Registered number
07869197
BR Flooring Ltd
Filleted Abridged Accounts
31 December 2022
BR Flooring Ltd
Abridged Profit and Loss Account
for the year ended 31 December 2022
2022 2021
£ £
Gross profit 773,769 562,187
Administrative expenses (501,117) (367,196)
Other operating income 300 62,917
Operating profit 272,952 257,908
Interest receivable 3,145 3,415
Interest payable (1,010) (862)
Profit before taxation 275,087 260,461
Tax on profit (54,944) (50,669)
Profit for the financial year 220,143 209,792
BR Flooring Ltd
Registered number: 07869197
Abridged Balance Sheet
as at 31 December 2022
2022 2021
Notes £ £ £ £
Fixed assets
Intangible assets 3 37,500 47,500
Tangible assets 4 51,365 17,256
88,865 64,756
Current assets
Stocks 3,600 3,600
Debtors 5 476,549 456,637
Cash at bank and in hand 519,517 450,412
999,666 910,649
Creditors: amounts falling due within one year (428,622) (431,937)
Net current assets 571,044 478,712
Total assets less current liabilities 659,909 543,468
Creditors: amounts falling due after more than one year (25,000) (35,000)
Provisions for liabilities (12,244) (3,096)
Net assets 622,665 505,372
Capital and reserves
Called up share capital 100 100
Profit and loss account 622,565 505,272
Shareholders' funds 622,665 505,372
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of the Companies Act 2006.
Kishor Gokani
Director
Approved by the board on 30 September 2023
BR Flooring Ltd
Notes to the Abridged Accounts
for the year ended 31 December 2022
1 Accounting policies
Basis of preparation
The abridged accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Goodwill 10% or 20% straight line
Fixtures and equipment 25% straight line
Leasehold premises 20% straight line
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2022 2021
2 Employees Number Number
Average number of persons employed by the company 9 8
3 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2022 75,000
At 31 December 2022 75,000
Amortisation
At 1 January 2022 27,500
Provided during the year 10,000
At 31 December 2022 37,500
Net book value
At 31 December 2022 37,500
At 31 December 2021 47,500
Goodwill acquisitions are being written off in equal annual instalments over the related estimated economic life of either 5 years or 10 years.
4 Tangible fixed assets Total
£
Cost
At 1 January 2022 39,893
Additions 45,170
At 31 December 2022 85,063
Depreciation
At 1 January 2022 22,637
Charge for the year 11,061
At 31 December 2022 33,698
Net book value
At 31 December 2022 51,365
At 31 December 2021 17,256
5 Debtors 2022 2021
£ £
Amounts due after more than one year included in debtors 265,648 265,648
6 Loans to directors
The Company has made loans to the Directors. Interest is charged on overdrawn balances on a per HMRC regulations. The balance owed to the Company at the year end was: 129,816 135,105
7 Related party transactions
The Company has loaned to K & K Property Holdings Ltd, a company which is controlled by the Directors. The loan is interest-free, with no specific terms of repayment and the balance at the year end was: 211,888 211,888
8 Other information
BR Flooring Ltd is a private company limited by shares and incorporated in England. Its registered office is: 2B Fairway Petts Wood Orpington UK BR5 1EG.
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