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REGISTERED NUMBER: 04420432 (England and Wales)














FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023

FOR

PROCTOR FLOORING LTD

PROCTOR FLOORING LTD (REGISTERED NUMBER: 04420432)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PROCTOR FLOORING LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2023







DIRECTORS: Mr P Willcock
Mr B Wilkinson





SECRETARY: Mrs C Willcock





REGISTERED OFFICE: Unit 2
Rosse Close
Parsons Industrial Estate
Washington
NE37 1ET





REGISTERED NUMBER: 04420432 (England and Wales)





ACCOUNTANTS: Ribchesters
Chartered Accountants
Finchale House
Belmont Business Park
Durham
DH1 1TW

PROCTOR FLOORING LTD (REGISTERED NUMBER: 04420432)

BALANCE SHEET
31 MAY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 23,819 31,374

CURRENT ASSETS
Stocks 256,831 345,996
Debtors 5 151,261 144,668
Cash at bank and in hand 88,011 114,330
496,103 604,994
CREDITORS
Amounts falling due within one year 6 379,862 318,913
NET CURRENT ASSETS 116,241 286,081
TOTAL ASSETS LESS CURRENT
LIABILITIES

140,060

317,455

CREDITORS
Amounts falling due after more than one
year

7

(25,000

)

(35,000

)

PROVISIONS FOR LIABILITIES - (7,694 )
NET ASSETS 115,060 274,761

CAPITAL AND RESERVES
Called up share capital 8 100 100
Retained earnings 114,960 274,661
SHAREHOLDERS' FUNDS 115,060 274,761

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

PROCTOR FLOORING LTD (REGISTERED NUMBER: 04420432)

BALANCE SHEET - continued
31 MAY 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 November 2023 and were signed on its behalf by:





Mr B Wilkinson - Director


PROCTOR FLOORING LTD (REGISTERED NUMBER: 04420432)

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

1. STATUTORY INFORMATION

Proctor Flooring Ltd 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 20% on reducing balance

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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 the profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.


PROCTOR FLOORING LTD (REGISTERED NUMBER: 04420432)

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

2. ACCOUNTING POLICIES - continued
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.

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

The average number of employees during the year was 14 (2022 - 14 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 June 2022 141,176
Additions 665
Disposals (14,086 )
At 31 May 2023 127,755
DEPRECIATION
At 1 June 2022 109,802
Charge for year 7,520
Eliminated on disposal (13,386 )
At 31 May 2023 103,936
NET BOOK VALUE
At 31 May 2023 23,819
At 31 May 2022 31,374

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 105,078 130,397
Other debtors 46,183 14,271
151,261 144,668

PROCTOR FLOORING LTD (REGISTERED NUMBER: 04420432)

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

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,000 10,000
Trade creditors 96,570 110,857
Taxation and social security 13,492 15,032
Other creditors 259,800 183,024
379,862 318,913

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 25,000 35,000

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
52 Ordinary 1 52 52
48 Ordinary A 1 48 48
100 100

9. RELATED PARTY DISCLOSURES

During the year the director maintained an interest free loan to the company. As at 31 May 2023 the balance outstanding was £208,177 (2022: £165,637)