Lees Carpets Ltd - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 07023919 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 September 2017

for

Lees Carpets Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

A J Morley

REGISTERED OFFICE:

6 West Park

Clifton

Bristol

BS8 2LT

REGISTERED NUMBER:

07023919 (England and Wales)

ACCOUNTANTS:

Prowting and Partners

First Floor

29 St Augustine's Parade

Bristol

BS1 4UL

FIXED ASSETS

Intangible assets

4

10,000

15,000

Tangible assets

5

74,562

21,721

84,562

36,721

CURRENT ASSETS

Stocks

2,143

1,817

Debtors

6

3,334

2,567

Cash at bank

71,318

42,441

76,795

46,825

CREDITORS

Amounts falling due within one year

7

81,839

51,662

NET CURRENT LIABILITIES

(5,044

)

(4,837

)

TOTAL ASSETS LESS CURRENT LIABILITIES

79,518

31,884

CREDITORS

Amounts falling due after more than one year

8

(41,475

)

-

PROVISIONS FOR LIABILITIES

(14,166

)

(4,343

)

NET ASSETS

23,877

27,541

CAPITAL AND RESERVES

Called up share capital

9

199

199

Retained earnings

10

23,678

27,342

SHAREHOLDERS' FUNDS

23,877

27,541

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 30 June 2018 and were signed by:

A J Morley - Director

1.	STATUTORY INFORMATION

Lees Carpets Ltd is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company

Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are

measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its

estimated useful life.

Fixtures and fittings etc - 25% on reducing balance

Motor vehicles - 15% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income

Statement, except to the extent that it relates to items recognised in other comprehensive income

or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed

at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the year end and that

are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is

probable that they will be recovered against the reversal of deferred tax liabilities or other future

taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 October 2016

and 30 September 2017

50,000

AMORTISATION

At 1 October 2016

35,000

Charge for year

5,000

At 30 September 2017

40,000

NET BOOK VALUE

At 30 September 2017

10,000

At 30 September 2016

15,000

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 October 2016

47,103

Additions

76,797

At 30 September 2017

123,900

DEPRECIATION

At 1 October 2016

25,382

Charge for year

23,956

At 30 September 2017

49,338

NET BOOK VALUE

At 30 September 2017

74,562

At 30 September 2016

21,721

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.17

30.9.16

£

£

Other debtors

3,334

2,567

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.17

30.9.16

£

£

Hire purchase contracts

7,123

-

Trade creditors

14,666

17,023

Taxation and social security

11,670

18,247

Other creditors

48,380

16,392

81,839

51,662

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.9.17

30.9.16

£

£

Hire purchase contracts

41,475

-

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.9.17

30.9.16

value:

£

£

199

Ordinary

1

199

199

10.

RESERVES

Retained

earnings

£

At 1 October 2016

27,342

Profit for the year

46,086

Dividends

(49,750

)

At 30 September 2017

23,678