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Registered number: 00970249









COLUMBIA FLOORING PLC









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2022

 
COLUMBIA FLOORING PLC
 
 
COMPANY INFORMATION


Directors
B J Courtney 
I M Courtney (resigned 19 May 2022)
C Harvey 




Company secretary
B J Courtney



Registered number
00970249



Registered office
Charles Lake House
Claire Causeway

Crossways Business Park

Dartford

Kent

DA2 6QA




Trading Address
Unit 11, Trafalgar Trading Estate
Jeffreys Road

Enfield

Middlesex

EN3 7TY






Independent auditors
Barnes Roffe LLP
Chartered Accountants & Statutory Auditor

Charles Lake House

Claire Causeway

Crossways Business Park

Dartford

Kent

DA2 6QA




Bankers
Barclays Bank plc
Enfield Group

20 The Town

Enfield

Middlesex

EN2 6LY





 
COLUMBIA FLOORING PLC
 

CONTENTS



Page
Strategic Report
 
1 - 3
Directors' Report
 
4 - 5
Independent Auditors' Report
 
6 - 9
Statement of Comprehensive Income
 
10
Balance Sheet
 
11
Statement of Changes in Equity
 
12
Statement of Cash Flows
 
13
Notes to the Financial Statements
 
14 - 25


 
COLUMBIA FLOORING PLC
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2022

Introduction
 
The directors present their strategic report accompanying the financial statements for the year ended 31st January 2022. 

Business review
 
The company has seen a 30.59% increase in turnover to £4,059,867 (2021 - £3,108,811) as a result of gaining new customers from competitors who had gone out of business in the year. The pre-tax profits have increased to £254,556 (2021 - £137,676) as a result of maintaining close control over costs and overhead expenditure. The company also benefited from the loss of a low margin customer, allowing them to increase their overall margins.
The results for the year and the financial position at the year-end for the company were considered satisfactory in light of the economic conditions that prevailed in the year under review by the directors who expect continued growth in the foreseeable future. 
The key objective of the company is the maximisation of profit. The principal strategies in achieving the key objectives are the maximisation of revenue and gross margins by effective cost management. This is achieved by developing and maintaining close relations with key customers.
Principal risks and uncertainties
The management of the business and execution of the company's strategy are subject to a number of risks. Risks are formally reviewed by the Board and appropriate processes put in place to monitor and mitigate them. 
The key business risks affecting the company are set out below:
Competition
The company operates in a highly competitive market particularly around price and product availability/quality. This results in downward pressure on margins. In order to mitigate this risk the commercial team monitor market prices on an ongoing basis and have responsibility for negotiating with suppliers and pricing goods accordingly. An independent complaints bureau is used in the event of any dispute over quality of products supplied to ensure customer satisfaction.
Supply chain
The company mitigates the risk of product availability through effective supplier selection and procurement practices.
Employees
The resignation of key individuals and the inability to recruit people with the right experience and skills could adversely affect the company's results. To mitigate these issues the company has a thorough induction and training programme for all employees. It also makes information available to employees through the medium of frequent staff meetings, together with personal appraisals and feedback sessions. 
Financial risk management
Credit risk
The company has implemented policies that require appropriate credit checks on potential customers before sales are made. The amount of exposure to any individual customer is subject to a limit, which is reassessed continually by the credit control function and regular review of aged receivable reports. 

Page 1

 
COLUMBIA FLOORING PLC
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2022

Liquidity risk
 
During the year, the company continued to be funded from its established cash reserves. The directors continue to monitor the company's liquidity taking steps, wherever necessary, to ensure that financial obligations and commitments are met as and when they fall due. The company has no exposure to equity securities price risk as it holds no listed or other equity investments.

Financial key performance indicators
 
We consider that our key performance indicators are those that communicate the financial performance and strength of the company as a whole; these being turnover, gross profit margin and net profit. 

Other key performance indicators
 
Given the straight forward nature of the business, the directors are of the opinion that analysis using other KPIs is not necessary for an understanding of the development, performance or position of the business.  

