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Logo On Report
Registered Number: 11202406


 

 

 

MIKE CHAPMAN CARPETS LIMITED



Abridged Accounts
 


Period of accounts

Start date: 01 March 2024

End date: 28 February 2025
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of Mike Chapman Carpets Limited for the year ended 28 February 2025.
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Mike Chapman Carpets Limited for the year ended 28 February 2025 which comprise of the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity 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, we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/members/regulations-standards-and-guidance.
This report is made solely to the Board of Directors of Mike Chapman Carpets Limited , as a body, in accordance with the terms of our engagement letter dated 26 June 2025. Our work has been undertaken solely to prepare for your approval the accounts of Mike Chapman Carpets Limited and state those matters that we have agreed to state to the Board of Directors of Mike Chapman Carpets Limited , as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Mike Chapman Carpets Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Mike Chapman Carpets Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Mike Chapman Carpets Limited . You consider that Mike Chapman Carpets Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Mike Chapman Carpets Limited . 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 accounts
28 February 2025.



....................................................
Kendall Accountancy Services Limited
2 Exeter Street
Cottingham
Hull
East Yorkshire
HU16 4LU
26 June 2025
1
 
 
Notes
 
2025
£
  2024
£
Fixed assets      
Intangible fixed assets 3   1 
Tangible fixed assets 4 15,817    2,661 
15,817    2,662 
Current assets      
Debtors 615    870 
Cash at bank and in hand 6,912    3,367 
7,527    4,237 
Creditors: amount falling due within one year (20,426)   (6,324)
Net current assets (12,899)   (2,087)
 
Total assets less current liabilities 2,918    575 
Creditors: amount falling due after more than one year (12,254)   (4,669)
Net assets (9,336)   (4,094)
 

Capital and reserves
     
Called up share capital 5 100    100 
Profit and loss account (9,436)   (4,194)
Shareholders' funds (9,336)   (4,094)
 


For the year ended 28 February 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. 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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 26 June 2025 and were signed on its behalf by:


-------------------------------
Michael Chapman
Director
2
General Information
Mike Chapman Carpets Limited is a private company, limited by shares, registered in , registration number 11202406, registration address 2 Exeter Street, New Village Road, Cottingham, HU16 4LU.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the income statement on a straight line basis.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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.
Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Goodwill
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the goodwill of 5 years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 25% Straight Line
Motor Vehicles 20% Reducing Balance
Fixtures and Fittings 10% Straight Line
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets and depreciated over the shorter of the lease term and their estimated expected useful lives.
Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 3 (2024 : 3).
3.

Intangible fixed assets

Cost Goodwill   Total
  £   £
At 01 March 2024 10,552    10,552 
Additions  
Disposals  
At 28 February 2025 10,552    10,552 
Amortisation
At 01 March 2024 10,552    10,552 
Charge for year  
On disposals  
At 28 February 2025 10,552    10,552 
Net book values
At 28 February 2025  
At 29 February 2024  


4.

Tangible fixed assets

Cost or valuation Plant and Machinery   Motor Vehicles   Fixtures and Fittings   Total
  £   £   £   £
At 01 March 2024 3,375    4,700    1,019    9,094 
Additions   13,782      13,782 
Disposals      
At 28 February 2025 3,375    18,482    1,019    22,876 
Depreciation
At 01 March 2024 3,317    2,334    782    6,433 
Charge for year   626      626 
On disposals      
At 28 February 2025 3,317    2,960    782    7,059 
Net book values
Closing balance as at 28 February 2025 58    15,522    237    15,817 
Opening balance as at 01 March 2024 58    2,366    237    2,661 


5.

Share Capital

Allotted, called up and fully paid
2025
£
  2024
£
100 Class A shares of £1.00 each 100    100 
100    100 

3