Caseware UK (AP4) 2022.0.179 2022.0.179 2023-02-282023-02-28false110falsefalse2022-03-01supply and fitting of commercial flooring coverings126 03313671 2022-03-01 2023-02-28 03313671 2021-03-01 2022-02-28 03313671 2023-02-28 03313671 2022-02-28 03313671 2021-03-01 03313671 1 2022-03-01 2023-02-28 03313671 1 2021-03-01 2022-02-28 03313671 3 2022-03-01 2023-02-28 03313671 3 2021-03-01 2022-02-28 03313671 4 2022-03-01 2023-02-28 03313671 4 2021-03-01 2022-02-28 03313671 5 2022-03-01 2023-02-28 03313671 5 2021-03-01 2022-02-28 03313671 d:Director1 2022-03-01 2023-02-28 03313671 d:Director1 2023-02-28 03313671 d:Director2 2022-03-01 2023-02-28 03313671 d:Director2 2023-02-28 03313671 d:Director3 2022-03-01 2023-02-28 03313671 d:Director3 2023-02-28 03313671 d:Director4 2022-03-01 2023-02-28 03313671 d:Director4 2023-02-28 03313671 d:Director5 2022-03-01 2023-02-28 03313671 d:Director5 2023-02-28 03313671 d:RegisteredOffice 2022-03-01 2023-02-28 03313671 e:PlantMachinery 2022-03-01 2023-02-28 03313671 e:PlantMachinery 2023-02-28 03313671 e:PlantMachinery 2022-02-28 03313671 e:PlantMachinery e:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 03313671 e:PlantMachinery e:LeasedAssetsHeldAsLessee 2022-03-01 2023-02-28 03313671 e:MotorVehicles 2022-03-01 2023-02-28 03313671 e:MotorVehicles 2023-02-28 03313671 e:MotorVehicles 2022-02-28 03313671 e:MotorVehicles e:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 03313671 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2022-03-01 2023-02-28 03313671 e:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 03313671 e:LeasedAssetsHeldAsLessee 2022-03-01 2023-02-28 03313671 e:CurrentFinancialInstruments 2023-02-28 03313671 e:CurrentFinancialInstruments 2022-02-28 03313671 e:CurrentFinancialInstruments e:WithinOneYear 2023-02-28 03313671 e:CurrentFinancialInstruments e:WithinOneYear 2022-02-28 03313671 e:ReportableOperatingSegment1 2022-03-01 2023-02-28 03313671 e:ReportableOperatingSegment1 2021-03-01 2022-02-28 03313671 e:UKTax 2022-03-01 2023-02-28 03313671 e:UKTax 2021-03-01 2022-02-28 03313671 e:ShareCapital 2023-02-28 03313671 e:ShareCapital 2022-02-28 03313671 e:RetainedEarningsAccumulatedLosses 2022-03-01 2023-02-28 03313671 e:RetainedEarningsAccumulatedLosses 2023-02-28 03313671 e:RetainedEarningsAccumulatedLosses 2021-03-01 2022-02-28 03313671 e:RetainedEarningsAccumulatedLosses 2022-02-28 03313671 e:RetainedEarningsAccumulatedLosses 2021-03-01 03313671 e:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-02-28 03313671 e:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-02-28 03313671 e:AcceleratedTaxDepreciationDeferredTax 2023-02-28 03313671 e:AcceleratedTaxDepreciationDeferredTax 2022-02-28 03313671 e:RetirementBenefitObligationsDeferredTax 2023-02-28 03313671 e:RetirementBenefitObligationsDeferredTax 2022-02-28 03313671 d:OrdinaryShareClass1 2022-03-01 2023-02-28 03313671 d:OrdinaryShareClass1 2023-02-28 03313671 d:OrdinaryShareClass1 2022-02-28 03313671 d:OrdinaryShareClass2 2022-03-01 2023-02-28 03313671 d:OrdinaryShareClass2 2023-02-28 03313671 d:OrdinaryShareClass2 2022-02-28 03313671 d:FRS102 2022-03-01 2023-02-28 03313671 d:Audited 2022-03-01 2023-02-28 03313671 d:FullAccounts 2022-03-01 2023-02-28 03313671 d:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 03313671 e:WithinOneYear 2023-02-28 03313671 e:WithinOneYear 2022-02-28 03313671 e:BetweenOneFiveYears 2023-02-28 03313671 e:BetweenOneFiveYears 2022-02-28 03313671 2 2022-03-01 2023-02-28 03313671 6 2022-03-01 2023-02-28 03313671 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2023-02-28 03313671 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2022-02-28 03313671 e:LeasedAssetsHeldAsLessee 2023-02-28 03313671 e:LeasedAssetsHeldAsLessee 2022-02-28 xbrli:shares iso4217:GBP xbrli:pure

