IRIS Accounts Production v23.2.0.158 04359843 director 1.6.22 31.5.23 31.5.23 the manufacture and installation of beam and block floors, wideslab planks and precast stairs within the construction industry. true false true true false false true false Auditors Opinion Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure043598432022-05-31043598432023-05-31043598432022-06-012023-05-31043598432021-05-31043598432021-06-012022-05-31043598432022-05-3104359843ns16:EnglandWales2022-06-012023-05-3104359843ns15:PoundSterling2022-06-012023-05-3104359843ns11:Director12022-06-012023-05-3104359843ns11:PrivateLimitedCompanyLtd2022-06-012023-05-3104359843ns11:FRS1022022-06-012023-05-3104359843ns11:Audited2022-06-012023-05-3104359843ns11:LargeMedium-sizedCompaniesRegimeForDirectorsReport2022-06-012023-05-3104359843ns11:LargeMedium-sizedCompaniesRegimeForAccounts2022-06-012023-05-3104359843ns11:FullAccounts2022-06-012023-05-3104359843ns11:OrdinaryShareClass12022-06-012023-05-3104359843ns11:CompanySecretary12022-06-012023-05-3104359843ns11:RegisteredOffice2022-06-012023-05-3104359843ns6:CurrentFinancialInstruments2023-05-3104359843ns6:CurrentFinancialInstruments2022-05-3104359843ns6:Non-currentFinancialInstruments2023-05-3104359843ns6:Non-currentFinancialInstruments2022-05-3104359843ns6:ShareCapital2023-05-3104359843ns6:ShareCapital2022-05-3104359843ns6:RetainedEarningsAccumulatedLosses2023-05-3104359843ns6:RetainedEarningsAccumulatedLosses2022-05-3104359843ns6:ShareCapital2021-05-3104359843ns6:RetainedEarningsAccumulatedLosses2021-05-3104359843ns6:RetainedEarningsAccumulatedLosses2021-06-012022-05-3104359843ns6:RetainedEarningsAccumulatedLosses2022-06-012023-05-310435984312022-06-012023-05-3104359843ns6:MotorVehicles2022-06-012023-05-3104359843ns6:ComputerEquipment2022-06-012023-05-3104359843ns6:PlantEquipmentOtherAssetsUnderOperatingLeases2022-06-012023-05-3104359843ns6:PlantEquipmentOtherAssetsUnderOperatingLeases2021-06-012022-05-3104359843ns6:OwnedAssets2022-06-012023-05-3104359843ns6:OwnedAssets2021-06-012022-05-3104359843ns6:HirePurchaseContracts2022-06-012023-05-3104359843ns6:HirePurchaseContracts2021-06-012022-05-3104359843ns11:OrdinaryShareClass12021-06-012022-05-3104359843ns6:MotorVehicles2022-05-3104359843ns6:ComputerEquipment2022-05-3104359843ns6:MotorVehicles2023-05-3104359843ns6:ComputerEquipment2023-05-3104359843ns6:MotorVehicles2022-05-3104359843ns6:ComputerEquipment2022-05-3104359843ns6:WithinOneYearns6:CurrentFinancialInstruments2023-05-3104359843ns6:WithinOneYearns6:CurrentFinancialInstruments2022-05-3104359843ns6:WithinOneYearns6:CurrentFinancialInstrumentsns6:HirePurchaseContracts2023-05-3104359843ns6:WithinOneYearns6:CurrentFinancialInstrumentsns6:HirePurchaseContracts2022-05-3104359843ns6:BetweenOneFiveYearsns6:HirePurchaseContracts2023-05-3104359843ns6:BetweenOneFiveYearsns6:HirePurchaseContracts2022-05-3104359843ns6:HirePurchaseContracts2023-05-3104359843ns6:HirePurchaseContracts2022-05-3104359843ns6:DeferredTaxation2022-05-3104359843ns6:DeferredTaxation2022-06-012023-05-3104359843ns6:DeferredTaxation2023-05-3104359843ns11:OrdinaryShareClass12023-05-3104359843ns6:RetainedEarningsAccumulatedLosses2022-05-31
REGISTERED NUMBER: 04359843 (England and Wales)











STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023

FOR

FLOORSPAN CONTRACTS LIMITED

FLOORSPAN CONTRACTS LIMITED (REGISTERED NUMBER: 04359843)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023




Page

Company Information 1

Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 5

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Notes to the Financial Statements 13


FLOORSPAN CONTRACTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2023







DIRECTOR: N K Dighton



SECRETARY: Mrs S J Dighton



REGISTERED OFFICE: 9 Commerce Road
Lynchwood
Peterborough
Cambridgeshire
PE2 6LR



REGISTERED NUMBER: 04359843 (England and Wales)



