Silverfin false false 31/03/2024 01/04/2023 31/03/2024 Mrs D Jones 05/04/2001 Mr G Jones 05/04/2001 21 October 2024 The principal activity of the company continued to be that of specialist flooring contractors. 04188467 2024-03-31 04188467 bus:Director1 2024-03-31 04188467 bus:Director2 2024-03-31 04188467 2023-03-31 04188467 core:CurrentFinancialInstruments 2024-03-31 04188467 core:CurrentFinancialInstruments 2023-03-31 04188467 core:Non-currentFinancialInstruments 2024-03-31 04188467 core:Non-currentFinancialInstruments 2023-03-31 04188467 core:ShareCapital 2024-03-31 04188467 core:ShareCapital 2023-03-31 04188467 core:RetainedEarningsAccumulatedLosses 2024-03-31 04188467 core:RetainedEarningsAccumulatedLosses 2023-03-31 04188467 core:PlantMachinery 2023-03-31 04188467 core:Vehicles 2023-03-31 04188467 core:FurnitureFittings 2023-03-31 04188467 core:PlantMachinery 2024-03-31 04188467 core:Vehicles 2024-03-31 04188467 core:FurnitureFittings 2024-03-31 04188467 2023-04-01 2024-03-31 04188467 bus:FilletedAccounts 2023-04-01 2024-03-31 04188467 bus:SmallEntities 2023-04-01 2024-03-31 04188467 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 04188467 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 04188467 bus:Director1 2023-04-01 2024-03-31 04188467 bus:Director2 2023-04-01 2024-03-31 04188467 core:PlantMachinery core:TopRangeValue 2023-04-01 2024-03-31 04188467 core:Vehicles core:TopRangeValue 2023-04-01 2024-03-31 04188467 core:FurnitureFittings core:TopRangeValue 2023-04-01 2024-03-31 04188467 2022-04-01 2023-03-31 04188467 core:PlantMachinery 2023-04-01 2024-03-31 04188467 core:Vehicles 2023-04-01 2024-03-31 04188467 core:FurnitureFittings 2023-04-01 2024-03-31 04188467 core:Non-currentFinancialInstruments 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Company No: 04188467 (England and Wales)

G J FLOORING SPECIALISTS LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

G J FLOORING SPECIALISTS LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

G J FLOORING SPECIALISTS LIMITED

BALANCE SHEET

As at 31 March 2024
G J FLOORING SPECIALISTS LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 15,585 24,978
15,585 24,978
Current assets
Stocks 3,000 3,000
Debtors 4 80,377 87,344
Cash at bank and in hand 69,877 42,844
153,254 133,188
Creditors: amounts falling due within one year 5 ( 100,701) ( 84,663)
Net current assets 52,553 48,525
Total assets less current liabilities 68,138 73,503
Creditors: amounts falling due after more than one year 6 0 ( 14,580)
Provision for liabilities 7 ( 3,896) ( 938)
Net assets 64,242 57,985
Capital and reserves
Called-up share capital 62 62
Profit and loss account 64,180 57,923
Total shareholders' funds 64,242 57,985

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of G J Flooring Specialists Limited (registered number: 04188467) were approved and authorised for issue by the Board of Directors on 21 October 2024. They were signed on its behalf by:

Mr G Jones
Director
G J FLOORING SPECIALISTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
G J FLOORING SPECIALISTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

G J Flooring Specialists Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Carlyle House 78 Chorley New, Road, Bolton, BL1 4BY, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 5 years straight line
Vehicles 4 years straight line
Fixtures and fittings 6.66 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account if material.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 9 9

3. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £
Cost
At 01 April 2023 13,146 102,737 19,402 135,285
Additions 0 0 518 518
At 31 March 2024 13,146 102,737 19,920 135,803
Accumulated depreciation
At 01 April 2023 12,913 78,847 18,547 110,307
Charge for the financial year 233 9,248 430 9,911
At 31 March 2024 13,146 88,095 18,977 120,218
Net book value
At 31 March 2024 0 14,642 943 15,585
At 31 March 2023 233 23,890 855 24,978

4. Debtors

2024 2023
£ £
Trade debtors 77,162 83,081
Other debtors 3,215 4,263
80,377 87,344

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 4,865 4,895
Trade creditors 23,183 25,101
Taxation and social security 20,788 21,081
Other creditors 51,865 33,586
100,701 84,663

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 0 14,580

There are no amounts included above in respect of which any security has been given by the small entity.

7. Provision for liabilities

2024 2023
£ £
Deferred tax 3,896 938