Crown Carpets (N.E.) Limited 03223919 false 2022-07-01 2023-06-30 2023-06-30 The principal activity of the company is that of carpet fitters and retailers. Digita Accounts Production Advanced 6.30.9574.0 true 03223919 2022-07-01 2023-06-30 03223919 2023-06-30 03223919 bus:OrdinaryShareClass1 2023-06-30 03223919 core:CurrentFinancialInstruments 2023-06-30 03223919 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 03223919 core:Non-currentFinancialInstruments 2023-06-30 03223919 core:Non-currentFinancialInstruments core:AfterOneYear 2023-06-30 03223919 core:ConstructionInProgressAssetsUnderConstruction 2023-06-30 03223919 core:MotorVehicles 2023-06-30 03223919 core:OtherPropertyPlantEquipment 2023-06-30 03223919 bus:SmallEntities 2022-07-01 2023-06-30 03223919 bus:AuditExemptWithAccountantsReport 2022-07-01 2023-06-30 03223919 bus:FullAccounts 2022-07-01 2023-06-30 03223919 bus:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 03223919 bus:RegisteredOffice 2022-07-01 2023-06-30 03223919 bus:Director2 2022-07-01 2023-06-30 03223919 bus:OrdinaryShareClass1 2022-07-01 2023-06-30 03223919 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 03223919 core:ConstructionInProgressAssetsUnderConstruction 2022-07-01 2023-06-30 03223919 core:FurnitureFittings 2022-07-01 2023-06-30 03223919 core:MotorVehicles 2022-07-01 2023-06-30 03223919 core:OfficeEquipment 2022-07-01 2023-06-30 03223919 core:OtherPropertyPlantEquipment 2022-07-01 2023-06-30 03223919 core:ToolsEquipment 2022-07-01 2023-06-30 03223919 core:OtherRelatedParties 2022-07-01 2023-06-30 03223919 countries:AllCountries 2022-07-01 2023-06-30 03223919 2022-06-30 03223919 core:ConstructionInProgressAssetsUnderConstruction 2022-06-30 03223919 core:MotorVehicles 2022-06-30 03223919 core:OtherPropertyPlantEquipment 2022-06-30 03223919 2021-07-01 2022-06-30 03223919 2022-06-30 03223919 bus:OrdinaryShareClass1 2022-06-30 03223919 core:CurrentFinancialInstruments 2022-06-30 03223919 core:CurrentFinancialInstruments core:WithinOneYear 2022-06-30 03223919 core:Non-currentFinancialInstruments 2022-06-30 03223919 core:Non-currentFinancialInstruments core:AfterOneYear 2022-06-30 03223919 core:ConstructionInProgressAssetsUnderConstruction 2022-06-30 03223919 core:MotorVehicles 2022-06-30 03223919 core:OtherPropertyPlantEquipment 2022-06-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 03223919

Crown Carpets (N.E.) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2023

 

Crown Carpets (N.E.) Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Crown Carpets (N.E.) Limited

(Registration number: 03223919)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

3,730

4,214

Current assets

 

Stocks

5

85,351

33,828

Debtors

6

16,796

21,514

Cash at bank and in hand

 

4,054

3,362

 

106,201

58,704

Creditors: Amounts falling due within one year

7

(34,833)

(37,290)

Net current assets

 

71,368

21,414

Total assets less current liabilities

 

75,098

25,628

Creditors: Amounts falling due after more than one year

7

(23,115)

(27,417)

Provisions for liabilities

(7,746)

-

Net assets/(liabilities)

 

44,237

(1,789)

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

44,137

(1,889)

Shareholders' funds/(deficit)

 

44,237

(1,789)

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

Directors' 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 directors acknowledge their 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 12 March 2024 and signed on its behalf by:
 

 

Crown Carpets (N.E.) Limited

(Registration number: 03223919)
Balance Sheet as at 30 June 2023

.........................................
M Clark
Director

 

Crown Carpets (N.E.) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

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

The address of its registered office is:
Unit 3
Waterside Court
North Seaton Industrial Estate
Ashington
NE63 0YG

These financial statements were authorised for issue by the Board on 12 March 2024.

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.

 

Crown Carpets (N.E.) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 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

Tools and equipment

15% reducing balance basis

Fixtures and fittings

15% reducing balance basis

Office equipment

15% reducing balance basis

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.

 

Crown Carpets (N.E.) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 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.

3

Staff numbers

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

 

Crown Carpets (N.E.) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

4

Tangible assets

Office equipment
 £

Fixtures & fittings
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 July 2022

6,097

7,572

409

14,078

Additions

-

150

-

150

At 30 June 2023

6,097

7,722

409

14,228

Depreciation

At 1 July 2022

3,825

5,670

369

9,864

Charge for the year

335

294

5

634

At 30 June 2023

4,160

5,964

374

10,498

Carrying amount

At 30 June 2023

1,937

1,758

35

3,730

At 30 June 2022

2,272

1,902

40

4,214

5

Stocks

2023
£

2022
£

Other inventories

85,351

33,828

6

Debtors

Current

2023
£

2022
£

Trade debtors

15,858

19,587

Prepayments

938

920

Other debtors

-

1,007

 

16,796

21,514

 

Crown Carpets (N.E.) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

10,369

9,400

Trade creditors

 

17,387

24,069

Taxation and social security

 

3,719

1,277

Accruals and deferred income

 

3,350

2,275

Other creditors

 

8

269

 

34,833

37,290

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

23,115

27,417

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

23,115

27,417

 

Crown Carpets (N.E.) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

2023
£

2022
£

Current loans and borrowings

Bank overdrafts

969

-

Other borrowings

9,400

9,400

10,369

9,400

Other borrowings

Other loans is denominated in GBP with a nominal interest rate of 2.5%, and the final instalment is due on 20 November 2026. The carrying amount at year end is £32,515 (2022 - £36,817).

10

Related party transactions

 

Crown Carpets (N.E.) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

24,400

24,000

Summary of transactions with other related parties

Ms E L Knowles is also a director of MARG (N.E.) Ltd. During the year, the company paid storage rental fee to MARG (N.E.) Ltd of £11,000 (2022 - £9,100). The rent is on normal commercial terms. The balance outstanding at the year end date was £0 (2022 - £0).