Registration number:
Floorings Frome Ltd
for the Year Ended 30 June 2023
Floorings Frome Ltd
(Registration number: 08457678)
Balance Sheet as at 30 June 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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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:
• |
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• |
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
......................................... |
Floorings Frome Ltd
Notes to the Financial Statements for the Year Ended 30 June 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 July 2022 |
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At 30 June 2023 |
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Amortisation |
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At 1 July 2022 |
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At 30 June 2023 |
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Net book value |
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At 30 June 2023 |
- |
- |
Floorings Frome Ltd
Notes to the Financial Statements for the Year Ended 30 June 2023
Tangible assets |
Plant and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 July 2022 |
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Additions |
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Disposals |
- |
( |
( |
At 30 June 2023 |
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Depreciation |
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At 1 July 2022 |
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Charge for the year |
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Eliminated on disposal |
- |
( |
( |
At 30 June 2023 |
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Net book value |
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At 30 June 2023 |
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At 30 June 2022 |
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Stocks |
2023 |
2022 |
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Stock |
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Debtors |
2023 |
2022 |
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Trade debtors |
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Other debtors |
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Floorings Frome Ltd
Notes to the Financial Statements for the Year Ended 30 June 2023
Creditors |
Amounts falling due within one year
Note |
2023 |
2022 |
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Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Corporation tax |
73,902 |
56,670 |
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Amounts falling due after more than one year
Note |
2023 |
2022 |
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Loans and borrowings |
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Loans and borrowings |
Non-current loans and borrowings
2023 |
2022 |
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Hire purchase contracts |
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Current loans and borrowings
2023 |
2022 |
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Hire purchase contracts |
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Related party transactions |
Summary of transactions with other related parties