THE CLEARANCE RUG COMPANY LTD

Company Registration Number:
12323360 (England and Wales)

Unaudited abridged accounts for the year ended 30 November 2024

Period of accounts

Start date: 01 December 2023

End date: 30 November 2024

THE CLEARANCE RUG COMPANY LTD

Contents of the Financial Statements

for the Period Ended 30 November 2024

Balance sheet
Notes

THE CLEARANCE RUG COMPANY LTD

Balance sheet

As at 30 November 2024


Notes
2024
2023


£
£
Fixed assets
Investments: 3 0 400
Total fixed assets: 0 400
Current assets
Stocks: 1,450 0
Debtors:   11,772,624 7,700,634
Total current assets: 11,774,074 7,700,634
Creditors: amounts falling due within one year: 4 (1,978,314) (7,575,113)
Net current assets (liabilities): 9,795,760 125,521
Total assets less current liabilities: 9,795,760 125,921
Total net assets (liabilities): 9,795,760 125,921
Capital and reserves
Called up share capital: 100 100
Profit and loss account: 9,795,660 125,821
Shareholders funds: 9,795,760 125,921

The notes form part of these financial statements

THE CLEARANCE RUG COMPANY LTD

Balance sheet statements

For the year ending 30 November 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 04 November 2025
and signed on behalf of the board by:

Name: J Smith
Status: Director

The notes form part of these financial statements

THE CLEARANCE RUG COMPANY LTD

Notes to the Financial Statements

for the Period Ended 30 November 2024

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Other accounting policies

Investments Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. Stocks Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. Taxation A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

THE CLEARANCE RUG COMPANY LTD

Notes to the Financial Statements

for the Period Ended 30 November 2024

2. Employees

2024 2023
Average number of employees during the period 2 2

THE CLEARANCE RUG COMPANY LTD

Notes to the Financial Statements

for the Period Ended 30 November 2024

3. Fixed investments

Cost At 1 December 2023 £400 Additions £500 Disposals £(900) At 30 November 2024 £0

THE CLEARANCE RUG COMPANY LTD

Notes to the Financial Statements

for the Period Ended 30 November 2024

4. Creditors: amounts falling due within one year note

2024 2023 £ £ Taxation and social security costs 29,499 483,938 Other creditors 1,948,815 7,091,175 1,978,314 7,575,113

THE CLEARANCE RUG COMPANY LTD

Notes to the Financial Statements

for the Period Ended 30 November 2024

5. Loans to directors

Name of director receiving advance or credit: Ms S Kelaty and Mr F Kelaty
Description of the loan: The previous directors Ms S Kelaty and Mr F Kelaty jointly owed the company £nil (2023: £5,757,509), the loan was repaid during the year, on 28th October 2024, when Smith Marketing Ltd acquired 100% of their shares in the company.
£
Balance at 01 December 2023 5,757,509
Advances or credits repaid: 5,757,509
Balance at 30 November 2024 0

THE CLEARANCE RUG COMPANY LTD

Notes to the Financial Statements

for the Period Ended 30 November 2024

6. Changes in presentation and prior period adjustments

During the preparation of the current year's financial statements, the directors identified errors in the balance sheet presented in the prior year's financial statements. These errors arose from misstatements and omissions in the classification and valuation of the following balance sheet items that were corrected upon discovery. Shares in group undertakings understated by £399, Other debtors understated by £1, Amounts owed to participating interests understated by £400. The errors have been corrected retrospectively and the comparative figures for the prior year have been restated to reflect the corrections.

THE CLEARANCE RUG COMPANY LTD

Notes to the Financial Statements

for the Period Ended 30 November 2024

7. Related party transactions

Name of the related party: Smith Marketing Ltd
Relationship:
Parent
Description of the Transaction: At the balance sheet date the company was owed £9,800,000 by its parent company, Smith Marketing Ltd. The companies are related by virtue of the fact they are under common control.
£
Balance at 01 December 2023 0
Balance at 30 November 2024 9,800,000
Name of the related party: Ms J Smith
Relationship:
Director and Owner
Description of the Transaction: At the balance sheet date the director, Ms J Smith, was owed £6,976 by the company
£
Balance at 01 December 2023 0
Balance at 30 November 2024 6,976