Registered number
05588288
Simply Carpets of Keynsham Ltd
Unaudited Filleted Accounts
31 March 2019
Simply Carpets of Keynsham Ltd
Registered number: 05588288
Balance Sheet
as at 31 March 2019
Notes 2019 2018
£ £
Fixed assets
Tangible assets 2 19,173 9,539
Current assets
Stocks 4,175 4,175
Debtors 3 97,919 67,233
Cash at bank and in hand 31,910 67,667
134,004 139,075
Creditors: amounts falling due within one year 4 (74,203) (82,761)
Net current assets 59,801 56,314
Net assets 78,974 65,853
Capital and reserves
Called up share capital 1 1
Profit and loss account 78,973 65,852
Shareholders' funds 78,974 65,853
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr C Bollom
Director
Approved by the board on 31 July 2019
Simply Carpets of Keynsham Ltd
Notes to the Accounts
for the year ended 31 March 2019
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2018 11,577 17,936 29,513
Additions - 18,650 18,650
Disposals - (3,500) (3,500)
At 31 March 2019 11,577 33,086 44,663
Depreciation
At 1 April 2018 8,024 11,950 19,974
Charge for the year 888 5,503 6,391
On disposals - (875) (875)
At 31 March 2019 8,912 16,578 25,490
Net book value
At 31 March 2019 2,665 16,508 19,173
At 31 March 2018 3,553 5,986 9,539
3 Debtors 2019 2018
£ £
Trade debtors 97,919 67,233
4 Creditors: amounts falling due within one year 2019 2018
£ £
Trade creditors 40,497 43,906
Corporation tax 3,632 3,544
Other taxes and social security costs 5,788 4,970
VAT 12,286 29,851
Directors loan account 12,000 -
Other creditors - 490
74,203 82,761
5 Other information
Simply Carpets of Keynsham Ltd is a private company limited by shares and incorporated in England. Its registered office is:
52 Temple Street
Keynsham
Bristol
BS31 1EH
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