Company registration number 06110787 (England and Wales)
THE CARPET COMPANY (SKIPTON) LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
PAGES FOR FILING WITH REGISTRAR
THE CARPET COMPANY (SKIPTON) LTD
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 8
THE CARPET COMPANY (SKIPTON) LTD
BALANCE SHEET
AS AT
30 APRIL 2023
30 April 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
6
43,448
22,398
Investments
7
417,716
341,409
461,164
363,807
Current assets
Stocks
10,250
15,650
Debtors
8
53,828
1,746
Cash at bank and in hand
32,014
169,529
96,092
186,925
Creditors: amounts falling due within one year
9
(56,561)
(90,691)
Net current assets
39,531
96,234
Total assets less current liabilities
500,695
460,041
Creditors: amounts falling due after more than one year
10
(20,815)
(30,833)
Provisions for liabilities
(8,255)
(4,256)
Net assets
471,625
424,952
Capital and reserves
Called up share capital
50
16
Profit and loss reserves
471,575
424,936
Total equity
471,625
424,952

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

For the financial year ended 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have 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 CARPET COMPANY (SKIPTON) LTD
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2023
30 April 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 7 November 2023 and are signed on its behalf by:
Mrs J.A Wright
Director
Company Registration No. 06110787
THE CARPET COMPANY (SKIPTON) LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 May 2021
16
366,116
366,132
Year ended 30 April 2022:
Profit and total comprehensive income for the year
-
62,820
62,820
Dividends
-
(4,000)
(4,000)
Balance at 30 April 2022
16
424,936
424,952
Year ended 30 April 2023:
Profit and total comprehensive income for the year
-
54,089
54,089
Issue of share capital
34
-
34
Dividends
-
(7,450)
(7,450)
Balance at 30 April 2023
50
471,575
471,625
THE CARPET COMPANY (SKIPTON) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
- 4 -
1
Accounting policies
Company information

The Carpet Company (Skipton) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit 3a, Sandylands Business Park, Skipton, North Yorkshire, BD23 2AA.

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 £.

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

1.2
Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

1.3
Intangible fixed assets - goodwill

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

 

Goodwill            -    50% straight line

 

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

1.4
Tangible fixed assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated 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:

Fixtures and fittings
15% reducing balance
Computer equipment
25% reducing balance
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.

THE CARPET COMPANY (SKIPTON) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 5 -
1.5
Fixed asset investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

 

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

1.6
Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

 

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

1.7
Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

1.8
Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company

after deducting all of its liabilities.

1.9
Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.

Current tax

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

THE CARPET COMPANY (SKIPTON) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 6 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

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

2023
2022
Number
Number
Total
2
2
4
Directors' remuneration and dividends
2023
2022
£
£
Remuneration paid to directors
20,236
16,035
Dividends paid to directors
-
4,000
5
Intangible fixed assets
Goodwill
£
Cost
At 1 May 2022 and 30 April 2023
190,000
Amortisation and impairment
At 1 May 2022 and 30 April 2023
190,000
Carrying amount
At 30 April 2023
-
0
At 30 April 2022
-
0
THE CARPET COMPANY (SKIPTON) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 7 -
6
Tangible fixed assets
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 May 2022
17,368
20,650
19,025
57,043
Additions
-
0
-
0
26,500
26,500
At 30 April 2023
17,368
20,650
45,525
83,543
Depreciation and impairment
At 1 May 2022
4,822
13,151
16,672
34,645
Depreciation charged in the year
1,882
1,875
1,693
5,450
At 30 April 2023
6,704
15,026
18,365
40,095
Carrying amount
At 30 April 2023
10,664
5,624
27,160
43,448
At 30 April 2022
12,546
7,499
2,353
22,398
7
Fixed asset investments
2023
2022
£
£
Other investments other than loans
417,716
341,409
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 May 2022
341,409
Additions
76,307
At 30 April 2023
417,716
Carrying amount
At 30 April 2023
417,716
At 30 April 2022
341,409
THE CARPET COMPANY (SKIPTON) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 8 -
8
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
52,109
1,746
Other debtors
1,719
-
0
53,828
1,746
9
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,000
10,000
Trade creditors
32,284
31,676
Corporation tax
8,235
11,582
Other taxation and social security
702
8,078
Other creditors
5,340
29,355
56,561
90,691
10
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
20,815
30,833
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