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Registration number: 07452660

Nathan Campling Specialist Flooring And Walling Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2023

 

Nathan Campling Specialist Flooring And Walling Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 13

 

Nathan Campling Specialist Flooring And Walling Ltd

Company Information

Directors

Mr Nathan Campling

Mrs Sally Campling

Registered office

Coombe Hill House
Coombe Hill
Bissoe
Truro
TR4 8RQ

Accountants

Martin Fisher & Co Ltd
Chartered Certified Accountants
Woodbine Farm Bus. Centre
Truro Business Park
Truro
Cornwall
TR3 6BW

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Nathan Campling Specialist Flooring And Walling Ltd
for the Year Ended 31 August 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Nathan Campling Specialist Flooring And Walling Ltd for the year ended 31 August 2023 as set out on pages 3 to 13 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of Nathan Campling Specialist Flooring And Walling Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Nathan Campling Specialist Flooring And Walling Ltd and state those matters that we have agreed to state to the Board of Directors of Nathan Campling Specialist Flooring And Walling Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Nathan Campling Specialist Flooring And Walling Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Nathan Campling Specialist Flooring And Walling Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Nathan Campling Specialist Flooring And Walling Ltd. You consider that Nathan Campling Specialist Flooring And Walling Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Nathan Campling Specialist Flooring And Walling Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Martin Fisher & Co Ltd
Chartered Certified Accountants
Woodbine Farm Bus. Centre
Truro Business Park
Truro
Cornwall
TR3 6BW

23 February 2024

 

Nathan Campling Specialist Flooring And Walling Ltd

(Registration number: 07452660)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

84,347

84,038

Current assets

 

Stocks

6

90,000

71,000

Debtors

7

354,748

568,862

Cash at bank and in hand

 

1,251,873

842,279

 

1,696,621

1,482,141

Creditors: Amounts falling due within one year

8

(120,760)

(235,114)

Net current assets

 

1,575,861

1,247,027

Total assets less current liabilities

 

1,660,208

1,331,065

Creditors: Amounts falling due after more than one year

8

(20,563)

(23,596)

Provisions for liabilities

(29,785)

(13,779)

Net assets

 

1,609,860

1,293,690

Capital and reserves

 

Called up share capital

9

4

4

Retained earnings

1,609,856

1,293,686

Shareholders' funds

 

1,609,860

1,293,690

For the financial year ending 31 August 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.

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 23 February 2024 and signed on its behalf by:
 

 

Nathan Campling Specialist Flooring And Walling Ltd

(Registration number: 07452660)
Balance Sheet as at 31 August 2023

.........................................
Mr Nathan Campling
Director

 

Nathan Campling Specialist Flooring And Walling Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 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:
Coombe Hill House
Coombe Hill
Bissoe
Truro
TR4 8RQ

These financial statements were authorised for issue by the Board on 23 February 2024.

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.

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.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

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

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 in the countries where the company operates and generates taxable income.

 

Nathan Campling Specialist Flooring And Walling Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

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

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Motor vehicles

25% reducing balance

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. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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

Straightline over 10 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Nathan Campling Specialist Flooring And Walling Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors 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 finished goods and 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. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

 

Nathan Campling Specialist Flooring And Walling Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2022 - 11).

 

Nathan Campling Specialist Flooring And Walling Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 September 2022

72,000

72,000

At 31 August 2023

72,000

72,000

Amortisation

At 1 September 2022

72,000

72,000

At 31 August 2023

72,000

72,000

Carrying amount

At 31 August 2023

-

-

5

Tangible assets

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 September 2022

159,233

43,798

203,031

Additions

24,295

7,234

31,529

Disposals

(17,445)

-

(17,445)

At 31 August 2023

166,083

51,032

217,115

Depreciation

At 1 September 2022

89,185

29,808

118,993

Charge for the year

22,809

5,306

28,115

Eliminated on disposal

(14,340)

-

(14,340)

At 31 August 2023

97,654

35,114

132,768

Carrying amount

At 31 August 2023

68,429

15,918

84,347

At 31 August 2022

70,048

13,990

84,038

 

Nathan Campling Specialist Flooring And Walling Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

6

Stocks

2023
£

2022
£

Work in progress

60,000

41,000

Other inventories

30,000

30,000

90,000

71,000

7

Debtors

Current

2023
£

2022
£

Trade debtors

152,879

384,516

Prepayments

15,306

4,091

Other debtors

186,563

180,255

 

354,748

568,862

 

Nathan Campling Specialist Flooring And Walling Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

17,288

13,761

trade creditors

 

73,058

65,257

Director's loan accounts

10

2,509

1,433

Taxation and social security

 

14,341

25,994

Other creditors

 

13,564

128,669

 

120,760

235,114

Due after one year

 

Loans and borrowings

20,563

23,596

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

20,563

23,596

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

4

4

4

4

         

10

Related party transactions

Key management personnel

Mr N Campling and Mrs S Campling (directors).

Summary of transactions with key management

 

Nathan Campling Specialist Flooring And Walling Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Director's loan accounts.
 Interest free and repayable on demand of the Company. At the balance sheet date the amount due to the directors were: Mr N Campling £1,237 (2022: £698) and Mrs S Campling £1,237 (2022: £698).
 

 

Nathan Campling Specialist Flooring And Walling Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Summary of transactions with entities with joint control or significant interest

LODA Cornwall Ltd.
 Other debtors includes a loan provided to LODA Cornwall Ltd a company owned and controlled by the directors.
 At the balance sheet date the Company had a balance due of £186,564 (2022: £180,254) from LODA Cornwall Ltd. Interest was charged during the year of £6,309 (2022: £1,652).