Company registration number 08053813 (England and Wales)
UNITED CARPETS (PROPERTY) LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
UNITED CARPETS (PROPERTY) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
UNITED CARPETS (PROPERTY) LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
As at
As at
30 September 2024
28 September 2023
Notes
£
£
£
£
Current assets
Debtors
4
1,373,700
1,301,022
Cash at bank and in hand
169,246
267,611
1,542,946
1,568,633
Creditors: amounts falling due within one year
5
(637,733)
(728,733)
Net current assets
905,213
839,900
Creditors: amounts falling due after more than one year
6
(542,182)
(496,259)
Net assets
363,031
343,641
Capital and reserves
Called up share capital
7
100,000
100,000
Profit and loss reserves
263,031
243,641
Total equity
363,031
343,641

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 08053813 (England and Wales)
UNITED CARPETS (PROPERTY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 2 -
1
Accounting policies
Company information

United Carpets (Property) 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. The principal accounting policies adopted are set out below.

1.3
Turnover

Turnover represents rents receivable, net of VAT and other sales related taxes, under operating leases and is recognised on a straight line basis over the lease term. Where rent free periods or similar incentives are granted to tenants, these are amortised over the term of the lease. Contingent rentals are recognised as income in the period in which they are earned.

1.4
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.

1.5
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.

UNITED CARPETS (PROPERTY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 3 -
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.

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.

1.6
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.

1.7
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.

UNITED CARPETS (PROPERTY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.8
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.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Leases
As lessee

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Trade and other debtors

Trade debtors are recognised to the extent they are judged recoverable. Management reviews are performed to estimate the level of reserves required for irrecoverable debt. Provisions are made specifically against invoices where recoverability is uncertain.

 

Management makes allowances for doubtful debts based on an assessment of the recoverability of debtors. Allowances are applied to debtors where events or changes in circumstances indicate that the carrying amounts may not be recoverable. At the balance sheet date, the provision for bad and doubtful debts was £20,955 (2023: £72,080)

 

Refer to note 4, showing the trade debtor balance impacted by this key accounting estimate.

 

UNITED CARPETS (PROPERTY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 5 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2024
2023
Number
Number
Total
1
1
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
45,213
72,713
Amounts owed by group undertakings
1,078,863
982,666
Other debtors
249,593
245,612
1,373,669
1,300,991
Deferred tax asset
31
31
1,373,700
1,301,022
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
291,667
369,035
Amounts owed to group undertakings
64,878
51,318
Taxation and social security
8,017
33,254
Other creditors
273,171
275,126
637,733
728,733

Amounts owed to group undertakings includes a secured, interest bearing, inter-company loan of £50,000 (2023: £50,000). The loan is secured by way of a fixed and floating charge over the assets of the company, and an inter-company cross guarantee with the fellow subsidiaries of United Carpets Group Limited. The interest rate on the loan is base rate plus 3% p.a. There are no formal repayment terms and therefore technically repayable on demand.

6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
542,182
496,259
UNITED CARPETS (PROPERTY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 6 -
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100,000
100,000
100,000
100,000
8
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:

Senior Statutory Auditor:
Nilesh Modhvadia
Statutory Auditor:
Sumer Auditco Limited
Date of audit report:
26 June 2025
9
Financial commitments, guarantees and contingent liabilities

The company has entered into an unlimited cross guarantee covering the borrowings its parent company United Carpets Group Limited, in favour of Santander UK Plc. At the balance sheet date the potential added liability for the company under this cross guarantees is £3,140,832 (2023: £3,063,932).

10
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
Within one year
3,022,679
3,013,445
Between two and five years
8,784,277
9,252,823
In over five years
6,722,480
7,696,972
18,529,436
19,963,240
UNITED CARPETS (PROPERTY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 7 -
11
Parent company

The immediate parent company is United Carpets Group Limited, a company registered in England and Wales.

 

Prior to 29th September 2023, the ultimate parent company was United Carpets Group 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 (Property) 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.

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