SENIOR STATUTORY
AUDITOR:
Thomas McManners BSc ACA



INDEPENDENT AUDITORS: TTCA Limited
Chartered accountants and statutory auditor
269 Farnborough Road
Farnborough
Hampshire
GU14 7LY

FLOORSPAN CONTRACTS LIMITED (REGISTERED NUMBER: 04359843)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2023

Floorspan Investments Limited is a holding company. Floorspan Contracts Limited and Floorspan Holdings Limited are subsidiaries of Floorspan Investments Limited. The Group's trade is predominantly carried out by Floorspan Contracts Limited; this company's principal activities are the Design, Delivery, Installation and Manufacture of Pre-Stressed Concrete Products for the Construction Industry. Floorspan Holdings Limited holds the majority of Group's trading assets, including the industrial property.

The financial year 2022/2023 was one of relative commercial, economic and political stability compared to recent years and I am pleased to report that the Floorspan Group has again achieved a strong financial performance.
With continued financial and commercial prudence and acumen we have been able to grasp opportunities available to us in the construction industry and further strengthen our balance sheet and cash reserves.

Throughout the year uncertainty grew surrounding the economy and the prospect of a recession increased, although fortunately one did not fully materialise.

Of equal concern were the cost of living challenges faced by our staff. Following a strong financial performance, we were able to recognise and support our staff with the largest percentage pay rise in our history. We are fortunate to have a capable, skilled workforce and will continue to invest in our people and implement progressive measures to recognise their hard work.

I maintain a strategic role in the business, with oversight of key decisions that relate to our future growth, prosperity and sustainability.

I entrust the day-to-day running of the business to the experienced, established Senior Management Team who have long demonstrated their careful stewardship of our family business.
Looking to the future as we grow and diversify, we have begun a special initiative to focus on the next generation of leaders and have established a new Management Team. This Management Team, primarily promoted from within have been selected based on their experience, knowledge, skills, and aptitude - blending practical experience and academic qualifications. We will now mentor them on their journey to become future leaders of our business.

ON BEHALF OF THE BOARD:





N K Dighton - Director


20 February 2024

FLOORSPAN CONTRACTS LIMITED (REGISTERED NUMBER: 04359843)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31 MAY 2023

The director presents his report with the financial statements of the company for the year ended 31 May 2023.

DIVIDENDS
No dividends will be distributed for the year ended 31 May 2023.

DIRECTOR
N K Dighton held office during the whole of the period from 1 June 2022 to the date of this report.

N K Dighton is also the director and controlling shareholder of Floorspan Holdings Limited, the company's ultimate holding company.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is 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 director is required to:

-select suitable accounting policies and then apply them consistently;
-make judgements 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 director is 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 enable him to ensure that the financial statements comply with the Companies Act 2006. He is 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

FLOORSPAN CONTRACTS LIMITED (REGISTERED NUMBER: 04359843)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31 MAY 2023


AUDITORS
The auditors, TTCA Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





N K Dighton - Director


20 February 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FLOORSPAN CONTRACTS LIMITED

Opinion
We have audited the financial statements of Floorspan Contracts Limited (the 'company') for the year ended 31 May 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The 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, except for the possible effects of the matter described in the basis for qualified opinion section of our report, the financial statements:
- give a true and fair view of the state of the company's affairs as at 31st May 2023 and of the company's loss 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 qualified 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 UK, including the FRC'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. Because we were appointed auditors of the Company after 31 May 2022, we were not able to observe the counting of the physical inventories at the beginning or end of that period or satisfy ourselves concerning those stock quantities by alternative means. Since opening and closing stock affects the determination of the results of operations, we were unable to determine whether adjustments to the results of operations and opening retained earnings might be necessary for 2022. Our audit opinion on the financial statements for the period ended May 31, 2023 is modified accordingly as the comparatives form part of these accounts.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's 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 director with respect to going concern are described in the relevant sections of this report.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FLOORSPAN CONTRACTS LIMITED


Other information
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our 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.

In connection with our audit of the financial statements, 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 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.

Opinions 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 Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Director 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 Report of the Director.

We have nothing to report in respect of the following matters where 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 director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FLOORSPAN CONTRACTS LIMITED


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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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 auditor's 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:

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general auditing and accounting experience and through discussion with the directors and other management (as required by auditing standards), the polices and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.

The potential effect of these laws and regulations on the financial statements varies considerably.

Firstly the company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Secondly, the company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statement, for instance through the imposition of fines or litigation. We indemnified areas as those most likely to have such an effect such as anti bribery and certain aspects of company legislation. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any.


As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FLOORSPAN CONTRACTS LIMITED

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern.

Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.


We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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 Report of the Auditors.

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 2006. Our 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 a Report of the Auditors 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.




