Company registration number 11193918 (England and Wales)
JGM CARPETS & FLOORING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
PAGES FOR FILING WITH REGISTRAR
JGM CARPETS & FLOORING LIMITED
COMPANY INFORMATION
Director
Mr J G Marshman
Company number
11193918
Registered office
Unit 9
Mill Pool Farm Industrial Estate
Main Road
Hallow
Worcestershire
WR2 6LS
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
HSBC Bank Plc
6 Broad Street
Worcester
Worcestershire
WR1 2EJ
JGM CARPETS & FLOORING LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
JGM CARPETS & FLOORING LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF JGM CARPETS & FLOORING LIMITED FOR THE YEAR ENDED 28 FEBRUARY 2025
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of JGM Carpets & Flooring Limited for the year ended 28 February 2025 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the b oard of d irectors of JGM Carpets & Flooring Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of JGM Carpets & Flooring Limited and state those matters that we have agreed to state to the b oard of d irectors of JGM Carpets & Flooring Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than JGM Carpets & Flooring Limited and its b oard of d irectors as a body, for our work or for this report.

It is your duty to ensure that JGM Carpets & Flooring 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 JGM Carpets & Flooring Limited. You consider that JGM Carpets & Flooring Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of JGM Carpets & Flooring 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 f inancial statements.

Ormerod Rutter Limited
2 April 2025
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
JGM CARPETS & FLOORING LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2025
28 February 2025
- 2 -
28 February 2025
29 February 2024
Notes
£
£
£
£
Fixed assets
Tangible assets
3
11,011
13,992
Current assets
Stocks
4,873
5,017
Debtors
4
175,262
117,602
Cash at bank and in hand
-
0
12,083
180,135
134,702
Creditors: amounts falling due within one year
5
(130,320)
(100,154)
Net current assets
49,815
34,548
Total assets less current liabilities
60,826
48,540
Creditors: amounts falling due after more than one year
6
(3,645)
(14,158)
Provisions for liabilities
7
(2,646)
(2,646)
Net assets
54,535
31,736
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
54,435
31,636
Total equity
54,535
31,736

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 28 February 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

JGM CARPETS & FLOORING LIMITED
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2025
28 February 2025
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 2 April 2025
Mr J G Marshman
Director
Company registration number 11193918 (England and Wales)
JGM CARPETS & FLOORING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 4 -
1
Accounting policies
Company information

JGM Carpets & Flooring Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 9, Mill Pool Farm Industrial Estate, Main Road, Hallow, Worcestershire, WR2 6LS.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
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.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
20% on reducing balance
Fixtures and fittings
20% on reducing balance
Computer equipment
25% on reducing balance
Motor vehicles
25% on reducing balance
1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

JGM CARPETS & FLOORING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
1
Accounting policies
(Continued)
- 5 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.6
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.7
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.8
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
7
7
JGM CARPETS & FLOORING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 6 -
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 March 2024
667
8,444
6,767
20,332
36,210
Additions
-
0
266
133
-
0
399
At 28 February 2025
667
8,710
6,900
20,332
36,609
Depreciation and impairment
At 1 March 2024
411
4,357
5,161
12,289
22,218
Depreciation charged in the year
64
870
435
2,011
3,380
At 28 February 2025
475
5,227
5,596
14,300
25,598
Carrying amount
At 28 February 2025
192
3,483
1,304
6,032
11,011
At 29 February 2024
256
4,087
1,606
8,043
13,992
4
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
101,459
45,870
Other debtors
73,803
71,732
175,262
117,602
5
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans and overdrafts
10,940
10,156
Trade creditors
21,042
17,265
Taxation and social security
96,037
70,784
Other creditors
2,301
1,949
130,320
100,154
6
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
3,645
14,158
JGM CARPETS & FLOORING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 7 -
7
Provisions for liabilities
2025
2024
£
£
Deferred tax liabilities
2,646
2,646
8
Secured debts
The following secured debts are included within creditors:
2025
2024
£
£
Bank overdrafts
527
-
0
Bank loans
14,058
24,314
14,585
24,314
Bank loans are secured by way of a government-backed guarantee.
9
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
90
90
90
90
Ordinary B of £1 each
10
10
10
10
100
100
100
100

10
Directors' transactions

Advances or credits have been granted by the company to its director as follows:

Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Loan account
2.25
38,383
69,999
486
(90,000)
18,868
38,383
69,999
486
(90,000)
18,868

The director’s loan account was repaid within nine months of the year end.

11
Ultimate controlling party

The ultimate controlling party is Mr J G Marshman.

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