Tyne Carpets & Flooring Limited
Registered number: 04045129
Statement of Financial Position
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 1,986 2,648
Financial assets 117,275 96,479
119,261 99,127
Current assets
Stocks 51,385 32,512
Debtors 5 292,554 266,657
Cash at bank and in hand 205,198 261,702
549,137 560,871
Creditors: amounts falling due within one year 6 (435,961) (354,188)
Net current assets 113,176 206,683
Total assets less current liabilities 232,437 305,810
Creditors: amounts falling due after more than one year 7 (14,807) (24,947)
Provisions for liabilities (477) (503)
Net assets 217,153 280,360
Capital and reserves
Called up share capital 102 102
Profit and loss account 217,051 280,258
Shareholders' funds 217,153 280,360
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 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.
J F Smith
Director
Approved by the board on 27 August 2024
Tyne Carpets & Flooring Limited
Notes to the Accounts
for the year ended 31 January 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 Section 1a small entities, the financial reporting standard applicable in the UK and the Republic of Ireland.
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.
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 25% reducing balance
Investments
Listed investments are measured at fair value. Changes in fair value/Impairment losses are included in the profit and loss account.
Inventories
Inventories 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, 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. 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
The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2 Exceptional items 2024 2023
£ £
Value adjustments on fixed assets and current asset investments (8,796) 3,039
(8,796) 3,039
3 Employees and directors 2024 2023
Number Number
Average number of directors and persons employed by the company 10 10
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 February 2023 16,449
At 31 January 2024 16,449
Depreciation
At 1 February 2023 13,801
Charge for the year 662
At 31 January 2024 14,463
Net book value
At 31 January 2024 1,986
At 31 January 2023 2,648
5 Debtors 2024 2023
£ £
Trade debtors 271,427 253,916
Prepayments 3,957 6,741
Accrued income 10,000 6,000
Other debtors 7,170 -
292,554 266,657
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,140 9,894
Trade creditors 137,610 109,377
Accruals 150,737 123,237
Corporation tax 62,135 41,480
Other taxes and social security costs 37,050 20,383
Other creditors 38,289 49,817
435,961 354,188
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 14,807 24,947
8 Other information
Tyne Carpets & Flooring Limited is a private company limited by shares and incorporated in England. Its registered office is:
269 Farnborough Road
Farnborough
Hampshire
GU14 7LY
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