Tim Page Carpets Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04656089

Unaudited Financial Statements

for the Year Ended 31 December 2018

for

Tim Page Carpets Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

T.P. Page

M.J. Gomez

C.M. Hamer

P J Page

SECRETARY:

M.J. Gomez

REGISTERED OFFICE:

410 The Chambers

Chelsea Harbour Design Centre

London

SX10 0XE

REGISTERED NUMBER:

04656089

ACCOUNTANTS:

PB Associates

Chartered Accountants and Chartered Tax Advisers

2 Castle Business Village

Station Road

Hampton

Middlesex

TW12 2BX

FIXED ASSETS

Tangible assets

3

250,042

212,725

CURRENT ASSETS

Stocks

179,348

234,448

Debtors

4

493,539

544,840

Cash at bank

937,166

646,410

1,610,053

1,425,698

CREDITORS

Amounts falling due within one year

5

1,367,517

1,229,661

NET CURRENT ASSETS

242,536

196,037

TOTAL ASSETS LESS CURRENT LIABILITIES

492,578

408,762

CAPITAL AND RESERVES

Called up share capital

6

100

100

Retained earnings

7

492,478

408,662

SHAREHOLDERS' FUNDS

492,578

408,762

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The 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.

The financial statements were approved by the Board of Directors on 23 September 2019 and were signed on its behalf by:

M.J. Gomez - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

20% on cost

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance

for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in

bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws

that have been enacted or substantively enacted by the year end and 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

2.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2017 - 14 ) .

3.	TANGIBLE FIXED ASSETS

Short

Plant and

Motor

leasehold

machinery

vehicles

Totals

£

£

£

£

COST

At 1 January 2018

166,721

274,002

-

440,723

Additions

-

47,632

60,397

108,029

Disposals

-

(69,132

)

-

(69,132

)

At 31 December 2018

166,721

252,502

60,397

479,620

DEPRECIATION

At 1 January 2018

16,457

211,541

-

227,998

Charge for year

16,672

21,108

7,966

45,746

Eliminated on disposal

-

(44,166

)

-

(44,166

)

At 31 December 2018

33,129

188,483

7,966

229,578

NET BOOK VALUE

At 31 December 2018

133,592

64,019

52,431

250,042

At 31 December 2017

150,264

62,461

-

212,725

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Trade debtors

259,656

281,549

Inter Company Receivable

-

15,387

Amounts owed by group undertakings

176,560

155,823

Other debtors

10,140

10,140

Directors' current accounts

6,260

39,881

Prepayments

40,923

42,060

493,539

544,840

Interest has been charged at the rate of 2.5% per annum on directors loans which was repaid in the following

year.

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Trade creditors

283,268

289,944

Inter Company Payable

35,750

35,750

Corporation tax

97,000

45,000

Social security and other taxes

32,929

30,325

VAT

154,772

146,602

Other creditors

681,998

638,740

Accrued expenses

81,800

43,300

1,367,517

1,229,661

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.18

31.12.17

value:

£

£

100

Ordinary

£1

100

100

7.

RESERVES

Retained

earnings

£

At 1 January 2018

408,662

Profit for the year

412,943

Dividends

(329,127

)

At 31 December 2018

492,478

8.	RELATED PARTY DISCLOSURES

At the balance sheet date, the company was owed £161,173 (2017: £155,823 ) by group undertakings.

9.	ULTIMATE CONTROLLING PARTY

Turnell & Gigon Limited is the ultimate controlling party.