false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
false
No description of principal activity
2017-04-01
Sage Accounts Production Advanced 2018 - FRS
xbrli:pure
xbrli:shares
iso4217:GBP
01873788
2017-04-01
2018-03-31
01873788
2018-03-31
01873788
2017-03-31
01873788
2016-04-01
2017-03-31
01873788
2017-03-31
01873788
core:PlantMachinery
2017-04-01
2018-03-31
01873788
core:FurnitureFittings
2017-04-01
2018-03-31
01873788
core:MotorVehicles
2017-04-01
2018-03-31
01873788
bus:RegisteredOffice
2017-04-01
2018-03-31
01873788
bus:LeadAgentIfApplicable
2017-04-01
2018-03-31
01873788
bus:Director1
2017-04-01
2018-03-31
01873788
bus:Director2
2017-04-01
2018-03-31
01873788
bus:Director3
2017-04-01
2018-03-31
01873788
bus:Director4
2017-04-01
2018-03-31
01873788
bus:CompanySecretary1
2017-04-01
2018-03-31
01873788
core:LandBuildings
2017-03-31
01873788
core:PlantMachinery
2017-03-31
01873788
core:FurnitureFittings
2017-03-31
01873788
core:MotorVehicles
2017-03-31
01873788
core:LandBuildings
2018-03-31
01873788
core:PlantMachinery
2018-03-31
01873788
core:FurnitureFittings
2018-03-31
01873788
core:MotorVehicles
2018-03-31
01873788
core:LandBuildings
2017-04-01
2018-03-31
01873788
core:WithinOneYear
2018-03-31
01873788
core:WithinOneYear
2017-03-31
01873788
core:AfterOneYear
2018-03-31
01873788
core:AfterOneYear
2017-03-31
01873788
core:ShareCapital
2018-03-31
01873788
core:ShareCapital
2017-03-31
01873788
core:RetainedEarningsAccumulatedLosses
2018-03-31
01873788
core:RestatedAmount
core:RetainedEarningsAccumulatedLosses
2017-03-31
01873788
core:RestatedAmount
2017-03-31
01873788
core:LandBuildings
2017-03-31
01873788
core:PlantMachinery
2017-03-31
01873788
core:FurnitureFittings
2017-03-31
01873788
core:MotorVehicles
2017-03-31
01873788
bus:SmallEntities
2017-04-01
2018-03-31
01873788
bus:AuditExemptWithAccountantsReport
2017-04-01
2018-03-31
01873788
bus:FullAccounts
2017-04-01
2018-03-31
01873788
bus:SmallCompaniesRegimeForAccounts
2017-04-01
2018-03-31
01873788
bus:PrivateLimitedCompanyLtd
2017-04-01
2018-03-31
01873788
core:LandBuildings
core:OwnedOrFreeholdAssets
2017-04-01
2018-03-31
01873788
core:OfficeEquipment
2017-04-01
2018-03-31
01873788
core:OfficeEquipment
2017-03-31
01873788
core:OfficeEquipment
2018-03-31
COMPANY REGISTRATION NUMBER:
01873788
UNAUDITED FINANCIAL STATEMENTS
|
|
YEAR ENDED 31 MARCH 2018
Officers and professional advisers
|
1
|
|
|
Statement of financial position
|
2
|
|
|
Notes to the financial statements
|
4
|
|
|
OFFICERS AND PROFESSIONAL ADVISERS
|
|
The board of directors
|
BJ Hitchen
|
|
S Hitchen
|
|
C Griffin
|
|
C McComish
|
|
|
Company secretary
|
B J Hitchen
|
|
|
Registered office
|
Hanover Buildings
|
|
11-13 Hanover Street
|
|
Liverpool
|
|
L1 3DN
|
|
|
Accountants
|
ERC Accountants & Business Advisers Limited
|
|
Chartered accountant
|
|
Hanover Buildings
|
|
11-13 Hanover Street
|
|
Liverpool
|
|
L1 3DN
|
|
|
STATEMENT OF FINANCIAL POSITION
|
|
31 March 2018
FIXED ASSETS
Tangible assets
|
5
|
|
1,036,516
|
1,040,520
|
|
|
|
|
|
CURRENT ASSETS
Stocks
|
66,470
|
|
66,565
|
Debtors
|
6
|
398,224
|
|
465,329
|
Cash at bank and in hand
|
583,637
|
|
484,560
|
|
-------------
|
|
-------------
|
|
1,048,331
|
|
1,016,454
|
|
|
|
|
|
CREDITORS: Amounts falling due within one year
|
7
|
634,026
|
|
612,716
|
|
-------------
|
|
-------------
|
NET CURRENT ASSETS
|
|
414,305
|
403,738
|
|
|
-------------
|
-------------
|
TOTAL ASSETS LESS CURRENT LIABILITIES
|
|
1,450,821
|
1,444,258
|
|
|
|
|
|
CREDITORS: Amounts falling due after more than one year
|
8
|
|
1,681
|
8,406
|
|
|
|
|
|
PROVISIONS
Taxation including deferred tax
|
|
10,270
|
16,940
|
|
|
-------------
|
-------------
|
NET ASSETS
|
|
1,438,870
|
1,418,912
|
|
|
-------------
|
-------------
|
|
|
|
|
CAPITAL AND RESERVES
Called up share capital
|
|
100
|
100
|
Profit and loss account
|
|
1,438,770
|
1,418,812
|
|
|
-------------
|
-------------
|
SHAREHOLDERS FUNDS
|
|
1,438,870
|
1,418,912
|
|
|
-------------
|
-------------
|
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
STATEMENT OF FINANCIAL POSITION (continued)
|
|
31 March 2018
For the year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
These financial statements were approved by the
board of directors
and authorised for issue on
31 August 2018
, and are signed on behalf of the board by:
Company registration number:
01873788
NOTES TO THE FINANCIAL STATEMENTS
|
|
YEAR ENDED 31 MARCH 2018
1.
GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hanover Buildings, 11-13 Hanover Street, Liverpool, L1 3DN.
2.
STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:
Revenue recognition
Turnover is derived from the supply of floor coverings and is recognised on the date of delivery of goods, exclusive of Value Added Tax.
Corporation tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference. Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Freehold property
|
-
|
£100 per annum
|
|
Plant & machinery
|
-
|
15% reducing balance
|
|
Fixtures & fittings
|
-
|
15% reducing balance
|
|
Motor vehicles
|
-
|
25% reducing balance
|
|
|
|
|
|
Equipment
|
-
|
33% straight line
|
|
|
|
|
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to
25
(2017:
23
).
5.
TANGIBLE ASSETS
|
Land and buildings
|
Plant and machinery
|
Fixtures and fittings
|
Motor vehicles
|
Equipment
|
Total
|
|
£
|
£
|
£
|
£
|
£
|
£
|
|
|
|
|
|
|
|
Cost
|
|
|
|
|
|
|
At 1 Apr 2017
|
977,170
|
32,613
|
134,036
|
132,055
|
17,749
|
1,293,623
|
Additions
|
–
|
6,000
|
5,000
|
–
|
836
|
11,836
|
Disposals
|
–
|
(
1,000)
|
–
|
(
22,817)
|
–
|
(
23,817)
|
|
----------
|
---------
|
----------
|
----------
|
---------
|
-------------
|
At 31 Mar 2018
|
977,170
|
37,613
|
139,036
|
109,238
|
18,585
|
1,281,642
|
|
----------
|
---------
|
----------
|
----------
|
---------
|
-------------
|
Depreciation
|
|
|
|
|
|
|
At 1 Apr 2017
|
1,100
|
30,151
|
102,236
|
101,867
|
17,749
|
253,103
|
Charge for the year
|
100
|
1,270
|
5,520
|
7,172
|
276
|
14,338
|
Disposals
|
–
|
(
1,000)
|
–
|
(
21,315)
|
–
|
(
22,315)
|
|
----------
|
---------
|
----------
|
----------
|
---------
|
-------------
|
At 31 Mar 2018
|
1,200
|
30,421
|
107,756
|
87,724
|
18,025
|
245,126
|
|
----------
|
---------
|
----------
|
----------
|
---------
|
-------------
|
Carrying amount
|
|
|
|
|
|
|
At 31 Mar 2018
|
975,970
|
7,192
|
31,280
|
21,514
|
560
|
1,036,516
|
|
----------
|
---------
|
----------
|
----------
|
---------
|
-------------
|
At 31 Mar 2017
|
976,070
|
2,462
|
31,800
|
30,188
|
–
|
1,040,520
|
|
----------
|
---------
|
----------
|
----------
|
---------
|
-------------
|
|
|
|
|
|
|
|
Included within the above is investment property as follows:
|
----------
|
At 1 April 2017 and 31 March 2018
|
300,000
|
|
----------
|
|
|
Included in 'Freehold Property' are investment properties with a cost of £212,440. These investment properties were revalued on an open market value basis by Albany Property Services, professional valuers, on 31 March 2009 at a valuation of £300,000. The directors believe this value to be a true representation of the fair value of the investment properties as at 31 March 2018.
6.
DEBTORS
Trade debtors
|
378,774
|
430,395
|
Other debtors
|
19,450
|
34,934
|
|
----------
|
----------
|
|
398,224
|
465,329
|
|
----------
|
----------
|
|
|
|
7.
CREDITORS:
Amounts falling due within one year
Trade creditors
|
145,915
|
180,494
|
Corporation tax
|
15,510
|
9,075
|
Social security and other taxes
|
71,204
|
66,801
|
Other creditors
|
401,397
|
356,346
|
|
----------
|
----------
|
|
634,026
|
612,716
|
|
----------
|
----------
|
|
|
|
8.
CREDITORS:
Amounts falling due after more than one year
Other creditors
|
1,681
|
8,406
|
|
-------
|
-------
|
|
|
|
9.
DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
No directors received advances, credits or guarantees during the current or previous accounting periods.
10.
RELATED PARTY TRANSACTIONS
The following related party transactions were undertaken during the year: No dividends were paid to the directors in respect of their shareholding during the current or previous year. The aggregate remuneration paid to key management personnel for the year was £231,551 (2017: £228,841). As at the balance sheet date the company owed the directors £18,203 in respect of unpaid salary. (2017: the company owed the directors £21,536). No interest is charged on the directors' loan account. During the year a company under common control, paid insurance on behalf of the company amounting to £1,641 (2016: £1,234). The balance owing to the company from the connected company at the year end was £1,698 (2017: Amount due to the company £3,339). No further transactions with related parties were undertaken such as are required to be disclosed in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
11.
TOTAL PROFIT AND LOSS RESERVES
|
|
2018
|
2017
|
|
|
£
|
£
|
|
Profit and loss distributable reserves
|
1,349,610
|
1,329,652
|
|
Profit and loss non-distributable reserves
|
89,160
|
89,160
|
|
|
-------------
|
-------------
|
|
|
1,438,770
|
1,418,812
|
|
|
-------------
|
-------------
|
|
|
|
|