|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
ASHTON DISTRIBUTORS (CARPETS) LTD |
|
UNAUDITED FINANCIAL STATEMENTS |
|
FOR THE PERIOD 1 MARCH 2017 TO 27 FEBRUARY 2018 |
|
|
|
|
|
|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
ASHTON DISTRIBUTORS (CARPETS) LTD |
|
UNAUDITED FINANCIAL STATEMENTS |
|
FOR THE PERIOD 1 MARCH 2017 TO 27 FEBRUARY 2018 |
|
|
|
|
|
ASHTON DISTRIBUTORS (CARPETS) LTD (REGISTERED NUMBER: 01392694) |
|
|
|
|
|
|
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 MARCH 2017 TO 27 FEBRUARY 2018 |
|
|
|
|
Page |
|
Company Information | 1 |
|
Balance Sheet | 2 |
|
Notes to the Financial Statements | 4 |
|
Chartered Accountants' Report | 9 |
ASHTON DISTRIBUTORS (CARPETS) LTD |
|
COMPANY INFORMATION |
FOR THE PERIOD 1 MARCH 2017 TO 27 FEBRUARY 2018 |
|
|
|
|
|
|
|
DIRECTOR: |
|
|
|
|
SECRETARY: |
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
ACCOUNTANTS: |
|
Chartered Accountants |
Langdon House |
Langdon Road |
SA1 Swansea Waterfront |
Swansea |
SA1 8QY |
|
|
|
BANKERS: |
|
9 Belle Vue Way |
Swansea |
SA1 5BX |
ASHTON DISTRIBUTORS (CARPETS) LTD (REGISTERED NUMBER: 01392694) |
|
BALANCE SHEET |
27 FEBRUARY 2018 |
|
2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
|
|
|
CURRENT ASSETS |
Stocks |
|
|
Debtors | 5 |
|
|
Cash at bank |
|
|
|
|
CREDITORS |
Amounts falling due within one year | 6 |
|
|
NET CURRENT ASSETS |
|
|
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
|
|
CREDITORS |
Amounts falling due after more than one
year |
7 |
( |
) |
( |
) |
|
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET (LIABILITIES)/ASSETS | ( |
) |
|
|
CAPITAL AND RESERVES |
Called up share capital |
|
|
Retained earnings | ( |
) |
|
SHAREHOLDERS' FUNDS | ( |
) |
|
|
|
|
|
|
The director acknowledges his responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the
Companies Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at
the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
|
|
|
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
ASHTON DISTRIBUTORS (CARPETS) LTD (REGISTERED NUMBER: 01392694) |
|
BALANCE SHEET - continued |
27 FEBRUARY 2018 |
|
|
|
The financial statements were approved by the director on
|
|
|
|
|
|
|
|
ASHTON DISTRIBUTORS (CARPETS) LTD (REGISTERED NUMBER: 01392694) |
|
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 MARCH 2017 TO 27 FEBRUARY 2018 |
|
1. | STATUTORY INFORMATION |
|
Ashton Distributors (Carpets) Ltd is a
|
Wales. The company's registered number and registered office address can be found on the Company |
Information page. |
|
2. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
|
|
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, |
rebates, value added tax and other sales taxes. |
|
Turnover is recognised at the point of sale. |
|
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated |
useful life: |
|
Plant and machinery - 20% reducing balance |
Motor vehicles - 25% reducing balance |
Computer equipment - 33% reducing balance |
|
Cost comprises the purchase price of the asset and expenditure directly attributable to the acquisition |
of the item. |
|
A fixed asset is derecognised upon disposal or when no future economic benefits are expected to arise |
from the continued use of the asset. 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 the income statement. |
|
Impairment of fixed assets |
The company performs impairment testing where there are any indicators of impairment. Impairment is |
calculated as the difference between the carrying value and the recoverable value of the asset. |
Recoverable value is the higher of net realisable value and estimated value in use at the date the |
impairment loss is recognised. Value in use represents the present value of expected future |
discounted cash flows. If incurred, impairment is recognised immediately in the income statement. |
|
Where an impairment loss subsequently reverses, the carrying value of the asset is increased to the |
revised estimate of the recoverable amount, but so that the increased carrying value does not exceed |
the carrying value that would have been determined if no impairment loss had been recognised for the |
asset in prior years. A reversal of an impairment loss is recognised immediately as a credit to the |
income statement. |
|
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for |
obsolete and slow moving items. |
|
ASHTON DISTRIBUTORS (CARPETS) LTD (REGISTERED NUMBER: 01392694) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 MARCH 2017 TO 27 FEBRUARY 2018 |
|
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income |
Statement, except to the extent that it relates to items recognised in other comprehensive income or |
directly in equity. |
|
Current or deferred taxation assets and liabilities are not discounted. |
|
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been |
enacted or substantively enacted by the balance sheet date. |
|
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
the balance sheet date. |
|
Timing differences arise from the inclusion of income and expenses in tax assessments in periods |
different from those in which they are recognised in financial statements. Deferred tax is measured |
using tax rates and laws that have been enacted or substantively enacted by the period end and that |
are expected to apply to the reversal of the timing difference. |
|
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. |
|
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the |
company's pension scheme are charged to profit or loss in the period to which they relate. |
ASHTON DISTRIBUTORS (CARPETS) LTD (REGISTERED NUMBER: 01392694) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 MARCH 2017 TO 27 FEBRUARY 2018 |
|
2. | ACCOUNTING POLICIES - continued |
|
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and |
Section 12 'Other Financial I instruments Issues' of FRS 102 to all of its financial instruments. |
|
Financial instruments are recognised in the company's statement of financial position when the |
company becomes party to the contractual provisions of the instrument. |
|
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, |
when there is a legally enforceable right to set off the recognised amounts and there is an intention to |
settle on a net basis or to realise the asset and settle the liability simultaneously. |
|
Basic financial assets |
Basic financial assets, which include trade and other receivables and cash and bank balances, are |
initially measured at transaction price including transaction costs 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 value of the future receipts discounted at |
a market rate of interest. |
|
