Registered number
02689781
M & C Carpet Company Limited
Filleted Accounts
31 March 2022
M & C Carpet Company Limited
Registered number: 02689781
Balance Sheet
as at 31 March 2022
Notes 2022 2021
£ £
Fixed assets
Tangible assets 3 258,804 261,176
Current assets
Stocks 15,381 12,941
Debtors 4 939,302 760,392
Investments held as current assets 5 179,249 161,852
Cash at bank and in hand 1,549,546 1,653,979
2,683,478 2,589,164
Creditors: amounts falling due within one year 6 (198,174) (270,419)
Net current assets 2,485,304 2,318,745
Total assets less current liabilities 2,744,108 2,579,921
Provisions for liabilities (2,099) (3,178)
Net assets 2,742,009 2,576,743
Capital and reserves
Called up share capital 100 100
Profit and loss account 2,741,909 2,576,643
Shareholders' funds 2,742,009 2,576,743
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
M J Crawford
Director
Approved by the board on 29 July 2022
M & C Carpet Company Limited
Notes to the Accounts
for the year ended 31 March 2022
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings not provided
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 8 9
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2021 246,955 12,774 68,065 327,794
Additions - 1,836 - 1,836
Disposals - (210) - (210)
At 31 March 2022 246,955 14,400 68,065 329,420
Depreciation
At 1 April 2021 - 10,553 56,065 66,618
Charge for the year - 943 3,175 4,118
On disposals - (120) - (120)
At 31 March 2022 - 11,376 59,240 70,616
Net book value
At 31 March 2022 246,955 3,024 8,825 258,804
At 31 March 2021 246,955 2,221 12,000 261,176
4 Debtors 2022 2021
£ £
Trade debtors 278,372 112,435
Other debtors Also see notes 7 and 8 660,930 647,957
939,302 760,392
5 Investments held as current assets 2022 2021
£ £
Fair value
Listed investments 179,249 161,852
Increase/(decrease) in fair value included in the profit and loss account for the financial year
Listed investments 16,862 33,925
6 Creditors: amounts falling due within one year 2022 2021
£ £
Trade creditors 82,197 66,139
Corporation tax 36,605 165,873
Other taxes and social security costs 9,892 9,051
Other creditors 69,480 29,356
198,174 270,419
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Daughter and son-in-law of controlling director 265,347 265,347 -
Loan to M J Crawford 482,302 8,200 - 490,502
747,649 8,200 265,347 490,502
8 Other Debtors 2022 2021
include the following £ £
Loan to controlling director 490,502 482,302
S455 tax recoverable after more than 1 year -
arising on the above loan 156,748 156,748
647,250 639,050
9 Related party transactions 2022 2021
£ £
Rent of premises paid to M J Crawford 20,000 20,000
Interest received on loan to daughter and son-in-law
of controlling director
Interest received on loan to controlling director 9,926 2,527
10 Controlling party
The company is controlled by Mr M J Crawford by virtue of his shareholding.
11 Other information
M & C Carpet Company Limited is a private company limited by shares and incorporated in England. Its registered office is:
St Anne's House
London Road
Wycombe Marsh
High Wycombe
HP11 1EX
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