Morris Carpets & Flooring Ltd 04909402 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is the supply and fitting of carpets and other flooring materials. Digita Accounts Production Advanced 6.30.9574.0 Software true 04909402 2022-04-01 2023-03-31 04909402 2023-03-31 04909402 core:RetainedEarningsAccumulatedLosses 2023-03-31 04909402 core:ShareCapital 2023-03-31 04909402 core:CurrentFinancialInstruments 2023-03-31 04909402 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 04909402 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 04909402 core:FurnitureFittingsToolsEquipment 2023-03-31 04909402 core:MotorVehicles 2023-03-31 04909402 bus:SmallEntities 2022-04-01 2023-03-31 04909402 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 04909402 bus:FullAccounts 2022-04-01 2023-03-31 04909402 bus:RegisteredOffice 2022-04-01 2023-03-31 04909402 bus:Director1 2022-04-01 2023-03-31 04909402 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 04909402 bus:Agent1 2022-04-01 2023-03-31 04909402 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 04909402 core:MotorVehicles 2022-04-01 2023-03-31 04909402 countries:AllCountries 2022-04-01 2023-03-31 04909402 2022-03-31 04909402 core:FurnitureFittingsToolsEquipment 2022-03-31 04909402 core:MotorVehicles 2022-03-31 04909402 2021-04-01 2022-03-31 04909402 2022-03-31 04909402 core:RetainedEarningsAccumulatedLosses 2022-03-31 04909402 core:ShareCapital 2022-03-31 04909402 core:CurrentFinancialInstruments 2022-03-31 04909402 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 04909402 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 04909402 core:FurnitureFittingsToolsEquipment 2022-03-31 04909402 core:MotorVehicles 2022-03-31 iso4217:GBP xbrli:pure

Registration number: 04909402

Morris Carpets & Flooring Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Morris Carpets & Flooring Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Morris Carpets & Flooring Ltd

Company Information

Director

P Morris

Registered office

Unit 7, Cedar Parc
Lincoln Road
Doddington
Lincoln
LN6 4RR

Bankers

HSBC plc
221 High Street
Lincoln
LN1 1TS

Accountants

Atkinson Saul Fairholm Limited
Chartered Accountants
21A Newland
Lincoln
LN1 1XP

 

Morris Carpets & Flooring Ltd

(Registration number: 04909402)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

4,447

5,829

Current assets

 

Stocks

5

798

788

Debtors

6

5,144

1,924

Cash at bank and in hand

 

53,670

48,387

 

59,612

51,099

Creditors: Amounts falling due within one year

7

(39,218)

(24,352)

Net current assets

 

20,394

26,747

Total assets less current liabilities

 

24,841

32,576

Creditors: Amounts falling due after more than one year

7

(22,701)

(26,825)

Provisions for liabilities

(845)

(1,107)

Net assets

 

1,295

4,644

Capital and reserves

 

Called up share capital

1

1

Retained earnings

1,294

4,643

Shareholders' funds

 

1,295

4,644

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

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies
subject to the small companies regime and the option not to file the Director's Report and Profit and Loss
Account has been taken.
 

Approved and authorised by the director on 21 August 2023
 

 

Morris Carpets & Flooring Ltd

(Registration number: 04909402)
Balance Sheet as at 31 March 2023

.........................................
P Morris
Director

 

Morris Carpets & Flooring Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 7, Cedar Parc
Lincoln Road
Doddington
Lincoln
LN6 4RR

These financial statements were authorised for issue by the director on 21 August 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
 

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

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

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 taxable income.

 

Morris Carpets & Flooring Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% reducing balance

Fixtures, fittings, tools and equipment

20% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

 

Morris Carpets & Flooring Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments
 

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as 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. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability are charged as interest expense in the profit and loss account.

 

Morris Carpets & Flooring Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

3

Staff numbers

The average number of persons employed by the company (including directors with contracts of employment) during the year was 2 (2022 - 2).

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

6,304

16,380

22,684

At 31 March 2023

6,304

16,380

22,684

Depreciation

At 1 April 2022

4,768

12,087

16,855

Charge for the year

308

1,074

1,382

At 31 March 2023

5,076

13,161

18,237

Carrying amount

At 31 March 2023

1,228

3,219

4,447

At 31 March 2022

1,536

4,293

5,829

5

Stocks

2023
£

2022
£

Other inventories

798

788

6

Debtors

2023
£

2022
£

Trade debtors

4,119

906

Prepayments

1,025

1,018

 

5,144

1,924

 

Morris Carpets & Flooring Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

4,037

3,235

Trade creditors

 

12,647

3,912

Taxation and social security

 

13,090

15,013

Other creditors

 

9,444

2,192

 

39,218

24,352

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

22,701

26,825