Trade debtors, loans and other receivables that have fixed or determinable payments that are not |
quoted in an active market are classified as 'loans and receivables'. Loans and receivables are |
measured at amortised cost using the effective interest method, less any impairment. |
|
Interest is recognised by applying the effective interest rate, except for short-term receivables when the |
recognition of interest would be immaterial. The effective interest method is a method of calculating the |
amortised cost of a debt instrument and of allocating the interest income over the relevant period. The |
effective interest rate is the rate that exactly discounts estimated future cash receipts through the |
expected life of the debt instrument to the net carrying amount on initial recognition. |
|
Impairment of financial assets |
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators |
of impairment at each reporting end date. |
|
Financial assets are impaired where there is objective evidence that, as a result of one or more events |
that occurred after the initial recognition of the financial asset, the estimated future cash flows have |
been affected. If an asset is impaired, the impairment loss is the difference between the carrying |
amount and the present value of the estimated cash flows discounted at the asset's original effective |
interest rate. The impairment loss is recognised in profit or loss. |
|
If there is a decrease in the impairment loss arising from an event occurring after the impairment was |
recognised, the impairment is reversed. The reversal is such that the current carrying amount does not |
exceed what the carrying amount would have been, had the impairment not previously been |
recognised. The impairment reversal is recognised in profit or loss. |
|
Derecognition of financial assets |
Financial assets are derecognised only when the contractual rights to the cash flows from the asset |
expire or are settled, or when the company transfers the financial asset and substantially all the risks |
and rewards of ownership to another entity, or if some significant risks and rewards of ownership are |
retained but control of the asset has transferred to another party that is able to sell the asset in its |
entirety to an unrelated third party. |
|
Basic financial liabilities |
Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group |
companies and preference shares that are classified as debt, are initially recognised at transaction |
price unless the arrangement constitutes a financing transaction, where the debt instrument is |
measured at the present value of the future receipts discounted at a market rate of interest. |
ASHTON DISTRIBUTORS (CARPETS) LTD (REGISTERED NUMBER: 01392694) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 MARCH 2017 TO 27 FEBRUARY 2018 |
|
2. | ACCOUNTING POLICIES - continued |
|
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
|
Trade payables 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 payment is |
due within one year or less. If not, they are presented as non-current liabilities. Trade payables are |
recognised initially at transaction price and subsequently measured at amortised cost using the |
effective interest method. |
|
Financial liabilities and equity instruments are classified according to the substance of the contractual |
arrangements entered into, An equity instrument is any contract that evidences a residual interest in |
the assets of the company after deducting all of its liabilities. |
|
Derecognition of financial liabilities |
Financial liabilities are derecognised when the company's contractual obligations expire or are |
discharged or cancelled. |
|
Equity instruments |
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue |
costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at |
the discretion of the company. |
|
3. | EMPLOYEES AND DIRECTORS |
|
The average number of employees during the period was
|
|
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor | Computer |
machinery | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 March 2017 |
and 27 February 2018 |
|
|
|
|
|
DEPRECIATION |
At 1 March 2017 |
|
|
|
|
|
Charge for period |
|
|
|
|
|
At 27 February 2018 |
|
|
|
|
|
NET BOOK VALUE |
At 27 February 2018 |
|
|
|
|
|
At 28 February 2017 |
|
|
|
|
|
|
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Other debtors |
|
|
ASHTON DISTRIBUTORS (CARPETS) LTD (REGISTERED NUMBER: 01392694) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 MARCH 2017 TO 27 FEBRUARY 2018 |
|
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Bank loans and overdrafts |
|
|
Trade creditors |
|
|
Taxation and social security |
|
|
Other creditors |
|
|
|
|
|
7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2018 | 2017 |
£ | £ |
Bank loans |
|
|
Other creditors |
|
|
|
|
|
Included in other creditors is the directors current account £32,489 (2017: £14,034) |
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
ASHTON DISTRIBUTORS (CARPETS) LTD |
|
The following reproduces the text of the report prepared for the director in respect of the company's |
annual unaudited financial statements. In accordance with the Companies Act 2006, the company is |
only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain |
other primary statements and the Report of the Director are not required to be filed with the Registrar |
of Companies. |
|
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval |
the financial statements of Ashton Distributors (Carpets) Ltd for the period ended 27 February 2018 which |
comprise the Income Statement, 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
|
This report is made solely to the director of Ashton Distributors (Carpets) Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Ashton Distributors (Carpets) Ltd and state those matters that we have agreed to state to the director of Ashton Distributors (Carpets) Ltd in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ashton Distributors (Carpets) Ltd and its director for our work or for this report. |
|
It is your duty to ensure that Ashton Distributors (Carpets) Ltd 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 loss of Ashton Distributors (Carpets) Ltd. You consider that Ashton Distributors (Carpets) Ltd is exempt from the statutory audit requirement for the period. |
|
We have not been instructed to carry out an audit or a review of the financial statements of Ashton Distributors (Carpets) Ltd. 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 financial statements. |
|
|
|
|
|
|
|
Chartered Accountants |
Langdon House |
Langdon Road |
SA1 Swansea Waterfront |
Swansea |
SA1 8QY |
|
|
|