Thomas McManners BSc ACA (Senior Statutory Auditor)
for and on behalf of TTCA Limited
Chartered accountants and statutory auditor
269 Farnborough Road
Farnborough
Hampshire
GU14 7LY

20 February 2024

FLOORSPAN CONTRACTS LIMITED (REGISTERED NUMBER: 04359843)

INCOME STATEMENT
FOR THE YEAR ENDED 31 MAY 2023

2023 2022
Notes £    £   

TURNOVER 20,847,998 19,531,080

Cost of sales 15,292,729 14,207,416
GROSS PROFIT 5,555,269 5,323,664

Administrative expenses 2,958,048 2,727,426
2,597,221 2,596,238

Other operating income 30,000 30,000
OPERATING PROFIT 4 2,627,221 2,626,238

Interest receivable and similar
income

9,668

5,126
2,636,889 2,631,364

Interest payable and similar
expenses

6

8,018

13,023
PROFIT BEFORE TAXATION 2,628,871 2,618,341

Tax on profit 7 434,017 363,578
PROFIT FOR THE FINANCIAL
YEAR

2,194,854

2,254,763

FLOORSPAN CONTRACTS LIMITED (REGISTERED NUMBER: 04359843)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 2,194,854 2,254,763


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

2,194,854

2,254,763

FLOORSPAN CONTRACTS LIMITED (REGISTERED NUMBER: 04359843)

BALANCE SHEET
31 MAY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 1,036,545 881,768

CURRENT ASSETS
Stocks 10 384,605 471,833
Debtors 11 5,292,323 3,686,823
Cash at bank and in hand 1,673,044 1,509,700
7,349,972 5,668,356
CREDITORS
Amounts falling due within one
year

12

4,719,108

5,048,399
NET CURRENT ASSETS 2,630,864 619,957
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,667,409

1,501,725

CREDITORS
Amounts falling due after more
than one year

13

(84,259

)

(162,601

)

PROVISIONS FOR LIABILITIES 15 (186,013 ) (136,841 )
NET ASSETS 3,397,137 1,202,283

CAPITAL AND RESERVES
Called up share capital 16 1 1
Retained earnings 17 3,397,136 1,202,282
SHAREHOLDERS' FUNDS 3,397,137 1,202,283

The financial statements were approved by the director and authorised for issue on 20 February 2024 and were signed by:





N K Dighton - Director


FLOORSPAN CONTRACTS LIMITED (REGISTERED NUMBER: 04359843)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2023

Called up
share Retained Total
capital earnings equity
£    £    £   

Balance at 1 June 2021 1 1,212,519 1,212,520

Changes in equity
Dividends - (2,265,000 ) (2,265,000 )
Total comprehensive income - 2,254,763 2,254,763
Balance at 31 May 2022 1 1,202,282 1,202,283

Changes in equity
Total comprehensive income - 2,194,854 2,194,854
Balance at 31 May 2023 1 3,397,136 3,397,137

FLOORSPAN CONTRACTS LIMITED (REGISTERED NUMBER: 04359843)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

1. STATUTORY INFORMATION

Floorspan Contracts Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

Judgements and key sources of estimation uncertainty
The preparation of these financial statements in conformity with United Kingdom Generally Accepted Accounting Practice requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include accrued income and deferred income.

Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits with flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.


FLOORSPAN CONTRACTS LIMITED (REGISTERED NUMBER: 04359843)

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

2. ACCOUNTING POLICIES - continued
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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 3,774,348 3,489,894
Social security costs 384,046 355,150
Other pension costs 148,646 141,922
4,307,040 3,986,966

The average number of employees during the year was as follows:
2023 2022

Directors 1 1
Direct 65 60
Administrative 44 41
110 102

FLOORSPAN CONTRACTS LIMITED (REGISTERED NUMBER: 04359843)

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

3. EMPLOYEES AND DIRECTORS - continued

2023 2022
£    £   
Director's remuneration 9,100 8,883

4. OPERATING PROFIT

The operating profit is stated after charging:

2023 2022
£    £   
Hire of plant and machinery 1,238,008 1,008,497
Other operating leases 76,583 61,400
Depreciation - owned assets 255,369 259,167
Loss on disposal of fixed assets 7,110 -

5. AUDITORS' REMUNERATION
2023 2022
£    £   
Fees payable to the company's auditors for the audit of the
company's financial statements

19,810

19,350

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Hire purchase 8,018 13,023

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 385,791 345,481
R&D Relief (946 ) -
Total current tax 384,845 345,481

Deferred tax 49,172 18,097
Tax on profit 434,017 363,578

FLOORSPAN CONTRACTS LIMITED (REGISTERED NUMBER: 04359843)

