Registered number
02132098
Eastleigh Carpets Limited
Filleted Accounts
31 August 2023
Eastleigh Carpets Limited
Registered number: 02132098
Balance Sheet
as at 31 August 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 19,250 22,000
Tangible assets 4 31,071 8,750
50,321 30,750
Current assets
Stocks 12,516 10,401
Debtors 5 50,760 48,804
Cash at bank and in hand 766,513 638,485
829,789 697,690
Creditors: amounts falling due within one year 6 (153,695) (131,288)
Net current assets 676,094 566,402
Total assets less current liabilities 726,415 597,152
Provisions for liabilities (5,369) (1,302)
Net assets 721,046 595,850
Capital and reserves
Called up share capital 100 100
Profit and loss account 720,946 595,750
Shareholders' funds 721,046 595,850
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 and delivered 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.
R Shaw
Director
Approved by the board on 6 March 2024
Eastleigh Carpets Limited
Notes to the Accounts
for the year ended 31 August 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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 15% reducing balance basis
Motor vehicles 25% reducing balance basis
Improvements to leasehold premises 5% straight line basis
Stocks
Stocks 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 (which is usually the invoice 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 (which is usually the invoice 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
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 5 6
3 Intangible fixed assets £
Goodwill:
Cost
At 1 September 2022 55,000
At 31 August 2023 55,000
Amortisation
At 1 September 2022 33,000
Provided during the year 2,750
At 31 August 2023 35,750
Net book value
At 31 August 2023 19,250
At 31 August 2022 22,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 September 2022 3,772 8,856 41,668 54,296
Additions - 1,673 24,149 25,822
At 31 August 2023 3,772 10,529 65,817 80,118
Depreciation
At 1 September 2022 3,110 6,957 35,479 45,546
Charge for the year 188 760 2,553 3,501
At 31 August 2023 3,298 7,717 38,032 49,047
Net book value
At 31 August 2023 474 2,812 27,785 31,071
At 31 August 2022 662 1,899 6,189 8,750
5 Debtors 2023 2022
£ £
Trade debtors 2,348 4,260
Other debtors 48,412 44,544
50,760 48,804
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 75,162 67,414
Taxation and social security costs 69,656 53,286
Other creditors 8,877 10,588
153,695 131,288
7 Other information
Eastleigh Carpets Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 4 Stanstead Road
Boyatt Wood
Eastleigh
Hampshire
SO50 4RZ
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