Dyne Carpet Tile Company Limited - Period Ending 2022-06-30

Dyne Carpet Tile Company Limited

Contents

Statement of Financial Position	1 to 2
Notes to the Unaudited Financial Statements	3 to 5

Dyne Carpet Tile Company Limited

(Registration number: 02460903)
Statement of Financial Position as at 30 June 2022

	Note	2022 £	2021 £
Fixed assets
Tangible assets	4	19,581	1,045
Current assets
Debtors	5	33,960	22,272
Cash at bank and in hand		125,738	129,820
		159,698	152,092
Creditors: Amounts falling due within one year	6	(43,735)	(26,811)
Net current assets		115,963	125,281
Total assets less current liabilities		135,544	126,326
Provisions for liabilities		(4,895)	-
Net assets		130,649	126,326
Capital and reserves
Called up share capital		100	100
Profit and loss account		130,549	126,226
Shareholder funds'		130,649	126,326

Dyne Carpet Tile Company Limited

(Registration number: 02460903)
Statement of Financial Position as at 30 June 2022

For the financial year ending 30 June 2022 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 5 September 2022 and signed on its behalf by:
 

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

Dyne Carpet Tile Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022

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 5 September 2022.

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

These financial statements for the year ended 30 June 2022 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 an accruals bais.

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:

Dyne Carpet Tile Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022

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

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.

Financial instruments

Classification
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 statement of financial position. The corresponding dividends relating to the liability component are charged as interest in the income statement.
 
 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2021 - 2).

Dyne Carpet Tile Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022

4	Tangible assets

	Furniture, fittings and equipment  £	Motor vehicles  £	Total £
Cost or valuation
At 1 July 2021	7,742	18,500	26,242
Additions	-	21,635	21,635
At 30 June 2022	7,742	40,135	47,877
Depreciation
At 1 July 2021	6,697	18,500	25,197
Charge for the year	214	2,885	3,099
At 30 June 2022	6,911	21,385	28,296
Carrying amount
At 30 June 2022	831	18,750	19,581
At 30 June 2021	1,045	-	1,045

5

Debtors

	2022 £	2021 £
Trade debtors	31,013	21,436
Other debtors	2,947	836
	33,960	22,272

6

Creditors

Creditors: amounts falling due within one year

	2022 £	2021 £
Due within one year
Trade creditors	39,800	19,920
Taxation and social security	2,038	1,789
Other creditors	1,897	5,102
	43,735	26,811