Caseware UK (AP4) 2022.0.179 2022.0.179 2023-04-302023-04-30The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2022-05-01falsesale of rugs.33falsetrue 13309967 2022-05-01 2023-04-30 13309967 2021-05-01 2022-04-30 13309967 2023-04-30 13309967 2022-04-30 13309967 c:Director1 2022-05-01 2023-04-30 13309967 d:OfficeEquipment 2022-05-01 2023-04-30 13309967 d:OfficeEquipment 2023-04-30 13309967 d:OfficeEquipment 2022-04-30 13309967 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-05-01 2023-04-30 13309967 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-04-30 13309967 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-04-30 13309967 d:CurrentFinancialInstruments 2023-04-30 13309967 d:CurrentFinancialInstruments 2022-04-30 13309967 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 13309967 d:CurrentFinancialInstruments d:WithinOneYear 2022-04-30 13309967 d:ShareCapital 2023-04-30 13309967 d:ShareCapital 2022-04-30 13309967 d:RetainedEarningsAccumulatedLosses 2023-04-30 13309967 d:RetainedEarningsAccumulatedLosses 2022-04-30 13309967 c:OrdinaryShareClass1 2022-05-01 2023-04-30 13309967 c:OrdinaryShareClass1 2023-04-30 13309967 c:OrdinaryShareClass1 2022-04-30 13309967 c:OrdinaryShareClass2 2022-05-01 2023-04-30 13309967 c:OrdinaryShareClass2 2023-04-30 13309967 c:OrdinaryShareClass2 2022-04-30 13309967 c:OrdinaryShareClass3 2022-05-01 2023-04-30 13309967 c:OrdinaryShareClass3 2023-04-30 13309967 c:OrdinaryShareClass3 2022-04-30 13309967 c:FRS102 2022-05-01 2023-04-30 13309967 c:AuditExemptWithAccountantsReport 2022-05-01 2023-04-30 13309967 c:FullAccounts 2022-05-01 2023-04-30 13309967 c:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 13309967 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-05-01 2023-04-30 13309967 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-04-30 13309967 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-04-30 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 13309967










READS RUGS LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2023

 
READS RUGS LTD
 

CONTENTS



Page
Accountants' Report
 
 
1
Balance Sheet
 
 
2 - 3
Notes to the Financial Statements
 
 
4 - 8


 
READS RUGS LTD
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF READS RUGS LTD
FOR THE YEAR ENDED 30 APRIL 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Reads Rugs Ltd for the year ended 30 April 2023 which comprise the Balance Sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of Directors of Reads Rugs Ltd, as a body, in accordance with the terms of our engagement letter dated 23 April 2021Our work has been undertaken solely to prepare for your approval the financial statements of Reads Rugs Ltd  and state those matters that we have agreed to state to the Board of Directors of Reads Rugs Ltd, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Reads Rugs Ltd and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that Reads Rugs Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Reads Rugs Ltd. You consider that Reads Rugs Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Reads Rugs Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



M+A Partners LLP
 
Chartered Accountants
  
7 The Close
Norwich
Norfolk
NR1 4DJ
11 October 2023
Page 1

 
READS RUGS LTD
REGISTERED NUMBER: 13309967

BALANCE SHEET
AS AT 30 APRIL 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
-
43,783

Tangible assets
 5 
-
205

  
-
43,988

Current assets
  

Stocks
  
-
300

Debtors: amounts falling due within one year
 6 
1,372
1,471

Cash at bank and in hand
  
421
6,498

  
1,793
8,269

Creditors: amounts falling due within one year
 7 
(73,163)
(70,455)

Net current liabilities
  
 
 
(71,370)
 
 
(62,186)

Total assets less current liabilities
  
(71,370)
(18,198)

  

Net liabilities
  
(71,370)
(18,198)


Capital and reserves
  

Called up share capital 
 8 
75
75

Profit and loss account
  
(71,445)
(18,273)

  
(71,370)
(18,198)


Page 2

 
READS RUGS LTD
REGISTERED NUMBER: 13309967
    
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 11 October 2023.




................................................
Mr A Read
Director

The notes on pages 4 to 8 form part of these financial statements.

Page 3

 
READS RUGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

1.


General information

The company is a private United Kingdom company limited by shares. It is both incorporated and domiciled in England and Wales. The address of its registered office is 7 The Close, Norwich, Norfolk, NR1 4DJ. The trading address is based in Watton.
The company's principle activity is that of the sale of rugs. The company ceased to trade on 30 April 2023.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The company ceased to trade on 30 April 2023.

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 4

 
READS RUGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.4

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Office equipment
-
25%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. 
At each balance sheet date, stocks are assessed for impairment. If stock is 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

 
2.7

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other considderation expected to be paid or received.

Page 5

 
READS RUGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Directors
3
3


4.


Intangible assets




Website

£





At 1 May 2022
48,648


Disposals
(48,648)



At 30 April 2023

-





At 1 May 2022
4,865


On disposals
(4,865)



At 30 April 2023

-



Net book value



At 30 April 2023
-



At 30 April 2022
43,783



Page 6

 
READS RUGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

5.


Tangible fixed assets





Office equipment

£





At 1 May 2022
274


Disposals
(274)



At 30 April 2023

-





At 1 May 2022
69


Disposals
(69)



At 30 April 2023

-



Net book value



At 30 April 2023
-



At 30 April 2022
205

Page 7

 
READS RUGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

6.


Debtors

2023
2022
£
£


Other debtors
1,372
1,471

1,372
1,471



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
196
1,188

Other creditors
71,517
68,017

Accruals and deferred income
1,450
1,250

73,163
70,455



8.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



25 (2022 - 25) A ordinary shares shares of £1.00 each
25
25
25 (2022 - 25) B ordinary shares shares of £1.00 each
25
25
25 (2022 - 25) C ordinary shares shares of £1.00 each
25
25

75

75



9.


Related party transactions

As at 30 April 2023 the company owed  a partnership in which all directors and shareholders are partners £71,517 (2022: £68,017). The loan is interest free and repayable on demand.

 
Page 8