Company Registration No. 05553153 (England and Wales)
Castleford Carpet Depot Limited
Unaudited
Financial Statements
for the year ended 30 September 2020
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 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,912
5,216
Current assets
Stocks
50,250
31,250
Debtors
4
51,488
44,164
Cash at bank and in hand
57,179
3,138
158,917
78,552
Creditors: amounts falling due within one year
5
(125,011)
(73,069)
Net current assets
33,906
5,483
Total assets less current liabilities
37,818
10,699
Provisions for liabilities
6
(743)
(991)
Net assets
37,075
9,708
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
37,073
9,706
Total equity
37,075
9,708
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 2020 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.
T
he 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.
Castleford Carpet Depot Limited
Balance sheet (continued)
as at 30 September 2020
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 22 June 2021 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 2020
- 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.
Castleford Carpet Depot Limited
Notes to the financial statements (continued)
for the year ended 30 September 2020
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 lease
s
asset are consumed.
Government grants
Government grants are recognised at the fair value of the asset receive
d
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:
2020
2019
Number
Number
Total
3
3
Castleford Carpet Depot Limited
Notes to the financial statements (continued)
for the year ended 30 September 2020
- 5 -
3
Tangible fixed assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 October 2019 and 30 September 2020
10,558
8,300
18,858
Depreciation and impairment
At 1 October 2019
10,011
3,631
13,642
Depreciation charged in the year
137
1,167
1,304
At 30 September 2020
10,148
4,798
14,946
Carrying amount
At 30 September 2020
410
3,502
3,912
At 30 September 2019
547
4,669
5,216
4
Debtors
2020
2019
Amounts falling due within one year:
£
£
Other debtors
50,744
40,745
Prepayments and accrued income
744
3,419
51,488
44,164
5
Creditors: amounts falling due within one year
2020
2019
£
£
Bank loans
50,000
Trade creditors
18,115
14,760
Taxation and social security
13,732
4,631
Other creditors
43,164
53,678
125,011
73,069
6
Provisions for liabilities
2020
2019
£
£
Deferred tax liabilities
743
991
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.