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REGISTERED NUMBER:
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ABRIDGED UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31ST OCTOBER 2017 |
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FOR |
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SIMPLY CARPETS LIMITED |
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REGISTERED NUMBER:
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ABRIDGED UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31ST OCTOBER 2017 |
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FOR |
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SIMPLY CARPETS LIMITED |
SIMPLY CARPETS LIMITED (REGISTERED NUMBER: 02654119) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST OCTOBER 2017 |
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Page |
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Abridged Balance Sheet | 1 |
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Notes to the Financial Statements | 3 |
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SIMPLY CARPETS LIMITED (REGISTERED NUMBER: 02654119) |
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ABRIDGED BALANCE SHEET |
31ST OCTOBER 2017 |
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31.10.17 | 31.10.16 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year |
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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 |
5 |
( |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 7 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their 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. |
SIMPLY CARPETS LIMITED (REGISTERED NUMBER: 02654119) |
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ABRIDGED BALANCE SHEET - continued |
31ST OCTOBER 2017 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
behalf by: |
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SIMPLY CARPETS LIMITED (REGISTERED NUMBER: 02654119) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST OCTOBER 2017 |
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1. | STATUTORY INFORMATION |
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Simply Carpets Limited is a
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The company's registered number and registered office address are as below: |
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Registered number: | 02654119 |
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Registered office: | The Foundry |
9 Park Lane |
Puckeridge |
Ware |
Hertfordshire |
SG11 1RL |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The going concern basis has been adopted in the preparation of these financial statements. The |
company's turnover for the period was £747,649 (2016 - £817,910) and the company recorded a |
profit after taxation of £7,668 (2016 - £9,028). At the balance sheet date the company had liquid |
funds of £6,156 (2016 - £13,507). The directors acknowledge that there is a level of uncertainty in |
the general economic environment that may impact on the demand for the services the company |
supplies however based on the assessment of the business believe they are well placed to manage |
these business risks. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding |
discounts, rebates, value added tax and other sales taxes. |
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Tangible fixed assets |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Computer equipment | - |
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SIMPLY CARPETS LIMITED (REGISTERED NUMBER: 02654119) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST OCTOBER 2017 |
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2. | ACCOUNTING POLICIES - continued |
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Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making |
due allowance for obsolete and slow moving items. |
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Cost is calculated using the first-in, first-out method and includes all purchase, transport, and |
handling costs in bringing stocks to their present location and condition. |
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Financial instruments |
The company only has financial assets and liabilities of a kind that qualify as basic financial |
instruments. Basic financial instruments are initially as transaction value and subsequently measured |
at their settlement value. The company has no bank loans or other more complex financial |
instruments that require measurement at amortised cost using the effective interest method. |
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Taxation |
Taxation for the year 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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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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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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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SIMPLY CARPETS LIMITED (REGISTERED NUMBER: 02654119) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST OCTOBER 2017 |
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4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1st November 2016 |
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Additions |
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At 31st October 2017 |
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DEPRECIATION |
At 1st November 2016 |
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Charge for year |
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At 31st October 2017 |
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NET BOOK VALUE |
At 31st October 2017 |
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At 31st October 2016 |
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5. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS |
31.10.17 | 31.10.16 |
£ | £ |
Repayable by instalments |
Bank loans more 5 yr by instal | 8,117 | 15,517 |
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6. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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31.10.17 | 31.10.16 |
£ | £ |
Bank overdraft |
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Bank loans |
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The bank loan and overdraft is secured by a fixed and floating charge over the assets of the company |
and by a personal guarantee by the directors. |
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7. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.10.17 | 31.10.16 |
value: | £ | £ |
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Ordinary | £1 | 2 | 2 |
SIMPLY CARPETS LIMITED (REGISTERED NUMBER: 02654119) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST OCTOBER 2017 |
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8. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to directors subsisted during the years ended 31st October 2017 |
and 31st October 2016: |
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31.10.17 | 31.10.16 |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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9. | ULTIMATE CONTROLLING PARTY |
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The company is in the immediate and ultimate control of the directors. |