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REGISTERED NUMBER: 04951602 (England and Wales)















Unaudited Financial Statements for the Year Ended 28 February 2022

for

Carpet And Fabrics Direct Limited

Carpet And Fabrics Direct Limited (Registered number: 04951602)






Contents of the Financial Statements
for the Year Ended 28 February 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Carpet And Fabrics Direct Limited

Company Information
for the Year Ended 28 February 2022







DIRECTORS: R J Sage
B J Sage





SECRETARY: Mrs J C Sage





REGISTERED OFFICE: 12 Greenway Farm
Bath Road
Wick
Bristol
BS30 5RL





REGISTERED NUMBER: 04951602 (England and Wales)





ACCOUNTANTS: Equifino Ltd
Kemp House
160 City Road
London
EC1V 2NX

Carpet And Fabrics Direct Limited (Registered number: 04951602)

Balance Sheet
28 February 2022

28.2.22 28.2.21
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 28,579 57,353

CURRENT ASSETS
Stocks 27,768 27,768
Debtors 5 142,794 89,915
Cash at bank 99,131 92,351
269,693 210,034
CREDITORS
Amounts falling due within one year 6 171,128 160,050
NET CURRENT ASSETS 98,565 49,984
TOTAL ASSETS LESS CURRENT
LIABILITIES

127,144

107,337

CREDITORS
Amounts falling due after more than
one year

7

-

51,509
NET ASSETS 127,144 55,828

CAPITAL AND RESERVES
Called up share capital 8 100 100
Retained earnings 127,044 55,728
SHAREHOLDERS' FUNDS 127,144 55,828

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

Carpet And Fabrics Direct Limited (Registered number: 04951602)

Balance Sheet - continued
28 February 2022


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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

The financial statements were approved by the Board of Directors and authorised for issue on 7 August 2022 and were signed on its behalf by:





B J Sage - Director


Carpet And Fabrics Direct Limited (Registered number: 04951602)

Notes to the Financial Statements
for the Year Ended 28 February 2022

1. STATUTORY INFORMATION

Carpet And Fabrics Direct 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.

The company's principal activities and nature of its operations are the supply of carpet and flooring materials and the supply of curtain and fabric material.

2. ACCOUNTING POLICIES

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

Going concern

The financial statements have been prepared on a going concern basis. The directors have a reasonable expectation that despite the adverse effects COVID-19 is having on both the company and the economy as a whole the company has adequate resources to continue in operational existence for the foreseeable future. On this basis, the directors have concluded that they can continue to adopt the going concern basis in preparing the financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% 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.

Carpet And Fabrics Direct Limited (Registered number: 04951602)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2022

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and section 12'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include trade and other debtors, amounts due from group undertakings and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities, including trade and other creditors and amounts due to group undertakings are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Carpet And Fabrics Direct Limited (Registered number: 04951602)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2022

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2021 - 13 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 March 2021 18,458 143,099 161,557
Disposals - (63,214 ) (63,214 )
At 28 February 2022 18,458 79,885 98,343
DEPRECIATION
At 1 March 2021 15,438 88,766 104,204
Charge for year 453 4,431 4,884
Eliminated on disposal - (39,324 ) (39,324 )
At 28 February 2022 15,891 53,873 69,764
NET BOOK VALUE
At 28 February 2022 2,567 26,012 28,579
At 28 February 2021 3,020 54,333 57,353

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.22 28.2.21
£    £   
Trade debtors 132,358 76,441
Prepayments 10,436 13,474
142,794 89,915

Carpet And Fabrics Direct Limited (Registered number: 04951602)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2022

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.22 28.2.21
£    £   
Bank loans and overdrafts 3,235 7,500
Hire purchase contracts - 35,171
Trade creditors 98,889 29,226
Tax 32,614 37,505
Social security and other taxes 5,960 7,999
VAT 26,395 13,222
Other creditors 769 601
Directors' current accounts 141 25,701
Accruals and deferred income 3,125 3,125
171,128 160,050

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
28.2.22 28.2.21
£    £   
Bank loans - 1-2 years - 42,500
Hire purchase contracts - 9,009
- 51,509

8. CALLED UP SHARE CAPITAL




Allotted, issued and fully paid:
Number: Class: Nominal 28.2.22 28.2.21
value: £    £   
3,334 Ordinary A 0.01 34 100
3,333 Ordinary B 0.01 33 -
3,333 Ordinary C 0.01 33 -
100 100