Spicers Carpets and Beds Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05462647 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2018

FOR

SPICERS CARPETS AND BEDS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr R M Spicer

Mrs S C Spicer

Mr R Linsley

SECRETARY:

Mrs S C Spicer

REGISTERED OFFICE:

39 The Metro Centre

Tolpits Lane

Watford

Hertfordshire

WD18 9SB

REGISTERED NUMBER:

05462647 (England and Wales)

ACCOUNTANTS:

Meades Group Limited

39 The Metro Centre

Tolpits Lane

WATFORD

Hertfordshire

WD18 9SB

FIXED ASSETS

Intangible assets

4

20,856

23,836

Tangible assets

5

16,495

8,631

37,351

32,467

CURRENT ASSETS

Stocks

6,250

8,400

Debtors

6

3,442

3,874

Cash at bank

19,908

30,877

29,600

43,151

CREDITORS

Amounts falling due within one year

7

60,591

65,426

NET CURRENT LIABILITIES

(30,991

)

(22,275

)

TOTAL ASSETS LESS CURRENT LIABILITIES

6,360

10,192

PROVISIONS FOR LIABILITIES

1,925

1,698

NET ASSETS

4,435

8,494

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

9

4,335

8,394

SHAREHOLDERS' FUNDS

4,435

8,494

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors on 7 January 2019 and were signed on its behalf by:

Mr R M Spicer - Director

1.	STATUTORY INFORMATION

Spicers Carpets and Beds Limited 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.

The financial statements have been prepared on the going concern basis on the

assumption that the company will continue to trade for the foreseeable future, even

though it had net current liabilities of £30,991 (2017 - £22,275) at the balance sheet

date.

The directors consider the going concern basis to be appropriate as, in their opinion, the

company will be able to secure sufficient funding to enable it to pay its debts as they fall

due.

Turnover

Turnover represents sales earned from the supply and installation of carpets and beds,

net of Value Added Tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2005, is being amortised evenly over its estimated useful life of twenty years.

Tangible fixed assets

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

Short leasehold

-

straight line over 15 years

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis

over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2017 - 3 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 August 2017

and 31 July 2018

59,593

AMORTISATION

At 1 August 2017

35,757

Charge for year

2,980

At 31 July 2018

38,737

NET BOOK VALUE

At 31 July 2018

20,856

At 31 July 2017

23,836

5.	TANGIBLE FIXED ASSETS

Fixtures

Short

Plant and

and

leasehold

machinery

fittings

£

£

£

COST

At 1 August 2017

-

550

4,650

Additions

7,763

235

2,484

At 31 July 2018

7,763

785

7,134

DEPRECIATION

At 1 August 2017

-

533

4,478

Charge for year

173

27

307

At 31 July 2018

173

560

4,785

NET BOOK VALUE

At 31 July 2018

7,590

225

2,349

At 31 July 2017

-

17

172

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 August 2017

34,230

500

39,930

Additions

-

-

10,482

At 31 July 2018

34,230

500

50,412

DEPRECIATION

At 1 August 2017

26,085

203

31,299

Charge for year

2,037

74

2,618

At 31 July 2018

28,122

277

33,917

NET BOOK VALUE

At 31 July 2018

6,108

223

16,495

At 31 July 2017

8,145

297

8,631

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Prepayments

3,442

3,874

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade creditors

12,051

17,313

Corporation tax

12,223

9,288

VAT

6,306

9,010

Directors' current accounts

29,951

28,489

Accrued expenses

60

1,326

60,591

65,426

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2018

2017

£

£

Within one year

15,700

3,716

Between one and five years

62,800

216

In more than five years

154,383

-

232,883

3,932

9.

RESERVES

Retained

earnings

£

At 1 August 2017

8,394

Profit for the year

49,698

Dividends

(53,757

)

At 31 July 2018

4,335

10.	RELATED PARTY DISCLOSURES

The directors' current account balances of £29,951 (2017 - £28,489) have no fixed date

for repayment, are repayable upon demand and are non-interest bearing.