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2023-04-01
Sage Accounts Production Advanced 2023 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
06650013
2023-04-01
2024-03-31
06650013
2024-03-31
06650013
2023-03-31
06650013
2022-04-01
2023-03-31
06650013
2023-03-31
06650013
2022-03-31
06650013
core:FurnitureFittings
2023-04-01
2024-03-31
06650013
bus:LeadAgentIfApplicable
2023-04-01
2024-03-31
06650013
bus:Director1
2023-04-01
2024-03-31
06650013
core:WithinOneYear
2024-03-31
06650013
core:WithinOneYear
2023-03-31
06650013
core:AfterOneYear
2024-03-31
06650013
core:AfterOneYear
2023-03-31
06650013
core:ShareCapital
2024-03-31
06650013
core:ShareCapital
2023-03-31
06650013
core:RetainedEarningsAccumulatedLosses
2024-03-31
06650013
core:RetainedEarningsAccumulatedLosses
2023-03-31
06650013
bus:SmallEntities
2023-04-01
2024-03-31
06650013
bus:AuditExemptWithAccountantsReport
2023-04-01
2024-03-31
06650013
bus:SmallCompaniesRegimeForAccounts
2023-04-01
2024-03-31
06650013
bus:PrivateLimitedCompanyLtd
2023-04-01
2024-03-31
06650013
bus:AbridgedAccounts
2023-04-01
2024-03-31
06650013
core:ComputerEquipment
2023-04-01
2024-03-31
STATEMENT OF CONSENT TO PREPARE ABRIDGED FINANCIAL STATEMENTS |
|
All of the members of Carpet Ideas Limited have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 March 2024 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER:
06650013
FILLETED UNAUDITED ABRIDGED FINANCIAL STATEMENTS |
|
REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY ABRIDGED FINANCIAL STATEMENTS OF
CARPET IDEAS LIMITED |
|
YEAR ENDED 31 MARCH 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of Carpet Ideas Limited for the year ended 31 March 2024, which comprise the abridged statement of financial position 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf.
LANGARD LIFFORD HALL LIMITED
Accountants and Registered Auditors
Lifford Hall
Lifford Lane
Kings Norton
Birmingham
B30 3JN
28 August 2024
ABRIDGED STATEMENT OF FINANCIAL POSITION |
|
31 March 2024
Fixed assets
Tangible assets |
5 |
|
1,579 |
|
1,926 |
|
|
|
|
|
|
Current assets
Stocks |
49,790 |
|
46,356 |
|
Debtors |
29,691 |
|
29,781 |
|
Investments |
6 |
94,393 |
|
30,372 |
|
Cash at bank and in hand |
57 |
|
24,065 |
|
|
------------ |
|
------------ |
|
|
173,931 |
|
130,574 |
|
|
|
|
|
|
|
Creditors: amounts falling due within one year |
100,547 |
|
91,400 |
|
|
------------ |
|
------------ |
|
Net current assets |
|
73,384 |
|
39,174 |
|
|
------------ |
|
------------ |
Total assets less current liabilities |
|
74,963 |
|
41,100 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
|
3,806 |
|
7,067 |
|
|
------------ |
|
------------ |
Net assets |
|
71,157 |
|
34,033 |
|
|
------------ |
|
------------ |
|
|
|
|
|
Capital and reserves
Called up share capital |
|
100 |
|
100 |
Profit and loss account |
|
71,057 |
|
33,933 |
|
|
------------ |
|
------------ |
Shareholders funds |
|
71,157 |
|
34,033 |
|
|
------------ |
|
------------ |
|
|
|
|
|
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
ABRIDGED STATEMENT OF FINANCIAL POSITION (continued) |
|
31 March 2024
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476
;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements
.
These abridged financial statements were approved by the
board of directors
and authorised for issue on
28 August 2024
, and are signed on behalf of the board by:
Company registration number:
06650013
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS |
|
YEAR ENDED 31 MARCH 2024
1.
General Information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 7, Wharf Street, Warwick, Warwickshire, CV34 5LD.
2.
Statement of Compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting Policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Operating leases
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Fixtures and fittings |
- |
18% reducing balance |
|
Equipment |
- |
18% reducing balance |
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4.
Employee Numbers
The average number of persons employed by the company during the year amounted to
1
(2023:
1
).
5.
Tangible Assets
|
£ |
Cost |
|
At 1 April 2023 and 31 March 2024 |
4,129 |
|
------------ |
Depreciation |
|
At 1 April 2023 |
2,203 |
Charge for the year |
347 |
|
------------ |
At 31 March 2024 |
2,550 |
|
------------ |
Carrying amount |
|
At 31 March 2024 |
1,579 |
|
------------ |
At 31 March 2023 |
1,926 |
|
------------ |
|
|
6.
Investments
|
2024 |
2023 |
|
£ |
£ |
Other investments |
94,393 |
30,372 |
|
------------ |
------------ |
|
|
|
7.
Director's Advances, Credits and Guarantees
Amounts owed to the director at the year end are included in creditors and amounted to £34,225 (2023: £53,452).