2022-06-012023-05-312023-05-31false03570047Hamp Flooring (1998) 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Hamp Flooring (1998) Limited

Registered Number
03570047
(England and Wales)

Unaudited Financial Statements for the Year ended
31 May 2023

Hamp Flooring (1998) Limited
Company Information
for the year from 1 June 2022 to 31 May 2023

Directors

Andrew Carl Shone
Lucy Ellen Shone

Registered Address

8 Alderwood Precinct
Northway Sedgley
Dudley
DY3 3QY

Registered Number

03570047 (England and Wales)
Hamp Flooring (1998) Limited
Balance Sheet as at
31 May 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets581,62064,188
81,62064,188
Current assets
Stocks4,5003,800
Debtors6215,865258,988
Cash at bank and on hand154,62979,986
374,994342,774
Creditors amounts falling due within one year7(67,844)(97,907)
Net current assets (liabilities)307,150244,867
Total assets less current liabilities388,770309,055
Creditors amounts falling due after one year(57,563)(48,927)
Provisions for liabilities(40,615)(16,053)
Net assets290,592244,075
Capital and reserves
Profit and loss account290,592244,075
Shareholders' funds290,592244,075
The financial statements were approved and authorised for issue by the Board of Directors on 13 October 2023, and are signed on its behalf by:
Lucy Ellen Shone
Director
Registered Company No. 03570047
Hamp Flooring (1998) Limited
Notes to the Financial Statements
for the year ended 31 May 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Accounting policies
Turnover policy
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.
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Plant and machinery15
Fixtures and fittings15
Vehicles25
Stocks policy
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
Revenue recognition policy
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.
Taxation policy
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax policy
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.
Foreign currency translation and operations policy
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leases policy
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Employee benefits policy
Contributions to defined contribution plans are expensed in the period to which they relate.
4.Employee information

20232022
Average number of employees during the year89
5.Property, plant and equipment

Total

£
Cost or valuation
At 01 June 22100,249
Additions67,226
Disposals(47,210)
At 31 May 23120,265
Depreciation and impairment
At 01 June 2236,062
Charge for year23,540
On disposals(20,957)
At 31 May 2338,645
Net book value
At 31 May 2381,620
At 31 May 2264,188
6.Debtors

2023

2022

££
Trade debtors / trade receivables203,281246,736
Other debtors10,79510,795
Prepayments and accrued income1,7891,457
Total215,865258,988
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.
7.Creditors within one year

2023

2022

££
Trade creditors / trade payables18,12453,385
Bank borrowings and overdrafts9,6489,888
Taxation and social security27,42421,345
Finance lease and HP contracts5,8986,348
Other creditors5,5015,691
Accrued liabilities and deferred income1,2491,250
Total67,84497,907
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.
8.Finance lease and HP contracts after one year

2023

2022

££
Finance lease and HP contracts35,32916,307