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Financial Statements for the Year Ended 31 July 2021 |
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Acclaim Upholstery Company Ltd |
REGISTERED NUMBER:
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Financial Statements for the Year Ended 31 July 2021 |
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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 2021 |
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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 2021 |
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DIRECTORS: |
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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 2021 |
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31.7.21 | 31.7.20 |
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 ASSETS |
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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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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 and authorised for issue on
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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 2021 |
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1. | STATUTORY INFORMATION |
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Acclaim Upholstery Company Ltd is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Going concern |
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The financial statements have been prepared on a going concern basis. |
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The result of the pandemic has had an impact on the business and company, resulting in a loss of profitability and increased reliance of the company's overdraft facility. Increases of both material costs from suppliers and wage increases combined with periods of forced lower output either through government imposed restrictions or self isolation of staff have caused this problem. The cost increases were not immediately passed onto customers as it wasn't immediately apparent that the increases would continue and become as frequent. |
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The directors have reviewed the cashflow requirements of the company and margins post year-end and believe that the company will return to profitability from the second quarter of 2022. It is also expected that the company will stay within its finance facilities available. |
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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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Government grants |
Grants from the government are recognised at their fair value where there is a reasonable assurance that the grant will be received and the company will comply with all attached conditions, where applicable. |
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Government grants are included in the 'other operating income' line item. There are no unfulfilled conditions or other contingencies attaching to these grants. |
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Government grants relating to costs are deferred, when applicable, and recognised in profit or loss over the period necessary to match them with the costs that they are intended to compensate. |
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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. |
Acclaim Upholstery Company Ltd (Registered number: 01733199) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 July 2021 |
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2. | ACCOUNTING POLICIES - continued |
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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. |
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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 |
£ |
COST |
At 1 August 2020 |
and 31 July 2021 |
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AMORTISATION |
At 1 August 2020 |
and 31 July 2021 |
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NET BOOK VALUE |
At 31 July 2021 |
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At 31 July 2020 |
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Acclaim Upholstery Company Ltd (Registered number: 01733199) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 July 2021 |
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5. | TANGIBLE FIXED ASSETS |
Fixtures, |
Plant and | fittings | Motor |
machinery | & equipment | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 August 2020 |
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Additions |
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At 31 July 2021 |
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DEPRECIATION |
At 1 August 2020 |
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Charge for year |
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At 31 July 2021 |
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NET BOOK VALUE |
At 31 July 2021 |
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At 31 July 2020 |
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The net book value of assets held under hire purchase as at 31st July 2021 were £84,955 (2020: £99,947) |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.21 | 31.7.20 |
£ | £ |
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 |
31.7.21 | 31.7.20 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts |
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Trade creditors |
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Tax |
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Social security and other taxes |
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VAT | 173,973 | 249,090 |
Other creditors | 30,011 | 33,376 |
Accruals and deferred income |
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Acclaim Upholstery Company Ltd (Registered number: 01733199) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 July 2021 |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31.7.21 | 31.7.20 |
£ | £ |
Bank loans - 1-2 years |
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Bank loans - 2-5 years |
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Bank loans more 5 yr by instal |
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Hire purchase contracts |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 yr by instal | - | 52,500 |
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9. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.7.21 | 31.7.20 |
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 2021 there were operating lease commitments outstanding totalling £868,160 (2020: £758,870) |
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12. | CONTROLLING PARTY |
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The controlling party is Erewash Furniture Ltd, the parent company, which owns 100% of the issued share capital. This company is registered in England & Wales. |