Registered number:  03313671














CROWN FLOORING LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023


 
CROWN FLOORING LIMITED
 
 
COMPANY INFORMATION


Directors
M D Cotterill (appointed 14 July 2023)
A A Sharifi (appointed 14 July 2023)
A J Stubbs (appointed 14 July 2023)




Registered number
03313671



Registered office
Unit 65
Burtonwood Industrial Centre

Phipps Lane

Warrington

WA5 4HX




Independent auditors
Langtons Professional Services Limited
Chartered Accountants & Statutory Auditor

The Plaza

100 Old Hall Street

Liverpool

L3 9QJ





 
CROWN FLOORING LIMITED
 

CONTENTS



Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditors' report
6 - 9
Statement of income and retained earnings
10
Balance sheet
11
Statement of cash flows
12 - 13
Analysis of net debt
14
Notes to the financial statements
15 - 31


 
CROWN FLOORING LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2023

Introduction
 
The flooring sector in the UK has long been a crucial component of the construction and interior design industries. Our primary objective is to help this ambitious flooring company harness its strengths, leverage its resources, and navigate the challenges of the industry to reach new heights of success. We will explore market insights, identify emerging trends, and define a strategic direction that encompasses employee development, marketing, customer engagement, product innovation, and the adoption of modern technologies. The goal is not only to capture a substantial share of the UK flooring market but also to extend our reach into the facilities maintenance sector, providing a comprehensive solution to our diverse range of clients through our branch network.
In the following sections, we will present a strategic plan that encompasses various facets of business operations. This report will also outline the necessary steps for achieving leadership status within the flooring industry and the expansion of facilities maintenance across the United Kingdom.

Business review
 
The company has continued the bounce back from the dramatic effects of Covid19. Turnover increased c20% on last year. The operating profit margins of 9.0% were comparable to those in 2022 (9.7%). Management information post year end records that the company has sales and operating profits either in-line or ahead of those achieved at the same time in year ended 28th February 2023. 

Page 1

 
CROWN FLOORING LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023

Principal risks and uncertainties
 
1. Supply Chain Disruptions: Ongoing disruptions in the global supply chain, exacerbated by the Ukraine    conflict and post-COVID recovery efforts, may result in delays in the procurement of essential materials    and components. These delays can lead to project delays, increased costs, and potential damage to the    company's reputation.
2.
 Fluctuating Material Costs: The uncertainties surrounding material prices and rising inflation, pose a    significant risk. Sharp price increases in key materials, such as wood, metals, and petroleum-based    products, can erode profit margins and make project budgeting and pricing challenging.
3.
 Labour Shortages: The facilities maintenance industry in the UK has been facing labour shortages even   before the pandemic. Post-COVID, this problem has been exacerbated. Difficulty in finding and retaining   skilled labour can lead to project delays, increased labour costs, and potential quality issues.
4.
 Economic Uncertainty: The lingering effects of the COVID-19 pandemic and rising inflation can create    economic uncertainty, affecting consumer demand for services. A potential economic downturn could    lead to decreased project opportunities.
5. 
Competitive Pressure: The UK facilities maintenance sector is highly competitive. The company may    face intense competition from both established players and new entrants. Price wars and margin     pressures can result from aggressive competition.
6.
 Climate Change and Environmental Impact: Increasing focus on sustainability and environmental    concerns may require the company to adopt eco-friendly practices and materials.
7.
 Client Financial Stability: Economic uncertainty can affect the financial stability of clients and project    owners. Delays in payments or project cancellations due to client financial issues can impact the     company's cash flow and profitability.
To mitigate these principal risks and uncertainties, the company implements a robust risk management strategy.
Additionally, maintaining financial flexibility and continuously monitoring market conditions are crucial in navigating the challenges posed by the evolving construction sector in the post-COVID and uncertain geopolitical environment.

