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Registration number: 06489320

Saint Flooring Limited

Annual Report and Financial Statements

for the Year Ended 31 January 2024

 

Saint Flooring Limited

Contents

Company Information

1

Strategic Report

2 to 3

Directors' Report

4

Statement of Directors' Responsibilities

5

Independent Auditor's Report

6 to 9

Profit and Loss Account and Statement of Retained Earnings

10

Balance Sheet

11

Statement of Cash Flows

12

Notes to the Financial Statements

13 to 24

 

Saint Flooring Limited

Company Information

Directors

Mr D Heafey

Mr K Jones

Mr A Machin

Mr D Aley

Mr A Aitken

Mr S Turner

Ms G Worth

Company secretary

Ms J Seaton

Registered office

Unit 2 Pineapple Park
Road One Winsford Industrial Estate
Winsford
Cheshire
CW7 3PR

Auditors

Alextra Audit Limited
7-9 Macon Court
Crewe
Cheshire
CW1 6EA

 

Saint Flooring Limited

Strategic Report for the Year Ended 31 January 2024

The directors present their strategic report for the year ended 31 January 2024.

Principal activity

The principal activity of the company is the distribution and installation of flooring.

Fair review of the business

The company has enjoyed a successful year of trading despite the political and economic turmoil.

We have seen an impact of the cost-of-living crisis and our customers have been hit with a significant reduction in sales. To compensate for this, we have diversified our client base and targeted new and varying work to ensure we continue to grow as a business. We are optimistic about the business and are due to have record sales in year ending 2025.

Turnover has decreased by 2.2% (2023: 18.6% increase) many economic factors influence this and the decrease is less than the expected and considered to be a positive sign and an indicator that the momentum built in previous years is likely to continue.

Gross profit margin has increased to 33.1% (2023: 30.3%) primarily due to the companies expansion into new markets and is seen as a positive step forwards.

Despite an uncertain economic future, driven by inflation and rising interest rates we fully expect the business to continue an upward trajectory and record growth in the year ended 31 January 2025.

The company's key financial and other performance indicators during the period were as follows:

Financial KPIs

Unit

2024

2023

Turnover

£

20,573,483

21,032,560

Gross profit

£

6,813,202

6,371,724

Profit before tax

£

3,973,072

3,899,380

Profit after tax

£

3,006,160

3,219,782

Financial risk management

In common with many other companies the company has exposure to two main areas of risk - liquidity risk and customer credit exposure.

Liquidity risk

The objective of the company in managing liquidity risk is to ensure that it can meet its financial obligations as and when they fall due. The company expects to meet its financial obligations through operating cash flows. In the event that operating cash flows would not cover all the financial obligations the company has credit facilities available.

Customer credit exposure

The company offers credit terms to its customers which allow payment of the debt due after delivery of the goods. The company is at risk to the extent that a customer may be unable to pay the debt on the specified due date. This risk is significantly mitigated by strong on-going customer relationships and, in appropriate cases, by the use of credit insurance.

 

Saint Flooring Limited

Strategic Report for the Year Ended 31 January 2024

Future developments

The directors anticipate the business environment will remain competitive. They believe that the company is in a good financial position and that the risks that have been identified are being well managed. With careful focus on appropriate diversification and development of new products, as well as continuing review of the state of the market and the activities of competitors, the directors are confident in the company's ability to maintain and build on this position, albeit with cautious growth expectations.

Approved and authorised by the Board on 28 August 2024 and signed on its behalf by:
 

.........................................
Ms G Worth
Director

 

Saint Flooring Limited

Directors' Report for the Year Ended 31 January 2024

The directors present their report and the financial statements for the period from 31 January 2023 to 31 January 2024.

Directors of the company

The directors who held office during the period were as follows:

Mr D Heafey

Mr K Jones

Mr A Machin

Mr D Aley

Mr A Aitken

Mr S Turner

Ms G Worth (appointed 1 January 2024)

Information included in the Strategic Report

Details of the principal risks and uncertainties are included in the Strategic Report.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved and authorised by the Board on 28 August 2024 and signed on its behalf by:
 

.........................................
Ms G Worth
Director

 

Saint Flooring Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Saint Flooring Limited

Independent Auditor's Report to the Members of Saint Flooring Limited

Opinion

We have audited the financial statements of Saint Flooring Limited (the 'company') for the year ended 31 January 2024, which comprise the Profit and Loss Account and Statement of Retained Earnings, Balance Sheet, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 31 January 2024 and of its profit for the period then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

 

Saint Flooring Limited

Independent Auditor's Report to the Members of Saint Flooring Limited

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 5, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

 

Saint Flooring Limited

Independent Auditor's Report to the Members of Saint Flooring Limited

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We considered the nature of the company's industry and its control environment, and reviewed the company's
documentation of their policies and procedures relating to fraud and compliance with laws and regulations.
We also enquired of management about their own identification and assessment of the risks and irregularities.

