Silverfin false 31/03/2023 01/04/2022 31/03/2023 J V Hopkinson 22/03/2010 S P Hopkinson 29/03/2004 15 November 2023 The principal of the company continued to be providing floor coverings. 01019301 2023-03-31 01019301 bus:Director1 2023-03-31 01019301 bus:Director2 2023-03-31 01019301 2022-03-31 01019301 core:CurrentFinancialInstruments 2023-03-31 01019301 core:CurrentFinancialInstruments 2022-03-31 01019301 core:Non-currentFinancialInstruments 2023-03-31 01019301 core:Non-currentFinancialInstruments 2022-03-31 01019301 core:ShareCapital 2023-03-31 01019301 core:ShareCapital 2022-03-31 01019301 core:SharePremium 2023-03-31 01019301 core:SharePremium 2022-03-31 01019301 core:CapitalRedemptionReserve 2023-03-31 01019301 core:CapitalRedemptionReserve 2022-03-31 01019301 core:RetainedEarningsAccumulatedLosses 2023-03-31 01019301 core:RetainedEarningsAccumulatedLosses 2022-03-31 01019301 core:FurnitureFittings 2022-03-31 01019301 core:FurnitureFittings 2023-03-31 01019301 2022-04-01 2023-03-31 01019301 bus:FullAccounts 2022-04-01 2023-03-31 01019301 bus:SmallEntities 2022-04-01 2023-03-31 01019301 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 01019301 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 01019301 bus:Director1 2022-04-01 2023-03-31 01019301 bus:Director2 2022-04-01 2023-03-31 01019301 core:FurnitureFittings 2022-04-01 2023-03-31 01019301 2021-04-01 2022-03-31 01019301 1 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Company No: 01019301 (England and Wales)

HYDE FLOORING COMPANY LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2023
Pages for filing with the registrar

HYDE FLOORING COMPANY LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

HYDE FLOORING COMPANY LIMITED

BALANCE SHEET

As at 31 March 2023
HYDE FLOORING COMPANY LIMITED

BALANCE SHEET (continued)

As at 31 March 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 7,421 7,634
7,421 7,634
Current assets
Stocks 15,906 9,492
Debtors
- due within one year 4 598,405 572,691
- due after more than one year 4 6,750 0
Cash at bank and in hand 557,308 215,895
1,178,369 798,078
Creditors: amounts falling due within one year 5 ( 448,477) ( 245,167)
Net current assets 729,892 552,911
Total assets less current liabilities 737,313 560,545
Creditors: amounts falling due after more than one year 20,000 0
Provision for liabilities ( 671) ( 628)
Net assets 756,642 559,917
Capital and reserves
Called-up share capital 439 439
Share premium account 12,974 12,974
Capital redemption reserve 26 26
Profit and loss account 743,203 546,478
Total shareholders' funds 756,642 559,917

For the financial year ending 31 March 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Hyde Flooring Company Limited (registered number: 01019301) were approved and authorised for issue by the Director on 15 November 2023. They were signed on its behalf by:

S P Hopkinson
Director
HYDE FLOORING COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
HYDE FLOORING COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Hyde Flooring Company Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom and is registered in England and Wales. The address of the Company's registered office is The Pump House 175 Grane Road, Haslingden, Rossendale, BB4 5ER, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
* The company has transferred the significant risks and rewards of ownership to the buyer;
* The company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
* The amount of revenue can be measured reliably;
* it is probable that the company will receive the consideration due under the transaction; and
* The costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of Services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
* The amount of revenue can be measured reliably;
* It is probable that the company will receive the consideration due under the contract;
* The stage of completion of the contract at the end if the reporting period can be measured reliably; and
* The costs incurred and the costs to complete the contract can be measured reliably.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 24 24

3. Tangible assets

Fixtures and fittings Total
£ £
Cost
At 01 April 2022 320,714 320,714
Additions 2,012 2,012
At 31 March 2023 322,726 322,726
Accumulated depreciation
At 01 April 2022 313,080 313,080
Charge for the financial year 2,225 2,225
At 31 March 2023 315,305 315,305
Net book value
At 31 March 2023 7,421 7,421
At 31 March 2022 7,634 7,634

4. Debtors

2023 2022
£ £
Debtors: amounts falling due within one year
Trade debtors 559,277 528,393
Amounts recoverable on contracts 12,363 36,931
Prepayments 26,765 7,367
598,405 572,691
Debtors: amounts falling due after more than one year
Other taxation and social security 6,750 0

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 175,485 139,336
Taxation and social security 136,472 68,341
Other creditors 136,520 37,490
448,477 245,167

6. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2023 2022
£ £
Unpaid contributions due to the fund (inc. in other creditors) 2,887 3,114

7. Related party transactions

Transactions with the entity's directors

During the year the company provided a director with a loan totalling £20,000 (2022 : £Nil). At the year end £20,000 was owed to the director. The loan is interest free and repayable on demand.

8. Off Balance Sheet arrangements

As at 31 March 2023, the company had operating lease commitments of £169,918 (2022: £259,505)

9. Events after the Balance Sheet date

Post year end the company bought back 120 Ordinary A and 83 Ordinary D Shares for £400,083. Once the purchase was completed these shares were cancelled.