Right Price Carpets (UK) limited,Ltd - Accounts

Right Price Carpets (UK) limited,Ltd - Accounts

RIGHT PRICE CARPETS (UK) LIMITED - Company Information

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2015-09-01 true false Private Limited Company 05922506 2016-08-31 05922506 2015-09-01 2016-08-31 05922506 2015-08-31 05922506 2014-09-01 2015-08-31 05922506 uk-bus:Director1 2015-09-01 2016-08-31 05922506 uk-gaap:PlantMachinery 2015-09-01 2016-08-31 05922506 uk-gaap:CommercialMotorVehicles 2015-09-01 2016-08-31 05922506 uk-gaap:AfterOneYear 2015-08-31 05922506 uk-bus:OrdinaryShareClass1 2016-08-31 iso4217:GBP
Right Price Carpets (UK) limited
For the year ended 31 August 2016
Unaudited Abbreviated Report and Financial Statements
England and Wales
Registered Number: 05922506
2
Contents Page
Right Price Carpets (UK) limited
For the year ended 31 August 2016
1
Accountants' Report
2
Balance Sheet
3 to 4
Notes to the Abbreviated Financial Statements
3
Right Price Carpets (UK) limited
Accountants' Report
For the year ended 31 August 2016
As described on the balance sheet you are responsible for the preparation of the financial statements for the year
ended 31 August 2016 and you consider that the company is exempt from an audit under the Companies Act 2006.
In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you
to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.
PM Cook & Co
2 Hunters Buildings
Bowesfield Lane
Stockton
TS18 3QZ
23 February 2017
Dated:
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4
Abbreviated Balance Sheet
Right Price Carpets (UK) limited
As at 31 August 2016
05922506
Registered Number :
£
£
2016
Notes
2015
Fixed assets
Tangible assets
2
12,363
15,055
12,363
15,055
Current assets
Stocks
8,500
8,500
Debtors
24,239
17,613
Cash at bank and in hand
8,170
11,278
34,283
44,017
Creditors: amounts falling due within one year
(33,272)
(29,106)
10,745
5,177
Net current assets
Total assets less current liabilities
17,540
25,800
Creditors: amounts falling due after more than one year
3
(17,910)
(15,791)
1,749
Net assets
7,890
Capital and reserves
Called up share capital
100
4
100
Profit and loss account
1,649
7,790
1,749
7,890
Shareholders funds
For the year ended 31 August 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director 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 director acknowledges his 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.
Date approved by the board: 23 February 2017
MR A PRIOR Director
Signed on behalf of the board of directors
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5
Notes to the Abbreviated Financial Statements
Right Price Carpets (UK) limited
For the year ended 31 August 2016
1 Accounting Policies
Basis of accounting
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
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 profit and loss account on a method giving a constant rate of return on the balance outstanding.
Dividends
Proposed dividends are only included as liabilities in the financial statements when their payment has been approved
by the shareholders prior to the balance sheet date.
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% Reducing balance
Motor Vehicles
25% Reducing balance
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.
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
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Notes to the Abbreviated Financial Statements
Right Price Carpets (UK) limited
For the year ended 31 August 2016
2 Tangible fixed assets
Tangible fixed
assets
Cost or valuation
£
42,109
At 01 September 2015
320
Additions
At 31 August 2016
42,429
Depreciation
27,054
At 01 September 2015
3,012
Charge for year
30,066
At 31 August 2016
Net book values
At 31 August 2016
12,363
15,055
At 31 August 2015
2015
2016
3 Creditors due after more than one year
£
£
15,791
17,500
Bank loans and overdraft
4 Share capital
Allotted called up and fully paid
2016
2015
£
£
100 Class A shares of £1.00 each
100
100
100
100
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