We obtained an understanding of the legal and regulatory framework that the company operates in, and
identified the key laws and regulations that:
• had a direct effect on the determination of material amounts and disclosures in the financial statements.
These included UK Companies Act, tax legislation, pension legislation; and
• do not have a direct effect on the financial statements but compliance with which may be fundamental to
the company's ability to operate or to avoid a material penalty. These included GDPR, employment law, health
and safety and building regulations.

We discussed among the audit engagement team the opportunities and incentives that may exist within the
organisation for fraud and how and where fraud might occur in the financial statements.
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to
the risk of management override. In addressing the risk of fraud through management override of controls, we
tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made
in making accounting estimated are indicative of a potential bias; and evaluated the business rationale of any
significant transactions that are unusual or outside the normal course of business.

In addition to the above, our procedures to respond to the risks identified included the following:
• reviewing financial statement disclosures by testing to supporting documentation to assess compliance with
provisions of relevant laws and regulations describes as having a direct effect on the financial statement;
• performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks
of material misstatement due to fraud;
• enquiring of management and in-house / external legal counsel concerning actual and potential litigation and
claims, and instances of non-compliance with laws and regulations; and
• reading minutes of meetings of those charged with governance.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

 

Saint Flooring Limited

Independent Auditor's Report to the Members of Saint Flooring Limited

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Mr Ian William Biddington (Senior Statutory Auditor)
For and on behalf of Alextra Audit Limited, Statutory Auditor

7-9 Macon Court
Crewe
Cheshire
CW1 6EA

5 September 2024

 

Saint Flooring Limited

Profit and Loss Account and Statement of Retained Earnings for the Year Ended 31 January 2024

Note

2024
£

2023
£

Turnover

3

20,573,483

21,032,560

Cost of sales

 

(13,760,281)

(14,660,836)

Gross profit

 

6,813,202

6,371,724

Administrative expenses

 

(2,819,096)

(2,452,286)

Other operating income

3,692

4,745

Operating profit

4

3,997,798

3,924,183

Other interest receivable and similar income

-

59

Interest payable and similar charges

6

(24,726)

(24,862)

 

(24,726)

(24,803)

Profit before tax

 

3,973,072

3,899,380

Taxation

10

(966,912)

(679,598)

Profit for the financial period

 

3,006,160

3,219,782

Retained earnings brought forward

 

4,674,970

4,220,524

Dividends paid

 

(4,397,417)

(2,765,336)

Retained earnings carried forward

 

3,283,713

4,674,970

 

Saint Flooring Limited

(Registration number: 06489320)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

11

100,914

133,805

Tangible assets

12

691,497

594,395

 

792,411

728,200

Current assets

 

Stocks

13

440,369

487,829

Debtors

14

3,172,174

3,863,298

Cash at bank and in hand

 

2,151,473

2,841,913

 

5,764,016

7,193,040

Creditors: Amounts falling due within one year

15

(2,812,741)

(2,632,187)

Net current assets

 

2,951,275

4,560,853

Total assets less current liabilities

 

3,743,686

5,289,053

Creditors: Amounts falling due after more than one year

15

(315,318)

(489,355)

Provisions for liabilities

(144,555)

(124,628)

Net assets

 

3,283,813

4,675,070

Capital and reserves

 

Called up share capital

100

100

Retained earnings

3,283,713

4,674,970

Shareholders' funds

 

3,283,813

4,675,070

Approved and authorised by the Board on 28 August 2024 and signed on its behalf by:
 

.........................................
Ms G Worth
Director

 

Saint Flooring Limited

Statement of Cash Flows for the Year Ended 31 January 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the period

 

3,006,160

3,219,782

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

4

206,036

172,860

(Profit)/loss on disposal of tangible assets

(1,257)

29

Finance income

-

(59)

Finance costs

6

24,726

24,862

Corporation tax expense

10

966,912

679,598

 

4,202,577

4,097,072

Working capital adjustments

 

Decrease in stocks

13

47,460

183,522

Decrease/(increase) in trade debtors

14

691,125

(516,459)

Increase in trade creditors

15

9,552

50,903

Decrease in deferred income, including government grants

 

(3,692)

(4,245)

Cash generated from operations

 