Financial key performance indicators
 
The key financial indicators are shown below:
 
ole38eb.png
 
The company continued to grow following the bounce back from Covid19 lockdowns. The growth in turnover was largely translated into growth in operating profits, allowing the company to invest in new systems and vehicles in the year.

Page 2

 
CROWN FLOORING LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023

Other key performance indicators
 
1.Customer Satisfaction and Loyalty: As the customer base grows, tracking customer satisfaction and    loyalty becomes paramount. Utilising customer feedback surveys can help gauge how well the company    meets customer expectations and whether it is building strong, lasting relationships.
2.
 Repeat Business and Referrals: An increasing number of repeat customers and referrals from satisfied   clients can be a strong indicator of the company's reputation and service quality. Measuring the     percentage of revenue derived from repeat business and referrals can provide insights into customer    trust and brand advocacy.
4. 
Project Pipeline: The size and quality of the project pipeline is a critical indicator of future growth.    Analysing the number and value of projects in the pipeline, as well as the company's success rate in    winning new contracts, provides insights into its ability to sustain growth.
5. 
Financial Health: Key financial indicators, such as revenue growth, profit margins, and cash flow, are    fundamental in assessing the company's overall financial health and its capacity to invest in technology,    staff, and expansion.
6.
 Environmental Sustainability: The flooring industry is increasingly influenced by sustainability concerns.  Tracking the company's efforts to reduce its environmental footprint, such as using eco-friendly materials   and implementing green construction practices, can be important in meeting customer expectations. 
7. 
Brand Awareness and Online Presence: Monitoring the growth of the company's online presence,    including website traffic, social media engagement, and online reviews, can reflect its brand awareness    and digital marketing effectiveness.
These key indicators collectively provide a comprehensive view of the company's performance, growth trajectory, and its ability to harness leading-edge technology, capitalize on a growing customer base, and effectively manage its expanding workforce. Regularly tracking and analysing these indicators will enable the company to make data-driven decisions and adjust its strategies to achieve its long-term objectives.


This report was approved by the board on 23 November 2023 and signed on its behalf.



A A Sharifi
Director

Page 3

 
CROWN FLOORING LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2023

The directors present their report and the financial statements for the year ended 28 February 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £1,372,276 (2022 - £1,327,159).

Ordinary dividends were paid amounting to £430,000. The directors do not recommend payment of a final dividend.

Directors

The directors who served during the year were:

W D Edwards (resigned 14 July 2023)
A Thompson (resigned 14 July 2023)

Future developments

The company continues to seek new markets and identify new opportunities to enhance the customer base and overall profitability. The company has emerged the Covid-19 pandemic stronger and is looking forward to continued development of the company.

Page 4

 
CROWN FLOORING LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

The auditorsLangtons Professional Services Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 23 November 2023 and signed on its behalf.
 





A A Sharifi
Director

Page 5

 
CROWN FLOORING LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CROWN FLOORING LIMITED
 

Opinion


We have audited the financial statements of Crown Flooring Limited (the 'Company') for the year ended 28 February 2023, which comprise the Statement of income and retained earnings, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 28 February 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 6

 
CROWN FLOORING LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CROWN FLOORING LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
CROWN FLOORING LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CROWN FLOORING LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud.
The objectives of our audit, in respect to fraud, are: 
•  to identify and assess the risks of material misstatement of the financial statements due to fraud; 
• to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due
 to fraud, through designing and implementing appropriate responses; and 
•  to respond appropriately to fraud or suspected fraud identified during the audit. 
However, the primary responsibility for the prevention and detection of fraud rests with both those charged with
governance of the entity and management.
 
