Company registration number 02680826 (England and Wales)
UNITED CARPETS HOLDINGS LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
UNITED CARPETS HOLDINGS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
UNITED CARPETS HOLDINGS LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
30 September 2024
28 September 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
16,388
18,444
Investment property
4
1,268,480
1,298,480
1,284,868
1,316,924
Current assets
Stocks
2,882,634
2,916,979
Debtors
5
1,264,799
1,504,817
Cash at bank and in hand
9,545
3,865
4,156,978
4,425,661
Creditors: amounts falling due within one year
6
(1,611,504)
(1,810,168)
Net current assets
2,545,474
2,615,493
Total assets less current liabilities
3,830,342
3,932,417
Creditors: amounts falling due after more than one year
7
(342,165)
(372,265)
Provisions for liabilities
(69,432)
(68,674)
Net assets
3,418,745
3,491,478
Capital and reserves
Called up share capital
8
1,800,000
1,800,000
Profit and loss reserves
1,618,745
1,691,478
Total equity
3,418,745
3,491,478
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 26 June 2025
P R Eyre
Director
Company registration number 02680826 (England and Wales)
UNITED CARPETS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 2 -
1
Accounting policies
Company information
United Carpets Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Moorhead House, Moorhead Way, Bramley, Rotherham, South Yorkshire, S66 1YY.
1.1
Reporting period
The director decided to extend the accounting reference date to 30 September 2024, to align with other group companies and companies under the control of the ultimate shareholder.
The change is for 2 days and therefore comparative amounts presented in the financial statements (including the related notes) are considered comparable.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for rental income and the sale of properties to external customers in the normal course of business, and is shown net of VAT and other sales related taxes
Rental income on assets leased under operating leases is recognised on a straight line basis over the lease
term.
Turnover on sale of properties is recognised when it and the associated costs can be measured reliably, future economic benefits are probable, and the risks and rewards of ownership have been transferred to the customer. Sales are recognised when contracts have been exchanged.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
10% p.a. straight line
Motor vehicles
25% p.a. straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
UNITED CARPETS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
1.7
Stocks
Trading stock relates to properties held for resale. Stocks are stated at the lower of cost and estimated selling
price less costs to complete and sell.
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.
1.8
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 current liabilities.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention 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.
Classification of financial liabilities
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.
UNITED CARPETS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -
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.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
UNITED CARPETS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
2023
Number
Number
Total
6
9
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 29 September 2023 and 30 September 2024
51,055
Depreciation and impairment
At 29 September 2023
32,611
Depreciation charged in the period
2,056
At 30 September 2024
34,667
Carrying amount
At 30 September 2024
16,388
At 28 September 2023
18,444
4
Investment property
2024
£
Fair value
At 29 September 2023
1,298,480
Revaluations
(30,000)
At 30 September 2024
1,268,480
Investment property comprises of 2 properties. The fair value of the investment property has been arrived at based on valuation calculations by the director. The valuation was made on an open market value basis by reference to rental yields.
This class of asset has a current value of £1,268,480 (2023: £1,298,480) and the directors consider this to be a fair estimate of current market value.
UNITED CARPETS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
4
Investment property
(Continued)
- 6 -
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2024
2023
£
£
Cost
1,228,480
1,228,480
Downward valuation
-
-
Carrying amount
1,228,480
1,228,480
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
28,803
50,299
Amounts owed by group undertakings
1,008,218
1,309,305
Other debtors
227,778
145,213
1,264,799
1,504,817
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
30,100
30,100
Trade creditors
16,322
42,180
Amounts owed to group undertakings
691,989
Taxation and social security
45,840
35,414
Other creditors
827,253
1,702,474
1,611,504
1,810,168
The bank loan is secured against the properties to which it relates.
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
342,165
372,265
The bank loan is secured against the properties to which it relates. The loans are repayable by 2 February 2027 at a fixed rate of 1.6% per annum.
UNITED CARPETS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 7 -
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,800,000
1,800,000
1,800,000
1,800,000
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.
The auditor's report is unqualified and includes the following:
Opinion
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 30 September 2024 and of its profit for the period then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
Senior Statutory Auditor:
Nilesh Modhvadia
Statutory Auditor:
Sumer Auditco Limited
Date of audit report:
26 June 2025
10
Financial commitments, guarantees and contingent liabilities
The company has entered into an unlimited cross guarantee covering the borrowings of related party companies under common directorship, in favour of Santander UK Plc. At the balance sheet date the potential added liability for the company under this cross guarantees is £2,768,567 (2023: £2,661,567).
11
Operating lease commitments
At the reporting end date the company had contracted with tenants for the following minimum lease payments:
2024
2023
Future amounts receivable under operating leases:
£
£
Total commitments
706,660
768,887
UNITED CARPETS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 8 -
12
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Directors loan account
2.25
63,843
141,282
2,288
(90,915)
116,498
63,843
141,282
2,288
(90,915)
116,498
The above loan was fully repaid post period end.
13
Related party transactions
The company has taken advantage of the exemption available in accordance with FRS 102 section 33.1A 'Related party disclosures' not to disclose transactions entered into between two or more members of a group, as the company is a wholly owned subsidiary undertaking of the group to which it is party to the transactions.
At the balance sheet date, an amount of £737,918 (2023: £1,088,804) was owed to Elite Lifestyle Parks Limited, a company controlled by P R Eyre, and is included in other creditors. This loan is interest free and repayable on demand.
At the balance sheet date, an amount of £102,011 (2023: £39,991) was owed from K Eyre, the son of P R Eyre. Interest of £2,011 (2023: £1,111) has been charged on this loan during the period.
14
Parent company
The immediate parent company is Paul Eyre (Holdings) Limited, a company registered in England and Wales.
Prior to 29th September 2023, the ultimate parent company was Paul Eyre (Holdings) Limited, a company registered in England and Wales.
From 29th September 2023, the ultimate parent company is Pre Group Ltd, a company registered in England and Wales.
United Carpets Holdings Limited is consolidated within Pre Group Ltd's group financial statements and copies can be obtained on request from the groups registered office, Moorhead House, Moorhead Way, Bramley, Rotherham, England, S66 1YY.