Silverfin false 31/03/2023 01/04/2022 31/03/2023 T Collins 01/04/2017 M England 17/12/2018 Z Roberts 01/04/2017 03 October 2023 The principal activity of the Company during the financial year was the sale and installation of carpets, rugs, wall and floor coverings. 04350848 2023-03-31 04350848 bus:Director1 2023-03-31 04350848 bus:Director2 2023-03-31 04350848 bus:Director3 2023-03-31 04350848 2022-03-31 04350848 core:CurrentFinancialInstruments 2023-03-31 04350848 core:CurrentFinancialInstruments 2022-03-31 04350848 core:Non-currentFinancialInstruments 2023-03-31 04350848 core:Non-currentFinancialInstruments 2022-03-31 04350848 core:ShareCapital 2023-03-31 04350848 core:ShareCapital 2022-03-31 04350848 core:RetainedEarningsAccumulatedLosses 2023-03-31 04350848 core:RetainedEarningsAccumulatedLosses 2022-03-31 04350848 core:Goodwill 2022-03-31 04350848 core:Goodwill 2023-03-31 04350848 core:LeaseholdImprovements 2022-03-31 04350848 core:PlantMachinery 2022-03-31 04350848 core:Vehicles 2022-03-31 04350848 core:FurnitureFittings 2022-03-31 04350848 core:ComputerEquipment 2022-03-31 04350848 core:OtherPropertyPlantEquipment 2022-03-31 04350848 core:LeaseholdImprovements 2023-03-31 04350848 core:PlantMachinery 2023-03-31 04350848 core:Vehicles 2023-03-31 04350848 core:FurnitureFittings 2023-03-31 04350848 core:ComputerEquipment 2023-03-31 04350848 core:OtherPropertyPlantEquipment 2023-03-31 04350848 core:ImmediateParent core:CurrentFinancialInstruments 2023-03-31 04350848 core:ImmediateParent core:CurrentFinancialInstruments 2022-03-31 04350848 core:CurrentFinancialInstruments 1 2023-03-31 04350848 core:CurrentFinancialInstruments 1 2022-03-31 04350848 core:WithinOneYear 2023-03-31 04350848 core:WithinOneYear 2022-03-31 04350848 core:BetweenOneFiveYears 2023-03-31 04350848 core:BetweenOneFiveYears 2022-03-31 04350848 2022-04-01 2023-03-31 04350848 bus:FullAccounts 2022-04-01 2023-03-31 04350848 bus:SmallEntities 2022-04-01 2023-03-31 04350848 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 04350848 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 04350848 bus:Director1 2022-04-01 2023-03-31 04350848 bus:Director2 2022-04-01 2023-03-31 04350848 bus:Director3 2022-04-01 2023-03-31 04350848 core:Goodwill core:TopRangeValue 2022-04-01 2023-03-31 04350848 core:LeaseholdImprovements core:TopRangeValue 2022-04-01 2023-03-31 04350848 core:PlantMachinery 2022-04-01 2023-03-31 04350848 core:Vehicles 2022-04-01 2023-03-31 04350848 core:FurnitureFittings 2022-04-01 2023-03-31 04350848 core:ComputerEquipment core:TopRangeValue 2022-04-01 2023-03-31 04350848 core:OtherPropertyPlantEquipment 2022-04-01 2023-03-31 04350848 2021-04-01 2022-03-31 04350848 core:LeaseholdImprovements 2022-04-01 2023-03-31 04350848 core:ComputerEquipment 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Company No: 04350848 (England and Wales)

KC CARPETS & FLOORING LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2023
Pages for filing with the registrar

KC CARPETS & FLOORING LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

KC CARPETS & FLOORING LIMITED

BALANCE SHEET

As at 31 March 2023
KC CARPETS & FLOORING LIMITED

BALANCE SHEET (continued)

As at 31 March 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 83,256 80,195
83,256 80,195
Current assets
Stocks 5 11,202 28,043
Debtors 6 434,267 781,665
Cash at bank and in hand 45,445 14,247
490,914 823,955
Creditors: amounts falling due within one year 7 ( 197,205) ( 548,961)
Net current assets 293,709 274,994
Total assets less current liabilities 376,965 355,189
Creditors: amounts falling due after more than one year 8 ( 56,234) ( 53,074)
Provision for liabilities ( 15,819) ( 14,006)
Net assets 304,912 288,109
Capital and reserves
Called-up share capital 100 100
Profit and loss account 304,812 288,009
Total shareholder's funds 304,912 288,109

For the financial year ending 31 March 2023 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 KC CARPETS & FLOORING LIMITED (registered number: 04350848) were approved and authorised for issue by the Board of Directors on 03 October 2023. They were signed on its behalf by:

T Collins
Director
KC CARPETS & FLOORING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
KC CARPETS & FLOORING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
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

KC CARPETS & FLOORING 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 7 Didcot Road, Nuffield Industrial Estate, Poole, BH17 0GD, England, 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 £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.

Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Revenue from services is recognised as they are delivered.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

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 tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

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 5 years straight line
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, reducing balance] basis over its expected useful life, as follows:

Leasehold improvements 20 years straight line
Plant and machinery 15 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 15 % reducing balance
Computer equipment 4 years straight line
Other property, plant and equipment 15 % 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.

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 Profit and Loss Account 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

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

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.

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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 15 15

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 April 2022 24,000 24,000
At 31 March 2023 24,000 24,000
Accumulated amortisation
At 01 April 2022 24,000 24,000
At 31 March 2023 24,000 24,000
Net book value
At 31 March 2023 0 0
At 31 March 2022 0 0

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Fixtures and fittings Computer equipment Other property, plant
and equipment
Total
£ £ £ £ £ £ £
Cost
At 01 April 2022 32,561 11,886 136,653 46,126 5,157 1,137 233,520
Additions 0 1,082 23,372 0 0 0 24,454
Disposals 0 0 ( 29,995) 0 0 0 ( 29,995)
At 31 March 2023 32,561 12,968 130,030 46,126 5,157 1,137 227,979
Accumulated depreciation
At 01 April 2022 26,082 7,545 85,961 28,219 4,735 783 153,325
Charge for the financial year 368 678 11,123 2,686 285 53 15,193
Disposals 0 0 ( 23,795) 0 0 0 ( 23,795)
At 31 March 2023 26,450 8,223 73,289 30,905 5,020 836 144,723
Net book value
At 31 March 2023 6,111 4,745 56,741 15,221 137 301 83,256
At 31 March 2022 6,479 4,341 50,692 17,907 422 354 80,195
Leased assets included above:
Net book value
At 31 March 2023 0 0 45,722 0 0 0 45,722
At 31 March 2022 0 0 42,876 0 0 0 42,876

5. Stocks

2023 2022
£ £
Stocks 11,202 28,043

6. Debtors

2023 2022
£ £
Trade debtors 274,377 578,590
Amounts owed by Parent undertakings 110,000 110,000
Corporation tax 4,314 31,023
Other debtors 45,576 62,052
434,267 781,665

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans and overdrafts 26,556 9,707
Trade creditors 127,164 328,111
CIS withheld 6,717 7,970
Other taxation and social security 11,522 13,252
Obligations under finance leases and hire purchase contracts 14,483 18,382
Other creditors 10,763 171,539
197,205 548,961

8. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 22,435 32,387
Obligations under finance leases and hire purchase contracts 33,799 20,687
56,234 53,074

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
£ £
within one year 37,080 35,335
between one and five years 17,950 33,500
55,030 68,835

10. Ultimate controlling party

Parent Company:

CRE Holdings Limited