Company registration number 04509347 (England and Wales)
Alroy Carpets Limited
Unaudited Financial Statements
For the year ended 31 July 2023
PAGES FOR FILING WITH REGISTRAR
Alroy Carpets Limited
Contents
Page
Company information
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
Alroy Carpets Limited
Balance sheet
For the year ended 31 July 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
31,234
39,838
Current assets
Stocks
20,000
43,000
Debtors
4
65,761
67,220
Cash at bank and in hand
42,061
16,349
127,822
126,569
Creditors: amounts falling due within one year
5
(106,511)
(106,277)
Net current assets
21,311
20,292
Total assets less current liabilities
52,545
60,130
Creditors: amounts falling due after more than one year
6
(38,458)
(58,899)
Net assets
14,087
1,231
Capital and reserves
Called up share capital
4
4
Profit and loss reserves
14,083
1,227
Total equity
14,087
1,231
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Alroy Carpets Limited
Balance sheet (Continued)
For the year ended 31 July 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on
30 January 2024 and are signed on its behalf by:
2024-01-30
Ms M C Greener
Mr A Robinson
Director
Director
Company registration number 04509347 (England and Wales)
Alroy Carpets Limited
Notes to the Financial Statements
For the year ended 31 July 2023
- 3 -
1
Accounting policies
Company information
Alroy Carpets Limited is a private company limited by shares incorporated in England and Wales. The registered office is Pendragon House, 65 London Road, St Albans, Hertfordshire, AL1 1LJ. The principal address of the company is Springtime Nurseries, Cattlegate Road, Crews Hill, Enfield, EN2 9EE.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of 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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
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 and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
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 machinery
25% Reducing Balance
Fixtures and fittings
25% Reducing Balance
Equipment
25% Reducing Balance
Motor vehicles
25% Reducing Balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.5
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.
Alroy Carpets Limited
Notes to the Financial Statements (Continued)
For the year ended 31 July 2023
1
Accounting policies
(Continued)
- 4 -
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.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 and Section 12 of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present fair value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, which include trade and other payables and bank loans, are initially measured at transaction price and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present fair value of the future receipts discounted at a market rate of interest.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable.
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.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Alroy Carpets Limited
Notes to the Financial Statements (Continued)
For the year ended 31 July 2023
1
Accounting policies
(Continued)
- 5 -
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
4
4
3
Tangible fixed assets
Plant and machinery
Fixtures and fittings
Equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 August 2022
12,960
12,128
5,352
36,453
66,893
Additions
1,415
1,415
At 31 July 2023
12,960
12,128
6,767
36,453
68,308
Depreciation and impairment
At 1 August 2022
4,656
7,390
2,007
13,002
27,055
Depreciation charged in the year
2,076
1,185
895
5,863
10,019
At 31 July 2023
6,732
8,575
2,902
18,865
37,074
Carrying amount
At 31 July 2023
6,228
3,553
3,865
17,588
31,234
At 31 July 2022
8,304
4,738
3,345
23,451
39,838
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
16,005
Other debtors
49,756
67,220
65,761
67,220
Alroy Carpets Limited
Notes to the Financial Statements (Continued)
For the year ended 31 July 2023
- 6 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
21,183
Trade creditors
40,980
51,047
Taxation and social security
42,124
29,253
Other creditors
2,224
25,977
106,511
106,277
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
38,458
58,899
7
Related party transactions
Transactions with related parties
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts due from related parties
£
£
Ms M C Greener
27,820
43,115
Mr A Robinson
9,957
10,000