Directors' statement of compliance with duty to promote the success of the company
 
The Directors are aware of their duty under s.172 of the Companies Act 2006 to act in the way which they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole and, in doing so, to have regard (amongst other matters) to:
• the likely consequences of any decision in the long term;
• the interests of the company’s employees;
• the need to foster the company’s business relationships with suppliers, customers and others;
• the impact of the company’s operations on the community and the environment;
• the desirability of the company maintaining a reputation for high standards of business conduct; and
• the need to act fairly as between members of the company, (the “s.172(1) Matters”). 
Each director aims to ensure that their decisions support the company’s reputation and it’s long term objectives, vision and values. 
The directors have considered the stakeholders of the company. In the directors' opinion the employees, the suppliers and the customer base represent the key stakeholders and the means of engagement have been detailed below:
Employees – Given the low number of employees, the directors are able to personally interact with each employee on a regular basis. 
Customers – The company provides excellent customer service with a wide range of products, a dedicated sales team, a dedicated accounts team, a fully stocked showroom, bespoke designs, a precision cutting service, and fast delivery direct from manufacturers. 
Suppliers - The company has strong relationships with key suppliers and company policy is to pay suppliers promptly and within the agreed payment terms.
The directors recognise the importance of the local community and the environment and where practical has an environmental policy in place which includes the recycling of paper and office materials. The directors believe that the company’s activities have minimal impact on the local community and environment.

Page 2

 
COLUMBIA FLOORING PLC
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2022


This report was approved by the board on 30 August 2022 and signed on its behalf.





C Harvey
Director

Page 3

 
COLUMBIA FLOORING PLC
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2022

The directors present their report and the financial statements for the year ended 31 January 2022.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £205,208 (2021 - £112,085).

The Directors have paid interim dividends for the year totalling 77.00 pence net per Ordinary Share (2021 - 75.00 pence) and 9,700.00 pence net per Ordinary A Share (2021 - 9,600.00 pence). The Directors do not recommend payment of a final dividend on either Ordinary Shares or Ordinary A Shares.

Directors

The directors who served during the year were:

  B J Courtney 
  C Harvey
I M Courtney (resigned 19th May 2022) 


 Health and safety 
The company recognises the importance of safeguarding health, safety and welfare of its employees and has a health and safety policy in place. Regular updates are communicated to all employees.

Page 4

 
COLUMBIA FLOORING PLC
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2022

Future developments

The company will continue to grow by developing and maintaining close relations with key customers. 

Company's policy for payment of creditors

The company's policy for the payment of its suppliers is to agree the payment terms in advance and, provided a supplier performs in accordance with the agreement, to abide by such terms. However, if discount is available for early settlement of invoices, the company will seek to take advantage of this. The ratio, expressed in days, between the amounts invoiced to the company by its suppliers in the year ended 31 January 2022 and the amounts owed to its trade creditors at the end of the year was 15 days (2021 - 18 days).  

Engagement with suppliers, customers and others

The company recognises that its commercial activities have the potential to impact on its suppliers and customers. The company has strong relationships with key suppliers and company policy is to pay suppliers promptly and within the agreed payment terms, as evidenced by the creditor days ratio noted above. The company is committed to providing customers with excellent service and its mission is to “put the customer at the heart of everything we do.”

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Post balance sheet events

During the year and since the Balance Sheet date the company has had to deal with the coronavirus pandemic and the associated measures that the UK government, customers and suppliers are putting in place to deal with it. While the company will undoubtedly suffer some adverse impact from this in the short term, the directors are confident that the company can work through the temporary disruption and that the business plans are robust even in the current situation. 

Auditors

The auditorsBarnes Roffe LLPare deemed to be reappointed in accordance with section 386 of the Companies Act 1985 by virtue of an elective resolution passed by the members on 16 August 2016.

This report was approved by the board on 30 August 2022 and signed on its behalf.
 





B J Courtney
Director

Page 5

 
COLUMBIA FLOORING PLC
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COLUMBIA FLOORING PLC
 

Opinion


We have audited the financial statements of Columbia Flooring PLC (the 'company') for the year ended 31 January 2022, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the company's affairs as at 31 January 2022 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 6

