Manchester Carpet Tile Centre Limited - Period Ending 2021-06-30

Manchester Carpet Tile Centre Limited

Contents

Statement of Financial Position	1 to 2
Notes to the Unaudited Financial Statements	3 to 6

Manchester Carpet Tile Centre Limited

(Registration number: 01279035)
Statement of Financial Position as at 30 June 2021

	Note	2021 £	2020 £
Fixed assets
Tangible assets	4	1,576	5,317
Current assets
Stocks	5	240,467	311,902
Debtors	6	98,920	139,837
Cash at bank and in hand		218,556	159,599
		557,943	611,338
Creditors: Amounts falling due within one year	7	(34,909)	(120,588)
Net current assets		523,034	490,750
Total assets less current liabilities		524,610	496,067
Provisions for liabilities		(299)	(1,010)
Net assets		524,311	495,057
Capital and reserves
Called up share capital		1,000	1,000
Profit and loss account		523,311	494,057
Shareholders funds'		524,311	495,057

Manchester Carpet Tile Centre Limited

(Registration number: 01279035)
Statement of Financial Position as at 30 June 2021

For the financial year ending 30 June 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.

Approved and authorised by the Board on 6 August 2021 and signed on its behalf by:
 

.........................................

Mr D Scowcroft
Director

.........................................

Mrs S N Scowcroft
Director

Manchester Carpet Tile Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2021

1	General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Unit 16
Langworthy Enterprise Park
Kansas Avenue
Salford
M50 2GL

These financial statements were authorised for issue by the Board on 6 August 2021.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

The financial statements for the year ended 30 June 2021 comply with FRS 102 Section 1A for small entities.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

Due to the current unprecedented market and economic conditions in the U.K. and internationally, the expected impact of the COVID-19 pandemic on the company’s operations cannot be reasonably estimated. Revenue may fall as customers are hit by the pandemic, but expenses, will, likely, decrease as a result which will help to mitigate the impact on profits and the company has sufficient reserves in place to cover any deficit for at least 12 months from the date of approval of these financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Government grants

Government grants receivable are released to the profit and loss account on the accruals basis.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Manchester Carpet Tile Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2021

Asset class	Depreciation method and rate
Motor vehicles	20% straight line
Fixtures and fittings	15% straight line
Office equipment	15% straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2020 - 5).

Manchester Carpet Tile Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2021

4	Tangible assets

	Fixtures and fittings £	Office equipment £	Motor vehicles  £	Total £
Cost or valuation
At 1 July 2020	39,872	23,920	14,600	78,392
At 30 June 2021	39,872	23,920	14,600	78,392
Depreciation
At 1 July 2020	37,711	23,920	11,444	73,075
Charge for the year	821	-	2,920	3,741
At 30 June 2021	38,532	23,920	14,364	76,816
Carrying amount
At 30 June 2021	1,340	-	236	1,576
At 30 June 2020	2,161	-	3,156	5,317

5

Stocks

	2021 £	2020 £
Other inventories	240,467	311,902

6

Debtors

	2021 £	2020 £
Trade debtors	89,707	113,079
Other debtors	9,213	26,758
	98,920	139,837

Manchester Carpet Tile Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2021

7

Creditors

Creditors: amounts falling due within one year

	2021 £	2020 £
Due within one year
Trade creditors	20,861	26,342
Taxation and social security	9,398	15,648
Other creditors	4,650	78,598
	34,909	120,588