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REGISTERED NUMBER:
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CARDIFF MARBLE & TERRAZO COMPANY |
LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2017 |
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REGISTERED NUMBER:
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CARDIFF MARBLE & TERRAZO COMPANY |
LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2017 |
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CARDIFF MARBLE & TERRAZO COMPANY |
LIMITED (REGISTERED NUMBER: 02171628) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2017 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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CARDIFF MARBLE & TERRAZO COMPANY |
LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2017 |
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DIRECTOR: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Elfed House |
Oak Tree Court |
Cardiff Gate Business Park |
CARDIFF |
County of Cardiff |
CF23 8RS |
CARDIFF MARBLE & TERRAZO COMPANY |
LIMITED (REGISTERED NUMBER: 02171628) |
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BALANCE SHEET |
31 MARCH 2017 |
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2017 | 2016 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 | ( |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
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PROVISIONS FOR LIABILITIES | 9 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 10 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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CARDIFF MARBLE & TERRAZO COMPANY |
LIMITED (REGISTERED NUMBER: 02171628) |
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BALANCE SHEET - continued |
31 MARCH 2017 |
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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. |
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The financial statements were approved for issue by the director on
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CARDIFF MARBLE & TERRAZO COMPANY |
LIMITED (REGISTERED NUMBER: 02171628) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2017 |
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1. | STATUTORY INFORMATION |
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Cardiff Marble & Terrazo Company Limited is a private company, limited by shares, registered in England & |
Wales. The company's registered number and registered office can be found on the Company Information page. |
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The company's functional and presentational currency in the financial statements is the Sterling (£), rounded to |
the nearest pound. |
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The significant accounting policies applied in the presentation of these financial statements are set out below. |
These policies have been consistently applied to all years presented unless otherwise stated. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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These financial statements for the year ended 31 March 2017 are the first financial statements that comply with |
Financial Reporting Standard 102 1A. The date of transition is 1 April 2015. |
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There has been one departure from Financial Reporting Standard 102. The company has a policy of estimating |
the value of stock at the year end. Consequently it may not be included in the Balance Sheet at the lower of |
cost and estimated selling price less costs to sell as required by Financial Reporting Standard 102. |
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The transition to Financial Reporting Standard 102 1A has resulted in no changes to existing accounting |
policies. |
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Turnover |
The turnover shown in the profit and loss account represents amounts invoiced during the year for the supply |
and installation of marble and terrazzo products, exclusive of Value Added Tax. |
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Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful |
life or, if held under a finance lease, over the lease term, whichever is the shorter. |
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Long Leasehold | - 10% on cost |
Plant and Machinery | - 25% on reducing balance |
Office Furniture and Equipment | - 25 % on reducing balance |
Motor Vehicles | - 25 % on reducing balance |
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Tangible fixed assets are stated at cost less accumulated depreciation. Costs include those directly attributable |
to making the asset capable of operating as intended. |
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Stocks |
The value of stock and work in progress has been estimated by the director. |
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Financial instruments |
Basic financial instruments are recognised at amortised cost. |
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Current tax |
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the year and |
is calculated using the tax rates and laws that have been enacted or substantively enacted at the balance sheet |
date. |
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CARDIFF MARBLE & TERRAZO COMPANY |
LIMITED (REGISTERED NUMBER: 02171628) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2017 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
balance sheet date. |
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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 year end and that are expected to apply to the reversal |
of the timing difference. |
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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. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling |
at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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Hire purchase agreements |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those |
held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance |
leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital |
element of the future payments is treated as a liability. |
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
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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. |
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Employee benefits |
When employees have rendered service to the company, short term employee benefits to which employees are |
entitled are recognised at the undiscounted amount expected to be paid for that service. |
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Grants |
Where a capital grant has been received in respect of specific equipment, the asset is capitalised and |
depreciated over its useful life and the associated grant income is credited to deferred income and released to |
the profit and loss account so as to be matched with the associated depreciation charge. |
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Grants towards revenue expenditure are credited to income in the period to which they relate. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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CARDIFF MARBLE & TERRAZO COMPANY |
LIMITED (REGISTERED NUMBER: 02171628) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2017 |
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4. | TANGIBLE FIXED ASSETS |
Office |
Furniture |
Long | Plant and | and | Motor |
Leasehold | Machinery | Equipment | Vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 April 2016 |
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Additions |
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Disposals |
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At 31 March 2017 |
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DEPRECIATION |
At 1 April 2016 |
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Charge for year |
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Eliminated on disposal |
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At 31 March 2017 |
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NET BOOK VALUE |
At 31 March 2017 |
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At 31 March 2016 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
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Other debtors |
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VAT |
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Prepayments and accrued income |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Hire purchase contracts |
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Trade creditors |
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Amounts owed to group undertakings |
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Corporation tax |
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PAYE and social security |
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VAT | - | 20,459 |
Customer deposits |
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Accruals and deferred income |
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Deferred government grants |
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7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2017 | 2016 |
£ | £ |
Hire purchase contracts |
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Deferred government grants | 2,475 | 3,315 |
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CARDIFF MARBLE & TERRAZO COMPANY |
LIMITED (REGISTERED NUMBER: 02171628) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2017 |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2017 | 2016 |
£ | £ |
Hire purchase contracts | 106,309 | 54,774 |
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The hire purchase liability is secured over the associated fixed assets. |
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9. | PROVISIONS FOR LIABILITIES |
2017 | 2016 |
£ | £ |
Deferred tax |
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Deferred |
tax |
£ |
Balance at 1 April 2016 |
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Movement arising for the year |
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Balance at 31 March 2017 |
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The provision for deferred taxation consists of the tax effect of the following timing differences: |
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2017 | 2016 |
£ | £ |
Excess taxation allowances over depreciation on fixed assets | 59,437 | 26,566 |
Government grants | (627 | ) | (884 | ) |
58,810 | 25,682 |
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10. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2017 | 2016 |
value: | £ | £ |
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A Ordinary | £1 |
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6,675 |
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B Ordinary | £1 |
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60 |
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6,735 |
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11. | RELATED PARTY DISCLOSURES |
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During the year the company entered into transactions with its related parties. Transactions entered into are as |
follows: |
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Name | Nature of transaction or balance | 2017 | 2016 |
£ | £ |
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Entities with control over the company | Dividend payable | 60,819 | 79,920 |
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12. | GUARANTEES AND OTHER FINANCIAL COMMITMENTS |
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The total amount of commitments, guarantees and contingencies is £4,092 ( 2016: £1,560). |