Company registration number 10795510 (England and Wales)
BOURNE CARPETS & FLOORING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
PAGES FOR FILING WITH REGISTRAR
BOURNE CARPETS & FLOORING LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
BOURNE CARPETS & FLOORING LIMITED
BALANCE SHEET
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
142,010
89,347
Current assets
Debtors
4
658,018
269,651
Cash at bank and in hand
215,554
387,236
873,572
656,887
Creditors: amounts falling due within one year
5
(110,357)
(129,267)
Net current assets
763,215
527,620
Total assets less current liabilities
905,225
616,967
Creditors: amounts falling due after more than one year
6
(20,000)
(30,000)
Net assets
885,225
586,967
Capital and reserves
Called up share capital
102
102
Profit and loss reserves
885,123
586,865
Total equity
885,225
586,967
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 31 May 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 financial statements were approved by the board of directors and authorised for issue on 22 February 2024 and are signed on its behalf by:
Mr L McGuffog
Director
Company registration number 10795510 (England and Wales)
BOURNE CARPETS & FLOORING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 2 -
1
Accounting policies
Company information
Bourne Carpets & Flooring Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2 Trust Court, Histon, Cambridge, Cambridgeshire, England, CB24 9PW.
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 have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any 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:
Motor vehicles
- 25% reducing balance
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
BOURNE CARPETS & FLOORING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 3 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2022
169,663
Additions
100,000
At 31 May 2023
269,663
Depreciation and impairment
At 1 June 2022
80,316
Depreciation charged in the year
47,337
At 31 May 2023
127,653
Carrying amount
At 31 May 2023
142,010
At 31 May 2022
89,347
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
40,584
22,678
Corporation tax recoverable
11,050
11,050
Other debtors
606,384
235,923
658,018
269,651
BOURNE CARPETS & FLOORING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 4 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,000
10,000
Trade creditors
41,953
32,773
Corporation tax
58,005
73,175
Other creditors
399
13,319
110,357
129,267
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
20,000
30,000