Registration number:
Astra Carpets (East Midlands) Limited
for the Year Ended 31 December 2019
Astra Carpets (East Midlands) Limited
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Financial Statements |
Astra Carpets (East Midlands) Limited
Company Information
Directors |
Z Kapasi B Matthews |
Registered office |
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Bankers |
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Accountants |
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Page 1 |
Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Astra Carpets (East Midlands) Limited
for the Year Ended 31 December 2019
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Astra Carpets (East Midlands) Limited for the year ended 31 December 2019 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/
member/professional-standards/rules-standards/acca-rulebook.html.
This report is made solely to the Board of Directors of Astra Carpets (East Midlands) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Astra Carpets (East Midlands) Limited and state those matters that we have agreed to state to the Board of Directors of Astra Carpets (East Midlands) Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical
/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Astra Carpets (East Midlands) Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Astra Carpets (East Midlands) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Astra Carpets (East Midlands) Limited. You consider that Astra Carpets (East Midlands) Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Astra Carpets (East Midlands) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
...................................................................
Millennium Way
Pride Park
Derby
DE24 8HG
Page 2 |
Astra Carpets (East Midlands) Limited
(Registration number: 08437317)
Balance Sheet as at 31 December 2019
Note |
Year Ended |
Period Ended |
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Fixed assets |
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Tangible assets |
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Current assets |
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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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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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Page 3 |
Astra Carpets (East Midlands) Limited
(Registration number: 08437317)
Balance Sheet as at 31 December 2019
For the financial year ending 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
Director
.........................................
Director
Page 4 |
Astra Carpets (East Midlands) Limited
Notes to the Financial Statements for the Year Ended 31 December 2019
General information |
The company is a private company limited by share capital, incorporated in England.
The address of the registered office is given in the company information on page 1 of the financial statements.
The financial statements for the previous period cover a 6 month period from 1 July 2018 to 31 December 2018 and as such the comparatives are not entirely comparable.
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are presented in Sterling (£) and rounded to the nearest £1.
Going concern
The emergence of the global pandemic known as Covid-19 has raised significant uncertainty throughout the UK economy since the balance sheet date. The company is making use of the Government support schemes and is working closely with customers and suppliers to review their plans and expected activities in the coming months.
At the time of approving the accounts there is uncertainty over the projected income for the company because this pandemic is unprecedented so no one can accurately predict how the economy will react over the coming year.
Consideration has been given to the risks of reduced turnover, slow payment or non-payment of debts, the value of stock and other assets owned by the company. The going concern of the business will be dependent on acheiving minimum income projections as well as on the continued financial support of shareholders and the Government support schemes.
Based on the information available and using a reasonable range of assumptions, the business can continue as a going concern and the accounts have been prepared on this basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Page 5 |
Astra Carpets (East Midlands) Limited
Notes to the Financial Statements for the Year Ended 31 December 2019
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Furniture, fittings and equipment |
25% reducing balance / 33% straight line |
Motor vehicles |
15% reducing balance |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Page 6 |
Astra Carpets (East Midlands) Limited
Notes to the Financial Statements for the Year Ended 31 December 2019
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Page 7 |
Astra Carpets (East Midlands) Limited
Notes to the Financial Statements for the Year Ended 31 December 2019
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 January 2019 |
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Additions |
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- |
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Disposals |
- |
( |
( |
At 31 December 2019 |
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Depreciation |
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At 1 January 2019 |
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Charge for the period |
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Eliminated on disposal |
- |
( |
( |
At 31 December 2019 |
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Carrying amount |
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At 31 December 2019 |
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At 31 December 2018 |
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Stocks |
31 December |
31 December |
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Finished goods and goods for resale |
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Debtors |
31 December |
31 December |
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Trade debtors |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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- |
Other debtors |
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Page 8 |
Astra Carpets (East Midlands) Limited
Notes to the Financial Statements for the Year Ended 31 December 2019
Creditors |
Creditors: amounts falling due within one year
31 December |
31 December |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Share capital |
Allotted, called up and fully paid shares
31 December 2019 |
31 December 2018 |
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No. |
£ |
No. |
£ |
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30,000 |
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30,000 |
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50 |
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50 |
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25 |
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25 |
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25 |
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25 |
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet at 31 December 2019 is £
The total amount of contingencies not included in the balance sheet at 31 December 2019 is £300,000 . The company has agreed to guarantee certain payment obligations on behalf of the parent company. This is supported by a debenture over the company's assets. The future outcome is dependant upon future payment obligations met by the parent company.
Page 9 |
Astra Carpets (East Midlands) Limited
Notes to the Financial Statements for the Year Ended 31 December 2019
Related party transactions |
Summary of transactions with other related parties
At the balance sheet date amounts owed to the directors amounted to £nil (2018 - £9,373).
Non adjusting events after the financial period |
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Page 10 |