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

7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 2,628,871 2,618,341
Profit multiplied by the standard rate of corporation tax in
the UK of 20.003% (2022 - 19%)

525,853

497,485

Effects of:
Expenses not deductible for tax purposes 411 8,179
Capital allowances in excess of depreciation (11,954 ) (13,677 )
Utilisation of group losses - (69,213 )
Research and development tax credit (80,293 ) (59,196 )
Total tax charge 434,017 363,578

8. DIVIDENDS
2023 2022
£    £   
Interim - 2,265,000

9. TANGIBLE FIXED ASSETS
Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 June 2022 1,756,225 110,689 1,866,914
Additions 447,007 1,949 448,956
Disposals (178,640 ) - (178,640 )
At 31 May 2023 2,024,592 112,638 2,137,230
DEPRECIATION
At 1 June 2022 943,588 41,558 985,146
Charge for year 218,485 36,884 255,369
Eliminated on disposal (139,830 ) - (139,830 )
At 31 May 2023 1,022,243 78,442 1,100,685
NET BOOK VALUE
At 31 May 2023 1,002,349 34,196 1,036,545
At 31 May 2022 812,637 69,131 881,768

FLOORSPAN CONTRACTS LIMITED (REGISTERED NUMBER: 04359843)

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

10. STOCKS
2023 2022
£    £   
Raw materials 166,018 270,210
Finished goods 218,587 201,623
384,605 471,833

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 2,431,765 2,411,545
Amounts owed by group undertakings 1,486,330 -
Other debtors 1,233,359 1,168,577
Prepayments 140,869 106,701
5,292,323 3,686,823

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 14)
78,342

127,433
Trade creditors 1,408,961 1,393,372
Amounts owed to group undertakings 1,705,693 2,082,400
Tax 385,791 345,481
Social security and other taxes 115,304 107,524
VAT 54,821 42,885
Other creditors 283,644 246,157
Deferred income 368,675 462,398
Accrued expenses 317,877 240,749
4,719,108 5,048,399

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 14)
84,259

162,601

14. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2023 2022
£    £   
Net obligations repayable:
Within one year 78,342 127,433
Between one and five years 84,259 162,601
162,601 290,034

FLOORSPAN CONTRACTS LIMITED (REGISTERED NUMBER: 04359843)

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

15. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 186,013 136,841

Deferred
tax
£   
Balance at 1 June 2022 136,841
Provided during year 49,172
Balance at 31 May 2023 186,013

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1 Ordinary 1 1 1

17. RESERVES
Retained
earnings
£   

At 1 June 2022 1,202,282
Profit for the year 2,194,854
At 31 May 2023 3,397,136

18. ULTIMATE PARENT COMPANY

The ultimate controlling parent is Floorspan Investments Limited, a company incorporated in the United Kingdom. Group accounts have been drawn up for this company. The registered office address of Floorspan Investments Limited is 9 Commerce Road, Lynch Wood, Peterborough, United Kingdom, PE2 6LR.

The ultimate controlling party is N K Dighton.

FLOORSPAN CONTRACTS LIMITED (REGISTERED NUMBER: 04359843)

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

19. RELATED PARTY DISCLOSURES

Westview Investments (Peterborough) Limited is a company in which N K Dighton is a director. This company is owned by Westview Holdings Limited; N K Dighton is also a director of Westview Holdings Limited. N K Dighton and his wife, Mrs S J Dighton, each own 12% of the shares in Westview Holdings Limited.

The company has provided an unsecured and interest-free loan to Westview Investments (Peterborough) Limited. At the balance sheet date, the amount loaned was £644,803 (2022: £223,698). Interest is to be charged from 01 June 2023 as per the bank of England base rate.

In addition to this, the company also leases commercial property from Westview Investments (Peterborough) Limited. During the year, the company paid £62,650 (2022: £57,700) to Westview Investments (Peterborough) Limited in respect of rental charges.

The company has made loans to L J Dighton, the son of N K Dighton. At the balance sheet date, the amount loaned to L J Dighton was £297,128 (2022: £205,571). Interest is charged on this loan at the HMRC beneficial interest rate. The loan is unsecured.

The company has made loans to Mrs L L Hart, the daughter of N K Dighton. At the balance sheet date, the amount loaned to Mrs L L Hart was £39,577 (2022: £15,373). Interest is charged on this loan at the HMRC beneficial interest rate. The loan is unsecured.

The company has made loans to Norfolk Coastal Developments Limited, a company which is owned equally by N K Dighton, Mrs S J Dighton, L C Dighton, L J Dighton and Mrs L L Hart. N K Dighton is also a director of this company. At the balance sheet date, the amount loaned to Norfolk Coastal Developments Limited was fully paid in January 2023 (2022: £539,041). This loan was unsecured and interest-free.