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Company No: 06397207 (England and Wales)

LIBERTY ORIENTAL CARPETS LIMITED

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2024

LIBERTY ORIENTAL CARPETS LIMITED

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2024

Contents

LIBERTY ORIENTAL CARPETS LIMITED

COMPANY INFORMATION

FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2024
LIBERTY ORIENTAL CARPETS LIMITED

COMPANY INFORMATION (continued)

FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2024
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
LIBERTY ORIENTAL CARPETS LIMITED

DIRECTORS' REPORT

FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2024
LIBERTY ORIENTAL CARPETS LIMITED

DIRECTORS' REPORT (continued)

FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2024

The directors present their annual report and the unaudited financial statements of the Company for the financial year ended 31 October 2024.

PRINCIPAL ACTIVITIES

The principal activity of the company is sale of fine rugs and carpets.

GOING CONCERN

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.

DIRECTORS

The directors, who served during the financial year and to the date of this report except as noted, were as follows:

C B Lepere
A M Ramezani

This Directors' Report has been prepared in accordance with the provisions applicable to companies entitled to the small companies' exemption provided by section 415A of the Companies Act 2006.



Approved by the Board of Directors and signed on its behalf by:

C B Lepere
Director

09 July 2025

ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF
THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF LIBERTY ORIENTAL CARPETS LIMITED

FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2024

ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF
THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF LIBERTY ORIENTAL CARPETS LIMITED (continued)

FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Liberty Oriental Carpets Limited for the financial year ended 31 October 2024 which comprise the Statement of Income and Retained Earnings, the Balance Sheet and the related notes 1 to 11 from the Company’s accounting records and from information and explanations you have given us.

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.

This report is made solely to the Board of Directors of Liberty Oriental Carpets Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Liberty Oriental Carpets Limited and state those matters that we have agreed to state to you in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at https://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/tf-audit-exempt-companies-jan-24.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Liberty Oriental Carpets Limited and its Board of Directors as a body for our work or for this report.

Shaw Gibbs Limited

Salatin House
19 Cedar Road
Sutton
SM2 5DA

09 July 2025

LIBERTY ORIENTAL CARPETS LIMITED

STATEMENT OF INCOME AND RETAINED EARNINGS

FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2024
LIBERTY ORIENTAL CARPETS LIMITED

STATEMENT OF INCOME AND RETAINED EARNINGS (continued)

FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2024
Note 2024 2023
£ £
Turnover 722,155 791,358
Cost of sales ( 495,126) ( 504,658)
Gross profit 227,029 286,700
Administrative expenses ( 186,743) ( 182,569)
Other operating income 0 218
Operating profit and profit before taxation 40,286 104,349
Tax on profit ( 8,653) ( 22,589)
Profit for the financial year 31,633 81,760
Retained earnings at the beginning of financial year 288,591 329,311
Profit for the financial year 31,633 81,760
Dividends declared and paid 5 ( 53,500) ( 122,480)
Retained earnings at the end of financial year 266,724 288,591
LIBERTY ORIENTAL CARPETS LIMITED

BALANCE SHEET

AS AT 31 OCTOBER 2024
LIBERTY ORIENTAL CARPETS LIMITED

BALANCE SHEET (continued)

AS AT 31 OCTOBER 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 6 730 0
730 0
Current assets
Stocks 7 167,776 170,832
Debtors 8 19,463 11,496
Cash at bank and in hand 9 98,456 144,230
285,695 326,558
Creditors: amounts falling due within one year 10 ( 19,601) ( 37,867)
Net current assets 266,094 288,691
Total assets less current liabilities 266,824 288,691
Net assets 266,824 288,691
Capital and reserves
Called-up share capital 11 100 100
Profit and loss account 266,724 288,591
Total shareholders' funds 266,824 288,691

For the financial year ending 31 October 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 Liberty Oriental Carpets Limited (registered number: 06397207) were approved and authorised for issue by the Board of Directors on 09 July 2025. They were signed on its behalf by:

C B Lepere
Director
LIBERTY ORIENTAL CARPETS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2024
LIBERTY ORIENTAL CARPETS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 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

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 £.

Going concern

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

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.

Taxation

Current tax
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.

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:

Vehicles 5 years straight line
Fixtures and fittings 5 years straight line
Office equipment 3 years straight line

Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The selection of these residual values and estimated lives requires the exercise of judgement. The directors are required to assess whether there is an indication of impairment to the carrying value of assets. In making that assessment, judgements are made in estimating value in use. The directors consider that the individual carrying values of assets are supportable by their value in use.

