Tyne Carpets & Flooring Limited
Registered number: 04045129
Statement of Financial Position
as at 31 January 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 5 2,648 3,531
Financial assets 96,479 147,518
99,127 151,049
Current assets
Stocks 32,512 26,194
Debtors 6 266,657 292,769
Cash at bank and in hand 261,702 345,710
560,871 664,673
Creditors: amounts falling due within one year 7 (354,188) (366,121)
Net current assets 206,683 298,552
Total assets less current liabilities 305,810 449,601
Creditors: amounts falling due after more than one year 8 (24,947) (34,837)
Provisions for liabilities (503) (671)
Net assets 280,360 414,093
Capital and reserves
Called up share capital 102 102
Profit and loss account 280,258 413,991
Shareholders' funds 280,360 414,093
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
J F Smith
Director
Approved by the board on 26 October 2023
Tyne Carpets & Flooring Limited
Notes to the Accounts
for the year ended 31 January 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 Section 1a small entities, the financial reporting standard applicable in the UK and the Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Investments
Listed investments are measured at fair value. Changes in fair value/Impairment losses are included in the profit and loss account.
Inventories
Inventories are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price, less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price. Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2 Exceptional items 2023 2022
£ £
Value adjustments on fixed assets and current asset investments 3,039 (11,024)
3,039 (11,024)
3 Employees and directors 2023 2022
Number Number
Average number of directors and persons employed by the company 10 9
4 Government grants
The company received government grants last year under the coronavirus job retention scheme. These grants are shown in the profit and loss for the period in which the related salary expenditure was incurred.

The company also received a business interruption payment relating to interest payable on a bounce back loan taken out in the period. The grant is shown in the the profit and loss in the period in which the related interest was incurred.

The company also received, last year, a local authority small business grant the income is shown in the profit and loss in the period in which the funds were received.
2023 2022
£ £
Grants received under the covid job retention scheme - 3,210
Business interruption payments - 312
Small business grant - 9,452
5 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 February 2022 16,449 5,000 21,449
Disposals - (5,000) (5,000)
At 31 January 2023 16,449 - 16,449
Depreciation
At 1 February 2022 12,918 5,000 17,918
Charge for the year 883 - 883
On disposals - (5,000) (5,000)
At 31 January 2023 13,801 - 13,801
Net book value
At 31 January 2023 2,648 - 2,648
At 31 January 2022 3,531 - 3,531
6 Debtors 2023 2022
£ £
Trade debtors 253,916 286,413
Prepayments 6,741 6,350
Accrued income 6,000 -
Other debtors - 6
266,657 292,769
7 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 9,894 9,646
Trade creditors 109,377 138,713
Accruals 123,237 85,615
Corporation tax 41,480 60,076
Other taxes and social security costs 20,383 50,782
Other creditors 49,817 21,289
354,188 366,121
8 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 24,947 34,837
9 Other information
Tyne Carpets & Flooring Limited is a private company limited by shares and incorporated in England. Its registered office is:
347 Yorktown Road
Sandhurst
Berkshire
GU47 0PX
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