House Of Carpets (Uxbridge) Limited - Period Ending 2017-02-28
House Of Carpets (Uxbridge) Limited - Period Ending 2017-02-28
Registration number:
for the Year Ended
131 High Street
Chalfont St Peter
Buckinghamshire
SL9 9QJ
House Of Carpets (Uxbridge) Limited
Contents
Company Information |
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Director's Report |
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Accountants' Report |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
House Of Carpets (Uxbridge) Limited
Company Information
Directors |
Mr Geoff Marfell |
Company secretary |
Mrs Glenise Marfell |
Registered office |
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Accountants |
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House Of Carpets (Uxbridge) Limited
Director's Report for the Year Ended 28 February 2017
The Director presents his report and the financial statements for the year ended 28 February 2017.
Directors of the Company
The director who held office during the year was as follows:
Principal activity
The principal activity of the company is selling and fitting carpets.
Small companies provision statement
This report has 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.
Approved by the Board on
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Mr Geoff Marfell
Director
Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
House Of Carpets (Uxbridge) Limited
for the Year Ended 28 February 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of House Of Carpets (Uxbridge) Limited for the year ended 28 February 2017 as set out on pages 4 to 11 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 (ICAEW), 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 Board of Directors of House Of Carpets (Uxbridge) 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 accounts of House Of Carpets (Uxbridge) Limited and state those matters that we have agreed to state to the Board of Directors of House Of Carpets (Uxbridge) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than House Of Carpets (Uxbridge) Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that House Of Carpets (Uxbridge) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of House Of Carpets (Uxbridge) Limited. You consider that House Of Carpets (Uxbridge) 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 accounts of House Of Carpets (Uxbridge) 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 accounts.
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Chalfont St Peter
Buckinghamshire
SL9 9QJ
House Of Carpets (Uxbridge) Limited
Statement of Comprehensive Income for the Year Ended 28 February 2017
Note |
2017 |
2016 |
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Profit for the year |
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Total comprehensive income for the year |
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House Of Carpets (Uxbridge) Limited
(Registration number: 04672415)
Balance Sheet as at 28 February 2017
Note |
2017 |
2016 |
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Fixed assets |
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Goodwill |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 28 February 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his 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.
Approved and authorised by the
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Mr Geoff Marfell
Director
House Of Carpets (Uxbridge) Limited
Statement of Changes in Equity for the Year Ended 28 February 2017
Share capital |
Profit and loss account |
Total |
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At 1 March 2016 |
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Profit for the year |
- |
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Total comprehensive income |
- |
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Dividends |
- |
( |
( |
At 28 February 2017 |
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Share capital |
Profit and loss account |
Total |
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At 1 March 2015 |
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Profit for the year |
- |
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Total comprehensive income |
- |
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Dividends |
- |
( |
( |
At 29 February 2016 |
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House Of Carpets (Uxbridge) Limited
Notes to the Financial Statements for the Year Ended 28 February 2017
General information |
The company is a private company limited by share capital incorporated in England.
The address of its registered office is:
UK
These financial statements were authorised for issue by the
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
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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.
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 and after eliminating sales within the company.
The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
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.
House Of Carpets (Uxbridge) Limited
Notes to the Financial Statements for the Year Ended 28 February 2017
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:
Asset class |
Depreciation method and rate |
Fixtures & Fittings |
15% on reducing balance |
Motor Vehicles |
15% on reducing balance |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.
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.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
House Of Carpets (Uxbridge) Limited
Notes to the Financial Statements for the Year Ended 28 February 2017
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Profit before tax |
Arrived at after charging/(crediting)
2017 |
2016 |
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Depreciation expense |
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Amortisation expense |
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Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 March 2016 |
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At 28 February 2017 |
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Amortisation |
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At 1 March 2016 |
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Amortisation charge |
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At 28 February 2017 |
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Carrying amount |
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At 28 February 2017 |
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At 29 February 2016 |
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House Of Carpets (Uxbridge) Limited
Notes to the Financial Statements for the Year Ended 28 February 2017
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 March 2016 |
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Additions |
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- |
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At 28 February 2017 |
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Depreciation |
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At 1 March 2016 |
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Charge for the year |
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At 28 February 2017 |
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Carrying amount |
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At 28 February 2017 |
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At 29 February 2016 |
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Stocks |
2017 |
2016 |
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Other inventories |
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Debtors |
2017 |
2016 |
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Trade debtors |
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Other debtors |
- |
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Total current trade and other debtors |
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Creditors |
Note |
2017 |
2016 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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House Of Carpets (Uxbridge) Limited
Notes to the Financial Statements for the Year Ended 28 February 2017
Loans and borrowings |
2017 |
2016 |
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Current loans and borrowings |
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Bank overdrafts |
- |
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Other borrowings |
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