Manchester Carpet Tile Centre Limited - Period Ending 2016-12-31

Registration number: 01279035

Manchester Carpet Tile Centre Limited

Unaudited Abbreviated Accounts

for the Year Ended 30 June 2016
 

Beever and Struthers
Chartered Accountants
St George's House
215-219 Chester Road
Manchester
Lancashire
M15 4JE

Manchester Carpet Tile Centre Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

Manchester Carpet Tile Centre Limited
(Registration number: 01279035)
Abbreviated Balance Sheet at 30 June 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets					4,686			9,035
Current assets
Stocks					302,194			251,116
Debtors					321,585			158,072
Cash at bank and in hand					154,722			290,251
					778,501			699,439
Creditors: Amounts falling due within one year					(188,941)			(142,374)
Net current assets					589,560			557,065
Total assets less current liabilities					594,246			566,100
Provisions for liabilities					(938)			(1,638)
Net assets					593,308			564,462
Capital and reserves
Called up share capital		3			1,000			1,000
Profit and loss account					592,308			563,462
Shareholders' funds					593,308			564,462

For the year ending 30 June 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 12 September 2016 and signed on its behalf by:

......................................... Mr D Scowcroft Director

......................................... Mrs S N Scowcroft Director

The notes on pages 2 to 3 form an integral part of these financial statements.
  Page 1

Manchester Carpet Tile Centre Limited
Notes to the Abbreviated Accounts for the Year Ended 30 June 2016
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Turnover

The turnover included in the profit and loss account represents amounts due from the supply and fitting of carpet tiles, excluding Value Added Tax.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

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

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Foreign currency

Assets and liabilities in foreign currencies are translated into sterling at the rate of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

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Manchester Carpet Tile Centre Limited
Notes to the Abbreviated Accounts for the Year Ended 30 June 2016
......... continued

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 July 2015		77,964			77,964
At 30 June 2016		77,964			77,964
Depreciation
At 1 July 2015		68,929			68,929
Charge for the year		4,349			4,349
At 30 June 2016		73,278			73,278
Net book value
At 30 June 2016		4,686			4,686
At 30 June 2015		9,035			9,035

3	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary shares of £1 each		1,000			1,000			1,000			1,000

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