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Registration number: 02217564

A. & S. Carpets & Vinyls Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2017

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Hallidays
Chartered Accountants
Riverside House
Kings Reach Business Park
Yew Street
Stockport
SK4 2HD

 

A. & S. Carpets & Vinyls Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 9

 

A. & S. Carpets & Vinyls Limited

Company Information

Director

S Bolton

Registered office

c/o Hallidays
Riverside House Kings Reach Business Park
Yew Street
Stockport
Cheshire
SK4 2HD

Bankers

The Royal Bank of Scotland Plc
Manchester St Ann Street
PO Box 320
St Ann Street
Manchester
M60 2SS

Accountants

Hallidays
Chartered Accountants
Riverside House
Kings Reach Business Park
Yew Street
Stockport
SK4 2HD

 

A. & S. Carpets & Vinyls Limited

(Registration number: 02217564)
Balance Sheet as at 31 January 2017

Note

2017
£

2016
£

Fixed assets

 

Tangible assets

4

45,355

35,202

Investments

-

188,741

 

45,355

223,943

Current assets

 

Stocks

6

347,987

331,453

Debtors

7

80,194

86,549

Cash at bank and in hand

 

9,652

3,919

 

437,833

421,921

Creditors: Amounts falling due within one year

8

(220,663)

(214,722)

Net current assets

 

217,170

207,199

Total assets less current liabilities

 

262,525

431,142

Creditors: Amounts falling due after more than one year

8

(13,789)

(204,134)

Net assets

 

248,736

227,008

Capital and reserves

 

Called up share capital

28,592

28,592

Share premium reserve

209,151

209,151

Profit and loss account

10,993

(10,735)

Total equity

 

248,736

227,008

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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

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 director on 10 September 2017
 

S Bolton

Director

 

A. & S. Carpets & Vinyls Limited

Notes to the Financial Statements for the Year Ended 31 January 2017

1

General information

The company is a private company limited by share capital incorporated in England and Wales .

The address of its registered office is:
c/o Hallidays
Riverside House Kings Reach Business Park
Yew Street
Stockport
Cheshire
SK4 2HD

The principal place of business is:
Unit B5
Fallons Road
Wardley Industrial Estate
Manchester
Lancashire
M28 2NY

2

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.

 

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.

 

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 8 (2016 - 8).

 

A. & S. Carpets & Vinyls Limited

Notes to the Financial Statements for the Year Ended 31 January 2017

4

Tangible assets

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 February 2016

68,901

81,340

150,241

Additions

15,000

4,984

19,984

At 31 January 2017

83,901

86,324

170,225

Depreciation

At 1 February 2016

38,389

76,650

115,039

Charge for the year

8,878

953

9,831

At 31 January 2017

47,267

77,603

124,870

Carrying amount

At 31 January 2017

36,634

8,721

45,355

At 31 January 2016

30,512

4,690

35,202

5

Investments

2017
£

2016
£

Investments in subsidiaries

-

188,741

Subsidiaries

£

Cost or valuation

Provision

Carrying amount

At 31 January 2017

-

At 31 January 2016

188,741

6

Stocks

2017
£

2016
£

Finished goods and goods for resale

347,987

331,453

 

A. & S. Carpets & Vinyls Limited

Notes to the Financial Statements for the Year Ended 31 January 2017

7

Debtors

2017
£

2016
£

Trade debtors

72,784

79,089

Other debtors

7,410

7,460

Total current trade and other debtors

80,194

86,549

8

Creditors

Note

2017
£

2016
£

Due within one year

 

Bank loans and overdrafts

9

25,301

24,913

Trade creditors

 

119,005

114,411

Directors loan account

30,063

38,023

Taxation and social security

 

43,075

32,509

Other creditors

 

3,219

4,866

 

220,663

214,722

Due after one year

 

Finance lease liabilities

9

13,789

11,658

Other non-current financial liabilities

 

-

192,476

 

13,789

204,134

9

Loans and borrowings

2017
£

2016
£

Non-current loans and borrowings

Finance lease liabilities

13,789

11,658

2017
£

2016
£

Current loans and borrowings

Bank overdrafts

14,418

18,831

Finance lease liabilities

10,883

6,082

25,301

24,913

 

A. & S. Carpets & Vinyls Limited

Notes to the Financial Statements for the Year Ended 31 January 2017

Bank borrowings

Bank Overdraft is denominated in £. The carrying amount at year end is £14,418 (2016 - £18,831).

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.