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Registration number: 06607424

C & H Carpets and Flooring Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2023

 

C & H Carpets and Flooring Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

C & H Carpets and Flooring Limited

Company Information

Directors

Mrs Linda Close

Mr Neil Close

Mr Garry Close

Mr Damian Close

Mr Dean Close

Company secretary

Mrs Linda Close

Registered office

85 High Street
Burnham-on-Sea
Somerset
TA8 1PE

Accountants

Newsham Hanson Accountants Limited
Accountants and Business Advisors
Edinburgh House
1-5 Bellevue Road
Clevedon
North Somerset
BS21 7NP

 

C & H Carpets and Flooring Limited

(Registration number: 06607424)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

472,801

522,362

Current assets

 

Stocks

6

105,000

83,995

Debtors

7

14,311

113,778

Cash at bank and in hand

 

15,721

90,211

 

135,032

287,984

Creditors: Amounts falling due within one year

8

(209,463)

(254,460)

Net current (liabilities)/assets

 

(74,431)

33,524

Total assets less current liabilities

 

398,370

555,886

Creditors: Amounts falling due after more than one year

8

(198,683)

(293,686)

Net assets

 

199,687

262,200

Capital and reserves

 

Called up share capital

9

2

2

Retained earnings

199,685

262,198

Shareholders' funds

 

199,687

262,200

For the financial year ending 31 May 2023 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 28 September 2023 and signed on its behalf by:
 

.........................................
Mr Neil Close
Director

 

C & H Carpets and Flooring Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

1

General information

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

The address of its registered office is:
85 High Street
Burnham-on-Sea
Somerset
TA8 1PE

The principal place of business is:
3 Evercreech Way
Highbridge
Somerset
TA9 4AR

These financial statements were authorised for issue by the Board on 28 September 2023.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis.

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 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.

 

C & H Carpets and Flooring Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

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.

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

Plant and machinery

15% reducing balance basis

Motor vehicles

25% reducing balance basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 years straight line basis

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.

 

C & H Carpets and Flooring Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

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

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 in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

 

C & H Carpets and Flooring Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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 24 (2022 - 27).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 June 2022

60,000

60,000

At 31 May 2023

60,000

60,000

Amortisation

At 1 June 2022

60,000

60,000

At 31 May 2023

60,000

60,000

Carrying amount

At 31 May 2023

-

-

 

C & H Carpets and Flooring Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2022

413,719

61,191

270,202

745,112

Additions

-

610

-

610

Disposals

-

-

(80,842)

(80,842)

At 31 May 2023

413,719

61,801

189,360

664,880

Depreciation

At 1 June 2022

-

50,258

172,492

222,750

Charge for the year

-

1,731

16,424

18,155

Eliminated on disposal

-

-

(48,826)

(48,826)

At 31 May 2023

-

51,989

140,090

192,079

Carrying amount

At 31 May 2023

413,719

9,812

49,270

472,801

At 31 May 2022

413,719

10,933

97,710

522,362

Included within the net book value of land and buildings above is £413,719 (2022 - £413,719) in respect of freehold land and buildings.
 

Included in tangible fixed assets are the following assets held under Hire Purchase and Lease Purchase agreements;

Motor Vehicles

NBV of assets held under HP and Lease Purchase agreements £39,463.

Depreciation of assets held under HP and Lease Purchase agreements £13,154.

6

Stocks

2023
£

2022
£

Raw materials and consumables

88,195

83,995

Other inventories

16,805

-

105,000

83,995

 

C & H Carpets and Flooring Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

7

debtors

Current

2023
£

2022
£

Trade debtors

3,813

103,280

Prepayments

6,998

6,998

Other debtors

3,500

3,500

 

14,311

113,778

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

10

64,838

117,811

trade creditors

 

50,717

80,902

Amounts owed to related parties

55

240

Taxation and social security

 

85,080

45,770

Other creditors

 

8,773

9,737

 

209,463

254,460

Due after one year

 

Loans and borrowings

10

198,683

293,686

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

198,683

293,686

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary share of £1 each

2

2

2

2

         
 

C & H Carpets and Flooring Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

128,215

152,730

Hire purchase contracts

36,883

92,831

Other borrowings

33,585

48,125

198,683

293,686

2023
£

2022
£

Current loans and borrowings

Bank borrowings

21,159

17,802

Hire purchase contracts

21,611

46,883

Other borrowings

22,068

53,126

64,838

117,811