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REGISTERED NUMBER: 07180799 (England and Wales)















ABSTRACT CARPETS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2018






ABSTRACT CARPETS LIMITED (REGISTERED NUMBER: 07180799)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018










Page

Company Information 1

Chartered Accountants' Report 2

Statement of Financial Position 3

Notes to the Financial Statements 5


ABSTRACT CARPETS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2018







DIRECTOR: Mr. C.K. Lockwood



REGISTERED OFFICE: 15-17 Church Street
Stourbridge
West Midlands
DY8 1LU



REGISTERED NUMBER: 07180799 (England and Wales)



ACCOUNTANTS: Folkes Worton LLP
15-17 Church Street
Stourbridge
West Midlands
DY8 1LU



BANKERS: Barclays Bank Plc
81 High Street
Stourbridge
West Midlands
DY8 1EB

CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR
ON THE UNAUDITED FINANCIAL STATEMENTS OF
ABSTRACT CARPETS LIMITED


The following reproduces the text of the report prepared for the director in respect of the company's annual
unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file
a Statement of Financial Position. Readers are cautioned that the Statement of Comprehensive Income and
certain other primary statements and the Report of the Director are not required to be filed with the Registrar of
Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the
financial statements of Abstract Carpets Limited for the year ended 31 March 2018 which comprise the Income
Statement, Statement of Financial Position, Statement of Changes in Equity and the related notes from the company's
accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Abstract Carpets Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Abstract Carpets Limited and state those matters that we have agreed to state to the director of Abstract Carpets Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Abstract Carpets Limited and its director for our work or for this report.

It is your duty to ensure that Abstract Carpets 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 Abstract Carpets Limited. You consider that Abstract Carpets 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 Abstract Carpets 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.






Folkes Worton LLP
15-17 Church Street
Stourbridge
West Midlands
DY8 1LU


6 June 2018

ABSTRACT CARPETS LIMITED (REGISTERED NUMBER: 07180799)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2018

2018 2017
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 8,173 10,216

CURRENT ASSETS
Stocks 3,500 6,500
Debtors 5 32,050 33,774
Cash at bank 17,721 6,219
53,271 46,493
CREDITORS
Amounts falling due within one year 6 54,523 41,159
NET CURRENT (LIABILITIES)/ASSETS (1,252 ) 5,334
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,921

15,550

PROVISIONS FOR LIABILITIES 1,553 2,043
NET ASSETS 5,368 13,507

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 5,367 13,506
SHAREHOLDERS' FUNDS 5,368 13,507

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections
394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial
statements, so far as applicable to the company.

ABSTRACT CARPETS LIMITED (REGISTERED NUMBER: 07180799)

STATEMENT OF FINANCIAL POSITION - continued
31 MARCH 2018


The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 6 June 2018 and were signed by:





Mr. C.K. Lockwood - Director


ABSTRACT CARPETS LIMITED (REGISTERED NUMBER: 07180799)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018


1. STATUTORY INFORMATION

Abstract Carpets Limited is a private company, limited by shares , registered in England and Wales. The
company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net sales of goods/services, excluding value added tax

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Motor vehicles - 20% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow
moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to
the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or
substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the
statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the
timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the
lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2017 - 1 ) .

ABSTRACT CARPETS LIMITED (REGISTERED NUMBER: 07180799)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2018


4. TANGIBLE FIXED ASSETS
Motor
vehicles
£   
COST
At 1 April 2017
and 31 March 2018 29,344
DEPRECIATION
At 1 April 2017 19,128
Charge for year 2,043
At 31 March 2018 21,171
NET BOOK VALUE
At 31 March 2018 8,173
At 31 March 2017 10,216

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2018 2017
£    £   
Trade debtors 2,647 7,920
Other debtors 29,403 25,854
32,050 33,774

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2018 2017
£    £   
Trade creditors 4,014 -
Taxation and social security 48,364 37,565
Other creditors 2,145 3,594
54,523 41,159

7. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2018 and
31 March 2017:

2018 2017
£    £   
Mr. C.K. Lockwood
Balance outstanding at start of year 25,853 26,732
Amounts advanced 38,208 11,621
Amounts repaid (34,658 ) (12,500 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 29,403 25,853