Registration number:
Surface Solutions (Hygienic Wall Cladding) Limited
For The Year Ended 29 February 2024
Surface Solutions (Hygienic Wall Cladding) Limited
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
Surface Solutions (Hygienic Wall Cladding) Limited
(Registration number: 03919725)
Balance Sheet as at 29 February 2024
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2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Surface Solutions (Hygienic Wall Cladding) Limited
Notes to the Unaudited Financial Statements For The Year Ended 29 February 2024
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102, including Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared using the historical cost convention.
The financial statements are presented in Sterling (£).
Going concern
The financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the company.
Government grants
Grants toward revenue expenditure are recognised in the profit and loss account when the Company has entitlement to the income and the amount receivable can be measured reliably.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised when 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.
Surface Solutions (Hygienic Wall Cladding) Limited
Notes to the Unaudited Financial Statements For The Year Ended 29 February 2024 (continued)
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and equipment |
25% Reducing balance basis |
Motor vehicles |
25% Reducing balance basis |
Office equipment |
25% Straight line basis |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Surface Solutions (Hygienic Wall Cladding) Limited
Notes to the Unaudited Financial Statements For The Year Ended 29 February 2024 (continued)
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Other tangible assets |
Total |
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Cost or valuation |
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At 1 March 2023 |
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Additions |
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Disposals |
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At 29 February 2024 |
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Depreciation |
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At 1 March 2023 |
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Charge for the year |
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Eliminated on disposal |
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At 29 February 2024 |
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Carrying amount |
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At 29 February 2024 |
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At 28 February 2023 |
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Stocks |
2024 |
2023 |
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Other inventories |
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Debtors |
Debtors: amounts falling due within one year |
2024 |
2023 |
Trade debtors |
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Prepayments |
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Other debtors |
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Included within Other debtors is an amount due from the director of the Company, Mr S. Payne of £86,572 (2023 £98,312). The loan is interest free and repayable on demand by the Company.
Surface Solutions (Hygienic Wall Cladding) Limited
Notes to the Unaudited Financial Statements For The Year Ended 29 February 2024 (continued)
Creditors |
Creditors: amounts falling due within one year
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2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Creditors: amounts falling due after more than one year
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2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
2024 |
2023 |
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Current loans and borrowings |
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Bank borrowings |
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Hire purchase contracts |
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2024 |
2023 |
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Non-current loans and borrowings |
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Bank borrowings |
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Hire purchase contracts |
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Creditors include net obligations under hire purchase contracts which are secured of £27,454 (2023 - £18,272). They are secured on the asset to which they relate.