Company Registration No. 09965432 (England and Wales)
CARPET CENTRE (SALISBURY) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 JANUARY 2023
PAGES FOR FILING WITH REGISTRAR
10 Bridge Street
Christchurch
Dorset
BH23 1EF
CARPET CENTRE (SALISBURY) LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
CARPET CENTRE (SALISBURY) LIMITED
COMPANY INFORMATION
- 1 -
Director
Mr. K Shaw
Company number
09965432
Registered office
3 Acorn Business Centre
Northarbour Road
Cosham
Portsmouth
PO6 3TH
Accountants
TC Group
10 Bridge Street
Christchurch
Dorset
BH23 1EF
CARPET CENTRE (SALISBURY) LIMITED
BALANCE SHEET
AS AT 31 JANUARY 2023
31 January 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,965
8,387
Current assets
Stocks
17,490
18,654
Debtors
4
12,766
20,948
Cash at bank and in hand
56,986
60,485
87,242
100,087
Creditors: amounts falling due within one year
5
(48,558)
(58,132)
Net current assets
38,684
41,955
Total assets less current liabilities
42,649
50,342
Creditors: amounts falling due after more than one year
6
(24,111)
(34,533)
Provisions for liabilities
(754)
(1,594)
Net assets
17,784
14,215
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
17,684
14,115
Total equity
17,784
14,215
CARPET CENTRE (SALISBURY) LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2023
31 January 2023
- 3 -

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 16 October 2023
Mr. K Shaw
Director
Company Registration No. 09965432
The notes on pages 4 to 8 form part of these financial statements
CARPET CENTRE (SALISBURY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
- 4 -
1
Accounting policies
Company information

Carpet Centre (Salisbury) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3 Acorn Business Centre, Northarbour Road, Cosham, Portsmouth, PO6 3TH.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents amounts invoiced during the year, exclusive of VAT.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
25% straight line
Fixtures and fittings
25% straight line
Motor vehicles
25% reducing balance

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.

1.4
Stocks

Stocks are stated at the lower of cost and net realisable value, after making due allowances for obsolete and slow moving items.

1.5
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 current liabilities.

CARPET CENTRE (SALISBURY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 5 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.9
Leases

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

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

1.10
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

CARPET CENTRE (SALISBURY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 6 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
2
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 February 2022
1,937
7,618
9,270
18,825
Additions
-
0
462
-
0
462
Disposals
-
0
-
0
(9,270)
(9,270)
At 31 January 2023
1,937
8,080
-
0
10,017
Depreciation and impairment
At 1 February 2022
1,047
3,054
6,337
10,438
Depreciation charged in the year
297
1,654
733
2,684
Eliminated in respect of disposals
-
0
-
0
(7,070)
(7,070)
At 31 January 2023
1,344
4,708
-
0
6,052
Carrying amount
At 31 January 2023
593
3,372
-
0
3,965
At 31 January 2022
890
4,564
2,933
8,387
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
10,718
18,368
Other debtors
2,048
2,580
12,766
20,948
CARPET CENTRE (SALISBURY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 7 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
9,911
9,666
Obligations under hire purchase agreements
-
0
2,045
Trade creditors
17,759
26,969
Corporation tax
2,234
1,754
Other taxation and social security
4,657
2,597
Other creditors
13,122
14,401
Accruals and deferred income
875
700
48,558
58,132

Included in creditors due within one year is £Nil (2022 - £2,045) of hire purchase liabilities secured by the assets to which they relate.

6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
24,111
34,022
Obligations under hire purchase agreements
-
0
511
24,111
34,533

Included in creditors due within more than one year is £Nil (2022 - £511) of hire purchase liabilities secured by the assets to which they relate.

CARPET CENTRE (SALISBURY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 8 -
7
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
8
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
7,225
12,042
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