Registered number
01906585
Floorex Carpets Limited
Unaudited Filleted Accounts
31 August 2024
Floorex Carpets Limited
Registered number: 01906585
Balance Sheet
as at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 142,270 122,091
Investments 4 7,500 7,500
149,770 129,591
Current assets
Stocks 32,936 34,874
Debtors 5 4,247 23,029
Cash at bank and in hand 388,789 397,113
425,972 455,016
Creditors: amounts falling due within one year 6 (77,657) (86,229)
Net current assets 348,315 368,787
Total assets less current liabilities 498,085 498,378
Provisions for liabilities (5,955) (2,699)
Net assets 492,130 495,679
Capital and reserves
Called up share capital 100 100
Profit and loss account 492,030 495,579
Shareholders' funds 492,130 495,679
The director is 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 director acknowledges his 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.
Mr D T Shorthouse
Director
Approved by the board on 23 September 2024
Floorex Carpets Limited
Notes to the Accounts
for the year ended 31 August 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 8 8
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 September 2023 193,111 27,635 46,797 267,543
Additions - - 28,495 28,495
Disposals - - (21,233) (21,233)
At 31 August 2024 193,111 27,635 54,059 274,805
Depreciation
At 1 September 2023 87,998 24,259 33,195 145,452
Charge for the year - 503 2,561 3,064
On disposals - - (15,981) (15,981)
At 31 August 2024 87,998 24,762 19,775 132,535
Net book value
At 31 August 2024 105,113 2,873 34,284 142,270
At 31 August 2023 105,113 3,376 13,602 122,091
4 Investments
Other
investments
£
Cost
At 1 September 2023 7,500
At 31 August 2024 7,500
5 Debtors 2024 2023
£ £
Trade debtors 4,247 23,029
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 39,829 30,678
Taxation and social security costs 35,321 46,531
Other creditors 2,507 9,020
77,657 86,229
7 Controlling party
The company's ultimate controlling party is the director and majority shareholder Mr D T
Shorthouse.
7 Other information
Floorex Carpets Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:
Unit 2 Grange Industrial Estate
Llanfrechfa Way
Cwmbran
Gwent
NP44 8Q
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