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REGISTERED NUMBER: 04680472 (England and Wales)















Unaudited Financial Statements for the Year Ended 28 February 2022

for

J.Q. Carpets Limited

J.Q. Carpets Limited (Registered number: 04680472)






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


J.Q. Carpets Limited

Company Information
for the Year Ended 28 February 2022







DIRECTOR: M J Trew-Fay





SECRETARY: Mrs S K Trew-Fay





REGISTERED OFFICE: 87 Palmyra Road
Gosport
Hampshire
PO12 4EE





REGISTERED NUMBER: 04680472 (England and Wales)





ACCOUNTANTS: Roches Chartered Accountants
1 Manor Court
6 Barnes Wallis Road
Segensworth
Fareham
Hampshire
PO15 5TH

J.Q. Carpets Limited (Registered number: 04680472)

Balance Sheet
28 February 2022

28.2.22 28.2.21
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 5,540 10,290
Tangible assets 5 1,789 2,138
7,329 12,428

CURRENT ASSETS
Stocks 6 5,018 6,289
Debtors 7 12,433 18,405
Cash at bank and in hand 26,744 35,612
44,195 60,306
CREDITORS
Amounts falling due within one year 8 32,785 34,735
NET CURRENT ASSETS 11,410 25,571
TOTAL ASSETS LESS CURRENT
LIABILITIES

18,739

37,999

CREDITORS
Amounts falling due after more than one
year

9

(4,200

)

(21,667

)

PROVISIONS FOR LIABILITIES (377 ) (406 )
NET ASSETS 14,162 15,926

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 13,162 14,926
SHAREHOLDERS' FUNDS 14,162 15,926

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 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.

J.Q. Carpets Limited (Registered number: 04680472)

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 31 August 2022 and were signed by:





M J Trew-Fay - Director


J.Q. Carpets Limited (Registered number: 04680472)

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

1. STATUTORY INFORMATION

J.Q. 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 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.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2003, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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
Computer equipment - 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.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans to related parties.

Financial assets & financial liabilities are initially recognised at the transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. However, if the arrangement constitutes a financing transaction then it is measured at the present value of the future receipts discounted at a market rate of interest.

Financial assets & financial liabilities classified as receivable within one year are not amortised.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.


J.Q. Carpets Limited (Registered number: 04680472)

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

2. ACCOUNTING POLICIES - continued
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.

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 3 (2021 - 3 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 March 2021
and 28 February 2022 95,000
AMORTISATION
At 1 March 2021 84,710
Amortisation for year 4,750
At 28 February 2022 89,460
NET BOOK VALUE
At 28 February 2022 5,540
At 28 February 2021 10,290

J.Q. Carpets Limited (Registered number: 04680472)

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

5. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 March 2021
and 28 February 2022 12,310 4,478 16,788
DEPRECIATION
At 1 March 2021 10,450 4,200 14,650
Charge for year 279 70 349
At 28 February 2022 10,729 4,270 14,999
NET BOOK VALUE
At 28 February 2022 1,581 208 1,789
At 28 February 2021 1,860 278 2,138

6. STOCKS
28.2.22 28.2.21
£    £   
Stocks 5,018 6,289

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.22 28.2.21
£    £   
Trade debtors 12,433 17,203
Other debtors - 1,202
12,433 18,405

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.22 28.2.21
£    £   
Bank loans and overdrafts 5,099 3,333
Trade creditors 1,138 5,503
Taxation and social security 18,225 20,034
Other creditors 8,323 5,865
32,785 34,735

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
28.2.22 28.2.21
£    £   
Bank loans 4,200 21,667

J.Q. Carpets Limited (Registered number: 04680472)

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

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
28.2.22 28.2.21
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 1,667