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REGISTERED NUMBER: 06797895 (England and Wales)















Unaudited Financial Statements for the Year Ended 31st March 2024

for

CRT FLOORING SPECIALISTS LIMITED

CRT FLOORING SPECIALISTS LIMITED (REGISTERED NUMBER: 06797895)






Contents of the Financial Statements
for the Year Ended 31st March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


CRT FLOORING SPECIALISTS LIMITED

Company Information
for the Year Ended 31st March 2024







DIRECTOR: Mr C Turner





REGISTERED OFFICE: 41 St Thomas's Road
Chorley
Lancashire
PR7 1JE





REGISTERED NUMBER: 06797895 (England and Wales)





ACCOUNTANTS: Abrams Ashton - Chorley Limited
Chartered Certified Accountants
41 St Thomas's Road
Chorley
Lancashire
PR7 1JE

CRT FLOORING SPECIALISTS LIMITED (REGISTERED NUMBER: 06797895)

Balance Sheet
31st March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 107,526 77,604
107,526 77,604

CURRENT ASSETS
Stocks 29,501 31,436
Debtors 6 860,841 747,466
Cash at bank and in hand 178,062 134,658
1,068,404 913,560
CREDITORS
Amounts falling due within one year 7 882,611 701,173
NET CURRENT ASSETS 185,793 212,387
TOTAL ASSETS LESS CURRENT
LIABILITIES

293,319

289,991

CREDITORS
Amounts falling due after more than one
year

8

(53,634

)

(69,358

)

PROVISIONS FOR LIABILITIES (25,140 ) (14,745 )
NET ASSETS 214,545 205,888

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 214,445 205,788
SHAREHOLDERS' FUNDS 214,545 205,888

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

CRT FLOORING SPECIALISTS LIMITED (REGISTERED NUMBER: 06797895)

Balance Sheet - continued
31st March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 9th July 2024 and were signed by:





Mr C Turner - Director


CRT FLOORING SPECIALISTS LIMITED (REGISTERED NUMBER: 06797895)

Notes to the Financial Statements
for the Year Ended 31st March 2024

1. STATUTORY INFORMATION

CRT Flooring Specialists Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable and represents amounts received for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Revenue is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments' of FRS 102 to all its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Impairment of assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.


CRT FLOORING SPECIALISTS LIMITED (REGISTERED NUMBER: 06797895)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Cash and cash equivalent
Cash and cash equivalents includes cash in hand, deposits held with banks, and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2023 - 19 ) .

CRT FLOORING SPECIALISTS LIMITED (REGISTERED NUMBER: 06797895)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2024

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st April 2023
and 31st March 2024 35,836
AMORTISATION
At 1st April 2023
and 31st March 2024 35,836
NET BOOK VALUE
At 31st March 2024 -
At 31st March 2023 -

5. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1st April 2023 17,863 113,651 13,501 145,015
Additions 6,621 40,149 11,565 58,335
Disposals (6,591 ) (8,149 ) (5,412 ) (20,152 )
At 31st March 2024 17,893 145,651 19,654 183,198
DEPRECIATION
At 1st April 2023 10,732 46,667 10,012 67,411
Charge for year 1,885 22,896 2,126 26,907
Eliminated on disposal (5,509 ) (7,958 ) (5,179 ) (18,646 )
At 31st March 2024 7,108 61,605 6,959 75,672
NET BOOK VALUE
At 31st March 2024 10,785 84,046 12,695 107,526
At 31st March 2023 7,131 66,984 3,489 77,604

CRT FLOORING SPECIALISTS LIMITED (REGISTERED NUMBER: 06797895)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2024

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1st April 2023 78,173
Additions 40,149
Transfer to ownership (10,250 )
At 31st March 2024 108,072
DEPRECIATION
At 1st April 2023 19,235
Charge for year 20,835
Transfer to ownership (5,806 )
At 31st March 2024 34,264
NET BOOK VALUE
At 31st March 2024 73,808
At 31st March 2023 58,938

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 737,624 604,408
Amounts recoverable on contract 61,332 79,443
Other debtors 315 30,294
VAT 17,603 14,677
Directors' current accounts 9,187 -
Prepayments 34,780 18,644
860,841 747,466

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 27,514 27,514
Hire purchase contracts (see note 9) 19,305 16,129
Trade creditors 599,420 480,055
Commercial finance 166,014 120,389
Tax 28,097 20,138
Social security and other taxes 19,702 16,641
Other creditors 11,213 11,017
Directors' current accounts - 222
Accruals and deferred income 11,346 9,068
882,611 701,173

CRT FLOORING SPECIALISTS LIMITED (REGISTERED NUMBER: 06797895)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Bank loans - 1-2 years 18,757 27,514
Bank loans - 2-5 years 1,293 19,832
Hire purchase contracts (see note 9) 33,584 22,012
53,634 69,358

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.3.24 31.3.23
£    £   
Net obligations repayable:
Within one year 19,305 16,129
Between one and five years 33,584 22,012
52,889 38,141

Non-cancellable operating leases
31.3.24 31.3.23
£    £   
Within one year 10,161 13,976
Between one and five years 4,902 15,176
15,063 29,152

10. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Bank loans 47,564 74,860
Hire purchase contracts 52,889 38,141
Commercial finance 166,014 120,389
266,467 233,390

Bank loans were taken out via the Bounceback and CBILS loan schemes and are secured by the way of being a government funded loan.

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

The commercial finance is secured by way of fixed and floating charges over all property and undertakings of the company.

CRT FLOORING SPECIALISTS LIMITED (REGISTERED NUMBER: 06797895)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2024

11. RELATED PARTY DISCLOSURES

At the balance sheet date, the director owed to the company £9,187 (2023: £222 owed to the director by the company). No interest has been charged on this loan and it is repayable on demand.

12. ULTIMATE CONTROLLING PARTY

The controlling party is Mr C Turner.