 
COLUMBIA FLOORING PLC
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COLUMBIA FLOORING PLC (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and  our Auditors' Report thereon.  The directors are responsible for the other information contained within the Annual Report.  Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated.  If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves.  If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
COLUMBIA FLOORING PLC
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COLUMBIA FLOORING PLC (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud, is detailed below.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with law and regulations, was as follows: 
 The engagement partner ensured that the engagement team collectively had the appropriate     competence, capabilities and skills to identify or recognise non-compliance with applicable laws and    regulations;
 We identified the laws and regulations applicable to the company through discussion with directors and    other management, and from our commercial knowledge and experience of the sector;
 We focused on specific laws and regulations which we considered may have a direct material effect on    the financial statements or the operations of the company, including the Companies Act 2006;
 We assessed the extent of compliance with the laws and regulations identified above through making    enquiries of management, and inspecting legal correspondence and expenditure; and
 Laws and regulations were communicated within the audit team at the planning meeting, and during the    audit as any further laws and regulation were identified. The audit team remained alert to instances of    non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur by: 
 Making enquires of management as to where they consider there was susceptibility to fraud, their     knowledge of actual suspected and alleged fraud; 
 Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and    regulations; and
 Our review of financial statements and testing the disclosures against supporting documentation. 
To address the risk of fraud through management bias and override of controls we:
 Performed analytical procedures to identify any unusual or unexpected trends or anomalies;
 Inspected and tested journal entries to identify unusual or unexpected transactions;
 Assessed whether judgement and assumptions made in determining significant accounting estimates,    including stock provisions, were indicative of management bias; and
 Investigated the rationale behind significant transactions, or transactions that are unusual or outside the    company’s usual course of business. 
 
Page 8

 
COLUMBIA FLOORING PLC
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COLUMBIA FLOORING PLC (CONTINUED)


At the completion stage of the audit, the engagement partner’s review included ensuring the audit team had approached their work with the appropriate professional scepticism and this the capacity to identify non-compliance with laws and regulations and fraud.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Use of our report
 

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Duncan Stannett (Senior Statutory Auditor)
for and on behalf of
Barnes Roffe LLP
Chartered Accountants & Statutory Auditor
Charles Lake House
Claire Causeway
Crossways Business Park
Dartford
Kent
DA2 6QA

 
Date: 
30 August 2022
Page 9

 
COLUMBIA FLOORING PLC
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2022

2022
2021
Note
£
£

  

Turnover
 4 
4,059,867
3,108,811

Cost of sales
  
(3,346,295)
(2,600,691)

Gross profit
  
713,572
508,120

Distribution costs
  
(24,903)
(18,377)

Administrative expenses
  
(438,852)
(378,812)

Other operating income
 5 
4,700
26,466

Operating profit
 6 
254,517
137,397

Interest receivable and similar income
 10 
39
279

Profit before tax
  
254,556
137,676

Tax on profit
 11 
(49,348)
(25,591)

Profit for the financial year
  
205,208
112,085

There were no recognised gains and losses for 2022 or 2021 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2022 (2021:£NIL).

The notes on pages 14 to 25 form part of these financial statements.

Page 10

 
COLUMBIA FLOORING PLC
REGISTERED NUMBER: 00970249

BALANCE SHEET
AS AT 31 JANUARY 2022

2022
2021
Note
£
£

Fixed assets
  

Tangible assets
 13 
32,350
28,449

  
32,350
28,449

Current assets
  

Stocks
 14 
82,012
99,364

Debtors: amounts falling due within one year
 15 
308,418
223,666

Cash at bank and in hand
 16 
583,294
456,121

  
973,724
779,151

Creditors: amounts falling due within one year
 17 
(373,294)
(326,427)

Net current assets
  
 
 
600,430
 
 
452,724

Total assets less current liabilities
  
632,780
481,173

Provisions for liabilities
  

Deferred tax
 18 
(3,413)
(2,218)

  
 
 
(3,413)
 
 
(2,218)

Net assets
  
629,367
478,955


Capital and reserves
  

Called up share capital 
 19 
50,168
50,168

Profit and loss account
  
579,199
428,787

  
629,367
478,955


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 August 2022.




B J Courtney
C Harvey
Director
Director

The notes on pages 14 to 25 form part of these financial statements.

Page 11

 
COLUMBIA FLOORING PLC
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2022


Share capital
Retained earnings
Total equity

£
£
£

At 1 February 2021
50,168
428,787
478,955



Profit for the year
-
205,208
205,208

Dividends
-
(54,796)
(54,796)


At 31 January 2022
50,168
579,199
629,367



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2021


Share capital
Retained earnings
Total equity

£
£
£

At 1 February 2020
50,168
370,330
420,498



Profit for the year
-
112,085
112,085

Dividends
-
(53,628)
(53,628)


At 31 January 2021
50,168
428,787
478,955


The notes on pages 14 to 25 form part of these financial statements.