4,947,022

3,810,793

Corporation taxes paid

10

(705,823)

(702,542)

Net cash flow from operating activities

 

4,241,199

3,108,251

Cash flows from investing activities

 

Interest received

-

59

Acquisitions of tangible assets

(80,625)

(190,637)

Proceeds from sale of tangible assets

 

15,404

3,499

Acquisition of intangible assets

11

(746)

(23,897)

Net cash flows from investing activities

 

(65,967)

(210,976)

Cash flows from financing activities

 

Interest paid

6

(24,136)

(24,862)

Repayment of bank borrowing

 

(178,629)

(177,857)

Payments to finance lease creditors

 

(265,490)

(36,416)

Dividends paid

(4,397,417)

(2,765,336)

Net cash flows from financing activities

 

(4,865,672)

(3,004,471)

Net decrease in cash and cash equivalents

 

(690,440)

(107,196)

Cash and cash equivalents at 1 February

 

2,841,913

2,949,109

Cash and cash equivalents at 31 January

 

2,151,473

2,841,913

 

Saint Flooring Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

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:
Unit 2 Pineapple Park
Road One Winsford Industrial Estate
Winsford
Cheshire
CW7 3PR

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.

These financial statements have been prepared in Sterling, which is the functional currency of the company. All monetary amounts are rounded to the nearest £.

Judgements

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 revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.

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.

 

Saint Flooring Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

Government grants

Government grants are recognised using the accrual model. Grants which relate to revenue shall be recognised in other operating income on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants which relate to capital expenditure are deferred and recognised in other operating income in line with the useful life of the asset.

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.

The current 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.

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 balance sheet 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

Property improvements

25% on reducing balance

Furniture, fittings and equipment

20% on reducing balance

Motor vehicles

25% on reducing balance

Plant and machinery

20% on reducing balance

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Computer software

25% on reducing balance

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.

 

Saint Flooring Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

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 profit and loss account 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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

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.

 

Saint Flooring Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

Financial instruments

Classification
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company’s statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets are classified into specified categories. The classification depends on the nature and purpose of the financial assets and is determined at the time of recognition.

Basic Financial Assets
Basic financial assets which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Other Financial Assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Classification of Financial Liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade payables 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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.


Other Financial Liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

 

Saint Flooring Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

3

Turnover

The analysis of the company's revenue for the period from continuing operations is as follows:

2024
£

2023
£

Sale of goods

20,573,483

21,032,560

4

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

172,399

133,232

Amortisation expense

33,637

39,628

Operating lease expense - plant and machinery

62,135

41,393

(Profit)/loss on disposal of property, plant and equipment

(1,257)

29

5

Government grants

The amount of grants recognised in the financial statements was £3,692 (2023 - £4,245).

6

Interest payable and similar expenses

2024
£

2023
£

Interest on obligations under finance leases and hire purchase contracts

7,946

6,159

Interest expense on other finance liabilities

16,780

18,703

24,726

24,862

 

Saint Flooring Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

7

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

2,692,446

2,561,610

Social security costs

266,978

248,781

Pension costs, defined contribution scheme

78,786

43,182

3,038,210

2,853,573

Pension costs comprise contributions to a defined contribution pension scheme, the assets of which are held separately from those of the company in an independently administered fund. Outstanding contributions at the balance sheet date total £42,860 (2023: £21,462)

The average number of persons employed by the company (including directors) during the period, analysed by category was as follows:

2024
No.

2023
No.

Management

6

6

Administration

28

24

Operational

51

58

85

88

8

Directors' remuneration

The directors' remuneration for the period was as follows:

2024
£

2023
£

Remuneration

476,618

382,153

In respect of the highest paid director:

2024
 £

2023
 £

Remuneration

167,850

110,000

Company contributions to money purchase pension schemes

25,321

1,321

9

Auditors' remuneration

2024
£

2023
£

Audit of the financial statements

14,400

16,000


 

 

Saint Flooring Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

10

Taxation

Tax charged/(credited) in the profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

946,985

705,823

Deferred taxation

Arising from origination and reversal of timing differences

19,927

(26,225)

Tax expense in the income statement

966,912

679,598

The tax on profit before tax for the period is the same as the standard rate of corporation tax in the UK (2023 - the same as the standard rate of corporation tax in the UK) of 25% (2023 - 19%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

3,973,072

3,899,380

Corporation tax at standard rate

993,268

740,882

Decrease from effect of different UK tax rates on some earnings

(38,779)

-

Effect of expenses not deductible for tax purposes

50,806

87,090

Adjustments to tax in respect of previous periods

-

(15,401)

