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REGISTERED NUMBER: SC492317 (Scotland)















Unaudited Financial Statements for the Year Ended 30 November 2023

for

Advance Flooring Solutions Ltd

Advance Flooring Solutions Ltd (Registered number: SC492317)






Contents of the Financial Statements
for the Year Ended 30 November 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Advance Flooring Solutions Ltd

Company Information
for the Year Ended 30 November 2023







DIRECTORS: J M Shields
S Peacock
J Gallagher





REGISTERED OFFICE: Caldergrove House
4 Linnet Way
Strathclyde Business Park
Bellshill
Lanarkshire
ML4 3RA





REGISTERED NUMBER: SC492317 (Scotland)





ACCOUNTANTS: Graham & Co. (Accountants) Limited
76 Dumbarton Road
Clydebank
Glasgow
G81 1UG

Advance Flooring Solutions Ltd (Registered number: SC492317)

Balance Sheet
30 November 2023

30.11.23 30.11.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 770,886 818,031

CURRENT ASSETS
Stocks 7,961 12,749
Debtors 5 4,205,461 2,522,880
Cash at bank and in hand 2,569,091 2,111,939
6,782,513 4,647,568
CREDITORS
Amounts falling due within one year 6 3,856,486 2,605,891
NET CURRENT ASSETS 2,926,027 2,041,677
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,696,913

2,859,708

CREDITORS
Amounts falling due after more than one
year

7

(312,124

)

(420,568

)

PROVISIONS FOR LIABILITIES (169,272 ) (188,591 )
NET ASSETS 3,215,517 2,250,549

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 3,215,417 2,250,449
SHAREHOLDERS' FUNDS 3,215,517 2,250,549

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

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

Advance Flooring Solutions Ltd (Registered number: SC492317)

Balance Sheet - continued
30 November 2023


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 29 August 2024 and were signed on its behalf by:





J M Shields - Director


Advance Flooring Solutions Ltd (Registered number: SC492317)

Notes to the Financial Statements
for the Year Ended 30 November 2023

1. STATUTORY INFORMATION

Advance Flooring Solutions Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. 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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 25% on reducing balance and at variable rates on reducing balance

Impairment of tangible fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

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

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable or payable, third party loan finance and loans with related parties.

Debt instruments (other than those wholly repayable within one year) including loans and other accounts receivable or payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective rate method.

Debt instruments that are repayable within one year are measured initially and subsequently at the undiscounted amount of cash or other consideration expected to be paid or received. However if the arrangement of a short term instrument constitutes a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not at a market rate, the financial asset or liability is measured initially, at the present value of future cash flows discounted at a market rate of interest of a similar debt instrument and subsequently amortised at cost.

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.


Advance Flooring Solutions Ltd (Registered number: SC492317)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

2. ACCOUNTING POLICIES - continued
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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Long term contracts
The contracts undertaken by the company are deemed to be of a long term nature.
Long term contract work in progress is included at net cost after deducting foreseeable losses and payments on account. Turnover on long term contracts is determined on the basis of certified valuations representing measured work on contracts. Operating profit includes attributable profit on long term contracts complete and amounts recoverable on contracts incomplete, the latter also being included within debtors due within one year.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 25 (2022 - 27 ) .

Advance Flooring Solutions Ltd (Registered number: SC492317)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 December 2022 1,012,804
Additions 168,900
Disposals (85,584 )
At 30 November 2023 1,096,120
DEPRECIATION
At 1 December 2022 194,773
Charge for year 155,417
Eliminated on disposal (24,956 )
At 30 November 2023 325,234
NET BOOK VALUE
At 30 November 2023 770,886
At 30 November 2022 818,031

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 December 2022 959,808
Additions 160,540
Disposals (85,584 )
At 30 November 2023 1,034,764
DEPRECIATION
At 1 December 2022 178,501
Charge for year 96,316
Eliminated on disposal (24,956 )
At 30 November 2023 249,861
NET BOOK VALUE
At 30 November 2023 784,903
At 30 November 2022 781,307

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Trade debtors - 1,206
Other debtors 4,205,461 2,521,674
4,205,461 2,522,880

Advance Flooring Solutions Ltd (Registered number: SC492317)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Hire purchase contracts 208,651 207,383
Trade creditors 2,124,319 1,221,738
Taxation and social security 509,201 166,029
Other creditors 1,014,315 1,010,741
3,856,486 2,605,891

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.11.23 30.11.22
£    £   
Hire purchase contracts 312,124 420,568

8. RELATED PARTY DISCLOSURES

Advance Construction Group Ltd, Advance Construction (Scotland) Ltd and Concrete Printing Services Ltd are related parties by means of a common director and shareholder. In the normal course of business the company trades with related parties on normal commercial terms in relation to the sale and purchase of goods and services.

As at 30 November 2023 - Other Debtors included a balance of £610,000 (2022 - £600,000) due by related parties and Other Creditors included a balance of £600,000 (2022 - £600,000) due to related parties.

9. ULTIMATE CONTROLLING PARTY

The controlling party is J M Shields.