E & M Carpets & Furniture Limited 4564771 false 2022-11-01 2023-10-31 2023-10-31 The principal activity of the company is that of carpet and furniture retailers Digita Accounts Production Advanced 6.30.9574.0 true 4564771 2022-11-01 2023-10-31 4564771 2023-10-31 4564771 bus:OrdinaryShareClass1 2023-10-31 4564771 core:CapitalRedemptionReserve 2023-10-31 4564771 core:RetainedEarningsAccumulatedLosses 2023-10-31 4564771 core:ShareCapital 2023-10-31 4564771 core:CurrentFinancialInstruments 2023-10-31 4564771 core:CurrentFinancialInstruments core:WithinOneYear 2023-10-31 4564771 core:Goodwill 2023-10-31 4564771 core:FurnitureFittingsToolsEquipment 2023-10-31 4564771 core:MotorVehicles 2023-10-31 4564771 bus:SmallEntities 2022-11-01 2023-10-31 4564771 bus:AuditExemptWithAccountantsReport 2022-11-01 2023-10-31 4564771 bus:FullAccounts 2022-11-01 2023-10-31 4564771 bus:SmallCompaniesRegimeForAccounts 2022-11-01 2023-10-31 4564771 bus:RegisteredOffice 2022-11-01 2023-10-31 4564771 bus:Director1 2022-11-01 2023-10-31 4564771 bus:OrdinaryShareClass1 2022-11-01 2023-10-31 4564771 bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 4564771 core:Goodwill 2022-11-01 2023-10-31 4564771 core:FurnitureFittingsToolsEquipment 2022-11-01 2023-10-31 4564771 core:MotorVehicles 2022-11-01 2023-10-31 4564771 core:Vehicles 2022-11-01 2023-10-31 4564771 countries:England 2022-11-01 2023-10-31 4564771 2022-10-31 4564771 core:Goodwill 2022-10-31 4564771 core:FurnitureFittingsToolsEquipment 2022-10-31 4564771 core:MotorVehicles 2022-10-31 4564771 2021-11-01 2022-10-31 4564771 2022-10-31 4564771 bus:OrdinaryShareClass1 2022-10-31 4564771 core:CapitalRedemptionReserve 2022-10-31 4564771 core:RetainedEarningsAccumulatedLosses 2022-10-31 4564771 core:ShareCapital 2022-10-31 4564771 core:CurrentFinancialInstruments 2022-10-31 4564771 core:CurrentFinancialInstruments core:WithinOneYear 2022-10-31 4564771 core:Goodwill 2022-10-31 4564771 core:FurnitureFittingsToolsEquipment 2022-10-31 4564771 core:MotorVehicles 2022-10-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 4564771

E & M Carpets & Furniture Limited

Filleted Unaudited Financial Statements

for the Year Ended 31 October 2023

 

E & M Carpets & Furniture Limited

(Registration number: 4564771)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

65,294

58,971

Current assets

 

Stocks

136,107

143,608

Debtors

6

17,148

22,821

Cash at bank and in hand

 

206,492

243,214

 

359,747

409,643

Creditors: Amounts falling due within one year

7

(166,539)

(190,682)

Net current assets

 

193,208

218,961

Total assets less current liabilities

 

258,502

277,932

Provisions for liabilities

(16,324)

(11,204)

Net assets

 

242,178

266,728

Capital and reserves

 

Called up share capital

8

28

28

Capital redemption reserve

72

72

Retained earnings

242,078

266,628

Shareholders' funds

 

242,178

266,728

 

E & M Carpets & Furniture Limited

(Registration number: 4564771)
Balance Sheet as at 31 October 2023

For the financial year ending 31 October 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 28 March 2024 and signed on its behalf by:
 


Mr M E Ramm
Director

   
 

E & M Carpets & Furniture Limited

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

1

General information

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

The address of its registered office is:
Station Road
Kirton Lindsey
Gainsborough
Lincolnshire
DN21 4JR

Registration number: 4564771

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 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 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.

 

E & M Carpets & Furniture Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 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, over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

15% per annum on written down value

Motor vehicles

25% per annum on written down value

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life.

At the transition to FRS 102 date there was less than 10 years remaining and so goodwill continues to be amortised at the same rate as follows:

Asset class

Amortisation method and rate

Goodwill

over 20 years

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.

 

E & M Carpets & Furniture Limited

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

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 at the transaction price, 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.

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.

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 at the transaction price.

Borrowings

Interest-bearing borrowings are recorded at fair value, net of transaction costs.

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.

 

E & M Carpets & Furniture Limited

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

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 9 (2022 - 8).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 November 2022

311,235

311,235

At 31 October 2023

311,235

311,235

Amortisation

At 1 November 2022

311,235

311,235

At 31 October 2023

311,235

311,235

Carrying amount

At 31 October 2023

-

-

At 31 October 2022

-

-

 

E & M Carpets & Furniture Limited

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

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2022

89,485

74,089

163,574

Additions

2,753

21,500

24,253

Disposals

-

(19,663)

(19,663)

At 31 October 2023

92,238

75,926

168,164

Depreciation

At 1 November 2022

65,123

39,480

104,603

Charge for the year

3,668

11,339

15,007

Eliminated on disposal

-

(16,740)

(16,740)

At 31 October 2023

68,791

34,079

102,870

Carrying amount

At 31 October 2023

23,447

41,847

65,294

At 31 October 2022

24,362

34,609

58,971

6

Debtors

2023
£

2022
£

Trade debtors

13,616

18,044

Other debtors

3,532

4,777

17,148

22,821

7

Creditors

2023
£

2022
£

Due within one year

Trade creditors

124,190

140,961

Social security and other taxes

28,395

41,514

Other creditors

13,954

8,207

166,539

190,682

 

E & M Carpets & Furniture Limited

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

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

28

28

28

28