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Registered number: 03400473
Soft Surfaces Ltd.
Financial Statements
For The Year Ended 31 December 2023
Lennards
The Vicarage, 31 Great King Street
Macclesfield
Cheshire
SK11 6PL
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 03400473
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 164,277 205,965
164,277 205,965
CURRENT ASSETS
Stocks 6 71,060 158,043
Debtors 7 1,320,885 1,634,486
Cash at bank and in hand 415,041 896,865
1,806,986 2,689,394
Creditors: Amounts Falling Due Within One Year 8 (864,734 ) (1,754,978 )
NET CURRENT ASSETS (LIABILITIES) 942,252 934,416
TOTAL ASSETS LESS CURRENT LIABILITIES 1,106,529 1,140,381
NET ASSETS 1,106,529 1,140,381
CAPITAL AND RESERVES
Called up share capital 9 1,000 1,000
Profit and Loss Account 1,105,529 1,139,381
SHAREHOLDERS' FUNDS 1,106,529 1,140,381
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Page 2
For the 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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr David Alan Snell
Director
25/09/2024
The notes on pages 3 to 7 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Soft Surfaces Ltd. is a private company, limited by shares, incorporated in England & Wales, registered number 03400473 . The registered office is Water House, 35 Water Lane, Wilmslow, Cheshire, SK9 5AR.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 20% per annum of cost
Plant & Machinery 20% per annum of cost
Motor Vehicles 20% per annum of cost
Fixtures & Fittings 20% per annum of cost
Computer Equipment 20% per annum of cost
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.6. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2023 2022
Office and administration 5 6
Sales, marketing and distribution 18 17
Manufacturing 14 14
37 37
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4. Intangible Assets
Intellectual Property
£
Cost
As at 1 January 2023 -
Additions 15,000
As at 31 December 2023 15,000
Amortisation
As at 1 January 2023 -
Provided during the period 15,000
As at 31 December 2023 15,000
Net Book Value
As at 31 December 2023 -
As at 1 January 2023 -
5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost
As at 1 January 2023 88,687 108,968 326,444 113,178 637,277
Additions - 6,943 27,985 2,331 37,259
Disposals - - (28,240 ) - (28,240 )
As at 31 December 2023 88,687 115,911 326,189 115,509 646,296
Depreciation
As at 1 January 2023 53,212 85,278 201,059 91,763 431,312
Provided during the period 8,869 6,713 45,908 5,186 66,676
Disposals - - (15,969 ) - (15,969 )
As at 31 December 2023 62,081 91,991 230,998 96,949 482,019
Net Book Value
As at 31 December 2023 26,606 23,920 95,191 18,560 164,277
As at 1 January 2023 35,475 23,690 125,385 21,415 205,965
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6. Stocks
2023 2022
£ £
Finished goods 71,060 86,720
Work in progress - 71,323
71,060 158,043
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 968,420 775,075
Prepayments and accrued income 15,430 16,310
Other debtors 1,651 134,679
VAT 44,337 65,983
Net wages - 7,000
Directors' loan accounts 12,815 34,137
Amounts owed by group undertakings 278,232 601,302
1,320,885 1,634,486
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 351,374 593,899
Corporation tax 100,561 177,037
Other taxes and social security 99,601 49,958
Other creditors 4,461 3,855
Accruals and deferred income 308,737 320,229
Amounts owed to group undertakings - 610,000
864,734 1,754,978
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 1,000 1,000
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10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 January 2023 Amounts advanced Amounts repaid Amounts written off As at 31 December 2023
£ £ £ £ £
Mr David Snell 34,137 12,815 34,137 - 12,815
The above loan is unsecured, interest free and repayable on demand. It was repaid in full on 29th February 2024.
11. Dividends
2023 2022
£ £
On equity shares:
Interim dividend paid 340,000 610,000
12. Related Party Transactions
The company has taken advantage of exemption under the terms of Financial Reporting Standard 102 "the Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose related party transaction with wholly owned subsidiaries within the group.
13. Ultimate Controlling Party
The company's ultimate controlling party is David Snell by virtue of his ownership of 100% of the issued share capital in the holding company, Soft Surfaces Holdings Ltd.
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