Company registration number 05553153 (England and Wales)
Castleford Carpet Depot Limited
Unaudited
Financial Statements
for the year ended 30 September 2022
PAGES FOR FILING WITH REGISTRAR
Castleford Carpet Depot Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
Castleford Carpet Depot Limited
Balance sheet
as at 30 September 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,197
2,932
Current assets
Stocks
16,000
36,320
Debtors
4
72,311
61,837
Cash at bank and in hand
58,010
55,247
146,321
153,404
Creditors: amounts falling due within one year
5
(66,039)
(99,837)
Net current assets
80,282
53,567
Total assets less current liabilities
82,479
56,499
Provisions for liabilities
6
(549)
(743)
Net assets
81,930
55,756
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
81,928
55,754
Total equity
81,930
55,756
Castleford Carpet Depot Limited
Balance sheet (continued)
as at 30 September 2022
- 2 -
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 30 September 2022 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.
The financial statements were approved by the board of directors and authorised for issue on 14 June 2023 and are signed on its behalf by:
Mr C J Smith
Mr I Pargeter
Director
Director
Company Registration No. 05553153
Castleford Carpet Depot Limited
Notes to the Financial Statements
for the year ended 30 September 2022
- 3 -
1
Accounting policies
Accounting convention
These financial statements have been prepared in accordance with 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.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods 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. Revenue consists of the provision of carpets and other floorings.
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:
Fixtures and fittings
25% on reducing balance
Motor vehicles
25% on 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.
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.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
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.
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Castleford Carpet Depot Limited
Notes to the Financial Statements (continued)
for the year ended 30 September 2022
1
Accounting policies
(continued)
- 4 -
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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
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.
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
3
3
Castleford Carpet Depot Limited
Notes to the Financial Statements (continued)
for the year ended 30 September 2022
- 5 -
3
Tangible fixed assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 October 2021 and 30 September 2022
10,558
8,300
18,858
Depreciation and impairment
At 1 October 2021
10,252
5,674
15,926
Depreciation charged in the year
78
657
735
At 30 September 2022
10,330
6,331
16,661
Carrying amount
At 30 September 2022
228
1,969
2,197
At 30 September 2021
306
2,626
2,932
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Other debtors
71,602
60,885
Prepayments and accrued income
709
952
72,311
61,837
5
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
23,519
55,274
Taxation and social security
22,109
12,140
Other creditors
20,411
32,423
66,039
99,837
6
Provisions for liabilities
2022
2021
£
£
Deferred tax liabilities
549
743
7
Company information
Castleford Carpet Depot Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Sales Room, Otley Road, Guiseley, Leeds, LS20 8BH.