Filleted

Registration number: 04993393

Gwyn Lewis Carpets Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 10

Gwyn Lewis Carpets Limited

Company Information

Directors

Mr W G Lewis Mrs E A J Lewis Mr S J Jones Mr C W Lewis

Company secretary

Mrs E A J Lewis

Registered office

18 Heol Hathren Cwmann Lampeter SA48 8JR

Gwyn Lewis Carpets Limited

(Registration number: 04993393)
Balance Sheet as at 31 January 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	6	11,047	13,717
Current assets
Stocks	7	25,674	28,100
Debtors	8	12,726	13,959
Cash at bank and in hand		7,834	15,398
		46,234	57,457
Creditors: Amounts falling due within one year	9	(41,151)	(32,030)
Net current assets		5,083	25,427
Total assets less current liabilities		16,130	39,144
Creditors: Amounts falling due after more than one year	9	(2,833)	(4,834)
Net assets		13,297	34,310
Capital and reserves
Called up share capital		8	8
Profit and loss account		13,289	34,302
Total equity		13,297	34,310

For the financial year ending 31 January 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 28 August 2025 and signed on its behalf by:

......................................... Mr W G Lewis Director

......................................... Mrs E A J Lewis Company secretary and director

Gwyn Lewis Carpets Limited

Notes to the Financial Statements for the Year Ended 31 January 2025

1	General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
18 Heol Hathren
Cwmann
Lampeter
SA48 8JR

These financial statements were authorised for issue by the Board on 28 August 2025.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Gwyn Lewis Carpets Limited

Notes to the Financial Statements for the Year Ended 31 January 2025

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant & machinery, etc	25% on reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Goodwill	5 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Gwyn Lewis Carpets Limited

Notes to the Financial Statements for the Year Ended 31 January 2025

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2024 - 5).

Gwyn Lewis Carpets Limited

Notes to the Financial Statements for the Year Ended 31 January 2025

4	Profit before tax

Arrived at after charging/(crediting)

	2025 £	2024 £
Depreciation expense	3,539	4,573

5	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 February 2024	20,000	20,000
At 31 January 2025	20,000	20,000
Amortisation
At 1 February 2024	20,000	20,000
At 31 January 2025	20,000	20,000
Carrying amount
At 31 January 2025	-	-

Revalued assets for the year ended 31 January 2024

Gwyn Lewis Carpets Limited

Notes to the Financial Statements for the Year Ended 31 January 2025

6	Tangible assets

	Fixtures and fittings £	Plant and machinery £	Office equipment £	Motor vehicles  £	Total £
Cost or valuation
At 1 February 2024	42	6,731	3,068	39,636	49,477
Additions	-	-	868	-	868
At 31 January 2025	42	6,731	3,936	39,636	50,345
Depreciation
At 1 February 2024	42	6,570	2,952	26,196	35,760
Charge for the year	-	40	137	3,361	3,538
At 31 January 2025	42	6,610	3,089	29,557	39,298
Carrying amount
At 31 January 2025	-	121	847	10,079	11,047
At 31 January 2024	-	161	116	13,440	13,717

7

Stocks

	2025 £	2024 £
Other inventories	25,674	28,100

8

Debtors

	2025 £	2024 £
Trade debtors	8,788	13,959
Other debtors	3,938	-
	12,726	13,959

Gwyn Lewis Carpets Limited

Notes to the Financial Statements for the Year Ended 31 January 2025

9

Creditors

Creditors: amounts falling due within one year

	Note	2025 £	2024 £
Due within one year
Trade creditors		15,194	8,025
Taxation and social security		5,292	7,568
Other related parties	12	17,380	12,648
Corporation tax liability		3,285	3,789
		41,151	32,030