PARLIAMENT CARPETS LIMITED Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 07156109

PARLIAMENT CARPETS LIMITED

Filleted Unaudited Financial Statements

31 December 2024

PARLIAMENT CARPETS LIMITED

Statement of Financial Position

31 December 2024

	2024		2023
Note	£	£	£

Fixed assets

Tangible assets	5		45,013	54,868

Current assets

Stocks		1,000	1,000
Debtors	6	205,790	203,505
Cash at bank and in hand		384,418	329,513
		---------	---------
		591,208	534,018

Creditors: amounts falling due within one year	7	121,257		122,984
		---------		---------
Net current assets			469,951	411,034
			---------	---------
Total assets less current liabilities			514,964	465,902

Creditors: amounts falling due after more than one year	8	38,206	51,868
		---------	---------
Net assets		476,758	414,034
		---------	---------

PARLIAMENT CARPETS LIMITED

Statement of Financial Position (continued)

31 December 2024

	2024		2023
Note	£	£	£

Capital and reserves

Called up share capital	600	600
Profit and loss account	476,158	413,434
	---------	---------
Shareholders funds	476,758	414,034
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31st December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 4 September 2025 , and are signed on behalf of the board by:

Mr S Miraftab
Director

Company registration number: 07156109

PARLIAMENT CARPETS LIMITED

Notes to the Financial Statements

Year ended 31st December 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 194 Brent Street, London, NW4 1BE.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures and fittings	-	20% reducing balance
Motor vehicle	-	20% reducing balance

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 4 (2023: 4 ).

5. Tangible assets

	Fixtures and fittings	Motor vehicles	Total
	£	£	£
Cost
At 1st January 2024	10,330	76,287	86,617
Additions	1,398	–	1,398
	--------	--------	--------
At 31st December 2024	11,728	76,287	88,015
	--------	--------	--------
Depreciation
At 1st January 2024	7,168	24,581	31,749
Charge for the year	912	10,341	11,253
	--------	--------	--------
At 31st December 2024	8,080	34,922	43,002
	--------	--------	--------
Carrying amount
At 31st December 2024	3,648	41,365	45,013
	--------	--------	--------
At 31st December 2023	3,162	51,706	54,868
	--------	--------	--------

6. Debtors

	2024	2023
	£	£
Other debtors	205,790	203,505
	---------	---------

7. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	10,648	10,000
Trade creditors	18,063	21,560
Corporation tax	35,843	28,755
Social security and other taxes	8,847	16,304
Other creditors	47,856	46,365
	---------	---------
	121,257	122,984
	---------	---------

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

	2024	2023
	£	£
Bank loans and overdrafts	4,164	15,064
Other creditors	34,042	36,804
	--------	--------
	38,206	51,868
	--------	--------