Registered number
09727667
Tapflow Bathrooms Ltd
Unaudited Filleted Accounts
31 January 2024
Tapflow Bathrooms Ltd
Registered number: 09727667
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 27,702 26,211
Current assets
Stocks 5,666 500
Debtors 4 13,840 13,902
Cash at bank and in hand 27,884 24,269
47,390 38,671
Creditors: amounts falling due within one year 5 (40,699) (25,476)
Net current assets 6,691 13,195
Total assets less current liabilities 34,393 39,406
Creditors: amounts falling due after more than one year 6 (34,292) (39,306)
Net assets 101 100
Capital and reserves
Called up share capital 100 100
Profit and loss account 1 -
Shareholders' funds 101 100
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr A Hodkinson
Director
Approved by the board on 11 July 2024
Tapflow Bathrooms Ltd
Notes to the Accounts
for the year ended 31 January 2024
1 Accounting policies
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 1
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 February 2023 8,304 29,107 37,411
Additions 9,090 - 9,090
At 31 January 2024 17,394 29,107 46,501
Depreciation
At 1 February 2023 7,081 4,119 11,200
Charge for the year 3,479 4,120 7,599
At 31 January 2024 10,560 8,239 18,799
Net book value
At 31 January 2024 6,834 20,868 27,702
At 31 January 2023 1,223 24,988 26,211
4 Debtors 2024 2023
£ £
Trade debtors 3,887 7,497
Other debtors 9,953 6,405
13,840 13,902
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts - 363
Obligations under finance lease and hire purchase contracts 3,014 3,014
Trade creditors 15,220 13,704
Taxation and social security costs 12,423 1,886
Other creditors 10,042 6,509
40,699 25,476
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 19,000 21,000
Obligations under finance lease and hire purchase contracts 15,292 18,306
34,292 39,306
7 Loans from/(to) directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr A Hodkinson
Directors Loan 794 1,042 (1,600) 236
Mr and Mrs L Scanlon
Directors Loan - - (8,513) (8,513)
794 1,042 (10,113) (8,277)
The above loan from Mr A Hodkinson is included in Other creditors. The above loan to Mr & Mrs L Scanlon is included on Other debtors.
8 Other information
Tapflow Bathrooms Ltd is a private company limited by shares and incorporated in England. Its registered office is:
3 Tryfan Way
Ellesmere Port
Cheshire
CH66 1TS
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