Page 12

 
COLUMBIA FLOORING PLC
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2022

2022
2021
£
£

Cash flows from operating activities

Profit for the financial year
205,208
112,085

Adjustments for:

Depreciation of tangible fixed assets
6,306
6,415

Loss on disposal of tangible fixed assets
1,417
1,725

Government grants
(4,700)
(26,466)

Interest received
(39)
(279)

Taxation
49,348
25,591

Decrease/(increase) in stocks
17,352
(22,531)

(Increase) in debtors
(84,752)
(13,513)

Increase in creditors
25,206
28,116

Corporation tax paid
(26,492)
(25,515)

Net cash generated from operating activities

188,854
85,628


Cash flows from investing activities

Purchase of tangible fixed assets
(11,624)
(4,385)

Government grants received
4,700
26,466

Interest received
39
279

Net cash from investing activities

(6,885)
22,360

Cash flows from financing activities

Dividends paid
(54,796)
(53,628)

Net cash used in financing activities
(54,796)
(53,628)

Net increase in cash and cash equivalents
127,173
54,360

Cash and cash equivalents at beginning of year
456,121
401,761

Cash and cash equivalents at the end of year
583,294
456,121


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
583,294
456,121

583,294
456,121


The notes on pages 14 to 25 form part of these financial statements.

Page 13

 
COLUMBIA FLOORING PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2022

1.


General information

Columbia Flooring Plc is a public limited company limited by shares and incorporated in England and Wales. The address of the registered office is given in the company information page of these financial statements. The principal activity of the company continued to be the purchase, warehousing and distribution of carpets and related floor coverings and products to the carpet flooring industry.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue 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.

 
2.3

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

Page 14

 
COLUMBIA FLOORING PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2022

2.Accounting policies (continued)

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 15

 
COLUMBIA FLOORING PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2022

2.Accounting policies (continued)


2.6
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a straight line and reducing balance basis.

Depreciation is provided on the following bases:

Short term leasehold property
-
over the term of the lease
Motor vehicles
-
25%
on a reducing balance basis
Fixtures and fittings
-
15%
on a reducing balance basis
Computer equipment
-
15%
on a reducing balance basis

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. 
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss. 

 
2.8

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.

Page 16

 
COLUMBIA FLOORING PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2022

2.Accounting policies (continued)

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.13

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.14

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

a) Critical adjustments in applying the company's accounting policies
No significant judgements have been made by the management in the preparation of the financial statements. 
b) Key accounting estimates and assumptions
The company has made key assumptions regarding the useful economic life of tangible fixed assets and this is further described in note 2.6 of the accounting policies.
The company holds a significant amount of stock and is subject to changing consumer demands and industry trends. As a result it is necessary to consider the recoverability of the cost of stock and the associated provisioning required. When calculating the stock provision, management considers the nature and condition of the stock, as well as applying assumptions around the anticipated saleability of the stock.

Page 17

 
COLUMBIA FLOORING PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2022

4.


Turnover

The total turnover of the company for the year has been derived from its principal activity wholly undertaken in the United Kingdom. 
Turnover relates to continuing activities and principally derives from trade sales of carpet and flooring materials to United Kingdom customers.
In the opinion of the directors, no further segmental analysis is required.  


5.


Other operating income

2022
2021
£
£

Government grants receivable
4,700
26,466



6.


Operating profit

The operating profit is stated after charging:

2022
2021
£
£

Depreciation of tangible fixed assets
4,944
6,415

Other operating lease rentals
66,749
39,444


7.


Auditors' remuneration

2022
2021
£
£


Fees payable to the company's auditor and its associates for the audit of the company's annual accounts
7,000
6,250




All other services
750
836

Page 18

 
COLUMBIA FLOORING PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2022

8.


Employees

Staff costs, including directors' remuneration, were as follows:


2022
2021
£
£

Wages and salaries
237,540
207,804

Cost of defined contribution scheme
5,399
4,613

242,939
212,417


The average monthly number of employees, including the directors, during the year was as follows:


        2022
        2021
            No.
            No.







Office and management
3
3



Sales and purchasing
4
4



Warehouse staff
2
2

9
9


9.


Directors' remuneration

2022
2021
£
£

Directors' emoluments
50,630
43,308

Company contributions to defined contribution pension schemes
1,006
787

51,636
44,095


During the year retirement benefits were accruing to no directors (2021 - NIL) in respect of defined contribution pension schemes.


10.


Interest receivable

2022
2021
£
£


Bank interest receivable
39
279

Page 19

 
COLUMBIA FLOORING PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2022

11.


