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Company No: 01036564 (England and Wales)

WORLD WIDE CARPETS LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2024
PAGES FOR FILING WITH THE REGISTRAR

WORLD WIDE CARPETS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2024

Contents

WORLD WIDE CARPETS LIMITED

COMPANY INFORMATION

FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2024
WORLD WIDE CARPETS LIMITED

COMPANY INFORMATION (continued)

FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2024
DIRECTORS Lady C J Caffyn-Parsons
T J Reed
REGISTERED OFFICE Wey Court West
Union Road
Farnham
Surrey
GU9 7PT
United Kingdom
COMPANY NUMBER 01036564 (England and Wales)
ACCOUNTANT Shaw Gibbs Limited
Wey Court West
Union Road
Farnham
Surrey
GU9 7PT
WORLD WIDE CARPETS LIMITED

STATEMENT OF FINANCIAL POSITION

AS AT 30 NOVEMBER 2024
WORLD WIDE CARPETS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

AS AT 30 NOVEMBER 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 2,648 6,450
2,648 6,450
Current assets
Stocks 4 14,495 23,054
Debtors 5 21,740 14,916
Cash at bank and in hand 6 6,760 10,790
42,995 48,760
Creditors: amounts falling due within one year 7 ( 23,299) ( 48,817)
Net current assets/(liabilities) 19,696 (57)
Total assets less current liabilities 22,344 6,393
Creditors: amounts falling due after more than one year 8 ( 17,563) ( 22,357)
Net assets/(liabilities) 4,781 ( 15,964)
Capital and reserves
Called-up share capital 100 100
Profit and loss account 4,681 ( 16,064 )
Total shareholder's funds/(deficit) 4,781 ( 15,964)

For the financial year ending 30 November 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of World Wide Carpets Limited (registered number: 01036564) were approved and authorised for issue by the Board of Directors on 05 June 2025. They were signed on its behalf by:

T J Reed
Director
WORLD WIDE CARPETS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2024
WORLD WIDE CARPETS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

World Wide Carpets Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Wey Court West, Union Road, Farnham, Surrey, GU9 7PT, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 20 % reducing balance
Vehicles 4 years straight line
Fixtures and fittings 20 % reducing balance
4 years straight line
Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £
Cost
At 01 December 2023 1,821 14,060 12,346 28,227
Additions 749 0 0 749
At 30 November 2024 2,570 14,060 12,346 28,976
Accumulated depreciation
At 01 December 2023 871 12,258 8,648 21,777
Charge for the financial year 475 1,802 2,274 4,551
At 30 November 2024 1,346 14,060 10,922 26,328
Net book value
At 30 November 2024 1,224 0 1,424 2,648
At 30 November 2023 950 1,802 3,698 6,450

4. Stocks

2024 2023
£ £
Stocks 14,495 23,054

5. Debtors

2024 2023
£ £
Trade debtors 21,740 14,916

6. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 6,760 10,790

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 9,996 9,996
Trade creditors 6,182 23,991
Other taxation and social security 2,444 6,589
Other creditors 4,677 8,241
23,299 48,817

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 17,563 22,357

There are no amounts included above in respect of which any security has been given by the small entity.