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Registration number: 08457678

Floorings Frome Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2023

 

Floorings Frome Ltd

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 7

 

Floorings Frome Ltd

(Registration number: 08457678)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

97,858

124,312

Current assets

 

Stocks

6

75,691

67,963

Debtors

7

214,841

314,216

Cash at bank and in hand

 

464,689

354,339

 

755,221

736,518

Creditors: Amounts falling due within one year

8

(332,091)

(301,812)

Net current assets

 

423,130

434,706

Total assets less current liabilities

 

520,988

559,018

Creditors: Amounts falling due after more than one year

8

(9,720)

(35,386)

Provisions for liabilities

(9,854)

(14,230)

Net assets

 

501,414

509,402

Capital and reserves

 

Called up share capital

175

175

Retained earnings

501,239

509,227

Shareholders' funds

 

501,414

509,402

For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

Floorings Frome Ltd

(Registration number: 08457678)
Balance Sheet as at 30 June 2023

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 15 March 2024 and signed on its behalf by:
 

.........................................
K R Appleby
Director

 

Floorings Frome Ltd

Notes to the Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
7a King Street
Frome
Somerset
BA11 1BH

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Contract revenue recognition

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract, which is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Tax

The tax expense for the year comprises current and deferred tax, and is recognised in profit or loss.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements, and 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.

 

Floorings Frome Ltd

Notes to the Financial Statements for the Year Ended 30 June 2023

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% per annum on reducing balance

Plant, tools and equipment

25% per annum on reducing balance

Computer equipment

25% per annum on cost

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition, and is initially recognised as an asset at cost; it is subsequently measured at cost less accumulated amortisation.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20% per annum on cost

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business, and are recognised initially at the transaction price. They are subsequently measured at transaction price, less provision for impairment, which is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition.

 

Floorings Frome Ltd

Notes to the Financial Statements for the Year Ended 30 June 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers, and are recognised initially at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 21 (2022 - 23).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 July 2022

30,000

30,000

At 30 June 2023

30,000

30,000

Amortisation

At 1 July 2022

30,000

30,000

At 30 June 2023

30,000

30,000

Net book value

At 30 June 2023

-

-

 

Floorings Frome Ltd

Notes to the Financial Statements for the Year Ended 30 June 2023

5

Tangible assets

Plant and equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2022

47,083

216,013

263,096

Additions

2,323

15,435

17,758

Disposals

-

(788)

(788)

At 30 June 2023

49,406

230,660

280,066

Depreciation

At 1 July 2022

35,246

103,538

138,784

Charge for the year

3,540

40,612

44,152

Eliminated on disposal

-

(728)

(728)

At 30 June 2023

38,786

143,422

182,208

Net book value

At 30 June 2023

10,620

87,238

97,858

At 30 June 2022

11,837

112,475

124,312

6

Stocks

2023
£

2022
£

Stock

75,691

67,963

7

Debtors

2023
£

2022
£

Trade debtors

192,894

311,093

Other debtors

21,947

3,123

214,841

314,216

 

Floorings Frome Ltd

Notes to the Financial Statements for the Year Ended 30 June 2023

8

Creditors

Amounts falling due within one year

Note

2023
£

2022
£

Bank loans and overdrafts

9

25,665

31,494

Trade creditors

 

98,440

92,156

Taxation and social security

 

21,106

20,019

Other creditors

 

112,978

101,473

Corporation tax

 

73,902

56,670

 

332,091

301,812

Amounts falling due after more than one year

Note

2023
£

2022
£

Loans and borrowings

9

9,720

35,386

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Hire purchase contracts

9,720

35,386

Current loans and borrowings

2023
£

2022
£

Hire purchase contracts

25,665

31,494

10

Related party transactions

Summary of transactions with other related parties

Rental of premises
 During the year the company was charged rent by the directors on a commercial basis totalling £29,000 (2022: £24,000).