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Registration number: 03001262

London Flooring Supplies Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

London Flooring Supplies Limited

Contents

Company Information

1

Accountants' Report

2

Statement of Financial Position

3 to 4

Notes to the Unaudited Financial Statements

5 to 10

 

London Flooring Supplies Limited

Company Information

Directors

R Derodra

Mrs H Derodra

Registered office

D S House
306 High Street
Croydon
Surrey
CR0 1NG

Accountants

DSK Partners LLP
Chartered Accountants
D S House
306 High Street
Croydon
Surrey
CR0 1NG

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
London Flooring Supplies Limited
for the Year Ended 31 December 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of London Flooring Supplies Limited for the year ended 31 December 2023 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of London Flooring Supplies Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of London Flooring Supplies Limited and state those matters that we have agreed to state to the Board of Directors of London Flooring Supplies Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than London Flooring Supplies Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that London Flooring Supplies Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of London Flooring Supplies Limited. You consider that London Flooring Supplies Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of London Flooring Supplies Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

DSK Partners LLP
Chartered Accountants
D S House
306 High Street
Croydon
Surrey
CR0 1NG

6 September 2024

 

London Flooring Supplies Limited

(Registration number: 03001262)
Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

1

1

Tangible assets

5

6,563

8,750

 

6,564

8,751

Current assets

 

Stocks

186,936

233,000

Debtors

6

52,747

55,078

Cash at bank and in hand

 

237,545

203,725

 

477,228

491,803

Creditors: Amounts falling due within one year

7

(106,336)

(139,721)

Net current assets

 

370,892

352,082

Total assets less current liabilities

 

377,456

360,833

Creditors: Amounts falling due after more than one year

7

(16,569)

(26,821)

Provisions for liabilities

(1,247)

(1,662)

Net assets

 

359,640

332,350

Capital and reserves

 

Called up share capital

100

100

Retained earnings

359,540

332,250

Shareholders' funds

 

359,640

332,350

 

London Flooring Supplies Limited

(Registration number: 03001262)
Statement of Financial Position as at 31 December 2023 (continued)

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the Board on 6 September 2024 and signed on its behalf by:
 

R Derodra
Director

   
     
 

London Flooring Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

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

The address of its registered office is:
D S House
306 High Street
Croydon
Surrey
CR0 1NG
England

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 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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

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 sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current 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.

 

London Flooring Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable 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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% on reducing balance

Fixture and fittings

25% on reducing balance

Motor vehicles

25% on reducing balance

Office equipment

25% on reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

London Flooring Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

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.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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.

 

London Flooring Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension
fund and the company has no legal or constructive obligation to pay further contributions even if the
fund does not hold sufficient assets to pay all employees the benefits relating to employee service in
the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they
are due. If contribution payments exceed the contribution due for service, the excess is recognised as
a prepayment.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities, or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2022 - 6).

 

London Flooring Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

8,000

8,000

At 31 December 2023

8,000

8,000

Amortisation

At 1 January 2023

7,999

7,999

At 31 December 2023

7,999

7,999

Carrying amount

At 31 December 2023

1

1

At 31 December 2022

1

1

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

56,320

24,455

80,775

At 31 December 2023

56,320

24,455

80,775

Depreciation

At 1 January 2023

48,239

23,786

72,025

Charge for the year

2,020

167

2,187

At 31 December 2023

50,259

23,953

74,212

Carrying amount

At 31 December 2023

6,061

502

6,563

At 31 December 2022

8,081

669

8,750

 

London Flooring Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

6

Debtors

2023
£

2022
£

Trade debtors

39,952

39,952

Other debtors

12,795

15,126

52,747

55,078

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

10,097

9,844

Trade creditors

 

43,539

89,974

Taxation and social security

 

22,434

24,638

Other creditors

 

30,266

15,265

 

106,336

139,721

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

16,569

26,821

8

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

16,569

26,821

Current loans and borrowings

2023
£

2022
£

Bank borrowings

10,097

9,844