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REGISTERED NUMBER: NI602589 (Northern Ireland)















Unaudited Financial Statements for the Year Ended 30 June 2023

for

City Flooring Centre Ltd

City Flooring Centre Ltd (Registered number: NI602589)






Contents of the Financial Statements
for the Year Ended 30 June 2023




Page

Company Information 1

Chartered Accountants' Report 2

Statement of Financial Position 3 to 4

Notes to the Financial Statements 5 to 9


City Flooring Centre Ltd

Company Information
for the Year Ended 30 June 2023







DIRECTORS: Geraldine Doherty
Mark Doherty
Adrian Doherty
John Doherty





REGISTERED OFFICE: 145 North Street
Belfast
Co. Antrim
BT1 1NE





REGISTERED NUMBER: NI602589 (Northern Ireland)





ACCOUNTANTS: Lynn Drake & Co Ltd
Chartered Accountants
1st Floor
34 B-D Main Street
Moira
Co. Armagh
BT67 0LE

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
City Flooring Centre Ltd

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 Statement of Financial Position. 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 accordance with our terms of engagement and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company for the year ended 30 June 2023 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position and the related notes from the accounting records and information and explanations you have given to us.

This report is made to the company's Board of Directors, as a body, in accordance with the terms of our engagement. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report to the company's Board of Directors that we have done so, and state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's Board of Directors, as a body, for our work or for this report.

We have carried out this engagement in accordance with guidance issued by the Institute of Chartered Accountants in Ireland and have complied with the ethical guidance laid down by the Institute relating to members undertaking the compilation of financial statements.

You have acknowledged on the Statement of Financial Position as at 30 June 2023 your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.

We have not been instructed to carry out an audit of the financial statements. 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 financial statements.






Lynn Drake & Co Ltd
Chartered Accountants
1st Floor
34 B-D Main Street
Moira
Co. Armagh
BT67 0LE


9 October 2023

City Flooring Centre Ltd (Registered number: NI602589)

Statement of Financial Position
30 June 2023

30.6.23 30.6.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 - -
Tangible assets 6 35,120 29,495
35,120 29,495

CURRENT ASSETS
Stocks 7 57,750 57,250
Debtors 8 504,147 510,095
Cash at bank and in hand 500,765 494,555
1,062,662 1,061,900
CREDITORS
Amounts falling due within one year 9 323,662 355,553
NET CURRENT ASSETS 739,000 706,347
TOTAL ASSETS LESS CURRENT
LIABILITIES

774,120

735,842

PROVISIONS FOR LIABILITIES 10 6,673 5,604
NET ASSETS 767,447 730,238

CAPITAL AND RESERVES
Called up share capital 11 100 100
Retained earnings 767,347 730,138
SHAREHOLDERS' FUNDS 767,447 730,238

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

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

City Flooring Centre Ltd (Registered number: NI602589)

Statement of Financial Position - continued
30 June 2023


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 October 2023 and were signed on its behalf by:




Adrian Doherty - Director Geraldine Doherty - Director




Mark Doherty - Director John Doherty - Director


City Flooring Centre Ltd (Registered number: NI602589)

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

1. STATUTORY INFORMATION

City Flooring Centre Ltd is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on Reducing Balance
Motor vehicles - 25% on Reducing Balance

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Financial instruments
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment ar recognised in the profit and loss account in other administrative expenses.

City Flooring Centre Ltd (Registered number: NI602589)

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

3. ACCOUNTING POLICIES - continued

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
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.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit and loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 5 ) .

City Flooring Centre Ltd (Registered number: NI602589)

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

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 July 2022
and 30 June 2023 419,213
AMORTISATION
At 1 July 2022
and 30 June 2023 419,213
NET BOOK VALUE
At 30 June 2023 -
At 30 June 2022 -

6. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 July 2022 38,967 55,294 28,880 123,141
Additions 16,000 - - 16,000
At 30 June 2023 54,967 55,294 28,880 139,141
DEPRECIATION
At 1 July 2022 25,478 42,179 25,989 93,646
Charge for year 6,372 3,280 723 10,375
At 30 June 2023 31,850 45,459 26,712 104,021
NET BOOK VALUE
At 30 June 2023 23,117 9,835 2,168 35,120
At 30 June 2022 13,489 13,115 2,891 29,495

7. STOCKS
30.6.23 30.6.22
£    £   
Stocks 57,750 57,250

City Flooring Centre Ltd (Registered number: NI602589)

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

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
S455 Tax 122,133 122,133
Other debtors 5,565 6,254
Directors' current accounts 361,598 366,094
Prepayments 14,851 15,614
504,147 510,095

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Trade creditors 213,136 228,490
Tax 42,448 55,343
Social security and other taxes 1,551 -
VAT 30,673 21,551
Directors' current accounts 29,523 43,960
Accrued expenses 6,331 6,209
323,662 355,553

10. PROVISIONS FOR LIABILITIES
30.6.23 30.6.22
£    £   
Deferred tax
Accelerated capital allowances 6,673 5,604

Deferred
tax
£   
Balance at 1 July 2022 5,604
Provided during year 1,069
Movement in period
Balance at 30 June 2023 6,673

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.6.23 30.6.22
value: £    £   
100 Ordinary £1 100 100

City Flooring Centre Ltd (Registered number: NI602589)

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

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 June 2023 and 30 June 2022:

30.6.23 30.6.22
£    £   
Mark Doherty
Balance outstanding at start of year 275,103 262,049
Amounts advanced 100,150 88,054
Amounts repaid (93,522 ) (75,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 281,731 275,103

John Doherty
Balance outstanding at start of year 90,991 113,746
Amounts advanced 55,125 24,972
Amounts repaid (66,249 ) (47,727 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 79,867 90,991

The directors loan accounts are repayable upon demand. The company charges a commercial rate of interest on these loans.

13. ULTIMATE CONTROLLING PARTY

The directors are considered to be the ultimate controlling party by virtue of their ability to act in concert in respect of the operational and financial policies of the company.