IRIS Accounts Production v25.1.4.42 09795511 director 28.6.23 27.6.24 27.6.24 30.5.25 0 0 false true false false false true false Auditors Opinion iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh097955112023-06-27097955112024-06-27097955112023-06-282024-06-27097955112022-06-27097955112022-06-282023-06-27097955112023-06-2709795511ns15:EnglandWales2023-06-282024-06-2709795511ns14:PoundSterling2023-06-282024-06-2709795511ns10:Director12023-06-282024-06-2709795511ns10:PrivateLimitedCompanyLtd2023-06-282024-06-2709795511ns10:SmallEntities2023-06-282024-06-2709795511ns10:Audited2023-06-282024-06-2709795511ns10:SmallCompaniesRegimeForDirectorsReport2023-06-282024-06-2709795511ns10:SmallCompaniesRegimeForAccounts2023-06-282024-06-2709795511ns10:FullAccounts2023-06-282024-06-270979551112023-06-282024-06-2709795511ns10:RegisteredOffice2023-06-282024-06-2709795511ns5:CurrentFinancialInstruments2024-06-2709795511ns5:CurrentFinancialInstruments2023-06-2709795511ns5:Non-currentFinancialInstruments2024-06-2709795511ns5:Non-currentFinancialInstruments2023-06-2709795511ns5:ShareCapital2024-06-2709795511ns5:ShareCapital2023-06-2709795511ns5:RetainedEarningsAccumulatedLosses2024-06-2709795511ns5:RetainedEarningsAccumulatedLosses2023-06-2709795511ns5:IntangibleAssetsOtherThanGoodwill2023-06-282024-06-2709795511ns5:PlantMachinery2023-06-282024-06-2709795511ns5:IntangibleAssetsOtherThanGoodwill2023-06-2709795511ns5:IntangibleAssetsOtherThanGoodwill2024-06-2709795511ns5:IntangibleAssetsOtherThanGoodwill2023-06-2709795511ns5:PlantMachinery2023-06-2709795511ns5:PlantMachinery2024-06-2709795511ns5:PlantMachinery2023-06-2709795511ns5:WithinOneYearns5:CurrentFinancialInstruments2024-06-2709795511ns5:WithinOneYearns5:CurrentFinancialInstruments2023-06-2709795511ns5:Non-currentFinancialInstrumentsns5:AfterOneYear2024-06-2709795511ns5:Non-currentFinancialInstrumentsns5:AfterOneYear2023-06-2709795511ns5:WithinOneYear2024-06-2709795511ns5:WithinOneYear2023-06-2709795511ns5:BetweenOneFiveYears2024-06-2709795511ns5:BetweenOneFiveYears2023-06-2709795511ns5:AllPeriods2024-06-2709795511ns5:AllPeriods2023-06-27097955111ns10:Director12023-06-27097955111ns10:Director12022-06-27097955111ns10:Director12023-06-282024-06-27097955111ns10:Director12022-06-282023-06-27097955111ns10:Director12024-06-27097955111ns10:Director12023-06-270979551112023-06-282024-06-27
REGISTERED NUMBER: 09795511 (England and Wales)















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: Y Wang





REGISTERED OFFICE: Unit 21-22 Roman Way Industrial Estate
Roman Way
Longridge Road
Ribbleton, Preston
PR2 5BB





REGISTERED NUMBER: 09795511 (England and Wales)





AUDITORS: Christian Douglass Accountants Limited
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 4,003 5,337
4,003 5,337

CURRENT ASSETS
Stocks - 29,340
Debtors 6 869,145 823,087
Prepayments and accrued income 950 98,191
Cash at bank and in hand 352 7,838
870,447 958,456
CREDITORS
Amounts falling due within one year 7 2,917,286 2,967,273
NET CURRENT LIABILITIES (2,046,839 ) (2,008,817 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(2,042,836

)

(2,003,480

)

CREDITORS
Amounts falling due after more than one
year

8

11,072

20,833
NET LIABILITIES (2,053,908 ) (2,024,313 )

CAPITAL AND RESERVES
Called up share capital 1,000,001 1,000,001
Retained earnings (3,053,909 ) (3,024,314 )
(2,053,908 ) (2,024,313 )

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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 30 May 2025 and were signed by:





Y Wang - Director


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
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.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance

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 10,310
AMORTISATION
At 28 June 2023
and 27 June 2024 10,310
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 32,158
DEPRECIATION
At 28 June 2023 26,821
Charge for year 1,334
At 27 June 2024 28,155
NET BOOK VALUE
At 27 June 2024 4,003
At 27 June 2023 5,337

6. DEBTORS
27.6.24 27.6.23
£    £   
Amounts falling due within one year:
Trade debtors 340,558 281,700
Other debtors 528,387 439,387
868,945 721,087

Amounts falling due after more than one year:
Other debtors 200 102,000

Aggregate amounts 869,145 823,087

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
27.6.24 27.6.23
£    £   
Bank loans and overdrafts 10,024 10,000
Trade creditors 2,740,802 2,789,669
Taxation and social security 105,827 91,672
Other creditors 60,633 75,932
2,917,286 2,967,273

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
27.6.24 27.6.23
£    £   
Bank loans 11,072 20,833

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
27.6.24 27.6.23
£    £   
Within one year - 170,000
Between one and five years - 361,250
- 531,250

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.

Mrs Deborah Burton F.C.A. (Senior Statutory Auditor)
for and on behalf of Christian Douglass Accountants Limited

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
£    £   
Y Wang
Balance outstanding at start of year - 25,865
Amounts repaid - (25,865 )
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.