JFR Flooring Ltd 11800583 false 2022-03-01 2023-02-28 2023-02-28 The principal activity of the company is that of the supply and fitting of carpets and other flooring materials. Digita Accounts Production Advanced 6.30.9574.0 true true 11800583 2022-03-01 2023-02-28 11800583 2023-02-28 11800583 core:CurrentFinancialInstruments 2023-02-28 11800583 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 11800583 core:Non-currentFinancialInstruments 2023-02-28 11800583 core:Non-currentFinancialInstruments core:AfterOneYear 2023-02-28 11800583 core:FurnitureFittingsToolsEquipment 2023-02-28 11800583 core:MotorVehicles 2023-02-28 11800583 bus:SmallEntities 2022-03-01 2023-02-28 11800583 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 11800583 bus:FullAccounts 2022-03-01 2023-02-28 11800583 bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 11800583 bus:RegisteredOffice 2022-03-01 2023-02-28 11800583 bus:Director1 2022-03-01 2023-02-28 11800583 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 11800583 core:FurnitureFittingsToolsEquipment 2022-03-01 2023-02-28 11800583 core:MotorVehicles 2022-03-01 2023-02-28 11800583 core:OfficeEquipment 2022-03-01 2023-02-28 11800583 core:ToolsEquipment 2022-03-01 2023-02-28 11800583 countries:EnglandWales 2022-03-01 2023-02-28 11800583 2022-02-28 11800583 core:FurnitureFittingsToolsEquipment 2022-02-28 11800583 core:MotorVehicles 2022-02-28 11800583 2021-03-01 2022-02-28 11800583 2022-02-28 11800583 core:CurrentFinancialInstruments 2022-02-28 11800583 core:CurrentFinancialInstruments core:WithinOneYear 2022-02-28 11800583 core:Non-currentFinancialInstruments 2022-02-28 11800583 core:Non-currentFinancialInstruments core:AfterOneYear 2022-02-28 11800583 core:FurnitureFittingsToolsEquipment 2022-02-28 11800583 core:MotorVehicles 2022-02-28 iso4217:GBP xbrli:pure

Registration number: 11800583

JFR Flooring Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2023

 

JFR Flooring Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

JFR Flooring Ltd

(Registration number: 11800583)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

13,828

4,789

Current assets

 

Stocks

5

1,470

2,450

Debtors

6

9,074

914

Cash at bank and in hand

 

6,798

41,598

 

17,342

44,962

Creditors: Amounts falling due within one year

7

(10,956)

(30,468)

Net current assets

 

6,386

14,494

Total assets less current liabilities

 

20,214

19,283

Creditors: Amounts falling due after more than one year

7

(10,980)

(17,100)

Provisions for liabilities

(2,627)

(753)

Net assets

 

6,607

1,430

Capital and reserves

 

Called up share capital

100

100

Retained earnings

6,507

1,330

Shareholders' funds

 

6,607

1,430

For the financial year ending 28 February 2023 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 24 October 2023
 

 

JFR Flooring Ltd

(Registration number: 11800583)
Balance Sheet as at 28 February 2023

.........................................
J F Rustell
Director

 

JFR Flooring Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

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:
7a King Street
Frome
Somerset
BA11 1BH

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 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 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 financial statements have been prepared on a going concern basis.

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.

Tax

The tax expense for the period comprises current and 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

JFR Flooring Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

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

Motor vehicles

25% reducing balance

Tools and equipment

25% reducing balance

Office equipment inc computers

25% straight line

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.

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.

 

JFR Flooring Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

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.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

JFR Flooring Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2022

1,500

10,260

11,760

Additions

-

18,227

18,227

Disposals

-

(10,260)

(10,260)

At 28 February 2023

1,500

18,227

19,727

Depreciation

At 1 March 2022

1,039

5,932

6,971

Charge for the year

303

4,557

4,860

Eliminated on disposal

-

(5,932)

(5,932)

At 28 February 2023

1,342

4,557

5,899

Net book value

At 28 February 2023

158

13,670

13,828

At 28 February 2022

461

4,328

4,789

5

Stocks

2023
£

2022
£

Stock

1,470

2,450

6

Debtors

2023
£

2022
£

Trade debtors

7,735

914

Other debtors

1,339

-

9,074

914

 

JFR Flooring Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

7

Creditors

Amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

8

6,120

5,925

Taxation and social security

 

332

1,020

Accruals and deferred income

 

1,127

1,063

Other creditors

 

1,381

16,077

Corporation tax

 

1,996

6,383

 

10,956

30,468

Amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

10,980

17,100

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

10,980

17,100

2023
£

2022
£

Current loans and borrowings

Bank borrowings

6,120

5,925

9

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 £18,719 (2022 - £Nil).