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REGISTERED NUMBER:
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B & J CARPETS LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 JANUARY 2017 |
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REGISTERED NUMBER:
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B & J CARPETS LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 JANUARY 2017 |
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B & J CARPETS LIMITED (REGISTERED NUMBER: 04611464) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2017 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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B & J CARPETS LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 JANUARY 2017 |
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DIRECTOR: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
7 St John Street |
Mansfield |
Nottinghamshire |
NG18 1QH |
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BANKERS: |
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9 Church Street |
Mansfield |
Nottinghamshire |
NG18 1HP |
B & J CARPETS LIMITED (REGISTERED NUMBER: 04611464) |
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BALANCE SHEET |
31 JANUARY 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
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Tangible assets | 6 |
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CURRENT ASSETS |
Stocks |
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Debtors | 7 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
9 |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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B & J CARPETS LIMITED (REGISTERED NUMBER: 04611464) |
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BALANCE SHEET - continued |
31 JANUARY 2017 |
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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. |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director on
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B & J CARPETS LIMITED (REGISTERED NUMBER: 04611464) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2017 |
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1. | STATUTORY INFORMATION |
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B & J Carpets Limited is a
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registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Significant judgements and estimates |
In relation to goodwill on acquisition of the business in 2003, the company has carried out a review as part of its |
transition to FRS102 1A of the intangible assets and has decided to allocate the assets to Intellectual Property |
and Branding and Goodwill being split as one third to two thirds. This is in relation to the directors' belief that the |
future cash flows of the Intellectual Property and Branding justifies this basis and has a 20 year useful life in |
respect of income streams. |
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Turnover |
Turnover represents the value excluding Value Added Tax, of goods and services supplied to customers during |
the year. In respect of services supplied to customers, all income is taken to the profit and loss at the same point |
as the right to receive the consideration is acquired. |
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Goodwill |
Goodwill being the amount paid in connection with the acquisition of a business in 2003, is being amortised |
evenly over 10 years over its estimated useful life from the date of transition of 1 February 2015 to FRS102 1A. |
Prior to transition goodwill was being amortised over the estimated useful life of 20 years. |
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Intangible assets |
Intellectual Property and Branding is in connection to the acquisition of a business in 2003 and is amortised over |
20 years. |
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Tangible fixed assets |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Computer equipment | - |
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B & J CARPETS LIMITED (REGISTERED NUMBER: 04611464) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2017 |
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3. | ACCOUNTING POLICIES - continued |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and |
slow moving items. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that that have been enacted |
or substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
balance sheet date. |
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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. |
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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. |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those |
held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance |
leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital element |
of the future payments is treated as a liability. |
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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. |
B & J CARPETS LIMITED (REGISTERED NUMBER: 04611464) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2017 |
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3. | ACCOUNTING POLICIES - continued |
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Financial instruments |
Financial instruments and equity instruments are classified according to the substance of the contractual |
arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets |
of the entity after deducting all of its financial liabilities. |
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Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar |
debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented |
as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the |
profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the |
outstanding liability. |
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Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability |
then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are |
debited direct to equity. |
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Debtors and creditors receivable/payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at |
transaction price. Any losses arising from impairment are recognised in the profit and loss account in other |
administrative expenses. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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5. | INTANGIBLE FIXED ASSETS |
IP & |
Goodwill | Branding | Totals |
£ | £ | £ |
COST |
At 1 February 2016 |
and 31 January 2017 |
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AMORTISATION |
At 1 February 2016 |
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Amortisation for year |
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At 31 January 2017 |
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NET BOOK VALUE |
At 31 January 2017 |
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At 31 January 2016 |
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B & J CARPETS LIMITED (REGISTERED NUMBER: 04611464) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2017 |
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6. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor | Computer |
machinery | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 February 2016 |
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Additions |
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Disposals |
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At 31 January 2017 |
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DEPRECIATION |
At 1 February 2016 |
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Charge for year |
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Eliminated on disposal |
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At 31 January 2017 |
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NET BOOK VALUE |
At 31 January 2017 |
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At 31 January 2016 |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
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COST |
At 1 February 2016 |
and 31 January 2017 |
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DEPRECIATION |
At 1 February 2016 |
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Charge for year |
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At 31 January 2017 |
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NET BOOK VALUE |
At 31 January 2017 |
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At 31 January 2016 |
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B & J CARPETS LIMITED (REGISTERED NUMBER: 04611464) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2017 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Other debtors |
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Prepayments and accrued income |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Hire purchase contracts |
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Corporation tax |
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Social security and other taxes |
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VAT | 25,930 | 25,953 |
Directors' current accounts | 111,119 | 111,119 |
Accruals and deferred income |
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9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2017 | 2016 |
£ | £ |
Hire purchase contracts |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2017 | 2016 |
£ | £ |
Hire purchase contracts | 2,568 | 5,363 |
B & J CARPETS LIMITED (REGISTERED NUMBER: 04611464) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2017 |
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11. | RELATED PARTY DISCLOSURES |
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During the year the company paid dividends to its director and his wife as follows; |
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2017 | 2016 |
£ | £ |
Mr M Johns | 35,500 | 30,000 |
Mrs T Johns | 35,500 | 30,000 |
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The following amounts of directors remuneration (including employers national insurance) are as follows: |
2017 | 2016 |
£ | £ |
Directors remuneration | 8,060 | 8,094 |
8,060 | 8,094 |
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Key management personnel remuneration in the year totalled £16,120. (2016: £16,188) |