REGISTERED NUMBER: |
Lynch & Calver Flooring Limited |
Unaudited Financial Statements for the Year Ended 31 March 2023 |
REGISTERED NUMBER: |
Lynch & Calver Flooring Limited |
Unaudited Financial Statements for the Year Ended 31 March 2023 |
Lynch & Calver Flooring Limited (Registered number: 04652501) |
Contents of the Financial Statements |
for the Year Ended 31 March 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
Lynch & Calver Flooring Limited |
Company Information |
for the Year Ended 31 March 2023 |
Director: |
Secretary: |
Registered office: |
Registered number: |
Accountants: |
5 Queen Street |
Great Yarmouth |
Norfolk |
NR30 2QP |
Lynch & Calver Flooring Limited (Registered number: 04652501) |
Statement of Financial Position |
31 March 2023 |
31/3/23 | 31/3/22 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
Current assets |
Stocks |
Debtors | 5 |
Cash at bank |
Creditors |
Amounts falling due within one year | 6 |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
7 |
( |
) |
Provisions for liabilities | ( |
) | ( |
) |
Net assets |
Capital and reserves |
Called up share capital |
Revaluation reserve | 9 |
Capital redemption reserve |
Retained earnings |
Shareholders' funds |
The director acknowledges his 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. |
Lynch & Calver Flooring Limited (Registered number: 04652501) |
Statement of Financial Position - continued |
31 March 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
Lynch & Calver Flooring Limited (Registered number: 04652501) |
Notes to the Financial Statements |
for the Year Ended 31 March 2023 |
1. | Statutory information |
Lynch & Calver Flooring Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Accounting policies |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable for the provision of goods to customers. Revenue from goods is recognised at the point the company fulfils its commercial obligation to the customer, and revenue and costs in respect of the transaction can be measured reliably and collectability is reasonably assured, which is typically upon fitting. |
Tangible fixed assets |
Improvements to property | - |
Tools and equipment | - |
Office equipment | - |
Motor vehicles | - |
Government grants |
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. |
A grant that specifies performance conditions is recognised in income when the performance conditions are met.Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or become receivable. A grant received before the recognition criteria are satisfied is recognised as a liability. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Financial instruments |
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. |
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 statement of financial position date. |
Lynch & Calver Flooring Limited (Registered number: 04652501) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
2. | Accounting policies - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
3. | Employees and directors |
The average number of employees during the year was |
4. | Tangible fixed assets |
Improvements |
Long | to | Tools and |
leasehold | property | equipment |
£ | £ | £ |
Cost |
At 1 April 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 March 2023 |
Depreciation |
At 1 April 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 March 2023 |
Net book value |
At 31 March 2023 |
At 31 March 2022 |
Lynch & Calver Flooring Limited (Registered number: 04652501) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
4. | Tangible fixed assets - continued |
Office | Motor |
equipment | vehicles | Totals |
£ | £ | £ |
Cost |
At 1 April 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 March 2023 |
Depreciation |
At 1 April 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 March 2023 |
Net book value |
At 31 March 2023 |
At 31 March 2022 |
5. | Debtors |
31/3/23 | 31/3/22 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
6. | Creditors: amounts falling due within one year |
31/3/23 | 31/3/22 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
7. | Creditors: amounts falling due after more than one year |
31/3/23 | 31/3/22 |
£ | £ |
Bank loans |
Lynch & Calver Flooring Limited (Registered number: 04652501) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
7. | Creditors: amounts falling due after more than one year - continued |
31/3/23 | 31/3/22 |
£ | £ |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | - | 32,181 |
8. | Leasing agreements |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31/3/23 | 31/3/22 |
£ | £ |
Within one year |
Between one and five years |
9. | Reserves |
Revaluation |
reserve |
£ |
At 1 April 2022 |
Transfer of recognised profit | (85,663 | ) |
At 31 March 2023 |
10. | Directors' advances, credits and guarantees |
The following advances and credits to directors subsisted during the years ended 31 March 2023 and 31 March 2022: |
31/3/23 | 31/3/22 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |