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COMPANY REGISTRATION NUMBER: 06523388
FLOORING CONCEPTS LIMITED
Filleted Unaudited Financial Statements
31 December 2023
FLOORING CONCEPTS LIMITED
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
1,448,079
1,290,834
Current assets
Stocks
259,098
210,890
Debtors
6
113,195
150,773
Cash at bank and in hand
1,379,942
1,315,369
------------
------------
1,752,235
1,677,032
Creditors: amounts falling due within one year
7
665,778
700,496
------------
------------
Net current assets
1,086,457
976,536
------------
------------
Total assets less current liabilities
2,534,536
2,267,370
Creditors: amounts falling due after more than one year
8
680,534
591,894
------------
------------
Net assets
1,854,002
1,675,476
------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
1,853,902
1,675,376
------------
------------
Shareholders funds
1,854,002
1,675,476
------------
------------
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 income and retained earnings has not been delivered.
For the year ending 31 December 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
FLOORING CONCEPTS LIMITED
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 15 August 2024 , and are signed on behalf of the board by:
S W Herman
Director
FLOORING CONCEPTS LIMITED
Notes to the Financial Statements
Year ended 31 December 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 2 Northburgh Street, London, EC1V 0AY.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Foreign currencies
Foreign currency transactions are recorded in the functional currency, by applying a fixed rate for the duration of the accounting period. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and 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.
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:
Fixtures & fittings
-
15% reducing balance
Motor Vehicle
-
18% reducing balance
Office Equipment
-
15% reducing balance
Depreciation has not been provided on the leasehold property as in the opinion of the directors, its market value is in excess of its book value.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 12 (2022: 12 ).
5. Tangible assets
Land and buildings
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 January 2023
1,250,729
53,262
25,259
15,736
1,344,986
Additions
15,070
153,887
168,957
------------
--------
---------
--------
------------
At 31 December 2023
1,250,729
68,332
179,146
15,736
1,513,943
------------
--------
---------
--------
------------
Depreciation
At 1 January 2023
32,608
8,773
12,771
54,152
Charge for the year
3,683
7,584
445
11,712
------------
--------
---------
--------
------------
At 31 December 2023
36,291
16,357
13,216
65,864
------------
--------
---------
--------
------------
Carrying amount
At 31 December 2023
1,250,729
32,041
162,789
2,520
1,448,079
------------
--------
---------
--------
------------
At 31 December 2022
1,250,729
20,654
16,486
2,965
1,290,834
------------
--------
---------
--------
------------
6. Debtors
2023
2022
£
£
Trade debtors
112,695
150,773
Prepayments and accrued income
500
---------
---------
113,195
150,773
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Mortgage
53,546
53,546
Trade creditors
218,857
221,576
Accruals and deferred income
67,637
88,389
Corporation tax
184,600
187,246
Social security and other taxes
127,725
149,739
Obligations under finance leases and hire purchase contracts
13,413
---------
---------
665,778
700,496
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Mortgage
572,360
591,894
Obligations under finance leases and hire purchase contracts
108,174
---------
---------
680,534
591,894
---------
---------
The mortgage is secured by fixed and floating charges created by Barclays Bank PLC dated 9 March 2017 and 22 March 2017 covering all the property and undertakings of the company.
The obligations under finance leases and hire purchase contracts includes an option of a single balloon payment of £84283 due at the end of the agreement.
9. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
S W Herman
----
----
----
2022
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
S W Herman
( 25)
25
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----
----