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.

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.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

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.

Defined contribution pension obligation

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.

2. Critical accounting judgements and key sources of estimation uncertainty

There were no key sources of estimation uncertainties or critical judgements made by the directors in the process of applying the company’s accounting policies with significant effect on the amounts
recognised in the financial statements.

3. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 5 5

4. Tax on profit

2024 2023
£ £
Current tax on profit
UK corporation tax 8,653 23,378
Total current tax 8,653 23,378
Deferred tax
Origination and reversal of timing differences 0 ( 789)
Total deferred tax 0 ( 789)
Total tax on profit 8,653 22,589
Tax reconciliation

The tax assessed for the year is lower than (2023: lower than) the standard rate of corporation tax in the UK:

2024 2023
£ £
Profit before taxation 40,286 104,349
Tax on profit at standard UK corporation tax rate of 21.78% (2023: 22.52%) 8,774 23,499
Effects of:
Expenses not deductible for tax purposes 37 58
Change in unrecognised deferred tax assets ( 159) ( 789)
Other 1 (179)
Total tax charge for year 8,653 22,589

5. Dividends on equity shares

2024 2023
£ £
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

6. Tangible assets

Vehicles Fixtures and fittings Office equipment Total
£ £ £ £
Cost
At 01 November 2023 18,557 35,291 6,616 60,464
Additions 0 190 639 829
At 31 October 2024 18,557 35,481 7,255 61,293
Accumulated depreciation
At 01 November 2023 18,557 35,291 6,616 60,464
Charge for the financial year 0 28 71 99
At 31 October 2024 18,557 35,319 6,687 60,563
Net book value
At 31 October 2024 0 162 568 730
At 31 October 2023 0 0 0 0

7. Stocks

2024 2023
£ £
Stocks 167,776 170,832

8. Debtors

2024 2023
£ £
Prepayments 11,063 11,496
Other debtors 8,400 0
19,463 11,496

9. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 98,456 144,230

10. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 4,150 7,180
Amounts owed to directors 1,026 1,026
Accruals 3,650 3,400
Taxation and social security 10,250 26,261
Other creditors 525 0
19,601 37,867

11. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
26 A ordinary shares of £ 1.00 each 26 26
74 B ordinary shares of £ 1.00 each 74 74
100 100
LIBERTY ORIENTAL CARPETS LIMITED

DETAILED PROFIT AND LOSS ACCOUNT

FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2024
LIBERTY ORIENTAL CARPETS LIMITED

DETAILED PROFIT AND LOSS ACCOUNT (continued)

FOR THE FINANCIAL YEAR ENDED 31 OCTOBER 2024
2024 2023
£ £
Turnover
Sales 722,155 791,358
Cost of sales
Opening stock ( 170,832) ( 164,637)
Purchases ( 330,246) ( 348,408)
Direct costs ( 1,617) ( 2,960)
Closing stock 167,776 170,832
Commission, carriage and import ( 4,207) ( 3,485)
Rent ( 156,000) ( 156,000)
(495,126) (504,658)
Gross profit 227,029 286,700
Gross profit percentage 31.44% 36.23%
Administrative expenses
Wages and salaries ( 112,462) ( 118,500)
Employers NI ( 5,795) ( 6,332)
Pensions ( 2,541) ( 2,806)
Directors' salaries ( 24,000) ( 22,000)
Directors' employers NI ( 2,056) ( 1,828)
Directors' pensions ( 533) ( 473)
Recruitment ( 154) 0
Travel and subsistence ( 682) ( 1,409)
Use of home office ( 312) ( 312)
Cleaning ( 116) ( 263)
Computer expenses ( 1,008) ( 1,220)
Internet, telephone and fax ( 352) ( 345)
Printing, postage and stationery ( 1,185) ( 1,455)
Bank charges ( 15,399) ( 9,882)
Insurance ( 6,078) ( 5,516)
Depreciation ( 99) 0
Motor expenses ( 3,064) ( 3,955)
Accountancy fees ( 3,313) ( 3,393)
Legal and professional fees ( 980) ( 960)
Staff entertainment ( 1,135) ( 800)
Client entertainment ( 171) ( 254)
Commissions ( 5,308) 0
Sundry expenses 0 ( 866)
(186,743) (182,569)
Other operating income
Government grants receivable 0 218
Operating profit and profit before taxation 40,286 104,349