Our approach was as follows: 
We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and
determined that the most significant are those that relate to the reporting framework (FRS 102 and the
Companies Act 2006), the relevant tax compliance regulations in the UK and the EU General Data Protection
Regulation (GDPR). 
We understood how the Company is complying with those frameworks by making enquiries of management.
Through consideration of the results of our audit procedures we were able to either corroborate or provide
contrary evidence which was then followed up.
Based on our understanding we designed our audit procedures to identify non-compliance with laws and
regulations. Our procedures involved: 
•  enquiries of management; and 
•  journal entry testing, with a focus on journals indicating large or unusual transactions based on our
  understanding of the business. 
We assessed the susceptibility of the Company’s financial statements to material misstatement, including how
fraud might occur by meeting with management to understand where it considered there was susceptibility to
fraud. We also considered performance targets and their propensity to influence efforts made by management
to manage revenue and earnings. Where the risk was considered to be higher, including areas impacting key
performance indicators or management remuneration, we performed audit procedures to address each
identified fraud risk or other risk of material misstatement. These procedures included those on revenue
recognition detailed above, the assessment of items identified by management as non-recurring and testing
manual journals and were designed to provide reasonable assurance that the financial statements were free
 
Page 8

 
CROWN FLOORING LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CROWN FLOORING LIMITED (CONTINUED)


from material fraud or error.
 


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' 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 members, as a body, for our audit work, for this report, or for the opinions we have formed.





A McCall (Senior statutory auditor)
  
for and on behalf of
Langtons Professional Services Limited
 
Chartered Accountants
Statutory Auditor
  
The Plaza
100 Old Hall Street
Liverpool
L3 9QJ

23 November 2023
Page 9

 
CROWN FLOORING LIMITED
 
 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2023
2022
Note
£
£

  

Turnover
 4 
19,085,129
15,224,806

Cost of sales
  
(13,737,632)
(11,498,698)

Gross profit
  
5,347,497
3,726,108

Administrative expenses
  
(3,724,916)
(2,364,374)

Other operating income
 5 
63,571
112,509

Operating profit
 6 
1,686,152
1,474,243

Interest receivable and similar income
 10 
1,738
48

Interest payable and similar expenses
 11 
(2,897)
(2,934)

Profit before tax
  
1,684,993
1,471,357

Tax on profit
 12 
(312,717)
(144,198)

Profit after tax
  
1,372,276
1,327,159

  

  

Retained earnings at the beginning of the year
  
3,773,927
2,853,468

  
3,773,927
2,853,468

Profit for the year
  
1,372,276
1,327,159

Dividends declared and paid
  
(430,000)
(406,700)

Retained earnings at the end of the year
  
4,716,203
3,773,927

There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of income and retained earnings.

The notes on pages 15 to 31 form part of these financial statements.

Page 10

 
CROWN FLOORING LIMITED
REGISTERED NUMBER: 03313671

BALANCE SHEET
AS AT 28 FEBRUARY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 14 
88,636
63,868

Investments
 15 
-
502

  
88,636
64,370

Current assets
  

Stocks
 16 
50,250
52,481

Debtors: amounts falling due within one year
 17 
3,869,183
2,548,790

Cash at bank and in hand
 18 
3,656,415
3,402,487

  
7,575,848
6,003,758

Creditors: amounts falling due within one year
 19 
(2,947,379)
(2,279,993)

Net current assets
  
 
 
4,628,469
 
 
3,723,765

Total assets less current liabilities
  
4,717,105
3,788,135

Provisions for liabilities
  

Deferred tax
 21 
-
(13,306)

  
 
 
-
 
 
(13,306)

Net assets
  
4,717,105
3,774,829


Capital and reserves
  

Called up share capital 
 22 
902
902

Profit and loss account
 23 
4,716,203
3,773,927

  
4,717,105
3,774,829


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 November 2023.




A A Sharifi
Director

The notes on pages 15 to 31 form part of these financial statements.

Page 11

 
CROWN FLOORING LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
1,372,276
1,327,159

Adjustments for:

Depreciation of tangible assets
15,322
15,365

Impairments of fixed assets
502
-

Loss on disposal of tangible assets
42,359
-

Government grants
(1,831)
(108,012)

Interest paid
2,897
2,934

Interest received
(1,738)
(48)

Taxation charge
312,717
144,198

Decrease/(increase) in stocks
2,231
(3,064)

(Increase)/decrease in debtors
(1,344,496)
525,964

Increase/(decrease) in creditors
440,347
(874,424)

Corporation tax (paid)/received
(144,395)
35,244

Net cash generated from operating activities

696,191
1,065,316


Cash flows from investing activities

Purchase of tangible fixed assets
(82,449)
(5,810)

