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Unaudited Financial Statements |
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for the Year Ended 28 February 2019 |
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for |
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THE CARAT SHOP LIMITED |
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REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 28 February 2019 |
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for |
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THE CARAT SHOP LIMITED |
THE CARAT SHOP LIMITED (REGISTERED NUMBER: 05719733) |
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Contents of the Financial Statements |
for the year ended 28 February 2019 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Chartered Accountants' Report | 6 |
THE CARAT SHOP LIMITED |
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Company Information |
for the year ended 28 February 2019 |
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Directors: |
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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 |
Aissela |
46 High Street |
Esher |
Surrey |
KT10 9QY |
THE CARAT SHOP LIMITED (REGISTERED NUMBER: 05719733) |
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Balance Sheet |
28 February 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
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Current assets |
Stocks |
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Debtors | 5 |
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Cash at bank |
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Creditors |
Amounts falling due within one year | 6 |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
Called up share capital | 8 |
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Retained earnings |
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Shareholders' funds |
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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 |
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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 Profit and Loss Account has not been delivered. |
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The financial statements were approved by the Board of Directors on
by: |
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THE CARAT SHOP LIMITED (REGISTERED NUMBER: 05719733) |
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Notes to the Financial Statements |
for the year ended 28 February 2019 |
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1. | Statutory information |
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The Carat Shop Limited is a
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company's 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. | Accounting policies |
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Basis of preparing the financial statements |
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Key source of estimation, uncertainty and judgement |
The preparation of financial statements in conformity with generally accepted accounting practice requires |
management to make estimates and judgement that affect the reported amounts of assets and liabilities as well |
as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of |
revenues and expenses during the reporting period. |
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There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out |
by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as |
possible, there remains a risk that the policy does not match the useful life of the assets. |
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There is estimation uncertainty in calculating deferred tax. A full line by line review of deferred tax is carried out |
by management regularly. Whilst every attempt is made to ensure that the deferred tax is accurate as possible, |
there remains a risk that the provisions do not match the actual tax liability when asset is disposed ff. |
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There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is |
carried out at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are |
as accurate as possible, there remains a risk that the provisions do not match the level of debts which |
ultimately prove to be uncollectable. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Sales of goods |
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Turnover from the sale of goods is recognised when all of the following conditions are satisfied: |
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- | the Company has transferred the significant risks and rewards of ownership to the buyer; |
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the Company retains neither continuing managerial involvement to the degree usually associated with
ownership nor effective control over the goods sold; |
- | the amount of turnover can be measured reliably; |
- | it is probable that the Company will receive the consideration due under the transaction;and |
- | the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
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Tangible fixed assets |
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Plant and machinery | - |
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Computer equipment | - |
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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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THE CARAT SHOP LIMITED (REGISTERED NUMBER: 05719733) |
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Notes to the Financial Statements - continued |
for the year ended 28 February 2019 |
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2. | Accounting policies - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, |
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 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 |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
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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. |
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3. | Employees and directors |
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The average number of employees during the year was
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4. | Tangible fixed assets |
Plant and | Computer |
machinery | equipment | Totals |
£ | £ | £ |
Cost |
At 1 March 2018 |
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Additions |
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At 28 February 2019 |
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Depreciation |
At 1 March 2018 |
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Charge for year |
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At 28 February 2019 |
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Net book value |
At 28 February 2019 |
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At 28 February 2018 |
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THE CARAT SHOP LIMITED (REGISTERED NUMBER: 05719733) |
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Notes to the Financial Statements - continued |
for the year ended 28 February 2019 |
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5. | Debtors: amounts falling due within one year |
2019 | 2018 |
£ | £ |
Trade debtors |
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Other debtors |
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Prepayments and accrued income |
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6. | Creditors: amounts falling due within one year |
2019 | 2018 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Tax |
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Social security and other taxes |
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VAT | 167,958 | 29,321 |
Accruals and deferred income |
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7. | Leasing agreements |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2019 | 2018 |
£ | £ |
Within one year |
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8. | Called up share capital |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2019 | 2018 |
value: | £ | £ |
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Ordinary | £1 | 2 | 2 |
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9. | Transactions with directors |
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At the year end, amounts due to directors totalled £9,536 (2018: due from directors £2,293). The loans are |
interest free and repayable on demand. |
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10. | Related party disclosures |
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At 28 February 2019, Willow Place Property Limited, a company that is controlled by the same shareholders, |
owed the company £99,945 (2018: £nil). The loan is interest free and repayable on demand. |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
The Carat Shop Limited |
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The following reproduces the text of the report prepared for the directors in respect of the company's annual |
unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to |
file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements |
and the Report of the Directors are not required to be filed with the Registrar of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the |
financial statements of The Carat Shop Limited for the year ended 28 February 2019 which comprise the Profit and |
Loss Account, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting |
records and from information and explanations you have given us. |
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As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
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This report is made solely to the Board of Directors of The Carat Shop Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of The Carat Shop Limited and state those matters that we have agreed to state to the Board of Directors of The Carat Shop Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Carat Shop Limited and its Board of Directors, as a body, for our work or for this report. |
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It is your duty to ensure that The Carat Shop 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 The Carat Shop Limited. You consider that The Carat Shop Limited is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of The Carat Shop 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. |
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Chartered Accountants |
Aissela |
46 High Street |
Esher |
Surrey |
KT10 9QY |
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