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Registration number: 04634118

N. C. Flooring Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 29 February 2024

 

N. C. Flooring Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 6

 

N. C. Flooring Limited

(Registration number: 04634118)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

120,945

132,134

Current assets

 

Stocks

5

15,727

18,685

Debtors

6

83,382

134,045

Cash at bank and in hand

 

329,404

295,129

 

428,513

447,859

Creditors: Amounts falling due within one year

7

(44,001)

(49,800)

Net current assets

 

384,512

398,059

Total assets less current liabilities

 

505,457

530,193

Provisions for liabilities

(6,377)

(8,503)

Net assets

 

499,080

521,690

Capital and reserves

 

Called up share capital

100

100

Retained earnings

498,980

521,590

Shareholders' funds

 

499,080

521,690

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

N. C. Flooring Limited

(Registration number: 04634118)
Balance Sheet as at 29 February 2024

Approved and authorised by the Board on 30 August 2024 and signed on its behalf by:
 

.........................................
N M Cunningham
Director

 

N. C. Flooring Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 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:
4 Marston Road
Frome
Somerset
BA11 4DA

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements, and 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 statement of financial position at cost, less any subsequent accumulated depreciation.

 

N. C. Flooring Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties, over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% on reducing balance

Tools and equipment

25% on reducing balance

Computer equipment

25% on cost

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business, and are recognised at the transaction price, less provision for impairment, which is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers, and are recognised initially at the transaction price.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2023 - 8).

 

N. C. Flooring Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2023

87,380

7,823

88,564

183,767

At 29 February 2024

87,380

7,823

88,564

183,767

Depreciation

At 1 March 2023

-

6,687

44,946

51,633

Charge for the year

-

284

10,905

11,189

At 29 February 2024

-

6,971

55,851

62,822

Net book value

At 29 February 2024

87,380

852

32,713

120,945

At 28 February 2023

87,380

1,136

43,618

132,134

5

Stocks

2024
£

2023
£

Work in progress

10,222

-

Stock

5,505

18,685

15,727

18,685

6

Debtors

2024
£

2023
£

Trade debtors

78,542

128,520

Other debtors

-

1,653

Prepayments

4,840

3,872

83,382

134,045

 

N. C. Flooring Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

7

Creditors

Amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

24,473

25,137

Taxation and social security

14,824

19,977

Other creditors

4,704

4,686

44,001

49,800