Government grants received
1,831
108,012

Interest received
1,738
48

HP interest paid
(2,897)
-

Net cash from investing activities

(81,777)
102,250
Page 12

 
CROWN FLOORING LIMITED
 

STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023


2023
2022

£
£



Cash flows from financing activities

Repayment of other loans
-
(99,000)

Repayment of/new finance leases
57,365
-

Dividends paid
(430,000)
(406,700)

Interest paid
-
(2,934)

Net cash used in financing activities
(372,635)
(508,634)

Net increase in cash and cash equivalents
241,779
658,932

Cash and cash equivalents at beginning of year
3,402,487
2,743,555

Cash and cash equivalents at the end of year
3,644,266
3,402,487


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
3,656,415
3,402,487

Bank overdrafts
(12,149)
-

3,644,266
3,402,487


The notes on pages 15 to 31 form part of these financial statements.

Page 13

 
CROWN FLOORING LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 28 FEBRUARY 2023





At 1 March 2022
Cash flows
New finance leases
At 28 February 2023
£

£

£

£

Cash at bank and in hand

3,402,487

253,928

-

3,656,415

Bank overdrafts

-

(12,149)

-

(12,149)

Debt due within 1 year

(443)

443

-

-

Finance leases

-

4,690

(62,055)

(57,365)


3,402,044
246,912
(62,055)
3,586,901

The notes on pages 15 to 31 form part of these financial statements.

Page 14

 
CROWN FLOORING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1.


General information

Crown Flooring Limited is a private company limited by shares incorporated in England and Wales, registration number 3313671. The registered office is Unit 65, Burtonwood Industrial Centre, Phipps Lane, Burtonwood, Warrington, WA5 4HX. The principal place of business is Unit 65, Burtonwood Industrial Centre, Phipps Lane, Burtonwood, Warrington, WA5 4HX.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

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 of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 15

 
CROWN FLOORING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.3

Operating leases: the Company as lessee

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

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that 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.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 16

 
CROWN FLOORING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
15% - 33%
Motor vehicles
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 17

 
CROWN FLOORING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.11

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

Page 18

 
CROWN FLOORING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Construction contracts
Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.
When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.
Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.
The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion.
These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

 
2.15

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 19

 
CROWN FLOORING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.18

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the
Page 20

 
CROWN FLOORING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)


2.18
Financial instruments (continued)

impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
Page 21

 
CROWN FLOORING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)


2.18
Financial instruments (continued)


 
2.19

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 at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods


4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Supply and fitting of commercial floor coverings
19,085,129
15,224,806

19,085,129
15,224,806


All turnover arose within the United Kingdom.


5.


Other operating income

2023
2022
£
£

Net rents receivable
4,497
4,497

Government grants receivable
1,831
108,012

Insurance claims receivable
57,243
-

63,571
112,509


Page 22

 
CROWN FLOORING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Other operating lease rentals
405,547
247,656


7.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
22,000
24,500

8.


Employees

Staff costs, including directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
5,099,577
4,487,198

Social security costs
636,142
452,374

Cost of defined contribution scheme
119,577
106,108

5,855,296
5,045,680


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Staff
124
108



Directors
2
2

126
110

Page 23

 
CROWN FLOORING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
16,000
15,958

16,000
15,958



10.


Interest receivable

2023
2022
£
£


Other interest receivable
1,738
48

1,738
48


11.


Interest payable and similar expenses

2023
2022
£
£


Other loan interest payable
-
2,934

Finance leases and hire purchase contracts
2,897
-

2,897
2,934

Page 24

 
CROWN FLOORING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

12.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
351,197
193,671

Adjustments in respect of previous periods
-
(49,279)


Total current tax
351,197
144,392

Deferred tax


Origination and reversal of timing differences
(38,480)
(194)

Total deferred tax
(38,480)
(194)


Tax on profit
312,717
144,198

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 19% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
1,684,993
1,471,357


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 - 19%)
320,149
279,558

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
2,780
3,078

Capital allowances for year in excess of depreciation
(977)
(1,664)

Adjustments to tax charge in respect of prior periods
-
(49,279)

Adjustment in research and development tax credit leading to an increase (decrease) in the tax charge
-
(87,301)

Remeasurement of deferred tax for changes in tax rates
(9,235)
(194)

Total tax charge for the year
312,717
144,198


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 25

 
CROWN FLOORING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

13.