Taxation


2022
2021
£
£

Corporation tax


Current tax on profits for the year
47,966
26,305

Adjustments in respect of previous periods
187
-

Deferred tax


Origination and reversal of timing differences
1,195
(714)

Taxation on profit on ordinary activities
 
49,348
 
25,591

Factors affecting tax charge for the year

The tax assessed for the year is the same as (2021 - the same as) the standard rate of corporation tax in the UK of19% (2021 - 19%) as set out below:

2022
2021
£
£


Profit on ordinary activities before tax
254,556
137,676


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2021 - 19%)
48,365
26,158

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
140
7

Capital allowances for year in excess of depreciation
(539)
140

Deferred tax charge
1,195
(714)

Under/(over) provided in prior years
187
-

Total tax charge for the year
49,348
25,591


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 20

 
COLUMBIA FLOORING PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2022

12.


Dividends

2022
2021
£
£



Equity dividends paid
38,500
37,500

Non-equity dividends paid
16,296
16,128

54,796
53,628


13.


Tangible fixed assets





S/Term leasehold property
Computer equipment
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 February 2021
2,937
17,699
21,064
75,871
117,571


Additions
5,402
4,955
-
1,267
11,624


Disposals
-
(5,008)
-
-
(5,008)



At 31 January 2022

8,339
17,646
21,064
77,138
124,187



Depreciation


At 1 February 2021
2,937
9,167
12,178
64,840
89,122


Charge for the year
428
1,811
2,222
1,845
6,306


Disposals
-
(3,591)
-
-
(3,591)



At 31 January 2022

3,365
7,387
14,400
66,685
91,837



Net book value



At 31 January 2022
4,974
10,259
6,664
10,453
32,350



At 31 January 2021
-
8,532
8,886
11,031
28,449

Page 21

 
COLUMBIA FLOORING PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2022

           13.Tangible fixed assets (continued)




The net book value of land and buildings may be further analysed as follows:


2022
2021
£
£

Short-term Leasehold
4,974
-

4,974
-



14.


Stocks

2022
2021
£
£

Finished goods and goods for resale
82,012
99,364

82,012
99,364



15.


Debtors

2022
2021
£
£


Trade debtors
248,152
168,896

Other debtors
21,120
21,120

Prepayments and accrued income
39,146
33,650

308,418
223,666



16.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
583,294
456,121

583,294
456,121


Page 22

 
COLUMBIA FLOORING PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2022

17.


Creditors: Amounts falling due within one year

2022
2021
£
£

Trade creditors
171,195
170,567

Corporation tax
47,966
26,305

Other taxation and social security
44,961
29,582

Other creditors
505
796

Accruals and deferred income
108,667
99,177

373,294
326,427



18.


Deferred taxation




2022
2021


£

£






At beginning of year
2,218
2,932


Charged to profit or loss
1,195
(714)



At end of year
3,413
2,218

The provision for deferred taxation is made up as follows:

2022
2021
£
£


Accelerated capital allowances
(3,413)
(2,218)

(3,413)
(2,218)

Deferred Tax is measured on a non-discounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws in existence at the Balance Sheet date. 


19.


Share capital

2022
2021
£
£
Authorised



50,000 (2021 - 50,000) Ordinary shares of £1.00 each
50,000
50,000
200 (2021 - 200) Ordinary 'A' shares of £1.00 each
200
200
Page 23

 
COLUMBIA FLOORING PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2022

19.Share capital (continued)


50,200

50,200

Allotted, called up and fully paid



50,000 (2021 - 50,000) Ordinary shares of £1.00 each
50,000
50,000
168 (2021 - 168) Ordinary 'A' shares of £1.00 each
168
168

50,168

50,168



20.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £5,399 (2021 - £4,613).


21.


Commitments under operating leases

At 31 January 2022 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2022
2021
£
£


Not later than 1 year
69,160
-

Later than 1 year and not later than 5 years
276,640
-

Later than 5 years
331,391
-

677,191
-


22.


Related party transactions

Included in other creditors amounts falling due within one year are the following amounts due to directors in respect of their current accounts: 


2022
2021
£
£

Directors' current account
505
795

The directors' have an interest in dividends paid of £51,637 (2021 - £44,220)

Page 24

 
COLUMBIA FLOORING PLC
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2022

23.


Post balance sheet events

During the year and since the Balance Sheet date the company has had to deal with the coronavirus pandemic and the associated measures that the UK government, customers and suppliers are putting in place to deal with it. While the company will undoubtedly suffer some adverse impact from this in the short term, the directors are confident that the company can work through the temporary disruption and that the business plans are robust even in the current situation. 


24.


Controlling party

The directors are deemed to be the controlling party by virtue of their shareholding in the company. There is no one individual controlling party.

 
Page 25