Registration number:
A. & S. Carpets & Vinyls Limited
for the Year Ended 31 January 2017
Chartered Accountants
Riverside House
Kings Reach Business Park
Yew Street
Stockport
SK4 2HD
A. & S. Carpets & Vinyls Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
A. & S. Carpets & Vinyls Limited
Company Information
Director |
S Bolton |
Registered office |
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Bankers |
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Accountants |
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Page 1 |
A. & S. Carpets & Vinyls Limited
(Registration number: 02217564)
Balance Sheet as at 31 January 2017
Note |
2017 |
2016 |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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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 |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 January 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Page 2 |
A. & S. Carpets & Vinyls Limited
(Registration number: 02217564)
Balance Sheet as at 31 January 2017
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
S Bolton
Director
Page 3 |
A. & S. Carpets & Vinyls Limited
Notes to the Financial Statements for the Year Ended 31 January 2017
General information |
The company is a private company limited by share capital incorporated in England and Wales .
The address of its registered office is:
The principal place of business is:
Unit B5
Fallons Road
Wardley Industrial Estate
Manchester
Lancashire
M28 2NY
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. There were no adjustments necessary to reconcile to the previous UK GAAP.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Tax
The tax expense for the period comprises of current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Page 4 |
A. & S. Carpets & Vinyls Limited
Notes to the Financial Statements for the Year Ended 31 January 2017
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
15% Reducing balance & 20% Straight line |
Motor Vehicles |
25% Reducing balance |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Page 5 |
A. & S. Carpets & Vinyls Limited
Notes to the Financial Statements for the Year Ended 31 January 2017
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Page 6 |
A. & S. Carpets & Vinyls Limited
Notes to the Financial Statements for the Year Ended 31 January 2017
Tangible assets |
Motor vehicles |
Other property, plant and equipment |
Total |
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Cost or valuation |
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At 1 February 2016 |
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Additions |
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At 31 January 2017 |
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Depreciation |
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At 1 February 2016 |
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Charge for the year |
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At 31 January 2017 |
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Carrying amount |
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At 31 January 2017 |
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At 31 January 2016 |
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Investments |
2017 |
2016 |
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Investments in subsidiaries |
- |
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Subsidiaries |
£ |
Cost or valuation |
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Provision |
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Carrying amount |
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At 31 January 2017 |
- |
At 31 January 2016 |
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Stocks |
2017 |
2016 |
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Finished goods and goods for resale |
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Page 7 |
A. & S. Carpets & Vinyls Limited
Notes to the Financial Statements for the Year Ended 31 January 2017
Debtors |
2017 |
2016 |
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Trade debtors |
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Other debtors |
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Total current trade and other debtors |
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Creditors |
Note |
2017 |
2016 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Directors loan account |
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Taxation and social security |
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Other creditors |
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Due after one year |
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Finance lease liabilities |
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Other non-current financial liabilities |
- |
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13,789 |
204,134 |
Loans and borrowings |
2017 |
2016 |
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Non-current loans and borrowings |
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Finance lease liabilities |
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2017 |
2016 |
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Current loans and borrowings |
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Bank overdrafts |
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Finance lease liabilities |
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Page 8 |
A. & S. Carpets & Vinyls Limited
Notes to the Financial Statements for the Year Ended 31 January 2017
Bank borrowings
The bank overdraft is secured by a debenture on all property and assets. |
Other borrowings
Finance Lease with a carrying amount of £24,670 (2016 - £17,739) is denominated in £
The finance leases are secured on the assets concerned.
Page 9 |