Company registration number 08912979 (England and Wales)
KENTWOOD FLOORING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
KENTWOOD FLOORING LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
KENTWOOD FLOORING LIMITED (REGISTERED NUMBER: 08912979)
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
37,434
28,634
Current assets
Stocks
10,000
10,000
Debtors
4
3,011
59,857
Cash at bank and in hand
25,331
5,103
38,342
74,960
Creditors: amounts falling due within one year
5
(41,584)
(50,742)
Net current (liabilities)/assets
(3,242)
24,218
Total assets less current liabilities
34,192
52,852
Creditors: amounts falling due after more than one year
6
(13,393)
(22,730)
Provisions for liabilities
(5,996)
(5,440)
Net assets
14,803
24,682
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
14,703
24,582
Total equity
14,803
24,682
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
KENTWOOD FLOORING LIMITED (REGISTERED NUMBER: 08912979)
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 24 July 2024 and are signed on its behalf by:
Ms S Comerford
Director
KENTWOOD FLOORING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Kentwood Flooring Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 4 Pettings Court Farm, Hodsoll Street, Sevenoaks, Kent, TN15 7LH.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Turnover for the sale of goods is recognised when all of the following conditions are met:
The company has transferred the significant risks and rewards of ownership to the buyer;
The amount of turnover can be recognised reliably and;
It is probable that the company will receive the consideration due under the transaction.
KENTWOOD FLOORING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
The amount of turnover can be measured reliably;
It is probable that the company will receive the consideration due under the contract;
The stage of completion of the contract at the end of the reporting period can be measured reliably and;
The costs incurred and the costs to complete the contract can be measured reliably
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
25% on reducing balance
Fixtures, fittings & equipment
25% on reducing balance
Motor vehicles
25% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
KENTWOOD FLOORING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.7
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
3
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2023
21,270
15,511
30,980
67,761
Additions
999
15,394
16,393
At 31 March 2024
22,269
15,511
46,374
84,154
Depreciation and impairment
At 1 April 2023
10,743
7,584
20,800
39,127
Depreciation charged in the year
2,745
1,982
2,866
7,593
At 31 March 2024
13,488
9,566
23,666
46,720
Carrying amount
At 31 March 2024
8,781
5,945
22,708
37,434
At 31 March 2023
10,527
7,927
10,180
28,634
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
3,011
44,288
Other debtors
15,569
3,011
59,857
KENTWOOD FLOORING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
5,426
6,786
Taxation and social security
22,500
34,321
Other creditors
13,658
9,635
41,584
50,742
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
13,393
22,730
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
50
50
50
50
Ordinary A of £1 each
50
50
50
50
100
100
100
100
8
Financial commitments, guarantees and contingent liabilities
During the 2021 accounting period, the company borrowed £40,000 from its bankers for a bounce-back loan. As part of this loan scheme, the UK government guaranteed the advance and paid the interest and fees due for the first 12 months. At the balance sheet date, the outstanding amount owed relating to the bounce-back loan was £13,393 (2023: £22,730). This amount is included in the bank loans and overdrafts figure. Interest is charged on this balance at 2.5%.
9
Directors' transactions
Dividends totalling £65,746 (2023 - £75,955) were paid in the year in respect of shares held by the company's directors.
There is an overdrawn balance in the directors' loan account of £nil (2023: £7,319).