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COMPANY REGISTRATION NUMBER: 06523388
FLOORING CONCEPTS LIMITED
Filleted Unaudited Financial Statements
31 December 2021
FLOORING CONCEPTS LIMITED
Statement of Financial Position
31 December 2021
2021
2020
Note
£
£
£
Fixed assets
Tangible assets
5
1,298,622
1,307,922
Current assets
Stocks
123,628
200,259
Debtors
6
214,591
96,266
Cash at bank and in hand
1,033,151
1,096,919
------------
------------
1,371,370
1,393,444
Creditors: amounts falling due within one year
7
609,031
784,056
------------
------------
Net current assets
762,339
609,388
------------
------------
Total assets less current liabilities
2,060,961
1,917,310
Creditors: amounts falling due after more than one year
8
620,280
655,157
------------
------------
Net assets
1,440,681
1,262,153
------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
1,440,581
1,262,053
------------
------------
Shareholders funds
1,440,681
1,262,153
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
FLOORING CONCEPTS LIMITED
Statement of Financial Position (continued)
31 December 2021
These financial statements were approved by the board of directors and authorised for issue on 5 September 2022 , and are signed on behalf of the board by:
S W Herman
Director
FLOORING CONCEPTS LIMITED
Notes to the Financial Statements
Year ended 31 December 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2 Northburgh Street, London, EC1V 0AY.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Foreign currencies
Foreign currency transactions are recorded in the functional currency, by applying a fixed rate for the duration of the accounting period. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures & fittings
-
15% reducing balance
Motor Vehicle
-
18% reducing balance
Office Equipment
-
15% reducing balance
Depreciation has not been provided on the leasehold property as in the opinion of the directors, its market value is in excess of its book value.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 9 (2020: 8 ).
5. Tangible assets
Land and buildings
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 January 2021 and 31 December 2021
1,250,729
53,262
25,259
15,736
1,344,986
------------
--------
--------
--------
------------
Depreciation
At 1 January 2021
24,676
757
11,631
37,064
Charge for the year
4,284
4,404
612
9,300
------------
--------
--------
--------
------------
At 31 December 2021
28,960
5,161
12,243
46,364
------------
--------
--------
--------
------------
Carrying amount
At 31 December 2021
1,250,729
24,302
20,098
3,493
1,298,622
------------
--------
--------
--------
------------
At 31 December 2020
1,250,729
28,586
24,502
4,105
1,307,922
------------
--------
--------
--------
------------
6. Debtors
2021
2020
£
£
Trade debtors
212,383
81,711
Prepayments and accrued income
2,208
14,555
---------
--------
214,591
96,266
---------
--------
7. Creditors: amounts falling due within one year
2021
2020
£
£
Mortgage
53,546
53,546
Trade creditors
198,423
325,478
Accruals and deferred income
38,755
32,102
Corporation tax
140,308
114,014
Social security and other taxes
177,974
258,891
Director loan accounts
25
25
---------
---------
609,031
784,056
---------
---------
8. Creditors: amounts falling due after more than one year
2021
2020
£
£
Mortgage
620,280
655,157
---------
---------
The mortgage is secured by fixed and floating charges created by Barclays Bank PLC dated 9 March 2017 and 22 March 2017 covering all the property and undertakings of the company.
9. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2021
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
S W Herman
( 25)
( 25)
----
----
----
2020
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
S W Herman
( 1,288)
1,263
( 25)
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-------
----