LRK FLOORING LTD

Company Registration Number:
13849358 (England and Wales)

Unaudited abridged accounts for the year ended 31 March 2023

Period of accounts

Start date: 14 January 2022

End date: 31 March 2023

LRK FLOORING LTD

Contents of the Financial Statements

for the Period Ended 31 March 2023

Balance sheet
Notes

LRK FLOORING LTD

Balance sheet

As at 31 March 2023


Notes

15 months to 31 March 2023


£
Fixed assets
Intangible assets: 3 28,500
Tangible assets: 4 73,946
Total fixed assets: 102,446
Current assets
Debtors:   185,428
Cash at bank and in hand: 11,270
Total current assets: 196,698
Creditors: amounts falling due within one year:   (91,773)
Net current assets (liabilities): 104,925
Total assets less current liabilities: 207,371
Creditors: amounts falling due after more than one year: 5 (35,275)
Provision for liabilities: (14,050)
Total net assets (liabilities): 158,046
Capital and reserves
Called up share capital: 30,000
Profit and loss account: 128,046
Shareholders funds: 158,046

The notes form part of these financial statements

LRK FLOORING LTD

Balance sheet statements

For the year ending 31 March 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 09 October 2023
and signed on behalf of the board by:

Name: L R Rollinson
Status: Director

The notes form part of these financial statements

LRK FLOORING LTD

Notes to the Financial Statements

for the Period Ended 31 March 2023

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts. The company recognises revenue when: The amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Tangible fixed assets and depreciation policy

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:Motor Vehicles 25% per annum reducing balancePlant and Equipment 25% per annum reducing balance

Intangible fixed assets and amortisation policy

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:Goodwill 5% Straight Line

Other accounting policies

Cash and cash equivalentsCash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.Trade debtorsTrade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.Trade creditorsTrade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.BorrowingsInterest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges. Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.LeasesLeases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation. Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.Share capitalOrdinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.DividendsDividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

LRK FLOORING LTD

Notes to the Financial Statements

for the Period Ended 31 March 2023

2. Employees

15 months to 31 March 2023
Average number of employees during the period 3

LRK FLOORING LTD

Notes to the Financial Statements

for the Period Ended 31 March 2023

3. Intangible Assets

Total
Cost £
Additions 30,000
At 31 March 2023 30,000
Amortisation
Charge for year 1,500
At 31 March 2023 1,500
Net book value
At 31 March 2023 28,500

LRK FLOORING LTD

Notes to the Financial Statements

for the Period Ended 31 March 2023

4. Tangible Assets

Total
Cost £
Additions 94,095
At 31 March 2023 94,095
Depreciation
Charge for year 20,149
At 31 March 2023 20,149
Net book value
At 31 March 2023 73,946

LRK FLOORING LTD

Notes to the Financial Statements

for the Period Ended 31 March 2023

5. Creditors: amounts falling due after more than one year note

Loans and borrowings 35275