Company No:
Contents
| DIRECTORS | C B Lepere |
| A M Ramezani |
| SECRETARY | C B Lepere |
| REGISTERED OFFICE | Salatin House |
| 19 Cedar Road | |
| Sutton | |
| Surrey | |
| SM2 5DA | |
| United Kingdom |
| COMPANY NUMBER | 06397207 (England and Wales) |
| ACCOUNTANT | Shaw Gibbs Limited |
| Salatin House | |
| 19 Cedar Road | |
| Sutton | |
| SM2 5DA |
The directors present their annual report and the unaudited financial statements of the Company for the financial year ended 31 October 2024.
PRINCIPAL ACTIVITIES
GOING CONCERN
DIRECTORS
The directors, who served during the financial year and to the date of this report except as noted, were as follows:
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Approved by the Board of Directors and signed on its behalf by:
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C B Lepere
Director |
We align ourselves to, but due to our growth funding structure we are not controlled by ACCA members and are therefore not a fully recognised member of, the Association of Chartered Certified Accountants. However, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.
It is your duty to ensure that Liberty Oriental Carpets Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Liberty Oriental Carpets Limited. You consider that Liberty Oriental Carpets Limited is exempt from the statutory audit requirement for the financial year.
We have not been instructed to carry out an audit or a review of the financial statements of Liberty Oriental Carpets Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
19 Cedar Road
Sutton
SM2 5DA
| Note | 2024 | 2023 | ||
| £ | £ | |||
| Turnover |
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| Cost of sales | (
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| Gross profit |
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| Administrative expenses | (
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| Other operating income |
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| Operating profit and profit before taxation |
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| Tax on profit | (
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| Profit for the financial year |
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| Retained earnings at the beginning of financial year |
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| Profit for the financial year |
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| Dividends declared and paid | 5 | (
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| Retained earnings at the end of financial year |
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| Note | 2024 | 2023 | ||
| £ | £ | |||
| Fixed assets | ||||
| Tangible assets | 6 |
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| 730 | 0 | |||
| Current assets | ||||
| Stocks | 7 |
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| Debtors | 8 |
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| Cash at bank and in hand | 9 |
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| 285,695 | 326,558 | |||
| Creditors: amounts falling due within one year | 10 | (
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| Net current assets | 266,094 | 288,691 | ||
| Total assets less current liabilities | 266,824 | 288,691 | ||
| Net assets |
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| Capital and reserves | ||||
| Called-up share capital | 11 |
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| Profit and loss account |
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| Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Liberty Oriental Carpets Limited (registered number:
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C B Lepere
Director |
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.
Liberty Oriental 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 Salatin House, 19 Cedar Road, Sutton, Surrey, SM2 5DA, 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 £.
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the annual financial statements.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
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.
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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.
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.
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.
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
recognised in the financial statements.
| 2024 | 2023 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including directors |
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| £ | £ | ||
| Current tax on profit | |||
| UK corporation tax |
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| Total current tax |
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| Deferred tax | |||
| Origination and reversal of timing differences |
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| Total deferred tax |
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| Total tax on profit |
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The tax assessed for the year is lower than (2023: lower than) the standard rate of corporation tax in the UK:
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| £ | £ | ||
| Profit before taxation | 40,286 | 104,349 | |
| Tax on profit at standard UK corporation tax rate of 21.78% (2023: 22.52%) |
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| Effects of: | |||
| Expenses not deductible for tax purposes |
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| Change in unrecognised deferred tax assets | (
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| Other | 1 | (179) | |
| Total tax charge for year | 8,653 | 22,589 |
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| £ | £ | ||
| Amounts recognised as distributions to equity holders in the financial year: | |||
| Interim dividend for the financial year ended 31 October 2024 of £711..54 (2023: £711.54) per each ordinary A shares | 18,500 | 18,500 | |
| Interim dividend for the financial year ended 31 October 2024 of £1,346.15 (2023: £2,063.85) per each ordinary A shares | 35,000 | 53,660 | |
| Interim dividend for the financial year ended 31 October 2024 of £Nil (2023: £680.00) per each ordinary B shares | 0 | 50,320 | |
| 53,500 | 122,480 | ||
| Vehicles | Fixtures and fittings | Office equipment | Total | ||||
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| Cost | |||||||
| At 01 November 2023 |
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| Additions |
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| At 31 October 2024 |
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| Accumulated depreciation | |||||||
| At 01 November 2023 |
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| Charge for the financial year |
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| At 31 October 2024 |
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| Net book value | |||||||
| At 31 October 2024 |
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| At 31 October 2023 |
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| £ | £ | ||
| Stocks |
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| £ | £ | ||
| Prepayments |
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| Other debtors |
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| £ | £ | ||
| Cash at bank and in hand |
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| £ | £ | ||
| Trade creditors |
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| Amounts owed to directors |
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| Accruals |
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| Taxation and social security |
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| Other creditors |
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| Allotted, called-up and fully-paid | |||
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| 100 | 100 |
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| £ | £ | ||
| Turnover | |||
| Sales |
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| Cost of sales | |||
| Opening stock | (
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| Purchases | (
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| Direct costs | (
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| Closing stock |
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| Commission, carriage and import | (
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| Rent | (
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| (495,126) | (504,658) | ||
| Gross profit |
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| Gross profit percentage | 31.44% | 36.23% | |
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| Wages and salaries | (
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| Employers NI | (
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| Pensions | (
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| Directors' salaries | (
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| Directors' employers NI | (
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| Directors' pensions | (
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| Recruitment | (
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| Travel and subsistence | (
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| Use of home office | (
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| Cleaning | (
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| Computer expenses | (
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| Internet, telephone and fax | (
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| Printing, postage and stationery | (
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| Bank charges | (
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| Insurance | (
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| Depreciation | (
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| Motor expenses | (
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| Accountancy fees | (
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| Legal and professional fees | (
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| Staff entertainment | (
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| Client entertainment | (
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| Commissions | (
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| Sundry expenses |
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| (186,743) | (182,569) | ||
| Other operating income | |||
| Government grants receivable |
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| Operating profit and profit before taxation |
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