Company registration number 02664999 (England and Wales)
A.J. GOLLOP CONTRACT FLOORING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
30-31 St.James Place
Mangotsfield
Bristol
United Kingdom
BS16 9JB
A.J. GOLLOP CONTRACT FLOORING LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
A.J. GOLLOP CONTRACT FLOORING LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr A J Gollop
Mrs L Gollop
Mr T A Gollop
Miss L M Gollop-Rawlings
Secretary
Mrs L Gollop
Company number
02664999
Registered office
279 Two Mile Hill Road
Kingswood
Bristol
BS15 1AX
Accountants
TC Group
30-31 St.James Place
Mangotsfield
Bristol
United Kingdom
BS16 9JB
A.J. GOLLOP CONTRACT FLOORING LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
75,901
18,493
Current assets
Stocks
99,600
157,143
Debtors
5
1,210,589
1,316,722
Cash at bank and in hand
102,294
1,412,483
1,473,865
Creditors: amounts falling due within one year
6
(906,795)
(1,023,286)
Net current assets
505,688
450,579
Total assets less current liabilities
581,589
469,072
Creditors: amounts falling due after more than one year
7
(62,135)
(21,597)
Provisions for liabilities
(18,975)
(3,514)
Net assets
500,479
443,961
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
499,479
442,961
Total equity
500,479
443,961
A.J. GOLLOP CONTRACT FLOORING LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2024
30 April 2024
- 3 -
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 30 April 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.
The financial statements were approved by the board of directors and authorised for issue on 17 September 2024 and are signed on its behalf by:
Mr A J Gollop
Mrs L Gollop
Director
Director
Company Registration No. 02664999
A.J. GOLLOP CONTRACT FLOORING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
1
Accounting policies
Company information
A.J. Gollop Contract Flooring Limited is a private company limited by shares incorporated in England and Wales. The registered office is 279 Two Mile Hill Road, Kingswood, Bristol, BS15 1AX.
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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
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.
1.3
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:
Leasehold improvements
20% straight line
Plant and equipment
25% straight line
Fixtures and fittings
25% straight line
Computers
25% straight line
Motor vehicles
25% straight line
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.
1.4
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.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
A.J. GOLLOP CONTRACT FLOORING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
1.5
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
A.J. GOLLOP CONTRACT FLOORING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 6 -
1.8
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
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
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
In the opinion of the directors there are no significant judgements or areas of estimation uncertainty.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
21
21
A.J. GOLLOP CONTRACT FLOORING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
4
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 May 2023
48,580
14,031
29,166
26,730
21,795
140,302
Additions
4,965
1,362
72,979
79,306
At 30 April 2024
48,580
18,996
29,166
28,092
94,774
219,608
Depreciation
At 1 May 2023
48,580
9,504
19,127
22,803
21,795
121,809
Depreciation charged in the year
3,450
7,297
2,028
9,123
21,898
At 30 April 2024
48,580
12,954
26,424
24,831
30,918
143,707
Carrying amount
At 30 April 2024
6,042
2,742
3,261
63,856
75,901
At 30 April 2023
4,527
10,039
3,927
18,493
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,081,711
1,227,549
Other debtors
128,878
89,173
1,210,589
1,316,722
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
8,364
75,792
Trade creditors
583,552
627,773
Taxation and social security
89,275
97,159
Other creditors
225,604
222,562
906,795
1,023,286
A.J. GOLLOP CONTRACT FLOORING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
9,300
21,597
Other creditors
52,835
62,135
21,597
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
121,850
129,500
9
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Directors' Loan
-
23,774
5,658
29,432
23,774
5,658
29,432