Caseware UK (AP4) 2022.0.179 2022.0.179 2023-01-312023-01-3142022-02-01trueNo description of principal activityfalse4trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 03478051 2022-02-01 2023-01-31 03478051 2021-02-01 2022-01-31 03478051 2023-01-31 03478051 2022-01-31 03478051 c:Director1 2022-02-01 2023-01-31 03478051 d:PlantMachinery 2022-02-01 2023-01-31 03478051 d:PlantMachinery 2023-01-31 03478051 d:PlantMachinery 2022-01-31 03478051 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-02-01 2023-01-31 03478051 d:MotorVehicles 2022-02-01 2023-01-31 03478051 d:MotorVehicles 2023-01-31 03478051 d:MotorVehicles 2022-01-31 03478051 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-02-01 2023-01-31 03478051 d:FurnitureFittings 2022-02-01 2023-01-31 03478051 d:FurnitureFittings 2023-01-31 03478051 d:FurnitureFittings 2022-01-31 03478051 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-02-01 2023-01-31 03478051 d:OwnedOrFreeholdAssets 2022-02-01 2023-01-31 03478051 d:CurrentFinancialInstruments 2023-01-31 03478051 d:CurrentFinancialInstruments 2022-01-31 03478051 d:CurrentFinancialInstruments d:WithinOneYear 2023-01-31 03478051 d:CurrentFinancialInstruments d:WithinOneYear 2022-01-31 03478051 d:ShareCapital 2023-01-31 03478051 d:ShareCapital 2022-01-31 03478051 d:RetainedEarningsAccumulatedLosses 2023-01-31 03478051 d:RetainedEarningsAccumulatedLosses 2022-01-31 03478051 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-01-31 03478051 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-01-31 03478051 c:FRS102 2022-02-01 2023-01-31 03478051 c:AuditExempt-NoAccountantsReport 2022-02-01 2023-01-31 03478051 c:FullAccounts 2022-02-01 2023-01-31 03478051 c:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 03478051 2 2022-02-01 2023-01-31 03478051 d:AcceleratedTaxDepreciationDeferredTax 2023-01-31 03478051 d:AcceleratedTaxDepreciationDeferredTax 2022-01-31 iso4217:GBP xbrli:pure

Registered number: 03478051









SUMMERLING CARPETS & CURTAINS LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JANUARY 2023

 
SUMMERLING CARPETS & CURTAINS LTD
REGISTERED NUMBER: 03478051

STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
537
675

  
537
675

Current assets
  

Stocks
  
24,952
23,814

Debtors: amounts falling due within one year
 5 
14,478
14,628

Cash at bank and in hand
 6 
19,005
24,313

  
58,435
62,755

Creditors: amounts falling due within one year
 7 
(58,913)
(56,554)

Net current (liabilities)/assets
  
 
 
(478)
 
 
6,201

Total assets less current liabilities
  
59
6,876

Provisions for liabilities
  

Deferred tax
 9 
(135)
(129)

  
 
 
(135)
 
 
(129)

Net (liabilities)/assets
  
(76)
6,747


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(176)
6,647

  
(76)
6,747


Page 1

 
SUMMERLING CARPETS & CURTAINS LTD
REGISTERED NUMBER: 03478051
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JANUARY 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 October 2023.




................................................
D. R. Holt
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
SUMMERLING CARPETS & CURTAINS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

1.


General information

The legal form of the entity is limited by share capital, registered in England and Wales and the registered address of the company is situated at Unit 3 Bradburys Court, Lyon Road, Harrow, Middlesex, HA1 2BY.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Revenue

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
SUMMERLING CARPETS & CURTAINS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
SUMMERLING CARPETS & CURTAINS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.7

Current and deferred taxation

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

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
Motor vehicles
-
20%
Fixtures and fittings
-
20%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 5

 
SUMMERLING CARPETS & CURTAINS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is 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.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

 
2.14

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2022 - 4).

Page 6

 
SUMMERLING CARPETS & CURTAINS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 February 2022
380
11,125
14,189
25,694



At 31 January 2023

380
11,125
14,189
25,694



Depreciation


At 1 February 2022
328
11,056
13,635
25,019


Charge for the year on owned assets
13
14
111
138



At 31 January 2023

341
11,070
13,746
25,157



Net book value



At 31 January 2023
39
55
443
537



At 31 January 2022
52
69
554
675


5.


Debtors

2023
2022
£
£


Trade debtors
8,219
8,368

Other debtors
6,259
6,260

14,478
14,628



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
19,006
24,313

19,006
24,313


Page 7

 
SUMMERLING CARPETS & CURTAINS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
2,239
2,241

Other taxation and social security
4,127
6,044

Other creditors
52,547
48,269

58,913
56,554



8.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
19,006
19,006




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.


9.


Deferred taxation




2023


£






At beginning of year
(128)


Charged to profit or loss
(6)



At end of year
(134)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(135)
(128)

(135)
(128)

Page 8

 
SUMMERLING CARPETS & CURTAINS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

10.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £803 (2022 - £803).   Contributions totalling nil (2022 - £nil) were payable to the fund at the reporting date and are included in creditors.


11.


Transactions with key management personnel

Included in creditors amounts falling due within one year is £43,606 (2022 - £42,726) due to the members of key management personnel.  The amounts outstanding is repayable on demand and is free of interest.

 
Page 9