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Registration number: 4319260

FINEWOOD FLOORING LIMITED

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 December 2022

 

FINEWOOD FLOORING LIMITED

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 11

 

FINEWOOD FLOORING LIMITED

Company Information

Director

Mr M Rotblum

Registered office

1285a Finchley Road
London
NW11 0BH

Accountants

Mawson Breskal & Co
Chartered Accountants
6 Parkgate Avenue
Barnet
Herts
EN4 0NR

 

FINEWOOD FLOORING LIMITED

(Registration number: 4319260)
Abridged Balance Sheet as at 31 December 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

17,421

20,123

Current assets

 

Stocks

5

197,169

230,000

Debtors

6

73,134

37,656

Cash at bank and in hand

 

12,365

32,360

 

282,668

300,016

Prepayments and accrued income

 

98,596

225,222

Creditors: Amounts falling due within one year

7

(808,817)

(641,631)

Net current liabilities

 

(427,553)

(116,393)

Total assets less current liabilities

 

(410,132)

(96,270)

Creditors: Amounts falling due after more than one year

8

(70,908)

(129,400)

Provisions for liabilities

-

(1,136)

Accruals and deferred income

 

(4,950)

(161,262)

Net liabilities

 

(485,990)

(388,068)

Capital and reserves

 

Called up share capital

9

101

101

Retained earnings

(486,091)

(388,169)

Shareholders' deficit

 

(485,990)

(388,068)

For the financial year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

 

FINEWOOD FLOORING LIMITED

(Registration number: 4319260)
Abridged Balance Sheet as at 31 December 2022

Approved and authorised by the director on 14 September 2023
 

.........................................
Mr M Rotblum
Director

 

FINEWOOD FLOORING LIMITED

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2022

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1285a Finchley Road
London
NW11 0BH
United Kingdom

These financial statements were authorised for issue by the director on 14 September 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The company relies on the support of the director who lent the company £228,660 during the year. Despite the losses incurred to date the director feels it appropriate to prepare the financial statements on a going concern basis. This is on the basis of the directors continued support and expectations of more positive trading results going forward having secured new supply contracts which should produce better margins.

Revenue recognition

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.

Government grants

Grants relating to revenue are recognised in the profit and loss account on a systematic basis over the periods in which the entity recognises the related costs for which the grant was intended to compensate.
Grants that are received in respect of expenses or losses already incurred by the entity are recognised in the profit and loss account in the period when the grant becomes receivable.

 

FINEWOOD FLOORING LIMITED

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2022

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

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:

Asset class

Depreciation method and rate

Leasehold property

Straight line over the life of the lease

Plant and machinery

25% reducing balance

Fixtures and fittings

25% reducing balance

Motor vehicles

25% reducing balance

Cash and cash equivalents

Cash 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 debtors

Trade 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.

 

FINEWOOD FLOORING LIMITED

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2022

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade 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.

Borrowings

Interest-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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary 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.

Dividends

Dividend 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.

 

FINEWOOD FLOORING LIMITED

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2022

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 13 (2021 - 13).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Cost or valuation

At 1 January 2022

37,237

47,093

23,621

41,677

At 31 December 2022

37,237

47,093

23,621

41,677

Depreciation

At 1 January 2022

20,480

47,093

23,475

38,457

Charge for the year

1,861

-

36

805

At 31 December 2022

22,341

47,093

23,511

39,262

Carrying amount

At 31 December 2022

14,896

-

110

2,415

At 31 December 2021

16,757

-

146

3,220

 

FINEWOOD FLOORING LIMITED

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2022

Total
£

Cost or valuation

At 1 January 2022

149,628

At 31 December 2022

149,628

Depreciation

At 1 January 2022

129,505

Charge for the year

2,702

At 31 December 2022

132,207

Carrying amount

At 31 December 2022

17,421

At 31 December 2021

20,123

Included within the net book value of land and buildings above is £14,895 (2021 - £16,757) in respect of short leasehold land and buildings.
 

5

Stocks

2022
£

2021
£

Other inventories

197,169

230,000

6

Debtors

Debtors includes £Nil (2021 - £Nil) due after more than one year.

7

Creditors: amounts falling due within one year

Creditors include bank loans and overdrafts which are secured of £48152 (2021 - £45,694).

8

Creditors: amounts falling due after more than one year

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £46,411 (2021 - £94,563).

9

Share capital

Allotted, called up and fully paid shares

 

FINEWOOD FLOORING LIMITED

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2022

 

2022

2021

 

No.

£

No.

£

Ordinary shares of £1 each

101

101

101

101

         

10

Dividends

   

2022

 

2021

   

£

 

£

         

11

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £70,767 (2021 - £40,675).

12

Related party transactions

 

FINEWOOD FLOORING LIMITED

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2022

Transactions with the director

2022

At 1 January 2022
£

Advances to director
£

Repayments by director
£

At 31 December 2022
£

Mr M Rotblum

Loan subject to interest at 2.5% pa and repayable on demand

26,948

217

(255,825)

(228,660)

         
       

 

2021

At 1 January 2021
£

Advances to director
£

Repayments by director
£

At 31 December 2021
£

Mr M Rotblum

Loan subject to interest at 2.5% pa and repayable on demand

57,913

1,048

(32,013)

26,948

         
       

 

 

FINEWOOD FLOORING LIMITED

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 December 2022

Director's remuneration

The director's remuneration for the year was as follows:

2022
£

2021
£

Remuneration

8,820

8,805

Other transactions with directors