Floor Sanding Partners Limited 10025354 false 2023-03-01 2024-02-29 2024-02-29 The principal activity of the company is floor and wall covering. Digita Accounts Production Advanced 6.30.9574.0 true true 10025354 2023-03-01 2024-02-29 10025354 2024-02-29 10025354 bus:OrdinaryShareClass1 bus:CumulativeShares 2024-02-29 10025354 core:CurrentFinancialInstruments 2024-02-29 10025354 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-29 10025354 core:Non-currentFinancialInstruments 2024-02-29 10025354 core:Non-currentFinancialInstruments core:AfterOneYear 2024-02-29 10025354 core:FurnitureFittingsToolsEquipment 2024-02-29 10025354 core:MotorVehicles 2024-02-29 10025354 core:OtherPropertyPlantEquipment 2024-02-29 10025354 bus:SmallEntities 2023-03-01 2024-02-29 10025354 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 10025354 bus:FullAccounts 2023-03-01 2024-02-29 10025354 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 10025354 bus:RegisteredOffice 2023-03-01 2024-02-29 10025354 bus:Director1 2023-03-01 2024-02-29 10025354 bus:Director2 2023-03-01 2024-02-29 10025354 bus:OrdinaryShareClass1 bus:CumulativeShares 2023-03-01 2024-02-29 10025354 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 10025354 core:FurnitureFittingsToolsEquipment 2023-03-01 2024-02-29 10025354 core:MotorVehicles 2023-03-01 2024-02-29 10025354 core:OfficeEquipment 2023-03-01 2024-02-29 10025354 core:OtherPropertyPlantEquipment 2023-03-01 2024-02-29 10025354 core:PlantMachinery 2023-03-01 2024-02-29 10025354 countries:EnglandWales 2023-03-01 2024-02-29 10025354 2023-02-28 10025354 core:FurnitureFittingsToolsEquipment 2023-02-28 10025354 core:MotorVehicles 2023-02-28 10025354 core:OtherPropertyPlantEquipment 2023-02-28 10025354 2022-03-01 2023-02-28 10025354 2023-02-28 10025354 bus:OrdinaryShareClass1 bus:CumulativeShares 2023-02-28 10025354 core:CurrentFinancialInstruments 2023-02-28 10025354 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 10025354 core:Non-currentFinancialInstruments 2023-02-28 10025354 core:Non-currentFinancialInstruments core:AfterOneYear 2023-02-28 10025354 core:FurnitureFittingsToolsEquipment 2023-02-28 10025354 core:MotorVehicles 2023-02-28 10025354 core:OtherPropertyPlantEquipment 2023-02-28 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 10025354

Floor Sanding Partners Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 29 February 2024

 

Floor Sanding Partners Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Floor Sanding Partners Limited

Company Information

Directors

Mr D Olldashi

Mr K Kaculi

Registered office

144 Portland Road
Hove
East Sussex
BN3 5QL

Accountants

Chisnall Comer Ismail and Co
Chartered Accountants
Maria House
35 Millers Road
Brighton
BN1 5NP

 

Floor Sanding Partners Limited

(Registration number: 10025354)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

22,128

11,241

Current assets

 

Stocks

5

28,532

28,532

Debtors

6

25,617

39,910

Cash at bank and in hand

 

4,174

6,686

 

58,323

75,128

Creditors: Amounts falling due within one year

7

(49,457)

(41,761)

Net current assets

 

8,866

33,367

Total assets less current liabilities

 

30,994

44,608

Creditors: Amounts falling due after more than one year

7

(28,875)

(39,375)

Provisions for liabilities

(803)

(2,301)

Net assets

 

1,316

2,932

Capital and reserves

 

Called up share capital

10

20

20

Retained earnings

1,296

2,912

Shareholders' funds

 

1,316

2,932

For the financial year ending 29 February 2024 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.

 

Floor Sanding Partners Limited

(Registration number: 10025354)
Balance Sheet as at 29 February 2024

Approved and authorised by the Board on 6 August 2024 and signed on its behalf by:



 

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

Mr D Olldashi

Director

 

Floor Sanding Partners Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

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:
144 Portland Road
Hove
East Sussex
BN3 5QL

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.

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.

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 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.

 

Floor Sanding Partners Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

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

Furniture, fittings, tools and equipment

20% straight line

Plant and machinery

20% straight line

Office equipment

20% straight line

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.

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.

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.

 

Floor Sanding Partners Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

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 6 (2023 - 6).

 

Floor Sanding Partners Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 March 2023

8,553

33,768

13,511

55,832

Additions

1,091

13,385

-

14,476

Disposals

(5,653)

-

(13,511)

(19,164)

At 29 February 2024

3,991

47,153

-

51,144

Depreciation

At 1 March 2023

5,895

25,185

13,511

44,591

Charge for the year

883

2,706

-

3,589

Eliminated on disposal

(5,653)

-

(13,511)

(19,164)

At 29 February 2024

1,125

27,891

-

29,016

Carrying amount

At 29 February 2024

2,866

19,262

-

22,128

At 28 February 2023

2,658

8,583

-

11,241

5

Stocks

2024
£

2023
£

Other inventories

28,532

28,532

6

Debtors

Current

2024
£

2023
£

Trade debtors

-

14,293

Other debtors

25,617

25,617

 

25,617

39,910

 

Floor Sanding Partners Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

10,500

10,500

Trade creditors

 

29

170

Amounts owed to group undertakings and undertakings in which the company has a participating interest

2,043

384

Taxation and social security

 

3,911

18,048

Accruals and deferred income

 

-

481

Other creditors

 

32,974

12,178

 

49,457

41,761

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

28,875

39,375

8

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

28,875

39,375

2024
£

2023
£

Current loans and borrowings

Bank borrowings

10,500

10,500

9

Dividends

   

2024

 

2023

   

£

 

£

Interim dividend of £Nil (2023 - £3,125.00) per ordinary share

 

-

 

62,500

         

 

Floor Sanding Partners Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

10

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

20

20

20

20