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Registration number: 06788658

C.W.Jones Carpet & Flooring Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2022

(Prepared in accordance with FRS 102 Section 1A - Filleted)

 

C.W.Jones Carpet & Flooring Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 9

 

C.W.Jones Carpet & Flooring Limited

Company Information

Directors

Mr S Jones

Mr AC Jones

Company secretary

Mrs JA Jones

Registered office

10 Vale Lane
Bedminster
Bristol
BS3 5RU

Accountants

William Price & Company
Westbury Court
Church Road
Westbury on Trym
Bristol
BS9 3EF

 

C.W.Jones Carpet & Flooring Limited

(Registration number: 06788658)
Balance Sheet as at 28 February 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

820,953

834,239

Current assets

 

Stocks

5

63,356

64,995

Debtors

6

326,081

172,701

Cash at bank and in hand

 

248,243

284,958

 

637,680

522,654

Creditors: Amounts falling due within one year

7

(659,210)

(628,648)

Net current liabilities

 

(21,530)

(105,994)

Total assets less current liabilities

 

799,423

728,245

Creditors: Amounts falling due after more than one year

7

(350,909)

(356,021)

Provisions for liabilities

(25,262)

(22,150)

Net assets

 

423,252

350,074

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

423,152

349,974

Total equity

 

423,252

350,074

 

C.W.Jones Carpet & Flooring Limited

(Registration number: 06788658)
Balance Sheet as at 28 February 2022

For the financial year ending 28 February 2022 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 7 September 2022 and signed on its behalf by:
 

.........................................
Mr AC Jones
Director

 

C.W.Jones Carpet & Flooring Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
10 Vale Lane
Bedminster
Bristol
BS3 5RU

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements have been prepared in sterling.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

 

C.W.Jones Carpet & Flooring Limited

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

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold Property

10 years

Plant & Machinery

10 years

Motor Vehicles

5 years

Fixtures & Fittings

10 years

Freehold Buildings

30 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

C.W.Jones Carpet & Flooring Limited

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

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 27 (2021 - 26).

 

C.W.Jones Carpet & Flooring Limited

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

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 March 2021

823,308

23,257

174,874

18,433

1,039,872

Additions

-

-

49,880

-

49,880

At 28 February 2022

823,308

23,257

224,754

18,433

1,089,752

Depreciation

At 1 March 2021

105,649

16,755

78,804

4,424

205,632

Charge for the year

29,663

3,059

28,602

1,843

63,167

At 28 February 2022

135,312

19,814

107,406

6,267

268,799

Carrying amount

At 28 February 2022

687,996

3,443

117,348

12,166

820,953

At 28 February 2021

717,659

6,502

96,070

14,008

834,239

Included within the net book value of land and buildings above is £684,668 (2021 - £711,001) in respect of freehold land and buildings and £3,328 (2021 - £6,658) in respect of leasehold improvements.
 

5

Stocks

2022
£

2021
£

Other inventories

63,356

64,995

6

Debtors

2022
£

2021
£

Trade debtors

184,730

64,739

Prepayments

7,444

7,423

Other debtors

133,907

100,539

326,081

172,701

 

C.W.Jones Carpet & Flooring Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Bank loans and overdrafts

8

29,234

26,760

Trade creditors

 

266,820

179,999

Amounts owed to group undertakings and undertakings in which the company has a participating interest

9

307,557

333,870

Taxation and social security

 

19,432

49,794

Accruals and deferred income

 

11,063

11,580

Other creditors

 

25,104

26,645

 

659,210

628,648

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £29,234 (2021 - £26,760).

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

8

350,909

356,021

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £350,909 (2021 - £356,021).

 

C.W.Jones Carpet & Flooring Limited

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

8

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

280,794

310,426

Hire purchase contracts

70,115

45,595

350,909

356,021

2022
£

2021
£

Current loans and borrowings

Bank borrowings

15,411

17,500

Hire purchase contracts

13,823

9,260

29,234

26,760

9

Related party transactions

Included in creditors due in 1 year amount of £337,170 (2021 £333,870) owed to Fallway Ltd, a company controlled by the directors.

Key management compensation

2022
£

2021
£

Salaries and other short term employee benefits

100,000

69,695

Post-employment benefits

10,000

5,000

110,000

74,695

10

Parent and ultimate parent undertaking

The company's immediate parent is C.W.Jones Holdings Limited, incorporated in the UK.