Registered number
08624337
The Floor Store Trade Ltd
Unaudited Filleted Accounts
31 May 2024
The Floor Store Trade Ltd
Registered number: 08624337
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 57,492 27,568
Current assets
Stocks 221,277 169,997
Debtors 4 92,852 104,869
Cash at bank and in hand 55,112 145,689
369,241 420,555
Creditors: amounts falling due within one year 5 (273,984) (318,778)
Net current assets 95,257 101,777
Total assets less current liabilities 152,749 129,345
Creditors: amounts falling due after more than one year 6 (8,007) (17,580)
Net assets 144,742 111,765
Capital and reserves
Called up share capital 100 100
Profit and loss account 144,642 111,665
Shareholders' funds 144,742 111,765
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
G P Manuel
Director
Approved by the board on 14 September 2024
The Floor Store Trade Ltd
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Vehicles 20% net book value
Plant and machinery 20% net book value
Fixtures, fittings, tools and equipment 20% net book value
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 7 6
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 June 2023 37,782 23,060 60,842
Additions 1,250 32,829 34,079
At 31 May 2024 39,032 55,889 94,921
Depreciation
At 1 June 2023 17,006 16,268 33,274
Charge for the year 4,155 - 4,155
At 31 May 2024 21,161 16,268 37,429
Net book value
At 31 May 2024 17,871 39,621 57,492
At 31 May 2023 20,776 6,792 27,568
4 Debtors 2024 2023
£ £
Trade debtors 86,853 102,369
Other debtors 5,999 2,500
92,852 104,869
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 9,600 9,600
Trade creditors 85,020 111,735
Taxation and social security costs 38,010 61,123
Other creditors 141,354 136,320
273,984 318,778
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 8,007 17,580
7 Controlling party
The ultimate controlling party was Graham Manuel who was also a shareholder throughout the year.
8 Other information
The Floor Store Trade Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Unit 4 Holly Close
Whitehills Business Park
Blackpool
FY4 5QP
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