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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED |
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30 SEPTEMBER 2020 |
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CUT PRICE TILES & BATHROOMS LLP |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED |
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30 SEPTEMBER 2020 |
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FOR |
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CUT PRICE TILES & BATHROOMS LLP |
CUT PRICE TILES & BATHROOMS LLP (REGISTERED NUMBER: OC309331) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2020 |
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General Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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CUT PRICE TILES & BATHROOMS LLP |
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GENERAL INFORMATION |
FOR THE YEAR ENDED 30 SEPTEMBER 2020 |
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DESIGNATED MEMBERS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
10 Jesus Lane |
Cambridge |
Cambridgeshire |
CB5 8BA |
CUT PRICE TILES & BATHROOMS LLP (REGISTERED NUMBER: OC309331) |
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BALANCE SHEET |
30 SEPTEMBER 2020 |
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2020 | 2019 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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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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NET ASSETS ATTRIBUTABLE TO MEMBERS | 39,819 | 900 |
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LOANS AND OTHER DEBTS DUE TO
MEMBERS |
9 |
39,819 |
900 |
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TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 9 | 39,819 | 900 |
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The members acknowledge their responsibilities for: |
(a) | ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the LLP 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 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP. |
CUT PRICE TILES & BATHROOMS LLP (REGISTERED NUMBER: OC309331) |
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BALANCE SHEET - continued |
30 SEPTEMBER 2020 |
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In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Profit and loss account has not been delivered. |
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The financial statements were approved by the members of the LLP and authorised for issue on
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CUT PRICE TILES & BATHROOMS LLP (REGISTERED NUMBER: OC309331) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2020 |
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1. | STATUTORY INFORMATION |
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Cut Price Tiles & Bathrooms LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page. |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The designated member have a reasonable expectation that the company has more than adequate resources to continue in operational existence for the foreseeable future. In making this assessment the designated members have considered the financial resources available at the time of approving these financial statement, as well as anticipated future activity and financial results. |
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COVID 19 was declared a global health crisis in March 2020 and had a significant impact on business due to the restrictions on movement and the enforced closure of many aspects of the economy. These factors have impacted the company's ability to trade at normal levels in the short to medium term. The designated members have taken advantage of government support in order to assist with trading at a reduced level while restrictions remain in place with an emphasis on being able to scale up once trading levels begin to revert to normal. |
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The designated members are very confident that the company has the financial resources to trade through a period of uncertainty with sufficient cash headroom. |
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Critical accounting judgements and key sources of estimation uncertainty |
Doubtful debts: |
The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade debtors , management considers factors including the current credit rating of the debtor, the ageing of the debtor and historical experience regarding payment history. |
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Turnover |
Turnover is derived from the retail of ceramic tiles in the United Kingdom and represents both cash and account income, receivable in respect of the year excluding value added tax. |
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Tangible fixed assets |
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Leasehold property alterations | - |
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Equipment and fixtures | - |
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Motor vehicles | - |
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CUT PRICE TILES & BATHROOMS LLP (REGISTERED NUMBER: OC309331) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2020 |
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3. | ACCOUNTING POLICIES - continued |
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Government grants |
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received using the performance model. |
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The grant will therefore be recognised in income when the grant proceeds are received or receivable provided the terms of the grant do not impose future performance related conditions. |
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If the terms of the grant do impose future performance related conditions, the grant is only recognised in income when the performance related conditions are met. |
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Any grants that are received before the recognition criteria is met are recognised in the entity's financial statements as a liability. |
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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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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease. |
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4. | EMPLOYEE INFORMATION |
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The average number of employees during the year was
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CUT PRICE TILES & BATHROOMS LLP (REGISTERED NUMBER: OC309331) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2020 |
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5. | TANGIBLE FIXED ASSETS |
Leasehold | Equipment |
property | and | Motor |
alterations | fixtures | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 October 2019 |
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Additions |
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Disposals |
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At 30 September 2020 |
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DEPRECIATION |
At 1 October 2019 |
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Charge for year |
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Eliminated on disposal |
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At 30 September 2020 |
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NET BOOK VALUE |
At 30 September 2020 |
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At 30 September 2019 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
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Other debtors |
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Prepayments and accrued income |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade creditors |
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Social security and other taxes |
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VAT | 50,929 | 56,509 |
Other creditors |
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Accrued expenses |
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CUT PRICE TILES & BATHROOMS LLP (REGISTERED NUMBER: OC309331) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2020 |
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8. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2020 | 2019 |
£ | £ |
Within one year |
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Between one and five years |
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Operating lease commitments represent amounts payable in respect of commercial property. |
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9. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
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Loans and other debts due to members rank equally with debts due to ordinary creditors. |
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10. | GOVERNMENT GRANTS |
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During the year under review government financial support was received as follows; |
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i :under the small business grant fund (SBGF) £10,000. |
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ii:under the Retail Hospitality and Leisure grant fund (RHLGF) £50,000 |
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iii: under the Corona Virus Job Retention Scheme (CJRS) £90,980 to cover salary costs of furloughed staff. |