Effect of fixed asset timing differences

(38,383)

(132,973)

Total tax charge

966,912

679,598

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Capital allowances

144,555

144,555

2023

Liability
£

Capital allowances

124,628

124,628

 

Saint Flooring Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

11

Intangible assets

Computer software
£

Total
£

Cost or valuation

At 1 February 2023

227,062

227,062

Additions

746

746

At 31 January 2024

227,808

227,808

Amortisation

At 1 February 2023

93,257

93,257

Amortisation charge

33,637

33,637

At 31 January 2024

126,894

126,894

Carrying amount

At 31 January 2024

100,914

100,914

At 31 January 2023

133,805

133,805

Included within the net book value of intangible assets above £84,114 (2023: £112,152) in respect of computer software that is held under hire purchase.

 

Saint Flooring Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

12

Tangible assets

Property improvements
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 February 2023

252,862

312,601

496,442

91,078

1,152,983

Additions

45,671

6,678

203,022

28,276

283,647

Disposals

-

-

(30,717)

-

(30,717)

At 31 January 2024

298,533

319,279

668,747

119,354

1,405,913

Depreciation

At 1 February 2023

156,979

173,614

186,721

41,274

558,588

Charge for the period

28,276

28,394

103,493

12,236

172,399

Eliminated on disposal

-

-

(16,571)

-

(16,571)

At 31 January 2024

185,255

202,008

273,643

53,510

714,416

Carrying amount

At 31 January 2024

113,278

117,271

395,104

65,844

691,497

At 31 January 2023

95,883

138,987

309,721

49,804

594,395

Included within the net book value of motor vehicles above is £243,240 (2023: £208,636) in respect of motor vehicles held under hire purchase.

 

Saint Flooring Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

13

Stocks

2024
£

2023
£

Finished goods

440,369

487,829

14

Debtors

2024
£

2023
£

Trade debtors

2,766,102

3,336,296

Amounts owed by related parties

119,321

155,582

Other debtors

141,331

213,307

Prepayments

145,420

158,113

 

3,172,174

3,863,298

15

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

16

240,564

311,316

Trade creditors

 

1,233,415

1,239,420

Social security and other taxes

 

72,218

38,058

Outstanding defined contribution pension costs

 

42,860

21,462

Other payables

 

162,598

135,162

Accrued expenses

 

114,101

165,545

Corporation tax liability

10

946,985

721,224

 

2,812,741

2,632,187

Due after one year

 

Loans and borrowings

16

304,241

474,586

Deferred income

 

11,077

14,769

 

315,318

489,355

16

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

186,667

336,455

HP and finance lease liabilities

117,574

138,131

304,241

474,586

 

Saint Flooring Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

2024
£

2023
£

Current loans and borrowings

Bank borrowings

150,039

178,880

HP and finance lease liabilities

90,525

132,436

240,564

311,316

Included in bank borrowings in an amount of £336,706 (2023: £515,335) which is secured by a fixed and floating charge dated 1 April 2019 over all the property or undertakings of the company in favour of National Westminster Bank PLC.

Hire purchase liabilities are secured against the assets to which they relate.
 

17

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

387,737

296,256

Later than one year and not later than five years

736,827

645,145

Later than five years

22,992

-

1,147,556

941,401

The amount of non-cancellable operating lease payments recognised as an expense during the period was £380,356 (2023 - £291,709).

18

Analysis of changes in net funds

At 1 February 2023
£

Cashflow
£

New finance leases
£

At 31 January 2024
£

Cash and cash equivalents

Cash

2,841,913

(690,440)

-

2,151,473

Borrowings

Long term borrowings

(336,455)

149,788

-

(186,667)

Short term borrowings

(178,880)

28,841

-

(150,039)

Lease liabilities

(270,567)

265,490

(203,022)

(208,099)

(785,902)

444,119

(203,022)

(544,805)

 

2,056,011

(246,321)

(203,022)

1,606,668

 

Saint Flooring Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

19

Related party transactions

Summary of transactions with other related parties

During the period the company made sales of £360,700 (2023: £448,996) to a company under common control. At the balance sheet date £119,321 (2023: £155,582) owed to the company from related parties. Amounts due are interest free and repayable on demand.

At the balance sheet date an amount of £2,985 (2023: £2,985) was owed from the company to a member of key management and shareholder. The loan accrues no interest and is repayable on demand.

Total dividends of £4,397,417 (2023: £2,765,336) were paid to directors in the year.

The key management personnel of the business are considered to be the directors. The emoluments in respect of the directors can be found in note 8.

The controlling party is S Turner.