Registered number
05588288
Simply Carpets of Keynsham Ltd
Unaudited Filleted Accounts
31 March 2017
Simply Carpets of Keynsham Ltd
Registered number: 05588288
Balance Sheet
as at 31 March 2017
Notes 2017 2016
£ £
Fixed assets
Tangible assets 2 10,384 4,880
Current assets
Stocks 4,175 4,175
Debtors 3 64,163 29,403
Cash at bank and in hand 75,216 38,738
143,554 72,316
Creditors: amounts falling due within one year 4 (89,678) (57,989)
#NAME? 53,876 14,327
#NAME? 64,260 19,207
Capital and reserves
Share premium 1 1
Profit and loss account 64,259 19,206
Shareholders' funds 64,260 19,207
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 21 December 2017
Simply Carpets of Keynsham Ltd
Notes to the Accounts
for the year ended 31 March 2017
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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2016 1,655 3,956 11,436 17,047
Additions 5,966 - 3,000 8,966
At 31 March 2017 7,621 3,956 14,436 26,013
Depreciation
At 1 April 2016 1,655 3,606 6,906 12,167
Charge for the year 1,491 88 1,883 3,462
At 31 March 2017 3,146 3,694 8,789 15,629
Net book value
At 31 March 2017 4,475 262 5,647 10,384
At 31 March 2016 - 350 4,530 4,880
3 Debtors 2017 2016
£ £
Trade debtors 63,294 26,731
Other debtors 869 2,672
64,163 29,403
4 Creditors: amounts falling due within one year 2017 2016
£ £
Trade creditors 35,947 16,639
Corporation tax 12,504 7,051
Other taxes and social security costs 4,325 3,059
VAT 29,213 30,250
Directors loan account 6,784 -
Other creditors 905 990
89,678 57,989
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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