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Unaudited Financial Statements |
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for the Year Ended 30 April 2021 |
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for |
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Butler House Carpets Limited |
REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 30 April 2021 |
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for |
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Butler House Carpets Limited |
Butler House Carpets Limited (Registered number: 04207108) |
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Contents of the Financial Statements |
for the Year Ended 30 April 2021 |
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Page |
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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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Butler House Carpets Limited |
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Company Information |
for the Year Ended 30 April 2021 |
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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 |
Bank Chambers |
61 High Street |
Cranbrook |
Kent |
TN17 3EG |
Butler House Carpets Limited (Registered number: 04207108) |
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Balance Sheet |
30 April 2021 |
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30.4.21 | 30.4.20 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS/(LIABILITIES) |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
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PROVISIONS FOR LIABILITIES | 9 | ( |
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NET ASSETS/(LIABILITIES) |
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Butler House Carpets Limited (Registered number: 04207108) |
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Balance Sheet - continued |
30 April 2021 |
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30.4.21 | 30.4.20 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 10 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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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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 director and authorised for issue on
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Butler House Carpets Limited (Registered number: 04207108) |
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Notes to the Financial Statements |
for the Year Ended 30 April 2021 |
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1. | STATUTORY INFORMATION |
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Butler House Carpets Limited is a
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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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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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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
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Tangible fixed assets |
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Equipment | - |
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Motor vehicles | - |
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Computer equipment | - |
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Butler House Carpets Limited (Registered number: 04207108) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 April 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Government grants |
Local Restrictions Grant Fund/Additional Restrictions Grant Fund/Restart Grant |
The company made applications and received payments from the Local Restrictions Grants Fund, Additional Restrictions Grant Fund and Restart Grant Fund. These grants have been recognised on an accruals basis for the period that they relate to and have not been deferred in any way. |
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Business rates relief |
The company met the criteria for business rates relief for businesses within the retail sector due to Covid-19 and has benefited from a rates holiday for the 2020-21 rates year. The effect of this relief is to reduce the rates cost reflected through the profit & loss account with the relief spread over the period it relates to on an accruals basis. |
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Coronavirus Bounce Back Loan Scheme |
The company has received a Coronavirus Bounce Back Loan. Under the terms of the loan, the government guarantees 100% of the loan and there are no fees or interest to pay for the first 12 months. After 12 months, the interest rate will be 2.5% per annum and the loan will be repayable by equal monthly instalments over 5 years. In the accounts, the initial interest paid by the government has been recognised as grant income and spread evenly over the first 12 months of the loan term. |
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Deferral of VAT payments due to coronavirus |
The company has taken advantage of the government scheme whereby any VAT payments arising between 20 March and 30 June 2020 can be deferred. The deferred VAT liability is recognised within current liabilities and will be repaid by regular monthly instalments through to January 2021. |
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Coronavirus Job Retention Scheme |
The company has furloughed staff during the Covid-19 pandemic and made claims for government furlough grants. The grants are recognised on an accruals basis, matched in the period against the staff costs that they relate to, and recorded as grant income in the accounts. |
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Rent holiday |
The company has agreed a rent holiday with its landlord. As this is not a fundamental variation to the terms of the lease, the rent charge in the profit & loss account has been reduced by the relevant proportion of the rent that has been waived. |
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Stocks |
Stocks 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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Butler House Carpets Limited (Registered number: 04207108) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 April 2021 |
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2. | ACCOUNTING POLICIES - continued |
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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Pension costs and other post-retirement benefits |
The company operates an auto-enrolment pension scheme for its employees and costs payable for the year are charged in the profit and loss account. |
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Going concern |
The business has been impacted at various times during the past year by local restrictions and also the national lockdowns. This has made for a very difficult period, although the support from the government through various grants and initiatives has been very welcome and ensured that the business could survive. A Bounce Back loan of £50,000 should ensure that the company has sufficient cashflow and will be able to settle all liabilities as they arise for the foreseeable future, so the accounts have been prepared on a going concern basis. However, with the Covid-19 pandemic continuing to evolve, there is significant uncertainty relating to the underlying assumptions but the impact cannot be quantified at this stage. |
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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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Butler House Carpets Limited (Registered number: 04207108) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 April 2021 |
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4. | INTANGIBLE FIXED ASSETS |
Goodwill |
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COST |
At 1 May 2020 |
and 30 April 2021 |
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AMORTISATION |
At 1 May 2020 |
and 30 April 2021 |
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NET BOOK VALUE |
At 30 April 2021 |
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At 30 April 2020 |
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5. | TANGIBLE FIXED ASSETS |
Motor | Computer |
Equipment | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 May 2020 |
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Additions |
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At 30 April 2021 |
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DEPRECIATION |
At 1 May 2020 |
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Charge for year |
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At 30 April 2021 |
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NET BOOK VALUE |
At 30 April 2021 |
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At 30 April 2020 |
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Butler House Carpets Limited (Registered number: 04207108) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 April 2021 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.21 | 30.4.20 |
£ | £ |
Trade debtors |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.21 | 30.4.20 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR |
30.4.21 | 30.4.20 |
£ | £ |
Bank loans |
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Hire purchase contracts |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 yr by instal | 834 | - |
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9. | PROVISIONS FOR LIABILITIES |
30.4.21 | 30.4.20 |
£ | £ |
Deferred tax | 1,797 | 2,199 |
Butler House Carpets Limited (Registered number: 04207108) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 April 2021 |
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9. | PROVISIONS FOR LIABILITIES - continued |
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Deferred |
tax |
£ |
Balance at 1 May 2020 |
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Accelerated capital allowances | (402 | ) |
Balance at 30 April 2021 |
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10. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.4.21 | 30.4.20 |
value: | £ | £ |
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Ordinary | £1 | 100 | 100 |