a company registered in China, whose registered address is No 107, Tongan Road, Xining, Qinghai Province, China. That company is not required to prepare group accounts. |