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Statement of consent to prepare abridged financial statements
All of the members of Carpet Design Centre (Witham) Limited have consented to the preparation of the abridged statement of financial position for the current year ending 31 March 2018 in accordance with Section 444(2A) of the Companies Act 2006.
Company registration number: 2764751
Carpet Design Centre (Witham) Limited
Unaudited filleted abridged financial statements
31 March 2018
Carpet Design Centre (Witham) Limited
Contents
Directors and other information
Accountants report
Income statement
Abridged statement of financial position
Notes to the financial statements
Carpet Design Centre (Witham) Limited
Directors and other information
Directors Mr Mark Robin Brundle
Mr Michael John Foord
Secretary Mark Robin Brundle
Company number 2764751
Registered office We Work Building
Third Floor
1 Primrose street
London
EC2A 2EX
Business address Unit 3
Moss Road
Witham
Essex
CM8 3UW
Accountants Kay Peters & Co.
We Work Building
Third Floor
1 Primrose street
London
EC2A 2EX
Bankers Natwest plc
10 South Street
Romford
Essex
RM1 1RD
Carpet Design Centre (Witham) Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Carpet Design Centre (Witham) Limited
Year ended 31 March 2018
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Carpet Design Centre (Witham) Limited for the year ended 31 March 2018 which comprise the income statement, abridged statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of Carpet Design Centre (Witham) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Carpet Design Centre (Witham) Limited and state those matters that we have agreed to state to the board of directors of Carpet Design Centre (Witham) Limited as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Carpet Design Centre (Witham) Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Carpet Design Centre (Witham) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Carpet Design Centre (Witham) Limited. You consider that Carpet Design Centre (Witham) Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Carpet Design Centre (Witham) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Kay Peters & Co.
Chartered Certified Accountants
We Work Building
Third Floor
1 Primrose street
London
EC2A 2EX
3 July 2018
Carpet Design Centre (Witham) Limited
Income statement
Year ended 31 March 2018
2018 2017
Note £ £
Turnover 481,200 477,978
Cost of sales ( 258,640) ( 270,208)
_______ _______
Gross profit 222,560 207,770
Administrative expenses ( 193,325) ( 172,883)
_______ _______
Operating profit 29,235 34,887
Other interest receivable and similar income 6 9
Interest payable and similar expenses ( 1,510) ( 1,495)
_______ _______
Profit before taxation 5 27,731 33,401
Tax on profit ( 6,442) ( 6,681)
_______ _______
Profit for the financial year 21,289 26,720
_______ _______
All the activities of the company are from continuing operations.
Carpet Design Centre (Witham) Limited
Abridged statement of financial position
31 March 2018
2018 2017
Note £ £ £ £
Fixed assets
Tangible assets 6 18,930 25,105
_______ _______
18,930 25,105
Current assets
Stocks 18,500 21,500
Cash at bank and in hand 22,060 34,007
_______ _______
40,560 55,507
Creditors: amounts falling due
within one year ( 52,996) ( 61,967)
_______ _______
Net current liabilities ( 12,436) ( 6,460)
_______ _______
Total assets less current liabilities 6,494 18,645
Creditors: amounts falling due
after more than one year ( 5,732) ( 9,172)
_______ _______
Net assets 762 9,473
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 662 9,373
_______ _______
Shareholders funds 762 9,473
_______ _______
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 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'.
These financial statements were approved by the board of directors and authorised for issue on 28 June 2018 , and are signed on behalf of the board by:
Mr Mark Robin Brundle Mr Michael John Foord
Director Director
Company registration number: 2764751
Carpet Design Centre (Witham) Limited
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 We Work Building, Third Floor, 1 Primrose street, London, EC2A 2EX.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
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.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Plant and machinery - 0 % straight line
Fittings fixtures and equipment - 20 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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 in finance costs 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 4 (2017: 4 ).
Including directors
5. Profit before taxation
Profit before taxation is stated after charging/(crediting):
2018 2017
£ £
Depreciation of tangible assets 6,176 8,503
_______ _______
6. Tangible assets
£
Cost
At 1 April 2017 and 31 March 2018 59,089
_______
Depreciation
At 1 April 2017 33,983
Charge for the year 6,176
_______
At 31 March 2018 40,159
_______
Carrying amount
At 31 March 2018 18,930
_______
At 31 March 2017 25,106
_______
7. Controlling party
The company is jointly controlled by the directors and their wives through their share holding.