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Registration number: 03919725

Surface Solutions (Hygienic Wall Cladding) Limited

Annual Report and Unaudited Financial Statements

For The Year Ended 29 February 2024

 

Surface Solutions (Hygienic Wall Cladding) Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 5

 

Surface Solutions (Hygienic Wall Cladding) Limited

(Registration number: 03919725)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

           

Fixed assets

   

 

Tangible assets

4

 

41,547

 

19,952

Current assets

   

 

Stocks

5

500

 

500

 

Debtors

6

154,070

 

203,269

 

Cash at bank and in hand

 

40,789

 

63,209

 

 

195,359

 

266,978

 

Creditors: Amounts falling due within one year

7

(35,324)

 

(58,121)

 

Net current assets

   

160,035

 

208,857

Total assets less current liabilities

   

201,582

 

228,809

Creditors: Amounts falling due after more than one year

7

 

(32,512)

 

(36,982)

Provisions for liabilities

 

(7,894)

 

(4,987)

Net assets

   

161,176

 

186,840

Capital and reserves

   

 

Called up share capital

110

 

110

 

Profit and loss account

161,066

 

186,730

 

Total equity

   

161,176

 

186,840

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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 director on 7 August 2024
 

.........................................
Mr S.J. Payne
Director

 

Surface Solutions (Hygienic Wall Cladding) Limited

Notes to the Unaudited Financial Statements For The Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
49 Crossley Lane
Mirfield
WF14 0JW
United Kingdom

These financial statements were authorised for issue by the director on 7 August 2024.

2

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 2).

 

Surface Solutions (Hygienic Wall Cladding) Limited

Notes to the Unaudited Financial Statements For The Year Ended 29 February 2024 (continued)

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 March 2023

5,333

36,470

3,360

45,163

Additions

-

29,500

1,415

30,915

Disposals

-

(15,480)

(900)

(16,380)

At 29 February 2024

5,333

50,490

3,875

59,698

Depreciation

At 1 March 2023

4,840

18,145

2,226

25,211

Charge for the year

237

5,780

560

6,577

Eliminated on disposal

-

(12,897)

(740)

(13,637)

At 29 February 2024

5,077

11,028

2,046

18,151

Carrying amount

At 29 February 2024

256

39,462

1,829

41,547

At 28 February 2023

493

18,325

1,134

19,952

5

Stocks

2024
£

2023
£

Other inventories

500

500

6

Debtors

Debtors: amounts falling due within one year

2024
£

2023
£

Trade debtors

32,391

63,635

Prepayments

3,781

3,781

Other debtors

117,898

135,853

 

154,070

203,269

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)

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

18,216

14,496

Trade creditors

 

14,942

30,494

Taxation and social security

 

741

11,706

Other creditors

 

1,425

1,425

 

35,324

58,121

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

32,512

36,982

8

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

10,183

9,932

Hire purchase contracts

8,033

4,564

18,216

14,496

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

13,091

23,274

Hire purchase contracts

19,421

13,708

32,512

36,982


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.