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REGISTERED NUMBER: 04763144










Financial Statements

for the Year Ended 31 May 2023

for

Seaham Carpet Centre Limited

Seaham Carpet Centre Limited (Registered number: 04763144)






Contents of the Financial Statements
for the Year Ended 31 May 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Seaham Carpet Centre Limited

Company Information
for the Year Ended 31 May 2023







DIRECTOR: M Potts





SECRETARY: W Potts





REGISTERED OFFICE: 16 Church Street
Seaham
Co. Durham
SR7 7HQ





REGISTERED NUMBER: 04763144





ACCOUNTANTS: SKS Bailey Group Limited
Wynyard Business Park
Wynyard Avenue
Billingham
Cleveland
TS22 5TB

Seaham Carpet Centre Limited (Registered number: 04763144)

Balance Sheet
31 May 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 3 13,297 14,891

CURRENT ASSETS
Stocks 2,521 5,233
Debtors 4 8,769 12,260
Cash at bank and in hand 46,093 77,517
57,383 95,010
CREDITORS
Amounts falling due within one year 5 (18,497 ) (32,471 )
NET CURRENT ASSETS 38,886 62,539
TOTAL ASSETS LESS CURRENT
LIABILITIES

52,183

77,430

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 52,181 77,428
SHAREHOLDERS' FUNDS 52,183 77,430

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Seaham Carpet Centre Limited (Registered number: 04763144)

Balance Sheet - continued
31 May 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 25 October 2023 and were signed by:





M Potts - Director


Seaham Carpet Centre Limited (Registered number: 04763144)

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

1. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

TURNOVER
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - Straight line over 20 years
Motor vehicles - 25% on reducing balance

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

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

Seaham Carpet Centre Limited (Registered number: 04763144)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

3. TANGIBLE FIXED ASSETS
Improvements
to Motor
property vehicles Totals
£    £    £   
COST
At 1 June 2022
and 31 May 2023 24,322 16,995 41,317
DEPRECIATION
At 1 June 2022 10,944 15,482 26,426
Charge for year 1,216 378 1,594
At 31 May 2023 12,160 15,860 28,020
NET BOOK VALUE
At 31 May 2023 12,162 1,135 13,297
At 31 May 2022 13,378 1,513 14,891

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 8,031 12,260
Prepayments and accrued income 738 -
8,769 12,260

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 5,122 10,825
Corporation tax 6,319 7,953
VAT 2,054 6,795
Other creditors - 5,862
Cashback Credit card account 3,873 -
Directors' current accounts 223 185
Accruals and deferred income 906 851
18,497 32,471

6. RELATED PARTY DISCLOSURES

The property that the Company trades from is owned by the Director. There is no formal lease in place and £3,200 rent has been charged in the year (2022 - £3,200).