TRI-FLOORING LTD
Registered number: 10165944
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 34,382 39,486
Current assets
Stocks 10,880 10,650
Debtors 4 6,696 2,908
Cash at bank and in hand 15,401 38,022
32,977 51,580
Creditors: amounts falling due within one year 5 (39,826) (54,316)
Net current liabilities (6,849) (2,736)
Total assets less current liabilities 27,533 36,750
Creditors: amounts falling due after more than one year 6 (19,167) (29,167)
Provisions for liabilities (6,533) (7,502)
Net assets 1,833 81
Capital and reserves
Called up share capital 3 3
Profit and loss account 1,830 78
Shareholders' funds 1,833 81
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Peter Joseph Farrell
Director
Approved by the board on 6 February 2024
TRI-FLOORING LTD
Notes to the Accounts
for the year ended 30 June 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicles 25% reducing balance
Computer equipment 25% straight line
Fixtures and fittings 10% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Computer equipment Fixtures and fittings Motor vehicles Total
£ £ £ £
Cost
At 1 July 2022 792 50,000 18,542 69,334
Additions 1,041 - - 1,041
At 30 June 2023 1,833 50,000 18,542 70,375
Depreciation
At 1 July 2022 792 23,428 5,628 29,848
Charge for the year 260 2,657 3,228 6,145
At 30 June 2023 1,052 26,085 8,856 35,993
Net book value
At 30 June 2023 781 23,915 9,686 34,382
At 30 June 2022 - 26,572 12,914 39,486
4 Debtors 2023 2022
£ £
Trade debtors 2,000 -
Other debtors 4,696 2,908
6,696 2,908
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,000 10,000
Obligations under finance lease and hire purchase contracts 5,937 9,687
Corporation tax 1,850 4,234
Other taxes and social security costs 3,535 7,376
Other creditors 18,504 23,019
39,826 54,316
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 19,167 29,167
7 Other information
TRI-FLOORING LTD is a private company limited by shares and incorporated in England. Its registered office is:
105 Redbrook Road
Barnsley
South Yorkshire
S75 2RG
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