SHERWOOD_CARPET_COMPANY_L - Accounts

SHERWOOD_CARPET_COMPANY_L - Accounts

SHERWOOD CARPET COMPANY LIMITED - Company Information

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Company Registration No. 00837070 (England and Wales)
SHERWOOD CARPET COMPANY LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2016
SHERWOOD CARPET COMPANY LIMITED
CONTENTS
Page
Accountants' report
1
Abbreviated balance sheet
2
Notes to the abbreviated accounts
3 - 4
SHERWOOD CARPET COMPANY LIMITED
CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SHERWOOD CARPET COMPANY LIMITED FOR THE YEAR ENDED 31 JANUARY 2016
- 1 -
The following reproduces the text of the Accountants' Report prepared in respect of the company's annual unaudited financial statements, from which the unaudited abbreviated financial statements set out on pages 2 to 4 have been prepared.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Sherwood Carpet Company Limited for the year ended 31 January 2016 set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.

 

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/uk/en/member/professional-standards/rules-standards/acca-rulebook.

This report is made solely to the Board of Directors of Sherwood Carpet Company Limited, as a body, in accordance with the terms of our engagement letter dated 17 March 2014. Our work has been undertaken solely to prepare for your approval the financial statements of Sherwood Carpet Company Limited and state those matters that we have agreed to state to the Board of Directors of Sherwood Carpet Company Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www2.accaglobal.com/pubs/members/publications/technical_factsheets/downloads/163.doc. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Sherwood Carpet Company Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Sherwood Carpet Company Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Sherwood Carpet Company Limited. You consider that Sherwood Carpet Company 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 financial statements of Sherwood Carpet Company 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 financial statements.
Baldwins (Nottingham) Limited
31 October 2016
Chartered Certified Accountants
32 Eldon Business Park
Eldon Road
Beeston
Nottingham
NG9 6DZ
SHERWOOD CARPET COMPANY LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 JANUARY 2016
31 January 2016
- 2 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
12,603
17,944
Current assets
Stocks
87,920
102,605
Debtors
102,591
112,593
Cash at bank and in hand
14,894
12,861
205,405
228,059
Creditors: amounts falling due within one year
(93,436)
(121,685)
Net current assets
111,969
106,374
Total assets less current liabilities
124,572
124,318
Capital and reserves
Called up share capital
3
5,000
5,000
Profit and loss account
119,572
119,318
Shareholders'  funds
124,572
124,318
For the financial year ended 31 January 2016 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 financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 31 October 2016
A C Dabell Snr
Director
Company Registration No. 00837070
SHERWOOD CARPET COMPANY LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 JANUARY 2016
- 3 -
1
Accounting policies
1.1
Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for goods net of VAT and trade discounts.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Land and buildings Leasehold
10% on cost
Plant and machinery
10% on cost
Fixtures, fittings & equipment
25% on cost to an agreed residual value
Motor vehicles
25% on cost
1.5
Leasing
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.6
Stock
Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
1.7
Pensions
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year to which they relate.
SHERWOOD CARPET COMPANY LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2016
- 4 -
2
Fixed assets
Tangible assets
£
Cost
At 1 February 2015
42,162
Additions
999
At 31 January 2016
43,161
Depreciation
At 1 February 2015
24,218
Charge for the year
6,340
At 31 January 2016
30,558
Net book value
At 31 January 2016
12,603
At 31 January 2015
17,944
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
5,000 Ordinary shares of £1 each
5,000
5,000
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