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Company registration number: 05873978
Caplin Carpets Ltd
Unaudited filleted financial statements
31 March 2021
Caplin Carpets Ltd
Contents
Statement of financial position
Notes to the financial statements
Caplin Carpets Ltd
Statement of financial position
31 March 2021
2021 2020
Note £ £ £ £
Fixed assets
Tangible assets 5 3,706 757
_______ _______
3,706 757
Current assets
Stocks 10,000 10,000
Debtors 6 132,449 109,295
Cash at bank and in hand 17,183 -
_______ _______
159,632 119,295
Creditors: amounts falling due
within one year 7 ( 121,285) ( 103,658)
_______ _______
Net current assets 38,347 15,637
_______ _______
Total assets less current liabilities 42,053 16,394
Creditors: amounts falling due
after more than one year 8 ( 41,667) ( 6,974)
_______ _______
Net assets 386 9,420
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 9 286 9,320
_______ _______
Shareholders funds 386 9,420
_______ _______
For the year ending 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 13 July 2022 , and are signed on behalf of the board by:
Mr T V Caplin
Director
Company registration number: 05873978
Caplin Carpets Ltd
Notes to the financial statements
Year ended 31 March 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 306-308 Portland Road, Hove, East Sussex, BN3 5LP.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 25 % straight line
Motor vehicles - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised using the accrual model.
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2020: 2 ).
5. Tangible assets
Plant and machinery Motor vehicles Total
£ £ £
Cost
At 1 April 2020 11,694 17,588 29,282
Additions - 4,109 4,109
_______ _______ _______
At 31 March 2021 11,694 21,697 33,391
_______ _______ _______
Depreciation
At 1 April 2020 11,693 16,832 28,525
Charge for the year - 1,160 1,160
_______ _______ _______
At 31 March 2021 11,693 17,992 29,685
_______ _______ _______
Carrying amount
At 31 March 2021 1 3,705 3,706
_______ _______ _______
At 31 March 2020 1 756 757
_______ _______ _______
6. Debtors
2021 2020
£ £
Trade debtors 28,162 21,039
Other debtors 104,287 88,256
_______ _______
132,449 109,295
_______ _______
7. Creditors: amounts falling due within one year
2021 2020
£ £
Bank loans and overdrafts 11,978 15,522
Trade creditors 30,977 44,427
Corporation tax 27,215 9,994
Social security and other taxes 48,562 29,454
Other creditors 2,553 4,261
_______ _______
121,285 103,658
_______ _______
Included in the above are amounts totalling £8,333 (2020 - £4,587) owed to the company's bankers and which are secured by a personal guarantee from the director.
8. Creditors: amounts falling due after more than one year
2021 2020
£ £
Bank loans and overdrafts 41,667 6,974
_______ _______
Included in the above are amounts totalling £41,667 (2020 - £6,974) owed to the company's bankers and which are secured by a personal guarantee from the director.
9. Reserves
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2021
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr T V Caplin 63,140 12,835 75,975
_______ _______ _______
2020
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr T V Caplin 76,140 ( 13,000) 63,140
_______ _______ _______
11. Controlling party
The company is controlled by Mr T V Caplin , the director.