Silverfin false 31/03/2022 31/03/2022 01/04/2021 Stephen Paul Hart 12/03/2003 Virginia Ruth Hart 25/03/2012 02 September 2022 The principal activity of the Company during the financial year was retail of carpets and flooring 04695765 2022-03-31 04695765 bus:Director1 2022-03-31 04695765 bus:Director2 2022-03-31 04695765 2021-03-31 04695765 core:CurrentFinancialInstruments 2022-03-31 04695765 core:CurrentFinancialInstruments 2021-03-31 04695765 core:ShareCapital 2022-03-31 04695765 core:ShareCapital 2021-03-31 04695765 core:RetainedEarningsAccumulatedLosses 2022-03-31 04695765 core:RetainedEarningsAccumulatedLosses 2021-03-31 04695765 core:Goodwill 2021-03-31 04695765 core:Goodwill 2022-03-31 04695765 core:OtherPropertyPlantEquipment 2021-03-31 04695765 core:OtherPropertyPlantEquipment 2022-03-31 04695765 core:RemainingRelatedParties core:CurrentFinancialInstruments 2022-03-31 04695765 core:RemainingRelatedParties core:CurrentFinancialInstruments 2021-03-31 04695765 bus:OrdinaryShareClass1 2022-03-31 04695765 2021-04-01 2022-03-31 04695765 bus:FullAccounts 2021-04-01 2022-03-31 04695765 bus:SmallEntities 2021-04-01 2022-03-31 04695765 bus:AuditExemptWithAccountantsReport 2021-04-01 2022-03-31 04695765 bus:PrivateLimitedCompanyLtd 2021-04-01 2022-03-31 04695765 bus:Director1 2021-04-01 2022-03-31 04695765 bus:Director2 2021-04-01 2022-03-31 04695765 core:Goodwill 2021-04-01 2022-03-31 04695765 core:OtherPropertyPlantEquipment 2021-04-01 2022-03-31 04695765 2020-04-01 2021-03-31 04695765 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 04695765 bus:OrdinaryShareClass1 2020-04-01 2021-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 04695765 (England and Wales)

HARTS CARPETWORLD LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2022
Pages for filing with the registrar

HARTS CARPETWORLD LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2022

Contents

HARTS CARPETWORLD LIMITED

COMPANY INFORMATION

For the financial year ended 31 March 2022
HARTS CARPETWORLD LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2022
DIRECTORS Stephen Paul Hart
Virginia Ruth Hart
SECRETARY Virginia Ruth Hart
REGISTERED OFFICE 71-75 Dales Road
Ipswich
Suffolk
IP1 4JR
United Kingdom
COMPANY NUMBER 04695765 (England and Wales)
CHARTERED ACCOUNTANTS Gascoynes
Gascoyne House
Moseleys Farm Business Centre
Fornham All Saints
Bury St Edmunds
Suffolk
IP28 6JY
HARTS CARPETWORLD LIMITED

BALANCE SHEET

As at 31 March 2022
HARTS CARPETWORLD LIMITED

BALANCE SHEET (continued)

As at 31 March 2022
Note 2022 2021
£ £
Fixed assets
Intangible assets 3 185,000 185,000
Tangible assets 4 90,109 85,152
275,109 270,152
Current assets
Stocks 5 22,500 22,500
Debtors 6 236,023 207,429
Cash at bank and in hand ( 7,628) ( 19,609)
250,895 210,320
Creditors
Amounts falling due within one year 7 ( 429,409) ( 329,822)
Net current liabilities (178,514) (119,502)
Total assets less current liabilities 96,595 150,650
Net assets 96,595 150,650
Capital and reserves
Called-up share capital 8 2 2
Profit and loss account 96,593 150,648
Total shareholder's funds 96,595 150,650

For the financial year ending 31 March 2022 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Harts Carpetworld Limited (registered number: 04695765) were approved and authorised for issue by the Board of Directors on 02 September 2022. They were signed on its behalf by:

Stephen Paul Hart
Director
HARTS CARPETWORLD LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2022
HARTS CARPETWORLD LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2022
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Harts Carpetworld Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 71-75 Dales Road, Ipswich, Suffolk, IP1 4JR, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Revenue is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Employee benefits
Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill not amortised
Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is [number] years.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Government grants
Retirement Benefits

Payments to defined contribution retirement benefit schemes are charged as expenses as they fall due.

2. Employees

2022 2021
Number Number
Monthly average number of persons employed by the Company during the year, including directors 9 8

3. Intangible assets

Goodwill Total
£ £
Cost/Valuation
At 01 April 2021 185,000 185,000
At 31 March 2022 185,000 185,000
Accumulated amortisation
At 01 April 2021 0 0
At 31 March 2022 0 0
Net book value
At 31 March 2022 185,000 185,000
At 31 March 2021 185,000 185,000

4. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 April 2021 152,768 152,768
Additions 30,767 30,767
At 31 March 2022 183,535 183,535
Accumulated depreciation
At 01 April 2021 67,616 67,616
Charge for the financial year 25,810 25,810
At 31 March 2022 93,426 93,426
Net book value
At 31 March 2022 90,109 90,109
At 31 March 2021 85,152 85,152

5. Stocks

2022 2021
£ £
Stocks 22,500 22,500

There are no material differences between the replacement cost of stock and the Balance Sheet amounts.

6. Debtors

2022 2021
£ £
Trade debtors 130,024 99,961
Amounts owed by related parties 105,527 105,527
Other debtors 472 1,941
236,023 207,429

7. Creditors: amounts falling due within one year

2022 2021
£ £
Bank loans 115,657 130,786
Trade creditors 79,721 58,300
Amounts owed to related parties 37,600 12,387
Other creditors 9,083 19,150
Corporation tax 85,462 77,562
Other taxation and social security 29,973 27,557
Obligations under finance leases and hire purchase contracts 71,913 4,080
429,409 329,822

8. Called-up share capital

2022 2021
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2

9. Ultimate controlling party

Parent Company:

The company is under control of Mr and Mrs Hart by virtue of their 100% shareholding in Harts Property World Limited which is the parent company.