Dividends

2023
2022
£
£


Dividends paid
430,000
406,700

430,000
406,700


14.


Tangible fixed assets





Plant and machinery
Motor vehicles
Total

£
£
£



Cost or valuation


At 1 March 2022
414,713
3,749
418,462


Additions
17,143
65,306
82,449


Disposals
(382,767)
(3,749)
(386,516)



At 28 February 2023

49,089
65,306
114,395



Depreciation


At 1 March 2022
351,057
3,538
354,595


Charge for the year on owned assets
5,798
-
5,798


Charge for the year on financed assets
-
9,524
9,524


Disposals
(340,620)
(3,538)
(344,158)



At 28 February 2023

16,235
9,524
25,759



Net book value



At 28 February 2023
32,854
55,782
88,636



At 28 February 2022
63,657
211
63,868

Page 26

 
CROWN FLOORING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

           14.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Motor vehicles
55,782
-

55,782
-


15.


Fixed asset investments





Investments in subsidiary companies

£





At 1 March 2022
502


Amounts written off
(502)



At 28 February 2023
-





16.


Stocks

2023
2022
£
£

Raw materials and consumables
50,250
52,481

50,250
52,481


Page 27

 
CROWN FLOORING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

17.


Debtors

2023
2022
£
£


Trade debtors
2,867,309
1,565,211

Other debtors
385
-

Prepayments and accrued income
311,086
205,132

Gross amounts owed by contract customers
665,229
729,171

Tax recoverable
-
49,276

Deferred taxation
25,174
-

3,869,183
2,548,790



18.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
3,656,415
3,402,487

Less: bank overdrafts
(12,149)
-

3,644,266
3,402,487


Page 28

 
CROWN FLOORING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

19.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
12,149
-

Payments received on account
346,940
344,468

Trade creditors
1,114,156
1,462,806

Corporation tax
351,197
193,671

Other taxation and social security
317,578
136,269

Obligations under finance lease and hire purchase contracts
57,365
-

Other creditors
-
2,474

Accruals and deferred income
747,994
140,305

2,947,379
2,279,993


There is both a fixed charge and floating charge over all property or undertakings of the company in relation to bank facilities. At the year end, £12,149 (2022 - £19,208) was owed in relation to the bank facilities.

The following liabilities were secured:

2023
2022
£
£



Obligations under finance lease and hire purchase contracts
57,365
-

57,365
-

Details of security provided:

Net obligations under finance leases and hire purchase contracts are secured on the assets concerned.


20.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
3,656,415
3,402,487




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.

Page 29

 
CROWN FLOORING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

21.


Deferred taxation




2023


£






At beginning of year
(13,306)


Charged to profit or loss
38,480



At end of year
25,174

The deferred taxation balance is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(4,351)
(13,306)

Short term timing differences
29,525
-

25,174
(13,306)


22.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



9,000 (2022 - 9,000) Ordinary shares shares of £0.10 each
900
900
2 (2022 - 2) B Ordinary shares shares of £1.00 each
2
2

902

902



23.


Reserves

Profit and loss account

Profit and loss account includes all current and prior period retained profits and losses.

Page 30

 
CROWN FLOORING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

24.


Pension commitments

The Company operates a defined contributions pension scheme. 
The assets of the scheme are held separately from those of the Company in an independently administered fund. 
The pension cost charge represents contributions payable by the Company to the fund and amounted to £119,577 (2022 - £106,108) . 
Contributions totalling £42,873 (2022 - £16,148) were payable to the fund at the balance sheet date and are included in creditors.


25.


Commitments under operating leases

At 28 February 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
246,817
363,589

Later than 1 year and not later than 5 years
164,553
367,449

411,370
731,038


26.


Related party transactions

The directors have provided a guarantee of £250,000 in respect of the bank facilities


27.


Directors' transactions

Dividends totalling £430,000 (2022 - £406,700) were paid in the year in respect of shares held by the company's directors and their wives

 
Page 31