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REGISTERED NUMBER: 05055672 (England and Wales)





















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2023

FOR

PRESTIGE WOOD FLOOR SPECIALISTS LIMITED

PRESTIGE WOOD FLOOR SPECIALISTS LIMITED (REGISTERED NUMBER: 05055672)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


PRESTIGE WOOD FLOOR SPECIALISTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MARCH 2023







DIRECTOR: G.J. Brough





REGISTERED OFFICE: Unit 22
Calibre Industrial Park
Laches Close
Four Ashes
Wolverhampton
WV10 7DZ





REGISTERED NUMBER: 05055672 (England and Wales)





ACCOUNTANTS: Howards Limited
Chartered Certified Accountants
Newport House
Newport Road
Stafford
Staffordshire
ST16 1DA

PRESTIGE WOOD FLOOR SPECIALISTS LIMITED (REGISTERED NUMBER: 05055672)

STATEMENT OF FINANCIAL POSITION
31ST MARCH 2023

2023 2022
Notes £    £   
Fixed assets
Intangible assets 5 - -
Tangible assets 6 640,552 669,473
640,552 669,473

Current assets
Stocks 7 421,564 172,748
Debtors 8 142,090 171,008
Prepayments and accrued income 92,527 95,703
Cash at bank 652,005 557,362
1,308,186 996,821
Creditors
Amounts falling due within one year 9 (264,784 ) (177,559 )
Net current assets 1,043,402 819,262
Total assets less current liabilities 1,683,954 1,488,735

Creditors
Amounts falling due after more than one
year

10

(213,318

)

(233,144

)

Provisions for liabilities (29,062 ) (27,582 )

Accruals and deferred income (9,133 ) (21,335 )
Net assets 1,432,441 1,206,674

Capital and reserves
Called up share capital 2 2
Capital redemption reserve 1 1
Retained earnings 1,432,438 1,206,671
Shareholders' funds 1,432,441 1,206,674

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2023 in accordance with Section 476 of the Companies Act 2006.

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.

PRESTIGE WOOD FLOOR SPECIALISTS LIMITED (REGISTERED NUMBER: 05055672)

STATEMENT OF FINANCIAL POSITION - continued
31ST MARCH 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 13th November 2023 and were signed by:





G.J. Brough - Director


PRESTIGE WOOD FLOOR SPECIALISTS LIMITED (REGISTERED NUMBER: 05055672)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2023

1. STATUTORY INFORMATION

Prestige Wood Floor Specialists Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 05055672 and the registered office address is Unit 2, G Rose Business Centre, Acton Gate, Wolverhampton Road, Stafford, ST17 9HQ.

The principal activity of the company is the sale, fitting and restoration of wood flooring.

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.

Functional currency
The financial statements are prepared in sterling (£) which is the functional currency of the company.

Significant judgements and estimates
In determining and applying accounting policies, judgement is often required in respect of items where the choice of specific policy, accounting estimate or assumption to be followed could materially affect the reported results or net asset position of the company; it may later be determined that a different choice would have been more appropriate. Management considers that certain accounting estimates and assumptions relating to revenue, taxation, tangible fixed assets, provisions and contingent liabilities and accruals are its critical accounting estimates.

Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered and goods supplied, stated net of discounts and VAT.

Income is recognised when goods have been delivered to customers or services have been provided in full such that risks and rewards of ownership have transferred to them.

Tangible fixed assets
Depreciation is calculated so as to write off the cost of assets, less their residual value, over their estimated useful lives as follows:

Freehold land - no depreciation
Freehold buildings - 2% on cost
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on cost

On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in profit or loss, and included in other operating income.

Stocks
Stock is valued at the lower of cost and net realisable value. Cost is determined on a first in first out basis. Net realisable value represents estimated selling price less costs to complete and sell. Provision is made for slow moving, obsolete or damaged stock where the net realisable value is less than cost.

PRESTIGE WOOD FLOOR SPECIALISTS LIMITED (REGISTERED NUMBER: 05055672)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023

3. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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.

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.

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 of non-financial assets
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss.

Stocks are also assessed for impairment at each reporting date. The carrying amount of each item of stock, or group of similar items, is compared with its selling price less costs to complete and sell. If an item of stock or group of similar items is impaired, its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A reversal of an impairment loss is recognised immediately in profit or loss.

PRESTIGE WOOD FLOOR SPECIALISTS LIMITED (REGISTERED NUMBER: 05055672)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023

3. ACCOUNTING POLICIES - continued

Provisions
Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated.

Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

4. EMPLOYEES AND DIRECTORS

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

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st April 2022
and 31st March 2023 90,000
AMORTISATION
At 1st April 2022
and 31st March 2023 90,000
NET BOOK VALUE
At 31st March 2023 -
At 31st March 2022 -

6. TANGIBLE FIXED ASSETS
Freehold Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1st April 2022 524,307 383,167 100,264 6,628 1,014,366
Additions - 8,555 - 1,273 9,828
At 31st March 2023 524,307 391,722 100,264 7,901 1,024,194
DEPRECIATION
At 1st April 2022 - 296,447 41,818 6,628 344,893
Charge for year - 23,819 14,612 318 38,749
At 31st March 2023 - 320,266 56,430 6,946 383,642
NET BOOK VALUE
At 31st March 2023 524,307 71,456 43,834 955 640,552
At 31st March 2022 524,307 86,720 58,446 - 669,473

7. STOCKS
2023 2022
£    £   
Stocks 421,564 172,748

PRESTIGE WOOD FLOOR SPECIALISTS LIMITED (REGISTERED NUMBER: 05055672)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 140,975 144,978
Other debtors 1,115 26,030
142,090 171,008

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans 23,003 20,741
Trade creditors 145,224 88,137
Taxation and social security 93,270 66,172
Other creditors 3,287 2,509
264,784 177,559

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 213,318 233,144

Amounts falling due in more than five years:

Repayable by instalments
Bank loans - over 5 years 102,802 143,720

11. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 236,321 253,885

Barclays Bank Plc hold charges over all property owned by the company, incorporating fixed and floating charges and a negative pledge.

12. LEASE COMMITMENTS

The company has future operating lease commitments of £7,297 (2022 - £21,890).

13. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31st March 2023 and 31st March 2022:

2023 2022
£    £   
G.J. Brough
Balance outstanding at start of year 26,030 32,759
Amounts advanced - 78,351
Amounts repaid (24,915 ) (85,080 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 1,115 26,030

The overdrawn directors loan account balance was repaid within 9 months of the year end.

PRESTIGE WOOD FLOOR SPECIALISTS LIMITED (REGISTERED NUMBER: 05055672)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2023

14. RELATED PARTY DISCLOSURES

The company occupies premises owned personally by the director, Mr G J Brough. Rent paid during the year totalled £8,400 (2022: £8,400) and this was deemed not to be at market value.