Charles Flooring Limited 30/06/2018 iXBRL


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Company registration number: 04476763
Charles Flooring Limited
Unaudited filleted financial statements
for the year ended
30 June 2018
Prepared by:
THOMAS NOCK MARTIN LIMITED
CHARTERED ACCOUNTANTS
BRIERLEY HILL
Charles Flooring Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the Financial statements
Charles Flooring Limited
Directors and other information
Director Andrew Thomas Charles
Secretary Karen Ann Charles
Company number 04476763
Registered office 5 Hagley Court South
The Waterfront
Brierley Hill
West Midlands
DY5 1XE
Business address 2 Barrs Road
Cradley Heath
West Midlands
B64 7HB
Accountants Thomas Nock Martin Limited
5 Hagley Court South
The Waterfront
Brierley Hill
West Midlands
DY5 1XE
Bankers Lloyds Bank plc
13 High Street
Cradley Heath
West Midlands
B64 5HP
Charles Flooring Limited
Chartered accountants report to the director on the preparation of the
unaudited statutory Financial statements of Charles Flooring Limited
Year ended 30 June 2018
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the Financial statements of Charles Flooring Limited for the year ended 30 June 2018 which comprise the statement of financial position and 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 http://www.icaew.com/en/members/ regulations-standards-and-guidance/.
This report is made solely to the director of Charles Flooring Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the Financial statements of Charles Flooring Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with the ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Charles Flooring Limited and its director as a body for our work or for this report.
It is your duty to ensure that Charles Flooring Limited 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 profit of Charles Flooring Limited. You consider that Charles Flooring 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 Financial statements of Charles Flooring 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 Financial statements.
Thomas Nock Martin Limited
Chartered Accounts
5 Hagley Court South
The Waterfront
Brierley Hill
West Midlands
DY5 1XE
12 March 2019
Charles Flooring Limited
Statement of financial position
30 June 2018
2018 2017
Note £ £ £ £
Fixed assets
Tangible assets 5 9,061 12,082
_______ _______
9,061 12,082
Current assets
Debtors 6 8,093 27,412
Cash at bank and in hand 149,797 100,895
_______ _______
157,890 128,307
Creditors: amounts falling due
within one year 7 ( 31,024) ( 28,482)
_______ _______
Net current assets 126,866 99,825
_______ _______
Total assets less current liabilities 135,927 111,907
Provisions for liabilities ( 1,725) ( 2,295)
_______ _______
Net assets 134,202 109,612
_______ _______
Capital and reserves
Called up share capital 8 100 100
Profit and loss account 134,102 109,512
_______ _______
Shareholders funds 134,202 109,612
_______ _______
For the year ending 30 June 2018 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 Financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of Financial statements.
These 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 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 Statement of income and retained earnings has not been delivered.
These Financial statements were approved by the board of directors and authorised for issue on 12 March 2019 , and are signed on behalf of the board by:
Andrew Thomas Charles
Director
Company registration number: 04476763
Charles Flooring Limited
Notes to the financial statements
Year ended 30 June 2018
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 5 Hagley Court South, The Waterfront, Brierley Hill, West Midlands, DY5 1XE.
2. Statement of compliance
These Financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The 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 Financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover represents the supply and installation of carpets and flooring, excluding value added tax, during the year.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and 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:
Plant and machinery - 25 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like other debtors and creditors, loans from banks, loans from related parties.Financial assets that are measured at cost and amortised cost are assessed at the end of eachreporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Staff costs
The average number of persons employed by the company during the year amounted to 3 (2017: 2 ).
5. Tangible assets
Plant and machinery Motor vehicles Total
£ £ £
Cost
At 1 July 2017 and 30 June 2018 6,373 15,700 22,073
_______ _______ _______
Depreciation
At 1 July 2017 6,066 3,925 9,991
Charge for the year 77 2,944 3,021
_______ _______ _______
At 30 June 2018 6,143 6,869 13,012
_______ _______ _______
Carrying amount
At 30 June 2018 230 8,831 9,061
_______ _______ _______
At 30 June 2017 307 11,775 12,082
_______ _______ _______
6. Debtors
2018 2017
£ £
Trade debtors 6,407 25,501
Other debtors 1,686 1,911
_______ _______
8,093 27,412
_______ _______
7. Creditors: amounts falling due within one year
2018 2017
£ £
Trade creditors 10,484 16,522
Corporation tax 12,275 3,500
Social security and other taxes 5,965 5,541
Other creditors 2,300 2,919
_______ _______
31,024 28,482
_______ _______
8. Share capital
Issued and called up
2018 2017
No £ No £
"A" Ordinary shares of £ 1.00 each 80 80 80 80
"B" Ordinary shares of £ 1.00 each 20 20 20 20
_______ _______ _______ _______
100 100 100 100
_______ _______ _______ _______
Issued and fully paid
2018 2017
No £ No £
"A" Ordinary shares of £ 1.00 each 80 80 80 80
_______ _______ _______ _______
Issued and unpaid
2018 2017
No £ No £
"B" Ordinary shares of £ 1.00 each - £ - paid 20 - 20 -
_______ _______ _______ _______
9. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2018
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Andrew Thomas Charles 410 17,327 ( 17,432) 305
_______ _______ _______ _______
2017
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Andrew Thomas Charles ( 166) 18,560 ( 17,984) 410
_______ _______ _______ _______