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REGISTERED NUMBER: 01113017 (England and Wales)















GRASSBY FLOORING CO. LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30 JUNE 2023






GRASSBY FLOORING CO. LIMITED (REGISTERED NUMBER: 01113017)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023










Page

Balance Sheet 1

Notes to the Financial Statements 3


GRASSBY FLOORING CO. LIMITED (REGISTERED NUMBER: 01113017)

BALANCE SHEET
30 JUNE 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 3 25,072 30,879

CURRENT ASSETS
Stocks 41,250 32,500
Debtors 4 70,876 92,545
Cash at bank and in hand 27,711 59,535
139,837 184,580
CREDITORS
Amounts falling due within one year 5 77,519 71,824
NET CURRENT ASSETS 62,318 112,756
TOTAL ASSETS LESS CURRENT
LIABILITIES

87,390

143,635

CREDITORS
Amounts falling due after more than one
year

6

(20,744

)

(30,782

)

PROVISIONS FOR LIABILITIES (4,764 ) (5,867 )
NET ASSETS 61,882 106,986

CAPITAL AND RESERVES
Called up share capital 1,020 1,020
Other reserves 2,428 2,428
Retained earnings 58,434 103,538
SHAREHOLDERS' FUNDS 61,882 106,986

GRASSBY FLOORING CO. LIMITED (REGISTERED NUMBER: 01113017)

BALANCE SHEET - continued
30 JUNE 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 March 2024 and were signed on its behalf by:




Mr M Allen - Director



Mr D J Towe - Director


GRASSBY FLOORING CO. LIMITED (REGISTERED NUMBER: 01113017)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023


1. 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.
Plant and machinery etc - 25% on reducing balance and 10% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

GRASSBY FLOORING CO. LIMITED (REGISTERED NUMBER: 01113017)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023


1. ACCOUNTING POLICIES - continued

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.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 6 ) .

3. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 July 2022
and 30 June 2023 110,785
DEPRECIATION
At 1 July 2022 79,906
Charge for year 5,807
At 30 June 2023 85,713
NET BOOK VALUE
At 30 June 2023 25,072
At 30 June 2022 30,879

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 48,745 77,925
Other debtors 22,131 14,620
70,876 92,545

GRASSBY FLOORING CO. LIMITED (REGISTERED NUMBER: 01113017)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023


5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 9,994 9,764
Trade creditors 44,703 23,508
Taxation and social security 16,209 35,134
Other creditors 6,613 3,418
77,519 71,824

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2023 2022
£    £   
Bank loans 20,744 30,782

7. RELATED PARTY DISCLOSURES

Included in other debtors is an amount of £3,703 (2022: £3,343) due from Grassby Flooring (Leicester) Limited, a company in which the directors Mr M Allen and Mr D J Towe have an interest.

8. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Grassby Flooring (Leicester) Limited.