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REGISTERED NUMBER: SC344890 (Scotland)















Report of the Directors and

Financial Statements for the Year Ended 31 March 2022

for

FlooringHQ Ltd

FlooringHQ Ltd (Registered number: SC344890)






Contents of the Financial Statements
for the Year Ended 31 March 2022




Page

Company Information 1

Report of the Directors 2

Income Statement 3

Balance Sheet 4

Notes to the Financial Statements 6


FlooringHQ Ltd

Company Information
for the Year Ended 31 March 2022







DIRECTORS: S C Millard
A D Millard





SECRETARY: A D Millard





REGISTERED OFFICE: 11 Olympia Street
Glasgow
G40 3TA





REGISTERED NUMBER: SC344890 (Scotland)





ACCOUNTANTS: David Nicholls FCCA
Brett Nicholls Associates
Herbert House
24 Herbert Street
Glasgow
G20 6NB

FlooringHQ Ltd (Registered number: SC344890)

Report of the Directors
for the Year Ended 31 March 2022

The directors present their report with the financial statements of the company for the year ended 31 March 2022.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2021 to the date of this report.

S C Millard
A D Millard

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





A D Millard - Director


29 September 2023

FlooringHQ Ltd (Registered number: SC344890)

Income Statement
for the Year Ended 31 March 2022

2022 2021
Notes £    £   

TURNOVER 702,902 574,445

Cost of sales 489,799 314,641
GROSS PROFIT 213,103 259,804

Administrative expenses 235,448 247,692
(22,345 ) 12,112

Other operating income 25,898 82,832
OPERATING PROFIT 4 3,553 94,944

Interest receivable and similar income - 5
3,553 94,949

Interest payable and similar expenses - 257
PROFIT BEFORE TAXATION 3,553 94,692

Tax on profit 302 10,402
PROFIT FOR THE FINANCIAL YEAR 3,251 84,290

FlooringHQ Ltd (Registered number: SC344890)

Balance Sheet
31 March 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 18,372 26,372
Tangible assets 6 10,131 12,299
28,503 38,671

CURRENT ASSETS
Stocks 130,000 103,263
Debtors 7 203,699 206,101
Cash at bank 116,188 16,990
449,887 326,354
CREDITORS
Amounts falling due within one year 8 291,683 363,982
NET CURRENT ASSETS/(LIABILITIES) 158,204 (37,628 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

186,707

1,043

CREDITORS
Amounts falling due after more than one
year

9

(182,793

)

-

PROVISIONS FOR LIABILITIES (1,925 ) (2,305 )
NET ASSETS/(LIABILITIES) 1,989 (1,262 )

CAPITAL AND RESERVES
Called up share capital 20 20
Retained earnings 1,969 (1,282 )
1,989 (1,262 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 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.

FlooringHQ Ltd (Registered number: SC344890)

Balance Sheet - continued
31 March 2022


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2023 and were signed on its behalf by:





A D Millard - Director


FlooringHQ Ltd (Registered number: SC344890)

Notes to the Financial Statements
for the Year Ended 31 March 2022

1. STATUTORY INFORMATION

FlooringHQ Ltd is a private company, limited by shares , registered in Scotland. 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2019, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance and 15% 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.

FlooringHQ Ltd (Registered number: SC344890)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2022

2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2021 - 4 ) .

4. OPERATING PROFIT

The operating profit is stated after charging:

2022 2021
£    £   
Depreciation - owned assets 2,168 2,676
Goodwill amortisation 8,000 2,000

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2021
and 31 March 2022 40,000
AMORTISATION
At 1 April 2021 13,628
Charge for year 8,000
At 31 March 2022 21,628
NET BOOK VALUE
At 31 March 2022 18,372
At 31 March 2021 26,372

6. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2021
and 31 March 2022 21,445
DEPRECIATION
At 1 April 2021 9,146
Charge for year 2,168
At 31 March 2022 11,314
NET BOOK VALUE
At 31 March 2022 10,131
At 31 March 2021 12,299

FlooringHQ Ltd (Registered number: SC344890)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2022

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 66,818 57,516
Other debtors 136,881 148,585
203,699 206,101

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade creditors 91,344 55,391
Amounts owed to group undertakings 141,927 221,754
Taxation and social security 51,462 38,394
Other creditors 6,950 48,443
291,683 363,982

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2022 2021
£    £   
Other creditors 182,793 -