Registered number
11045991
Hills Flooring Limited
Filleted Accounts
30 November 2023
Hills Flooring Limited
Registered number: 11045991
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 42,334 28,060
Current assets
Debtors 4 33,362 77,034
Cash at bank and in hand 3,100 8,253
36,462 85,287
Creditors: amounts falling due within one year 5 (37,077) (48,188)
Net current (liabilities)/assets (615) 37,099
Total assets less current liabilities 41,719 65,159
Creditors: amounts falling due after more than one year 6 (33,180) (29,565)
Provisions for liabilities (8,043) (5,331)
Net assets 496 30,263
Capital and reserves
Called up share capital 101 101
Profit and loss account 395 30,162
Shareholders' funds 496 30,263
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 G Hill
Director
Approved by the board on 10 May 2024
Hills Flooring Limited
Notes to the Accounts
for the year ended 30 November 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 20% reducing balance
Motor vehicles 20% reducing balance
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 December 2022 1,385 34,405 35,790
Additions - 42,971 42,971
Disposals - (34,405) (34,405)
At 30 November 2023 1,385 42,971 44,356
Depreciation
At 1 December 2022 391 7,339 7,730
Charge for the year 199 5,943 6,142
On disposals - (11,850) (11,850)
At 30 November 2023 590 1,432 2,022
Net book value
At 30 November 2023 795 41,539 42,334
At 30 November 2022 994 27,066 28,060
4 Debtors 2023 2022
£ £
Trade debtors 9,472 73,973
Other debtors 23,890 3,061
33,362 77,034
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 4,461 4,000
Obligations under finance lease and hire purchase contracts 9,948 2,137
Taxation and social security costs 20,628 40,010
Other creditors 2,040 2,041
37,077 48,188
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 7,333 11,333
Obligations under finance lease and hire purchase contracts 25,847 18,232
33,180 29,565
7 Related party transactions 2023 2022
£ £
Directors loan account
The director is a related party to the company.
At 30th November, the company owed the related
party the following interest-free, unsecured amounts:
Amounts due to/(from) the related party (22,174) (3,061)
8 Controlling party
The director is the ultimate controlling party by virtue of his 100% ownership of the issued share capital of the company
9 Other information
Hills Flooring Limited is a private company limited by shares and incorporated in England. Its registered office is:
58 Southlands Grove West
Riddlesden
Keighley
BD20 5HY
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