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Company registration number: 01642286
Derbyshire Flooring Contractors Ltd
Unaudited filleted financial statements
30 September 2023
Derbyshire Flooring Contractors Ltd
Contents
Directors and other information
Accountant's report
Statement of financial position
Notes to the financial statements
Derbyshire Flooring Contractors Ltd
Directors and other information
Director
Mr Mark Grant
Secretary Mr T Grant
Company number 01642286
Registered office Hallmoor Cottage
Matlock Road
Ashover
Chesterfield
S45 0DD
Business address Hallmoor Cottage
Matlock Road
Ashover
S45 0DD
Accountant Williamsons
The Old School House
Matlock Road
Chesterfield
S42 7LG
Bankers HSBC
Market Place
Chesterfield
Derbyshire Flooring Contractors Ltd
Report to the director on the preparation of the
unaudited statutory financial statements of Derbyshire Flooring Contractors Ltd
Year ended 30 September 2023
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of Derbyshire Flooring Contractors Ltd for the year ended 30 September 2023 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given me.
As a practising member of the Association of Chartered Certified Accountants , I am subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
My work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf.
Williamsons
Chartered Certified Accountants
The Old School House
Matlock Road
Chesterfield
S42 7LG
14 March 2024
Derbyshire Flooring Contractors Ltd
Statement of financial position
30 September 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 63,895 282,780
_______ _______
63,895 282,780
Current assets
Debtors 6 824,268 315,954
Cash at bank and in hand 293,381 307,760
_______ _______
1,117,649 623,714
Creditors: amounts falling due
within one year 7 ( 198,917) ( 69,996)
_______ _______
Net current assets 918,732 553,718
_______ _______
Total assets less current liabilities 982,627 836,498
Creditors: amounts falling due
after more than one year 8 ( 40) ( 40)
_______ _______
Net assets 982,587 836,458
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 982,487 836,358
_______ _______
Shareholder funds 982,587 836,458
_______ _______
For the year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 14 March 2024 , and are signed on behalf of the board by:
Mr Mark Grant
Director
Company registration number: 01642286
Derbyshire Flooring Contractors Ltd
Notes to the financial statements
Year ended 30 September 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hallmoor Cottage, Matlock Road, Ashover, Chesterfield, S45 0DD.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 25 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2022: 5 ).
5. Tangible assets
Freehold property Plant and machinery Motor vehicles Total
£ £ £ £
Cost
At 1 October 2022 191,560 10,306 173,823 375,689
Additions - - 13,965 13,965
Disposals ( 191,560) - ( 38,245) ( 229,805)
_______ _______ _______ _______
At 30 September 2023 - 10,306 149,543 159,849
_______ _______ _______ _______
Depreciation
At 1 October 2022 - 6,749 86,160 92,909
Charge for the year - 890 20,410 21,300
Disposals - - ( 18,255) ( 18,255)
_______ _______ _______ _______
At 30 September 2023 - 7,639 88,315 95,954
_______ _______ _______ _______
Carrying amount
At 30 September 2023 - 2,667 61,228 63,895
_______ _______ _______ _______
At 30 September 2022 191,560 3,557 87,663 282,780
_______ _______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors 115,201 116,887
Other debtors 709,067 199,067
_______ _______
824,268 315,954
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 29,335 18,085
Corporation tax 64,011 32,564
Social security and other taxes 3,877 16,671
Other creditors 101,694 2,676
_______ _______
198,917 69,996
_______ _______
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Other creditors 40 40
_______ _______
9. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
- 400,000 400,000
_______ _______ _______
2022
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
- - -
_______ _______ _______
The Loan is included in other Debtors and an interest rate of 4.25% is charged on the loan.
10. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2023 2022 2023 2022
£ £ £ £
R & T Commercial Ltd - - 100,350 100,350
M & S Residential Ltd - - 208,717 98,717
JDF Flooring Ltd - - ( 100,000) -
_______ _______ _______ _______
The above loans included in Other Debtors and Other Creditors were applicable, are repayable on demand.
11. Controlling party
The company was under the control of Mr M Grant. Mr Grant is the managing director and majority shareholder.