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Floor Furnishings Limited

Financial Statements for the Year Ended 30 April 2023






Floor Furnishings Limited

Company Information
for the Year Ended 30 April 2023







DIRECTORS: N J Jefferies
N C Jefferies
M R Jefferies





SECRETARY: A Jefferies





REGISTERED OFFICE: Unit 7
Pacific Business Park
Pacific Road
Cardiff
CF24 5HJ





REGISTERED NUMBER: 02035005 (England and Wales)





ACCOUNTANTS: BPU Limited
Chartered Accountants
Radnor House
Greenwood Close
Cardiff Gate Business Park
Cardiff
CF23 8AA

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Floor Furnishings Limited


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.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Floor Furnishings Limited for the year ended 30 April 2023 which comprise the Profit & Loss Account, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

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.

This report is made solely to the Board of Directors of Floor Furnishings 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 Floor Furnishings Limited and state those matters that we have agreed to state to the Board of Directors of Floor Furnishings 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 Floor Furnishings Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Floor Furnishings 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 Floor Furnishings Limited. You consider that Floor Furnishings Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Floor Furnishings 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.






BPU Limited
Chartered Accountants


25 September 2023

Floor Furnishings Limited (Registered number: 02035005)

Balance Sheet
30 April 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 3 26,318 69,258

CURRENT ASSETS
Stocks 115,000 40,303
Debtors 4 833,223 654,780
Cash at bank and in hand 233,484 85,606
1,181,707 780,689
CREDITORS
Amounts falling due within one year 5 791,374 401,993
NET CURRENT ASSETS 390,333 378,696
TOTAL ASSETS LESS CURRENT
LIABILITIES

416,651

447,954

CREDITORS
Amounts falling due after more than
one year

6

(3,776

)

(21,673

)

PROVISIONS FOR DEFERRED TAX (5,300 ) (8,300 )
NET ASSETS 407,575 417,981

CAPITAL AND RESERVES
Called up share capital 10,000 10,000
Retained earnings 397,575 407,981
SHAREHOLDERS' FUNDS 407,575 417,981

Floor Furnishings Limited (Registered number: 02035005)

Balance Sheet - continued
30 April 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2023 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.

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

In accordance with Section 444 of the Companies Act 2006, the Profit & Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2023 and were signed on its behalf by:





N J Jefferies - Director


Floor Furnishings Limited (Registered number: 02035005)

Notes to the Financial Statements
for the Year Ended 30 April 2023


1. 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.

Tangible fixed assets
Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost of each asset evenly over its expected useful life, as follows:

Leasehold Property- 2% straight line
Plant and Machinery- 15% straight line
Fixtures and Fittings- 20% straight line
Motor Vehicles- 20% straight line

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 Profit & Loss Account, 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.

Pension costs
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.

Floor Furnishings Limited (Registered number: 02035005)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023


2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2022 - 21 ) .

3. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 May 2022 2,600 9,261 147,367 159,228
Additions - 172 - 172
Disposals - - (50,225 ) (50,225 )
At 30 April 2023 2,600 9,433 97,142 109,175
DEPRECIATION
At 1 May 2022 2,600 3,309 84,061 89,970
Charge for year - 1,289 20,421 21,710
Eliminated on disposal - - (28,823 ) (28,823 )
At 30 April 2023 2,600 4,598 75,659 82,857
NET BOOK VALUE
At 30 April 2023 - 4,835 21,483 26,318
At 30 April 2022 - 5,952 63,306 69,258

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 678,858 555,664
Other debtors & prepayments 154,365 99,116
833,223 654,780

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 6,154 12,166
Trade creditors 333,897 130,349
Amounts owed to group undertakings 362,483 205,295
Taxes & social security costs 64,018 38,487
Other creditors & accruals 24,822 15,696
791,374 401,993

Floor Furnishings Limited (Registered number: 02035005)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023


6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2023 2022
£    £   
Hire purchase contracts 3,776 21,673

7. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 9,930 33,839

The Hire Purchase contracts are secured over the assets to which they relate.