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Financial Statements for the Year Ended 31 July 2019 |
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Acclaim Upholstery Company Ltd |
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Financial Statements for the Year Ended 31 July 2019 |
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for |
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Acclaim Upholstery Company Ltd |
Acclaim Upholstery Company Ltd (Registered number: 01733199) |
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Contents of the Financial Statements |
for the Year Ended 31 July 2019 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Acclaim Upholstery Company Ltd |
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Company Information |
for the Year Ended 31 July 2019 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Statutory Auditor |
The Point |
Granite Way |
Mountsorrel |
Loughborough |
Leicestershire |
LE12 7TZ |
Acclaim Upholstery Company Ltd (Registered number: 01733199) |
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Balance Sheet |
31 July 2019 |
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31.7.19 | 31.7.18 |
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 and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT 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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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 9 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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 Board of Directors on
by: |
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Acclaim Upholstery Company Ltd (Registered number: 01733199) |
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Notes to the Financial Statements |
for the Year Ended 31 July 2019 |
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1. | STATUTORY INFORMATION |
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Acclaim Upholstery Company Ltd is a
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The company's registered number and registered office address can be found on the Company Information page. |
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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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Plant and machinery | - |
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Fixtures, fittings & equipment | - |
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Motor vehicles | - |
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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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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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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
Acclaim Upholstery Company Ltd (Registered number: 01733199) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 July 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to profit or loss in the period to which they relate. |
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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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4. | INTANGIBLE FIXED ASSETS |
Goodwill |
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COST |
At 1 August 2018 |
and 31 July 2019 |
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AMORTISATION |
At 1 August 2018 |
and 31 July 2019 |
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NET BOOK VALUE |
At 31 July 2019 |
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At 31 July 2018 |
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5. | TANGIBLE FIXED ASSETS |
Fixtures, |
Plant and | fittings | Motor |
machinery | & equipment | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 August 2018 |
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Additions |
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At 31 July 2019 |
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DEPRECIATION |
At 1 August 2018 |
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Charge for year |
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At 31 July 2019 |
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NET BOOK VALUE |
At 31 July 2019 |
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At 31 July 2018 |
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The net book value of assets held under hire purchase as at 31st July 2019 were £117,585 (2018: £138,335) |
Acclaim Upholstery Company Ltd (Registered number: 01733199) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 July 2019 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.19 | 31.7.18 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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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 |
31.7.19 | 31.7.18 |
£ | £ |
Hire purchase contracts |
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Trade creditors |
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Amounts owed to group undertakings |
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Tax |
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Social security and other taxes |
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VAT | 178,658 | 175,004 |
Other creditors | 28,582 | 28,832 |
Directors' current accounts | - | 1,986 |
Accruals and deferred income |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31.7.19 | 31.7.18 |
£ | £ |
Hire purchase contracts |
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9. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.7.19 | 31.7.18 |
value: | £ | £ |
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Ordinary | 1 | 200 | 200 |
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10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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11. | OTHER FINANCIAL COMMITMENTS |
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As at 31st July 2019 there were operating lease commitments outstanding totalling £148,747 (2018: £228,400) |
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12. | RELATED PARTY DISCLOSURES |
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The parent company, Long Eaton Furniture Company Limited, did not charge Acclaim Upholstery Limited rent |
for the head office premises during the year. The directors estimate that the market value rent for these premises |
to be £90,000 per annum. |
Acclaim Upholstery Company Ltd (Registered number: 01733199) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 July 2019 |
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13. | CONTROLLING PARTY |
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The controlling party is Long Eaton Furniture Company Limited, the parent company, which owns 100% of the |
issued share capital.This company is registered in England & Wales. |