Jowett Carpets Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 05942262

Jowett Carpets Limited

Filleted Unaudited Financial Statements

31 December 2024

Jowett Carpets Limited

Financial Statements

Year ended 31 December 2024

Contents	Pages

Statement of financial position	1 to 2

Notes to the financial statements	3 to 5

Jowett Carpets Limited

Statement of Financial Position

31 December 2024

	2024		2023
Note	£	£	£

Fixed assets

Intangible assets	5	6,000	9,000
Tangible assets	6	4,026	5,389
		--------	--------
		10,026	14,389

Current assets

Stocks	20,000	20,000
Cash at bank and in hand	15,244	36,140
	--------	--------
	35,244	56,140

Creditors: amounts falling due within one year	7	93,002		83,491
		--------		--------
Net current liabilities			57,758	27,351
			--------	--------
Total assets less current liabilities			( 47,732)	( 12,962)

Creditors: amounts falling due after more than one year	8	1,042	1,753
		--------	--------
Net liabilities		( 48,774)	( 14,715)
		--------	--------

Capital and reserves

Called up share capital	1	1
Profit and loss account	( 48,775)	( 14,716)
	--------	--------
Shareholders deficit	( 48,774)	( 14,715)
	--------	--------

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 31 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 .

Jowett Carpets Limited

Statement of Financial Position (continued)

31 December 2024

These financial statements were approved by the board of directors and authorised for issue on 25 September 2025 , and are signed on behalf of the board by:

Mr M Jowett
Director

Company registration number: 05942262

Jowett Carpets Limited

Notes to the Financial Statements

Year ended 31 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 1 Lamorna Court, 43 Wollaton Road, Beeston, Nottingham, NG9 2NG.

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. The financial statements are prepared in sterling, which is the functional currency of the entity. Going concern The director will financially support the business as a going concern for the foreseeable future. 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. Income tax The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Goodwill Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	Over 20 years

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates. The director has estimated that the goodwill continues to have a useful life of twenty years.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated 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	-	25% reducing balance
Motor vehicles	-	25% 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.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.

4. Employee numbers

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

5. Intangible assets

	Goodwill
	£
Cost
At 1 January 2024 and 31 December 2024	60,000
	--------
Amortisation
At 1 January 2024	51,000
Charge for the year	3,000
	--------
At 31 December 2024	54,000
	--------
Carrying amount
At 31 December 2024	6,000
	--------
At 31 December 2023	9,000
	--------

6. Tangible assets

	Fixtures and fittings	Motor vehicles	Total
	£	£	£
Cost
At 1 January 2024 and 31 December 2024	2,047	13,295	15,342
	------	--------	--------
Depreciation
At 1 January 2024	2,026	7,927	9,953
Charge for the year	21	1,342	1,363
	------	--------	--------
At 31 December 2024	2,047	9,269	11,316
	------	--------	--------
Carrying amount
At 31 December 2024	–	4,026	4,026
	------	--------	--------
At 31 December 2023	21	5,368	5,389
	------	--------	--------

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

	Motor vehicles
	£
At 31 December 2024	4,026
	------
At 31 December 2023	5,368
	------

7. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	2,500	2,500
Trade creditors	12,588	10,588
Social security and other taxes	7,527	7,364
Other creditors	70,387	63,039
	--------	--------
	93,002	83,491
	--------	--------

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

	2024	2023
	£	£
Bank loans and overdrafts	1,042	1,753
	------	------