ACCOUNTS - Final Accounts

Cash and cash equivalents

HOME PRIDE UPHOLSTERY CENTRE LIMITED - Company Information

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Registered number: 1446114

HOME PRIDE UPHOLSTERY CENTRE LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 29 FEBRUARY 2020

HOME PRIDE UPHOLSTERY CENTRE LIMITED

REGISTERED NUMBER: 1446114

STATEMENT OF FINANCIAL POSITION

AS AT 29 FEBRUARY 2020

	29 February	28 February
	2020	2019
Note	£	£


Current assets
Stocks		3,666		3,465
Debtors: amounts falling due within one year	5	1,291		1,798
Cash at bank and in hand	6	22,391		30,471
		27,348		35,734
Creditors: amounts falling due within one year	7	(7,035)		(7,136)
Net current assets			20,313		28,598
Total assets less current liabilities			20,313		28,598

Net assets			20,313		28,598

Capital and reserves
Called up share capital	8	24,000	24,000
Capital redemption reserve		5,000	5,000
Profit and loss account		(8,687)	(402)
		20,313	28,598

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 15 February 2021.

C R Southall

Director

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HOME PRIDE UPHOLSTERY CENTRE LIMITED

REGISTERED NUMBER: 1446114

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 29 FEBRUARY 2020

The notes on pages 3 to 6 form part of these financial statements.

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HOME PRIDE UPHOLSTERY CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2020

1.	General information

Home Pride Upholstery Centre Limited is a private company limited by shares domiciled in England and Wales. The registered office is at Priory House, 45-51 High Street, Reigate, Surrey RH2 9AE.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Going concern

The director has considered the financial resources available along with the future plans for the Company when considering the going concern of the Company. After making enquiries, the director has a reasonable expectation that the Company will have access to adequate resources to continue in operational existence for the foreseeable future given the cash balance and net assets. Accordingly, he continuse to adopt the going concern basis in the preparation of the financial statements..

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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HOME PRIDE UPHOLSTERY CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2020

2.Accounting policies (continued)

2.4

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

				Plant and equipment	-	25%	straight line
				Motor vehicles	-	25%	straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first outbasis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is 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.

2.6

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.8

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.9

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

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HOME PRIDE UPHOLSTERY CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2020

2.Accounting policies (continued)

2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Employees

The average monthly number of employees, including directors, during the year was 1 (2019 - 1).

4.	TANGIBLE FIXED ASSETS

	Plant & machinery	Motor vehicles	Total
	£	£	£
Cost or valuation
At 1 March 2019	3,500	9,455	12,955
At 29 February 2020	3,500	9,455	12,955
Depreciation
At 1 March 2019	3,500	9,455	12,955
At 29 February 2020	3,500	9,455	12,955
Net book value
At 29 February 2020	-	-	-
At 28 February 2019	-	-	-

Debtors

					29 February	28 February
					2020	2019
					£	£


Trade debtors	878	1,402
Other debtors	413	396
	1,291	1,798

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HOME PRIDE UPHOLSTERY CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2020

5.Debtors (continued)

	Cash at bank and in hand	22,391	30,471

Trade creditors	4,465	4,566
Other creditors	1,270	1,270
Accruals and deferred income	1,300	1,300
	7,035	7,136

Allotted, called up and fully paid

24,000 (2019 - 24,000) Ordinary shares of £1.00 each	24,000	24,000

9.	Post balance sheet events

The global outbreak of COVID-19 is deemed to be a non-adjusting subsequent event for the Company as at 28 February 2020. At the date of signing these financial statements there has been a material changes in the underlying performance of the Company . As such the director is unable to determine or quantify in full, at this time, the financial and reporting impact of this global crisis and note this may have a material impact on the performance of the company in the future.

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